Fro-yo chain founder’s home sells for $2.3M

4913 Lockgreen Circle

The 7,600-square-foot home at 4913 Lockgreen Circle sold for $2.3 million. (Eastman Creative)

The founder of a locally based frozen yogurt chain just closed a sweet deal on his West End home.

Derek and Annah Kim Cha sold their 7,600-square-foot home at 4913 Lockgreen Circle for $2.3 million. The sale, which closed Jan. 19, came in below the couple’s asking price of $2.39 million.

The Chas listed the home Oct. 30 with Long & Foster agent Margaret Wade. It went under contract two weeks later to a mystery buyer, listed in city property records as Aroos LLC. Wade has described the buyer as local.

The buyer was represented by Lucy Williams of The Steele Group | Sotheby’s International Realty. Attempts to reach Williams for comment were unsuccessful Monday.

A serial entrepreneur, Derek Cha founded fro-yo chain Sweet Frog before selling his controlling stake to a local private equity group in 2015. He is also behind the Zzaam Fresh Korean Grill restaurant chain and a waterpark-anchored development planned in Midlothian.

Cha said he is moving elsewhere in the state as he looks to expand his latest venture, Zzaam Food Court, a self-serve bar and food court concept that he launched in Carytown late last year.

“I’m opening up more of those in other parts of Virginia,” Cha said, adding he’ll remain involved with his local business interests.

“I’ll remain active with that,” he said, “but I’ll be commuting from where I’m moving to.”

The two-story house includes a first-floor master suite, home theater and wine cellar. (Eastman Creative)

The Chas had owned the home since late 2014, a year after it was built in the gated Lockgreen community west of Windsor Farms. Online property records do not reflect a purchase price for the Chas. The latest city assessment valued the home at $1.88 million.

Totaling six bedrooms, six bathrooms and two half-baths, the two-story house includes a first-floor master suite, home theater, gym, elevator and wine cellar. The half-acre property also includes a putting green and three-car garage.

Cha said the home was appealing for its location and 24-hour gated security.

“We absolutely love the property,” he said. “It’s really close to everything. I can get to anywhere in a reasonable time, so the location was incredible. And the fact that we have a guarded gate 24-7 – that was a really great feature for the property.”

The house is the latest Richmond-area sale to top the $2 million mark.

About a half-mile away, a 6,500-square-foot home at 4501 Sulgrave Road in Windsor Farms closed Dec. 1 for $2.45 million. Four days later, a 6,200-square-foot house at 310 Wickham Glen Drive in Goochland County sold for $2.3 million.

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Wayne Smith
Wayne Smith

This house was on the market for 2 weeks before receiving an offer. Using the standard 6% realtor commission and the final price, agent commissions were $138,000 for a house that had an offer in 2 weeks. Just curious from our realtor readers, what efforts are spent selling a house that correlates with earning $138,000 (or $69,000 each for buying/selling agent)? Are you worried that an Uber like approach to real-estate will one day eventually reduce the costs associated with buying and selling a house? After all, most buyers and sellers have an attorney review their listing (cost $500 to… Read more »

Amy O\'Connor
Amy O\'Connor

The agent doesn’t get $138,000. They have to split with the broker.