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

For Immediate Release
Contact: Susan Childress Vice President, Corporate Marketing Director schildress@slnusbaum.com 757-282-6505
SL Nusbaum X Team
pic for press release

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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With over 116 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.

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