A homegrown residential real estate firm has opened its third outpost, this time in the Southside.
Shaheen, Ruth, Martin & Fonville Real Estate opened the doors of its Bon Air office last week. The 3,000-square-foot building, a renovated former BB&T branch, is at 9004 Huguenot Road in Stony Point Shopping Center.
The location is the third for SRMF since principals Scott Shaheen, Scott Ruth, John Martin and Mahood Fonville launched the brokerage in 2017. Shaheen said they put more than $400,000 into the renovation, with Dallan Construction and 510 Architects on board, as they were for the firm’s second office on Grove Avenue.
Since its launch, the firm has grown to 125 agents, all of whom are based out of its headquarters at 420 N. Ridge Road but are free to use and operate out of the other two offices.
SRMF signed a 10-year lease for the space in March. Since then, the 1-acre outparcel was sold to a new owner, Midlothian-based Trebour Holdings, which paid $915,000 on Aug. 9, city property records show. That’s up from $350,000 that the previous owner – an LLC tied to Illinois-based Next Realty – paid for the building last October.
Shaheen said the recent sale was prompted by the new office, attributing the higher sale to the renovation. Read Goode with Divaris Real Estate represented the seller in the deal. Divaris’ Cheryle Toy represented the buyer.
Earlier this year, the larger shopping center was purchased by South Carolina-based Ziff Properties, which paid $10.4 million for the main retail strip. That sale did not include the bank branch building or three other outparcels that line Huguenot Road.
SRMF’s Stony Point building is modeled in similar fashion to its Grove Avenue space. The design included converting the former bank’s drive-thru bays into a patio.