Riverstone Properties buys prime development tract in Henrico County for $5.6 million

Published March 12, 2015 by Paula C. Squires

Riverstone Properties, a Richmond development company that owns luxury resorts, has purchased Scott Farm, a 99-acre tract with a prime location in Henrico County for $5.6 million. 

Jeff Galanti, a principal with Riverstone, said the company had been eyeing the land for a couple of years. It overlooks one of the busiest interchanges at Interstates 95 and 295.

“We’ve seen an uptick in activity in that part of Henrico and felt like it might be time to pull the trigger on it,” Galanti said. Riverstone hasn’t decided yet what it might do with the land, he added, which is zoned agricultural. 

Known as Scott Farm, the property is located at 500 Scott Road. Dominion Virginia Power recently purchased an adjoining farm next to the land. The energy company is building an $80 million operations center there to replace a facility now located at the Innsbrook Corporate Center. Plus, there has been new commercial activity in nearby Villa Park, Galanti said.

According to Commonwealth Commercial Partners LLC, which represented the seller, the Scott Family had owned the farm purchased by Riverstone for generations. “This property has been on the market for more than ten or maybe fifteen years, and has been under contract over the years to several local developers,” Joe Buhrman of Commonwealth Commonwealth said in a statement. He and Commonwealth’s Bill Barnett were the brokers on the transaction. 

Interested parties have included the NASCAR Museum, which ended up in Charlotte.

The privately held Riverstone Properties is an affiliate of Riverstone Group LLC, which owns several resorts including Keswick Hall in Albemarle County, The Jefferson Hotel in Richmond and Kiawah Island Golf Resort in Kiawah Island, S.C. It also owns several large land tracts in the Richmond area, Galanti said.

Riverstone falls under the umbrella of companies related to Richmond-based CCA Industries.