N C buyer drops $8M for 2-acre Manchester site and an acre near The Diamond richmondbizsense.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from richmondbizsense.com Daily Mail and Mail on Sunday newspapers.
A South Carolina-based firm is planning its second sizable project in the neighborhood, while a seasoned Richmond developer is fielding offers for a block it rehabbed a decade ago.
“These guys are also reaching a point in their age where they looked around and said, ‘Maybe we should just sell the whole deal and let somebody else build it,’” said broker Bruce Milam.
Full city block across from Legend Brewing in Manchester hits market
March 17, 2021 4
The nearly 2-acre parcel listed for sale Monday is seen center right, with buildings that have a white facade and brown roofs. (
Courtesy of Bruce Commercial Realty)
Another sizable piece of Manchester could be in line for redevelopment.
The headquarters of Thurston Spring Service at 701 Perry St. which encompasses an entire city block was listed for sale Monday.
The roughly 1.8-acre assemblage is bounded by South Ninth, McDonough, Perry and West Seventh streets. The Thurston family, which has operated their suspension-focused auto shop for 110 years, has owned the bulk of the land since at least the 1980s.
Veteran commercial real estate broker branches out with one-man shop
After four decades in commercial real estate, Bruce Milam is going it alone.
Milam in recent weeks launched Bruce Commercial Realty, his own one-man real estate firm.
Milam started his career in real estate in the late 1970s as a developer in Northern Virginia, building up all sorts of projects around Dulles International Airport. Shortly after the real estate market crashed in the early 1990s, he moved to Richmond and the brokerage side of the business.
“I said, ‘I’m tired of fighting these battles.’ I sold my interest in what I had left and I moved to Richmond. I found that life was a lot easier down here. The whole blood pressure thing goes down,” Milam said, laughing.