JV Buys Warehouse, Plans Office Revamp in Richmond

The 35,985-square-foot industrial asset is located in the Scott’s Addition neighborhood. The new ownership intends to reposition the asset as a creative office property, with extensive remodeling work planned for the next six months.
1806 Summit Ave. in Richmond, Va.

A partnership of Spy Rock Development and local entrepreneur Brad Cummings has purchased a 35,985-square-foot industrial property in Richmond, Va., formerly occupied by McKinnon and Harris, a local furniture maker. According to public records, the warehouse traded for $2.5 million. The buyer plans to reposition the asset as a creative office space.

The site is located at 1806 Summit Ave., in the Scott’s Addition neighborhood. Downtown Richmond is an 11-minute drive southwest of the asset, while interstates 195 and 95 are also within easy reach.

The property, featuring high ceilings, skylights and off-street parking, will undergo substantial renovations in the upcoming six months. According to Richmond BizSense, McKinnon and Harris have relocated to their newly constructed, 65,000-square-foot headquarters and warehouse at 1722 Arlington Road.

“We have plans to commence renovations immediately and are slated to begin moving in tenants by fall 2018,” said Andrew Basham, principal at Spy Rock Real Estate Group, in prepared remarks.

JLL Vice President Gareth Jones and Senior Vice President Jimmy Appich will be in charge of leasing the revamped asset. Last November, JLL secured a $52 million refinancing for an eight-property,  554,823-square-foot self-storage portfolio located across Richmond and Philadelphia.

“Scott’s Addition is a magnet for companies looking to improve their workplace environment and attract the best and brightest talent. 1806 Summit has the cool vibe that companies looking for space in Scott’s Addition expect,” said Jones, in a prepared statement.

Image via Google Street View