Richmond commercial property sells for $1.8M
Capital Square LLC plans three-building mixed-use complex
Commercial parcels in the Scott’s Addition neighborhood in Richmond sold for $1.8 million, Virginia Beach-based Divaris Real Estate Inc. announced Wednesday.
Capital Square 1031 LLC purchased 21,700 square feet (0.5 acres) located at 3001-3009 W. Leigh St. in Richmond from Cash Properties to build a three-building mixed-use complex.
Based in Glen Allen, Capital Square specializes in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds, which allow investors to defer capital gains taxes by investing in projects on census land tracts designated as federal opportunity zones by the U.S. Treasury in 2018. Virginia has 212 opportunity zones, including Scott’s Addition, which has seen fast-paced development in the past five years.
The three buildings will be five stories tall, with parking and commercial space on the first floor and approximately 50 apartments in each building.
Construction is expected to begin this summer.
Read Goode and Cheryle Toy of Divaris represented the buyer in the transaction.