Innsbrook-based property company to build new headquarters in West Broad Village

A rendering of the planned new office building in West Broad Village. (Henrico County Papers)

A 1 acre patch of grass in West Broad Village that has been undeveloped since the mall was built 12 years ago is proposed to be the new base for a prolific local property company.

Capital Square, currently headquartered in Innsbrook, has filed plans to build an office building from the ground up at 1301 Old Brick Road.

Plans filed with Henrico County show a new four-story, 65,000-square-foot building, as well as a rendering bearing the name Capital Square.

Capital Square filed plans for the office building in December. The real estate investment and development company is currently hanging its hat a few miles east at 10900 Nuckols Road.

The 1 acre lot sits in the middle of West Broad Village, just west of the Aloft hotel. The plot is currently grassland, although in past winters it has housed an outdoor ice rink.

Plans show the project would include a 17,000 square foot parking garage under three floors of office space, each with an outdoor patio. Timmons Group is listed as the project engineer, with 3North as the architect.

It is unclear whether the company plans to buy the land or lease it. A Capital Square representative said the company was unable to comment at this time.

Originally built in 2009 by Florida-based Unicorp, West Broad Village was saved by Markel | Eagle Partners during the recession when the local private equity firm invested millions to stabilize the project. In 2012, California-based Shopcore, then known as Excel Trust, purchased the bulk of commercial properties in West Broad Village for $161 million.

The 1 acre plot is currently grass land, although in years past it has hosted an outdoor skating rink during the colder months. (Photo by Mike Platania)

Capital Square already has a significant stake in West Broad Village. Last fall, he bought West Broad Village’s 339 apartments for $111 million, marking one of the area’s largest real estate deals of 2021, as well as the highest price per door for an apartment complex. apartments in the history of Henrico.

Capital Square has considered a head office move in the past. In 2016 he began planning a move to Shockoe Bottom – buying and tearing down the old Flood Zone/Have a Nice Day Café building at 11 S. 18th St. This move never happened and the company dropped those plans in early 2017, citing the need for more space than the 13,000 square foot building could provide.

Shortly thereafter, the company expanded its office in Innsbrook to take up 11,400 square feet and sold the Flood Zone building for $669,000.

Capital Square has been one of the most active local investors in multifamily properties in recent years with nearly half a billion dollars in apartment transactions since 2019.

Many of these transactions took place in its domestic market. In 2019, he bought the 2,000 West Creek apartments in Goochland for $103 million, followed by the $84 million purchase of the Canopy at Ginter Park apartments in the north of the city at the end of 2020.

To cap off one of its busiest years, in 2021 it spent $196 million on a trio of Chesterfield apartment complexes, as well as the Flats at West Broad Village deal.

In addition to investing in multi-family projects, Capital Square is also developing them with nearly 1,000 units under construction at Scott’s Addition alone.

Since its inception in 2012, the company has specialized in buying real estate and then selling ownership shares in each property to pools of investors looking to profit from 1031 exchanges – a process that allows them to reinvest proceeds from previously sold properties. without paying capital gains tax.

Then last year he set up Capital Square Apartment REIT, a separate arm focused on apartment buildings.

About Jermaine Chase

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