In rush for Scott’s Addition real estate, better get Maaco

Spy Rock acquired the Maaco Bodyshop building at 3318 W. Broad St. in Scott’s Addition for about $1.6 million. (J. Elias O’Neal)

A local development firm has expanded its holdings to the edge of the city’s most sought-after neighborhood.

Spy Rock Real Estate last week purchased the Maaco Bodyshop building at 3318 W. Broad St. in Scott’s Addition for about $1.6 million. The deal was recorded April 23, according to city property records.

The acquisition gives Spy Rock its first property with full frontage along West Broad Street, and includes a 9,500-square-foot auto shop building with an office and a large surface parking lot. The property sits on about one-half acre near the intersection with Roseneath Road. It most recently was assessed by the city for $968,000.

Spy Rock principal Andrew Basham said in an email Wednesday the firm is weighing options for the property, though a complete redevelopment of the site “is not on our radar at this point.”

A Maaco representative said Wednesday the shop has a lease through 2022, adding that it is launching its search for a new location.

A map of the Maaco site. Click to enlarge.

Basham said the structure is deemed historic, with city records tracing the building’s origins to 1900, and was built as a car dealership.

“There are some unique architectural features that make it viable for multiple different conversion options when the time is right,” Basham said. “The parking lot is a big plus.”

Reilly Marchant and Jeffrey Cooke of Cushman & Wakefield | Thalhimer represented the seller – 3318 Associates LLC – during the transaction.

This latest deal continues Spy Rock’s steady run of deals in and around Scott’s Addition.

This year, it snatched up the former Signs Unlimited building at 1808 MacTavish St. with plans to modernize it and keep it as warehouse space.

Across the street from the Signs Unlimited building is the company’s $33 million redevelopment of the former Symbol Mattress property at 3200 Rockbridge St. The three-building new-construction project was developed by Spy Rock and Washington, D.C.-based Holladay Corp., and consists of a 60,000-square-foot commercial building and 202 apartments.

Just to the west, work is underway on Spy Rock’s latest development on the site of the former Interbake Foods warehouse property at 947-949 Myers St. The firm and local contractor Stanley Shield are developing a five-story building with four levels of residential units above ground-floor commercial space.

Spy Rock acquired the Maaco Bodyshop building at 3318 W. Broad St. in Scott’s Addition for about $1.6 million. (J. Elias O’Neal)

A local development firm has expanded its holdings to the edge of the city’s most sought-after neighborhood.

Spy Rock Real Estate last week purchased the Maaco Bodyshop building at 3318 W. Broad St. in Scott’s Addition for about $1.6 million. The deal was recorded April 23, according to city property records.

The acquisition gives Spy Rock its first property with full frontage along West Broad Street, and includes a 9,500-square-foot auto shop building with an office and a large surface parking lot. The property sits on about one-half acre near the intersection with Roseneath Road. It most recently was assessed by the city for $968,000.

Spy Rock principal Andrew Basham said in an email Wednesday the firm is weighing options for the property, though a complete redevelopment of the site “is not on our radar at this point.”

A Maaco representative said Wednesday the shop has a lease through 2022, adding that it is launching its search for a new location.

A map of the Maaco site. Click to enlarge.

Basham said the structure is deemed historic, with city records tracing the building’s origins to 1900, and was built as a car dealership.

“There are some unique architectural features that make it viable for multiple different conversion options when the time is right,” Basham said. “The parking lot is a big plus.”

Reilly Marchant and Jeffrey Cooke of Cushman & Wakefield | Thalhimer represented the seller – 3318 Associates LLC – during the transaction.

This latest deal continues Spy Rock’s steady run of deals in and around Scott’s Addition.

This year, it snatched up the former Signs Unlimited building at 1808 MacTavish St. with plans to modernize it and keep it as warehouse space.

Across the street from the Signs Unlimited building is the company’s $33 million redevelopment of the former Symbol Mattress property at 3200 Rockbridge St. The three-building new-construction project was developed by Spy Rock and Washington, D.C.-based Holladay Corp., and consists of a 60,000-square-foot commercial building and 202 apartments.

Just to the west, work is underway on Spy Rock’s latest development on the site of the former Interbake Foods warehouse property at 947-949 Myers St. The firm and local contractor Stanley Shield are developing a five-story building with four levels of residential units above ground-floor commercial space.

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