Richmond downtown properties sell for $6.8 million

Published January 3, 2019 by Michael O'Connor

Some prominent downtown Richmond real estate has changed hands.

Richmond-based Dodson Development Partners and Israel-based DagDor Investments, which operates around Virginia, bought the three buildings at 1401-1413 E. Cary St. for $6.8 million on Dec. 28, according to Duke Dodson, president of Dodson Development Partners.

The three properties total 59,000 square feet and were assessed at a combined $5.4 million, according to Richmond property records, which have yet to record the deal.

Dodson says there are plans to make some improvements on the 19 apartments at the site but no plans to change the commercial spaces. Dodson says DagDor typically buys multifamily properties in Virginia but wanted to diversify into office and retail properties.

The buildings have a mix of office, restaurant and apartment space. Office tenants include the law firm Kaplan Voekler Cunningham Frank, wealth management company Canal Capital Management and Feedback, a marketing research company. Restaurant tenants at the property are The Hard Shell and Billy Jack’s Shack.

The East Cary Street properties were being managed by Dodson Property Management before the sale and will continue to be so, Dodson says.

The three buildings were owned by three different limited liability companies that are each tied to Louis J. Rogers, according to public records. Rogers is the president and CEO of Capital Square 1031, a real estate investment and management company with an office in Glen Allen.

Rogers said in an email the deal was separate from Capital Square 1031's business and declined to comment further on the deal.