Ukrops investment arm picks up Libbie Avenue office building

An office building on Libbie Avenue sold for more than $1 million earlier this month to an entity tied to the Ukrop family’s Ukrop’s Homestyle Foods. (Mike Platania photo)

A Richmond family perhaps better known for its rainbow cookies and boutique hotels has added to its commercial real estate holdings in the West End.

An entity tied to the Ukrop family’s Ukrop’s Homestyle Foods earlier this month purchased the office building at 2008 Libbie Ave. for $1.17 million.

The buying entity was USM Inc., an investment arm of the business led by Bobby Ukrop.

Greg Suskind, USM’s managing director, said they have no immediate plans to change the Libbie Avenue site.

“It’s a nice building in a nice spot. It’s a long-term, kind of tuck-in investment,” Suskind said. “We’ve earmarked it to stay an office building for now. But you never know, maybe some years from now (that’ll change).”

The three-story, 8,200-square-foot building was built in 1982 and most recently assessed by Henrico County at $850,000.

Family counseling firm LaunchPad Counseling and medical imaging firm MediVisuals are tenants. Suskind said both leases carried over in the sale, which closed Sept. 10. The seller was an entity tied to MediVisuals executive Lance LaFortune.

Known for their now-defunct eponymous grocery store chain, the Ukrops continue to operate Ukrop’s Homestyle Foods and are working on opening a food hall at the intersection of Patterson Avenue and Horsepen Road.

Family members’ other ventures include the Quirk Hotel chain, led by Ted and Katie Ukrop, the son and daughter-in-law of Bobby’s brother, Jim. Rob Ukrop, Bobby’s son, is part of the ownership group of the Richmond Kickers soccer club.

Suskind said the family has other real estate investments throughout town, but didn’t offer specifics. Last year, the family sold 6 acres in the Westwood area where Kinsale Capital Group is building a new headquarters.

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