Richmond, Virginia
The Opportunity
Commonwealth Commercial Partners was hired to market and sell the 38,702 sf building located at 115 N. Jefferson Street. The building, originally built as an annex to the Jefferson Hotel, was an active assisted living facility while being marketed for sale.
Challenges
- Operating assisted living facility
- Costly renovations were necessary due to the age of the building/systems and deferred maintenance
- Timing of the purchase needed to align with a proper closing of the business and relocation of the residents
- Historic tax credits will likely be involved in the renovation process
The Strategy and Results
- The sale was directly marketed to nearby building owners, local and regional developers/investors and active investment sale brokers in the market
- Commonwealth Commercial placed the property under contract within 4 months of coming to market with a capable developer/investor experienced in working with historic buildings
- We achieved the Seller’s expectations with the timing, non-refundable deposit amount and sales price in the transaction
