S.L. Nusbaum Realty Co. Brokers $4.4 M Sale of Multi-Property Portfolio

RICHMOND, VA (January 2022):  S.L. Nusbaum Realty Co. is pleased to announce the sale of a multi-property portfolio consisting of: The Massad House Hotel located at 11 N. 4th Street, a restaurant facility at 9 N. 4th Street, an apartment building at 8 N. 4th Street, an office building at 400 E. Main Street, an office building at 408 E. Main and multiple parking lots on the alley between 4th and 3rd Streets in Richmond, VA.

Jemal’s 4th & Main, LLC, a project of Douglas Development, purchased the properties from The Massad Family and family subsidiaries for $4,400,000. Nathan Shor, Senior Vice President and Regional Director, facilitated the transaction.

“The Massad Family has owned this portfolio of properties for well over 50 years and decided it was time to allow a new owner to breathe new life into this wonderful section of the City of Richmond.  Douglas Development saw a unique opportunity to acquire a portfolio of properties controlled by one family, but with multiple buildings that can have different long-term options”, said Shor.

For more information, please contact: Nathan Shor, nshor@slnusbaum.com, 804.944.2399.

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