For the second time this summer, a real estate deal in Scott’s Addition has topped eight figures.
North Carolina-based Hem + Spire purchased 1300 MacTavish Ave. for $10.8 million in a deal that closed Friday. A fully occupied, 116,000-square-foot mixed-use building sits on the property, which fills the bulk of a city block.
The building consists of the 13-unit MacTavish Flats apartments and commercial tenants including arcade bar Slingshot Social Game Club and printing firm Kinker Press. Riverside PACE formerly operated out of the building but the adult care facility relocated to Manchester in recent years.
The seller in the deal was an entity tied to Lynx Ventures’ Rick Gregory and Fountainhead Real Estate Development’s Tom Papa. The local developers spent $1.45 million for the 1.8-acre parcel in 2010. The property was assessed by the city this year at $6.24 million.
Based out of Durham, Hem + Spire focuses on adaptive reuse renovations involving historic preservation tax credits. The firm entered the Richmond market last year when it purchased the Branch Building downtown and a Manchester office building in separate deals totaling $5.1 million.
It’s unclear what Hem + Spire’s plans are for the MacTavish property. Its founding principal, Maxwell Joseph, wasn’t available for comment by press time Monday.
Thalhimer’s Catharine Spangler and Jeff Cooke represented the sellers in the deal.
Hem + Spire’s is the second eight-figure deal to close in Scott’s Addition this summer. Though the volume of land deals in the neighborhood has been lower in 2021 than in past years, the price tags have been as high as ever.
In July, a pair of D.C. developers paid $12.5 million for 3.3 acres along North Arthur Ashe Boulevard, where they’re planning to build 300 apartments and 14,000 square feet of retail space.