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The National is sold for less than its assessed value

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The National music venue on East Broad Street downtown was sold for $6.7 million last week. (PHOTO: Evelyn Rupert)

RICHMOND, Va. — A downtown music venue was sold last week to a massive West Coast entertainment company.

The National was purchased on Sept. 30 for $6.7 million by an entity tied to Los Angeles-based AEG Live, a concert promoter and venue operator whose parent company owns sports arenas and professional sports teams around the world.

AEG Live bought the property at 708 E. Broad St. through Mid-Atlantic Propco LLC, according to city records.

The National was sold by RIC Capital Ventures LLC, a company that for the last 11 months had been entangled in a legal dispute among its owners over how the business and its money were being managed.

Click here to continue reading on RichmondBizSense.com about how the sale price compared to the National’s assessed value.

4 comments

  • rfrstormer

    I did not know that this was operational. What was it like? Anything good about it vrs the other similar ventures in the area?

    • Manlishi

      Smaller venue, best acoustics and “in house’ sound system in this region. Standing room only on the main floor. Well worth a higher ticket price for a band you like.

  • Manlishi

    Less than assessed value? Business 101 indicates that it was assessed 4.36 more than its actual cash value. After it’s 15 million renovation in 08, this is a perfect example of the risk investing in Richmond. $4.5 million was tax credit $ (taxpayers $).

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