Local residential brokerage Shaheen, Ruth, Martin & Fonville Real Estate is now the owner of its own home.
The 5-year-old firm purchased its headquarters building at 420 N. Ridge Road for $1.05 million in a deal that closed Dec. 20, according to Henrico County records.
The acquisition of the two-story, 6,000-square-foot building was made through an LLC registered to principal broker Scott Shaheen, who leads and co-owns SRMF with fellow principals and namesakes Scott Ruth, John Martin and Mahood Fonville.
The seller was CR&S-I LLC, an entity owned by Jeanmarie Roberts that built the brick building in 2000.
“The owner was interested in selling, and we were an owner-occupied tenant, so it was a natural fit for us,” Shaheen said this week. “With us having our headquarters there, it ended up being a nice investment for us for the future.”
The county most recently assessed the property at $634,000.
Part of the Westham Office Park across Ridge Road from Tuckahoe Shopping Center, the property does not include the adjacent, comparably-sized building at 410 N. Ridge Road, which is next door to the Home Building Association of Richmond’s headquarters at Ridge and Holmes Avenue.
SRMF’s building also is home to McKeown Cosmetic & Reconstructive Plastic Surgery, which leases a first-floor office space. Shaheen said that lease would continue to be honored.
“The doctor that rents the first floor is going to remain there for a while,” Shaheen said. “If he changes his mind down the road, then we will assume the rest of the building.”
Shaheen said no changes are planned for the building, which serves as home base for the brokerage that now totals 187 agents and 11 staff members across five offices. Since launching in 2017, it’s opened offices in the Libbie-and-Grove and Bon Air areas, as well as beyond Richmond in Irvington and Williamsburg.
Shaheen said the company closed out 2021 with 2,100 homes sold for a total of nearly $975 million.
“We’ve been growing at a nice pace and are very pleased with where we are,” he said. “At 4½-years-young, to hit $975 million in sales is pretty impressive for us.”
Shaheen said the Williamsburg office, currently in a temporary space in Colonial Williamsburg’s Merchants Square, is set to open in its long-term location at 439 W. Duke of Gloucester St. in early February. Shaheen said the move had been slated for last summer but was delayed due to a longer-than-expected buildout.
Meanwhile, SRMF remains in a legal fight with Long & Foster Real Estate, the company that Shaheen and crew left to start their brokerage. Last fall, a Henrico Circuit Court judge scheduled a jury trial for the case in April 2023, which would mark three years since Long & Foster’s original case was filed.