The vacant SunTrust branch at 1101 Azalea Ave. in the city was Madison Marquette’s first local acquisition. (Michael Schwartz photos)
A big Washington, D.C. developer has taken a liking to empty bank branches around the Richmond region.
In particular, Madison Marquette, known as one of the co-developers of The Wharf in D.C., seems to like former BB&T and SunTrust locations.
The company has acquired three such properties here this year, including two in recent weeks.
The vacant branch at 200 Belt Blvd. was the firm’s cheapest buy to-date.
The first was in January at 1101 Azalea Ave. in the city’s Northside. Madison Marquette paid $725,000 for the 2,600-square-foot empty SunTrust building and its half-acre plot.
Then earlier this month it bought two on the same day: 200 E. Belt Blvd. in the city and 3214 Skipwith Road in Henrico. It paid $170,000 and $2 million for those sites, respectively.
The Belt Boulevard property was a BB&T location. The 2,700-square-foot building was constructed in 1966 and sits on a little over a half-acre.
The former BB&T building on Skipwith is by far the largest of the firm’s local acquisitions.
The Skipwith property is the largest of the bunch with 18,000 square feet spread across two floors on 3.3 acres. BB&T, which is now Truist after its merger with SunTrust, built the building around 20 years ago.
Madison Marquette did not respond to questions about the acquisitions or its plans for the properties.
The deals appear to be among the first for the company in the Richmond region. Its website lists the Azalea Avenue property as its only holding locally.
The company’s empty bank branch properties are held in its Lemonade Fund and are marketed as retail pads ready to be renovated or built to-suit.
It owns hundreds of properties around the country, including office, retail and multifamily, a bulk of which are in California and Texas, as well as its stake in the massive Wharf project in D.C.
Its only other Virginia property is an old bank branch in Lexington. That property, along with the Azalea site and about a dozen more vacant bank branches, are held in what the firm calls its Lemonade Fund.
The sale of the BB&T/SunTrust properties follows several rounds of retail branch consolidations carried out by Truist over the last several years as it has settled into its new brand and shed legacy properties from its predecessors. The closings included dozens around Virginia.
The vacant SunTrust branch at 1101 Azalea Ave. in the city was Madison Marquette’s first local acquisition. (Michael Schwartz photos)
A big Washington, D.C. developer has taken a liking to empty bank branches around the Richmond region.
In particular, Madison Marquette, known as one of the co-developers of The Wharf in D.C., seems to like former BB&T and SunTrust locations.
The company has acquired three such properties here this year, including two in recent weeks.
The vacant branch at 200 Belt Blvd. was the firm’s cheapest buy to-date.
The first was in January at 1101 Azalea Ave. in the city’s Northside. Madison Marquette paid $725,000 for the 2,600-square-foot empty SunTrust building and its half-acre plot.
Then earlier this month it bought two on the same day: 200 E. Belt Blvd. in the city and 3214 Skipwith Road in Henrico. It paid $170,000 and $2 million for those sites, respectively.
The Belt Boulevard property was a BB&T location. The 2,700-square-foot building was constructed in 1966 and sits on a little over a half-acre.
The former BB&T building on Skipwith is by far the largest of the firm’s local acquisitions.
The Skipwith property is the largest of the bunch with 18,000 square feet spread across two floors on 3.3 acres. BB&T, which is now Truist after its merger with SunTrust, built the building around 20 years ago.
Madison Marquette did not respond to questions about the acquisitions or its plans for the properties.
The deals appear to be among the first for the company in the Richmond region. Its website lists the Azalea Avenue property as its only holding locally.
The company’s empty bank branch properties are held in its Lemonade Fund and are marketed as retail pads ready to be renovated or built to-suit.
It owns hundreds of properties around the country, including office, retail and multifamily, a bulk of which are in California and Texas, as well as its stake in the massive Wharf project in D.C.
Its only other Virginia property is an old bank branch in Lexington. That property, along with the Azalea site and about a dozen more vacant bank branches, are held in what the firm calls its Lemonade Fund.
The sale of the BB&T/SunTrust properties follows several rounds of retail branch consolidations carried out by Truist over the last several years as it has settled into its new brand and shed legacy properties from its predecessors. The closings included dozens around Virginia.
I’ll always kind of hate the Skipwith BB&T building since they leveled my beloved Golden Skateworld to build it.