Scott’s Addition building bought for $3.8M
RICHMOND, Va. — A Washington, D.C.-based development firm has joined the party in Scott’s Addition.
An entity tied to Dalian Development, a company with a background in residential and mixed-use projects in dense areas, last week purchased the Party Perfect building at 3210 W. Marshall St. for $3.8 million.
Jeff Johnstone, owner of the locally based party supply company, bought the 50,000-square-foot building in 2010 to house Party Perfect, paying $2.1 million.
“I’m no real estate guru,” Johnstone said of last week’s sale. “Sometimes you’re just at the right place at the right time.”
The building and its 2.6-acre property was most recently assessed for $2.1 million, according to city property records.
Dalian, which is making its first inroads into the Richmond market with this deal, could not be reached for comment by press time.
The privately-held firm was founded in 2012 and has developed nearly 1,000 apartments throughout the Southwest and East Coast, according to its website.
Its new Scott’s Addition asset is positioned for a dense residential or mixed-use project given its recent mixed-use business district rezoning, which allows buildings up to 12 stories and reduces parking requirements.
“Right now it’s a land bank for them,” said Reid Cardon, a broker with S.L. Nusbaum who represented Dalian during the May 17 transaction. “They are buying the property for future development, but have no immediate plans at this time.”
Continue reading on RichmondBizSense.com