One acre site near Topgolf, which also includes the Westwood Music Club building, has changed hands. (Photo by Mike Platania)

The Westwood Corridor in Henrico County continues to attract investors' attention, with a local residential real estate company buying some land in the area for its first foray into commercial real estate.

The Cava Cos. bought 2321, 2323, and 2405 Westwood Ave. in late June. for $ 1.77 million.

The parcels are directly opposite Topgolf and comprise one hectare of land and two buildings with a total area of ​​22,500 square meters.

Frank Cava

"I'm bullish in the corridor. I just think it's in a great place, "said Frank Cava, director of Cava Cos.

The company specializes in acquiring and renovating single-family homes and then putting them back up for sale. The majority of the homes it brings back to the market cost less than $ 300,000.

Cava said his company had previously done some work on apartment buildings, but this was its first fully commercial investment.

One of the two buildings in the deal is occupied by the Westwood Music Club, which has moved from 2323 Westwood Ave. since it was renamed and moved from the Libbie Grove Corridor in 2019. is operated from. The Malvern Building, an 18,000 square foot office building, stands at 2405 Westwood Ave. and 2321 Westwood is used as a parking lot.

The parcels were most recently valued at a total of $ 1.3 million, according to the county records. The seller was a company affiliated with local developer Rebkee Co. CBRE's Matt Hamilton represented Cava on the off-market deal. One South Commercial's Tom Rosman represented Rebkee.

Cava said his company is planning a $ 2 million renovation for 2405 Westwood Ave. and will relocate headquarters there, which will occupy approximately 6,000 square feet. Around 53 percent of the building is currently let.

"We will convert it into (Class) B, B + office space and be below the market with C- or C + rental prices," said Cava. "My goal is to bring out a nice product and get office tenants very quickly. It is a renovation with high added value that is our strength for what we do on the living side. "

Cava said she had all current leases for the building as well as the lease for the Westwood Music Club at 2323 Westwood Ave.

Ryan Corbitt, the music school owner, said he had at least three years left on his current lease and the option to extend it for another five years.

Cava added that 2321 Westwood Ave. a parking lot will remain for the foreseeable future.

The Cava Cos. acts as its own general contractor and finances the renovation with a loan from the First Community Bank. Cava said they hope to start renovating this summer.

Cava said his company remains active in the acquisition of single-family homes despite the hot market.

"We find a lot of salespeople who are cross-generational or older and tired and some single-family owners with small portfolios," said Cava. "We're buying a lot of them and we're still looking for the right opportunities to add value."

To the east of Cava's new property is Carvana's auto vending machine, which has grown vertically in recent weeks.

source https://seapointrealtors.com/2021/07/27/residential-real-estate-firm-buys-westwood-avenue-properties-for-1-8m/

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