The Bowers Building has stood in the heart of Shockoe Slip since the 1800s. (Mike Platania photos)
One of the region’s busiest real estate firms just spent eight figures on a pair of deals in Shockoe Slip and the Southside.
Earlier this month Thalhimer Realty Partners purchased the mixed-use Bowers Building at 104 Shockoe Slip and a 101,000-square-foot warehouse at 1806 Richmond Highway for a combined $10.4 million.
The Shockoe Slip deal, which also included a second, attached building at 1206 Shockoe Lane, closed for $6.2 million. The Richmond Highway deal clocked in at $4.2 million, per city records.
Initially built in 1880, 104 Shockoe Slip was a warehouse for the Bowers Brothers coffee and tea processing company through much of the first half of the 20th century. It was redeveloped in the 1970s to include apartments and ground-floor commercial space.
The building’s commercial space is now mostly filled with office users like general contracting firm S.B. Ballard and architecture firm Kahler Slater. Cooking school Mise En Place is also a tenant. For over a decade the building returned to its coffee and tea roots when Shockoe Espresso and Roastery kept its shop on the ground floor from the 2010s until its closure amid the pandemic.
The two buildings total about 44,500 square feet and include 30 apartments that are currently 85 percent leased. Of the buildings’ 12,000 square feet of commercial space, only 3,000 square feet is available.
TRP principal Drew Wiltshire said the firm is planning to spend around $10,000 to modernize each apartment unit as they turn over.
“The units themselves are certainly on the larger side for downtown. There are a lot of two-story loft units with different floor plans,” Wiltshire said. “We’re going to update the appliances, the flooring and the lighting fixtures, so we’ll put a fresh look on the units.…I think with some upgrades we could push rents and take advantage of the uniqueness of those units.”
The deal closed Nov. 14. Thalhimer’s Bo McKown and Jim Ashby worked the deal, while C&F Bank was TRP’s lender. The city most recently assessed the real estate at $4.2 million. The seller was an entity tied to Shockoe Development Inc., which was the firm that redeveloped the property in the ’70s. City records show it had owned it since 1973, when it was purchased for $81,000.
The 101,000-square-foot warehouse’s tenant recently inked a new long-term lease.
TRP’s deal on the Southside was for a 22-year-old industrial building at 1806 Richmond Highway that’s leased to logistics firm Capital Warehouse. Matt Raggi, another principal at TRP, said Capital Warehouse signed a long-term lease at closing.
“It’ll be a long-term hold for us with no immediate redevelopment plans,” Raggi said.
That deal also closed on Nov. 14. The city most recently assessed 1806 Richmond Highway at $4 million. Wayne and Kimberly Kidd of Varina were the sellers. They’d bought the property in 1999 for $2.2 million, city records show.
Elsewhere on the Southside, TRP recently razed the former Sampson Coatings facility in Manchester to make way for a seven-story, mixed-use apartment building. Wiltshire said that project isn’t likely to go vertical along Hull Street until the spring or summer of 2024.
TRP is part of the team leading the city’s multibillion-dollar Diamond District project, and is already busy working along Arthur Ashe Boulevard with projects like the retail- and restaurant-focused Scott’s Walk and Novel Scott’s Addition, a seven-story apartment building taking shape just south of the Greyhound bus station. It’s also eyeing the former Haxall Canal hydro plant downtown for a potential racquet sports and food and beverage project.
Though TRP does plenty of development work, the Henrico-based firm is also no stranger to industrial deals. Last year it spent nearly $8 million on a Chesterfield warehouse and this past spring it picked up a flex-industrial facility in Central Henrico for $2 million.
The Bowers Building has stood in the heart of Shockoe Slip since the 1800s. (Mike Platania photos)
One of the region’s busiest real estate firms just spent eight figures on a pair of deals in Shockoe Slip and the Southside.
Earlier this month Thalhimer Realty Partners purchased the mixed-use Bowers Building at 104 Shockoe Slip and a 101,000-square-foot warehouse at 1806 Richmond Highway for a combined $10.4 million.
The Shockoe Slip deal, which also included a second, attached building at 1206 Shockoe Lane, closed for $6.2 million. The Richmond Highway deal clocked in at $4.2 million, per city records.
Initially built in 1880, 104 Shockoe Slip was a warehouse for the Bowers Brothers coffee and tea processing company through much of the first half of the 20th century. It was redeveloped in the 1970s to include apartments and ground-floor commercial space.
The building’s commercial space is now mostly filled with office users like general contracting firm S.B. Ballard and architecture firm Kahler Slater. Cooking school Mise En Place is also a tenant. For over a decade the building returned to its coffee and tea roots when Shockoe Espresso and Roastery kept its shop on the ground floor from the 2010s until its closure amid the pandemic.
The two buildings total about 44,500 square feet and include 30 apartments that are currently 85 percent leased. Of the buildings’ 12,000 square feet of commercial space, only 3,000 square feet is available.
TRP principal Drew Wiltshire said the firm is planning to spend around $10,000 to modernize each apartment unit as they turn over.
“The units themselves are certainly on the larger side for downtown. There are a lot of two-story loft units with different floor plans,” Wiltshire said. “We’re going to update the appliances, the flooring and the lighting fixtures, so we’ll put a fresh look on the units.…I think with some upgrades we could push rents and take advantage of the uniqueness of those units.”
The deal closed Nov. 14. Thalhimer’s Bo McKown and Jim Ashby worked the deal, while C&F Bank was TRP’s lender. The city most recently assessed the real estate at $4.2 million. The seller was an entity tied to Shockoe Development Inc., which was the firm that redeveloped the property in the ’70s. City records show it had owned it since 1973, when it was purchased for $81,000.
The 101,000-square-foot warehouse’s tenant recently inked a new long-term lease.
TRP’s deal on the Southside was for a 22-year-old industrial building at 1806 Richmond Highway that’s leased to logistics firm Capital Warehouse. Matt Raggi, another principal at TRP, said Capital Warehouse signed a long-term lease at closing.
“It’ll be a long-term hold for us with no immediate redevelopment plans,” Raggi said.
That deal also closed on Nov. 14. The city most recently assessed 1806 Richmond Highway at $4 million. Wayne and Kimberly Kidd of Varina were the sellers. They’d bought the property in 1999 for $2.2 million, city records show.
Elsewhere on the Southside, TRP recently razed the former Sampson Coatings facility in Manchester to make way for a seven-story, mixed-use apartment building. Wiltshire said that project isn’t likely to go vertical along Hull Street until the spring or summer of 2024.
TRP is part of the team leading the city’s multibillion-dollar Diamond District project, and is already busy working along Arthur Ashe Boulevard with projects like the retail- and restaurant-focused Scott’s Walk and Novel Scott’s Addition, a seven-story apartment building taking shape just south of the Greyhound bus station. It’s also eyeing the former Haxall Canal hydro plant downtown for a potential racquet sports and food and beverage project.
Though TRP does plenty of development work, the Henrico-based firm is also no stranger to industrial deals. Last year it spent nearly $8 million on a Chesterfield warehouse and this past spring it picked up a flex-industrial facility in Central Henrico for $2 million.