The building sits across the parking lot from the Rite Aid at the corner of Broad and Belvidere. (Mike Platania photo)
Virginia Commonwealth University’s real estate arm has added to its holdings near the Monroe Park campus.
Last week the VCU Real Estate Foundation purchased a vacant building at 508 W. Broad St. for $540,000, city records show.
The two-story, 2,800-square-foot structure sits across from the under-construction arts center that VCU is building at the intersection of Broad and Belvidere.
A VCU spokesperson confirmed the deal and said the foundation “purchased the property for potential use by the university but if the university can’t use it, the property will be leased out.”
The seller was an entity tied to James and Laurie Daigle, who bought the property in 2002 for $50,000, per city records. James Daigle, who couldn’t be reached, is the registered owner of Artcraft Designs, the cabinetry firm whose signage remains on the building. It’s unclear whether Artcraft is still in business or for how long the building has been unused.
The VCU spokesperson said the sellers reached out to the university to “check VCU’s interest (in 508 W. Broad St.) before putting it on the market.”
The parcel, which totals less than a tenth of an acre, is zoned for business use. The city most recently assessed it at $457,000.
The VCU Real Estate Foundation had an especially busy year in 2023, spending over $8 million on the Ipanema and Bookholders buildings on West Grace Street and on a small office building on Shafer Street.
Its real estate interests in 2024 have mostly been elsewhere in the city. The university is pursuing the massive Altria Center for Research and Technology on East Leigh Street, and the VCU Health System Authority recently spent nearly $10 million on a facility near The Diamond.