A portfolio of properties along North Sheppard Street in the Museum District that have been under the same owner for decades is under contract to be sold.
The 18 parcels are mostly in the 600 and 700 blocks of North Sheppard Street at Park Avenue. The buildings are home to several commercial tenant including Buddy's, Arianna's Italian Grill and Sheppard Street Tavern. One parcel is the parking lot behind Arianna's.
The properties combined are assessed for more than $3.15 million, according to Richmond online property records.
Nathan A. Shor, senior vice president of S.L. Nusbaum Realty Co., David T. Kalman, vice president at the real estate brokerage, and Danny Meyer, president of Richmond-based Dallan Construction, put the properties under contract in the past week. The partners are conducting a due diligence on the properties before the sale is completed.
The parcels are owned by Bedros Bandazian through various limited liability companies.
Neither the price nor any future plans have been disclosed, Kalman said. But he emphasized that the existing leases with the various tenants will continue.
"We see this as a great solid investment," Kalman said. "These parcels are several blocks from Scott's Addition and two blocks from the Arthur Ashe Boulevard. It is a great place to be."
Kalman said Bandazian reach out to him about buying the properties.
"We recognized the value right away," Kalman said. "We see the value of that assemblage of real estate and to be able to buy those contiguous parcels at one time is a great opportunity."
Bandazian has owned the properties since the 1980s, said his son, Raffi Bandazian said.
"My father is 81. I think it is time for him to retire," the son said.
Raffi Bandazian said he and his brother, Diran, will continue to actively operate the real estate brokerage firm, Bandazian and Co. The real estate properties under contract are owned by partnerships controlled by their father and are from the real estate brokerage business.