LaDiff-anchored buildings listed month ago for $10M already under contract

After being on the market for just weeks, LaDiff’s buildings have already hooked a buyer. (Mike Platania photo)

It didn’t take long for the LaDiff-anchored buildings in Shockoe Slip to catch the eyes of prospective buyers.

The 112,000-square-foot assemblage at 117-125 S. 14th St. — listed about a month ago with a $10.5 million asking price — is under contract to be purchased.

“We are now entering the due diligence phase and are in discussions with possible new owners,” said Andy Thornton, who owns the building and furniture business with wife Sarah Paxton.

Thornton said they received several offers but declined to comment further.

LaDiff’s home spans 1.3 acres in Shockoe Slip. (Courtesy of One South Commercial)

The married couple founded LaDiff in 1980 and bought the 47,000-square-foot building along with a pair of adjacent warehouses at the intersection of Dock and South 14th streets in the late 1990s for $1.3 million and renovated it to be LaDiff’s home. The properties sit on 1.3 acres.

They own the real estate with Ivor Massey Jr., who also previously owned a stake in LaDiff before Thornton and Paxton bought him out in 2017.

They decided to list the building last month after a banner year for LaDiff in 2020. One South Commercial’s Tom Rosman and Lory Markham have the listing.

Thornton and Paxton have said that a sale of the building would not necessarily lead to LaDiff’s closure, and that they’re open to finding a new home or even selling the business.

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Michael Dodson
Michael Dodson
5 months ago

I hope they find a buyer and keep the store open but the article does not sound promising. Retail downtown is just slowly dying. Left City Hall/John Marshall and drove down 8th Street between Grace and Main. Used to be full of small retailers and organizations and now all vacant. Even Subway is gone. I hope city leadership can use some of new recovery funds to help small and local businesses.