Cushman & Wakefield | Thalhimer Capital Markets Group is arranging the sale of one of Richmond’s most iconic properties

On April 22, one of Richmond’s most iconic buildings, located in Carytown at the corner of Thompson Street and Floyd Avenue at 3540 Floyd Avenue in the Museum District, was sold. The unique round building consists of 2,750 square meters on +/- 0.32 acres with 16 on-site parking spaces. Formerly the headquarters office for Ellwood Thompson’s Local Market, a local organic grocer, the property has been extensively restored to Virginia Department of Historic Resources standards by the property’s seller and former grocers owner, Rick Hood.

The property was originally designed as a circular single-story medical office building for Dr. William Higgins. He was advised by his good friend, Leslie Cheek, a well-known VMFA director at the time, to contact David Yerkes, a talented young architect from Washington, DC, about designing the new building. Yerkes was hired, and construction was completed in 1956. In 2017, Hood began a meticulous historic rehabilitation that preserved the architectural integrity of the existing structure while also enhancing functionality and aesthetic detail.

The overall renovation was a collaboration of local design professionals including Walter Parks Architects, Dunlap Partners Engineers and Four Winds Landscape Design. JW Heisler Contracting was the contractor. The project has won numerous awards, most notably the AIA VA Test of Time Award (2021), GRACRE (Greater Richmond Association for Commercial Real Estate) Best Historic Renovation Award (2018), and Historic Richmond Golden Hammer Best Restoration Award (2018).

Dr. Jack Ashworth was the last doctor to practice there. He served patients for more than 50 years until his retirement in 2016, saying “the unique round shape of the building and the morning light streaming in through the floor-to-ceiling glass kept me working past normal retirement age.” Thanks to Harrison Higgins, son of Dr. Higgins, all of the original mid-century modern furniture and artwork was transferred to the new property.

Over the past five years, many community gatherings have been held in the large western outer courtyard, including Modern Richmond, Historic Richmond and the West of the Boulevard Association.

The property was purchased by an entity related to Dan Hargett with Roka Partners and Catharine Spangler of Cushman & Wakefield | Thalhimer’s capital markets group handled the disposal efforts.

About Cushman & Wakefield | Thalhimer

Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville and Lynchburg, Virginia. The company has nearly 100 professional brokers and employs over 450 people. Thalhimer represents, on behalf of its clients, a property portfolio of 54 million rentable square feet, management of over 27 million square feet of commercial property and 10,000 multifamily units. In 2023, Thalhimer completed more than 1,800 transactions with a transaction volume of more than USD 1.7 billion. Thalhimer is the region’s leading provider of complete commercial real estate services, including corporate services, investment sales, tenant representation, project management, asset management, and the sale and lease of office, industrial and retail properties. To learn more, visit www.thalhimer.com.

Thalhimer’s Capital Markets Group is the region’s premier investment sales team of professionals focused exclusively on capital markets and the sale of income-generating properties throughout Virginia. The team has experience in office, industrial, retail and multi-family developments and since 2012 has completed 388 transactions totaling over $5.65 billion and over 62.5 million square feet.
To learn more, visit www.thalhimer.com.

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About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenues of $10.1 billion from its core services of property, facilities and project management, leasing, capital markets and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environment, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.