Mercer Road purchases Star Lofts condominium creating in Petersburg for $7.3M

The 99-calendar year-previous creating was renovated into residences in 2013. (Mike Platania photographs)

A business which is a short while ago been bullish on Manchester has absent back to Petersburg for its most recent nearby acquisition.

New York-based mostly Mercer Avenue Companions final thirty day period acquired the Star Lofts, a 66-unit apartment setting up at 16 S. Market place St., for $7.3 million.

The sale marks the maximum per-door deal Petersburg’s viewed in new many years, fetching over $110,000 per doorway. The offer closed Jan. 19.

Mercer Street has poured a lot more than $50 million into Richmond’s actual estate current market about the very last various many years. In 2017, it purchased Petersburg’s Perry Road Lofts and then headed north to Manchester, shopping for the Hopper Lofts for $14 million in 2018, the South Financial institution residences for $23 million a year afterwards, and the Bainbridge Avenue flats in 2019.

Joe LeVine (Courtesy of LinkedIn)

Mercer Avenue Taking care of Associate Joe LeVine reported in an e-mail that they’re big believers in Petersburg’s housing marketplace.

“Star Lofts has a unique historic manufacturing unit loft aesthetic that we adore with fantastic amenity areas for the residents and a small stroll to the new transportation centre and Petersburg Library,” LeVine said.

The moment a Star Tobacco cigarette factory, the 99-year-previous building was bought by developer Steve Leibovic for $625,000 in 2009. A number of yrs later he poured $8.5 million into it, with assistance from historic tax credits, to renovate it into residences. The four-story, 51,000-square-foot creating was most recently assessed by the town at $6.35 million.

Leibovic, who was the seller in the offer, was represented by Colliers International’s Garrison Gore, Charles Wentworth, George Hankins and Victoria Pickett.

LeVine claimed Mercer Avenue is organizing to upgrade some of the Star Lofts’ amenities, which contain a lounge, gymnasium and pool.

The sale is the largest for each-doorway offer Petersburg’s noticed in modern yrs.

Included in the sale was an adjacent half-acre web site, which may well be designed in the long term.

“At this second, we really don’t have definitive plans for the surplus land however our goal is to proceed to examine options which add worth to the community and/or our residents,” LeVine mentioned.

Mercer Road may perhaps not be finished yet in Petersburg, either. LeVine said they hope to have an additional deal declared in the metropolis in the around future.

Also counted in Mercer Street’s holdings is an expense in Prevalent Property, the Charlottesville-based social club that not long ago opened in Richmond’s Arts District. LeVine reported Mercer Street owns a stake in both of those Typical House’s small business and its Richmond authentic estate at 305 W. Wide St.