HG Design Studio’s old office, pictured left, was part of the $6 million deal. (Jonathan Spiers photo)
A Libbie-Grove-area commercial strip is in the hands of new owners, a group that’s pondering possible redevelopment of the property.
The three-building assemblage at 5701-5707 Grove Ave. sold last month for $6.3 million, city records show. The buyer was an entity led by local investors Nancy and Charlie Hartt.
The buildings total 16,000 square feet and house tenants like retailer On U and Scents of Serenity spa. Also included in the deal was the vacant 5,900-square-foot office space at 5701 Grove Ave., which was most recently home to landscape architecture firm HG Design Studio.
HG founders Dave and Meril Gerstenmaier were the sellers in the March 31 deal. The couple had purchased the buildings in 2015 for $3.6 million. Last year, the Gerstenmaiers sold HG to civil engineering firm VHB, a deal that led them to vacate the Grove Avenue office.
Thalhimer’s Reilly Marchant represented the Gerstenmaiers in the real estate sale. Colliers International’s Peter Vick represented the buyers. The city most recently assessed the parcels at a combined $2.3 million.
Vick said his clients in the near term are planning to upgrade the buildings’ landscaping and do some deferred maintenance, and that in around five to 10 years they may consider redeveloping the site. He added that they also have an unnamed tenant lined up to take HG’s old office.
Meanwhile a new, two-story office building is rising just down the block at 5605 Grove Ave. In the works since 2021, the new 11,000-square-foot structure will be occupied mostly by Brock Saunders’ venture capital firm Summit Action Fund.
HG Design Studio’s old office, pictured left, was part of the $6 million deal. (Jonathan Spiers photo)
A Libbie-Grove-area commercial strip is in the hands of new owners, a group that’s pondering possible redevelopment of the property.
The three-building assemblage at 5701-5707 Grove Ave. sold last month for $6.3 million, city records show. The buyer was an entity led by local investors Nancy and Charlie Hartt.
The buildings total 16,000 square feet and house tenants like retailer On U and Scents of Serenity spa. Also included in the deal was the vacant 5,900-square-foot office space at 5701 Grove Ave., which was most recently home to landscape architecture firm HG Design Studio.
HG founders Dave and Meril Gerstenmaier were the sellers in the March 31 deal. The couple had purchased the buildings in 2015 for $3.6 million. Last year, the Gerstenmaiers sold HG to civil engineering firm VHB, a deal that led them to vacate the Grove Avenue office.
Thalhimer’s Reilly Marchant represented the Gerstenmaiers in the real estate sale. Colliers International’s Peter Vick represented the buyers. The city most recently assessed the parcels at a combined $2.3 million.
Vick said his clients in the near term are planning to upgrade the buildings’ landscaping and do some deferred maintenance, and that in around five to 10 years they may consider redeveloping the site. He added that they also have an unnamed tenant lined up to take HG’s old office.
Meanwhile a new, two-story office building is rising just down the block at 5605 Grove Ave. In the works since 2021, the new 11,000-square-foot structure will be occupied mostly by Brock Saunders’ venture capital firm Summit Action Fund.
This just goes to prove that location is still the most important element in real estate. Nearly $400 psf for a group of mismatched buildings with no frontage parking! I learn the same thing new everyday: there’s no substitute for location.
The city assessment was only 2.3M and yet it sold for over 6M!? How many times will we have to see commercial property drastically lower when residential properties aren’t before something changes?
Swell, bulldoze it and put up a big ugly thing. Makes bucks, sure …
Congrats to Dave and Meril on the sale!
The City of Richmond is talking about removing parking minimums this peace of land could be a good place for 60 to 300 apartments once you take away the requirement for parking for the four wheeled metal beasts.
Above, Bruce was just speaking of location. I would hope this area of Grove would never allow 300 apartments with no parking in an area surrounded by First Family of Virginians. Maybe 60 apartments with parking…. but even that is doubtful. Oh, and good luck taking away their Tesla’s, Range Rovers, and EV Lexus SUV’s.
(golf clap)