Buyers dropped $625,000 to purchase the former location of Grove Avenue Pharmacy in January. (Jack Jacobs)
Correction: An earlier version of this story, citing online city records, reported that the Grove Avenue Pharmacy building was constructed in 1980. BizSense has since confirmed it was built in 1956.
The longtime home of the recently shuttered Grove Avenue Pharmacy has a new owner, though the property’s future use is still up in the air.
David Maraghy and his wife Jenny Maraghy bought the property at 4911 Grove Ave. for $625,000 last month. It was left dormant in August when the pharmacy shut down after 73 years in operation.
The Maraghys bought the property from an entity tied to the Towler family, which had owned and run the pharmacy since the 1980s.
Given that his wife runs the Joyner Fine Properties office across the parking lot through her Jenny Maraghy Team, it seemed like a good move to grab the property when it appeared on the market, David said.
“When the building came up, it just made sense,” said David, who is also CEO of Sports Management International, a Richmond-based firm that manages pro golfers and helps plan sporting events.
What’s next for the property is unclear. David said it could find new life as office space, either as an expansion of Jenny’s real estate operation or to rent out to another tenant. He added that he thought the building benefits from a great location and its status as a local landmark.
The Grove Avenue Pharmacy building is a one-story structure that was built in 1956, according to the city. The nearly 2,000-square-foot building sits on less than a quarter-acre and most recently was assessed at $475,000.
Buyers dropped $625,000 to purchase the former location of Grove Avenue Pharmacy in January. (Jack Jacobs)
Correction: An earlier version of this story, citing online city records, reported that the Grove Avenue Pharmacy building was constructed in 1980. BizSense has since confirmed it was built in 1956.
The longtime home of the recently shuttered Grove Avenue Pharmacy has a new owner, though the property’s future use is still up in the air.
David Maraghy and his wife Jenny Maraghy bought the property at 4911 Grove Ave. for $625,000 last month. It was left dormant in August when the pharmacy shut down after 73 years in operation.
The Maraghys bought the property from an entity tied to the Towler family, which had owned and run the pharmacy since the 1980s.
Given that his wife runs the Joyner Fine Properties office across the parking lot through her Jenny Maraghy Team, it seemed like a good move to grab the property when it appeared on the market, David said.
“When the building came up, it just made sense,” said David, who is also CEO of Sports Management International, a Richmond-based firm that manages pro golfers and helps plan sporting events.
What’s next for the property is unclear. David said it could find new life as office space, either as an expansion of Jenny’s real estate operation or to rent out to another tenant. He added that he thought the building benefits from a great location and its status as a local landmark.
The Grove Avenue Pharmacy building is a one-story structure that was built in 1956, according to the city. The nearly 2,000-square-foot building sits on less than a quarter-acre and most recently was assessed at $475,000.
Hmmm. I’m confused. It was built in 1980 but the business has been there for 73 years? Did they move from a nearby spot or was a former building on the site demolished?
I interpret it as the pharmacy was in operation for 73 years, albeit at other locations before 1980.
The pharmacy was originally located at 2522 Grove Avenue (across from Retreat Hospital) in 1910. The 4911 Grove Avenue location was formerly “Roxies Confectionary” until the pharmacy began operations in the new location in April 1946. The pharmacy ownership changed in 1983.