RICHMOND, VIRGINIA: Cushman & Wakefield | Thalhimer’s Capital Markets Group is pleased to have represented ADC II, LLC (an entity co-managed by members of Fountainhead Development and Lynx Ventures) in the disposition of 1300 MacTavish Avenue in Richmond’s highly sought-after Scott’s Addition submarket. The 53,392 square foot property consists of 13 apartment units and 42,892 square feet of commercial space. Currently leased to three tenants, economic occupancy was 100% at the time of the sale.   Situated on ±1.81 acres, the property represents a rare large block acquisition in the submarket including on-site parking with perpetual rights to additional parking on an adjacent property.
Hem & Spire, LLC, out of Raleigh, purchased the property on 8/13/2021 for $10.8MM ($202/SF).  Sale negotiations here handled by Catharine Spangler of Thalhimer’s Capital Markets Group along with Jeff Cooke, also in Thalhimer’s Richmond office.