Bank Street Advisors is continuing to bet big on the Arts District and Monroe Ward.
Earlier this month the Henrico-based firm purchased the former Richmond Camera building at 215 W. Broad St. and another building that had been owned by Richmond Camera at 211 W. Grace St.
The two deals totaled $6.7 million — $3.4 million for the Broad Street building and $3.3 million for the site on Grace.
The deals add to Bank Street’s holdings in Monroe Ward, where the firm is planning a new eight-story residential building at 219 W. Broad St. and previously helped develop the Quirk Hotel and Common House.
Bank Street principal Christian Kiniry described the deal for both properties as an opportunistic buy.
“We know they’re good parcels of property in good locations. We’re trying to think of what the future of those properties holds,” Kiniry said.
Entities tied to Richmond Camera had owned the two buildings since the late 1990s and early 2000s, when it bought them for a combined $525,000, per city records.
The West Broad building totals about 15,600 square feet and has a ground-floor commercial space that was previously home to a Richmond Camera store. The company had also used the two floors of office space above it as a hub for its Richmond Professional Lab photo finishing arm, per an RTD report.
Richmond Camera President Ted Bullard wasn’t available for comment by press time.
“We think it’d be a great building for retail/commercial space on the first floor then residential above,” Kiniry said of the Broad Street building. “But we’re not sure yet.”
The Grace Street building sits at just under 8,000 square feet across two stories and had previously been home to a daycare. It sits between two sizable development projects along Grace Street: Pinecrest’s 15-story apartment tower to the west and Douglas Development’s mixed-use renovation of the Tiffanie’s Manor assisted living facility to the east.
The Broad Street building was most recently assessed by the city at $1.5 million. The Grace Street property was assessed this year at $1.2 million. Both deals closed Sept. 16.
Richmond Camera, meanwhile, continues to operate its Carytown store and runs Richmond Professional Lab out of an office building at 7545 Midlothian Turnpike.
Chesterfield County records show an entity tied to Bullard bought that building last November for $4 million.