RICHMOND, Va. — The site of a notorious former Shockoe Bottom night club and concert venue is back on the market after a Henrico-based real estate firm scrapped its plan to relocate its headquarters into the century-old building.
The former Flood Zone/Have a Nice Day Café building at 11 S. 18th St. was put up for sale last month. The 13,000-square-foot building was in the earliest stages of renovations to become the new home of Capital Square 1031, which was set to leave Innsbrook for the Bottom.
Capital Square CEO Louis Rogers said this week the company’s plan changed after its headcount grew in 2016, and its need for space in the near future is likely to grow.
He said the company added 10 employees in 2016 and has a current headcount of 22. It plans to stay in its headquarters in Highwoods One at 10900 Nuckols Road.
Rogers said he expects Capital Square to continue growing this year as it looks to acquire more than $100 million of commercial real estate around the country. The company purchases real estate and sells shares of ownership in each property to pools of investors looking to cash in on 1031 exchanges–a process that allows them to reinvest the proceeds from previously sold properties without paying capital gains taxes.
Its most recent deal was the Nov. 30 purchase of the 268-unit Maple Springs Apartments in the West End. It partnered with Los Angeles-based Kay Properties & Investments on the deal and paid $23.95 million for the complex, according to Henrico County records.
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