A bigger deal is still pending, but a small part of the Eck family’s real estate portfolio has been snapped up by a local investor.
Nine properties along West Main and Cary Streets – highlighted by the Social Security Administration’s 15,000-square-foot office building at 1834 W. Cary St. – were sold last week for a total of $ 5.9 million.
Praveen Gupta, a Henrico-based investor, bought the properties from Eck Enterprises, the family business of the late Edgar Eck Jr., who renovated dozens of buildings in the fan stadium in the 1980s.
The deal included 1715, 1719, 1723 and 1727 W. Main St. and 1504, 1518, 1520, 1603 and 1834 W. Cary St.
Ecks’ more than 150 real estate portfolio came onto the market at the beginning of the year and the majority is still under contract to be sold to a single mystery buyer.
Commonwealth Commercial‘s Kit Tyler, who shares the listing with colleague Nash Warren, confirmed this week that the majority of the Eck portfolio will remain under contract and is expected to close by the end of 2021.
Gupta closed his deal on October 14, city records show. In addition to the social security building, most of Gupta’s properties are either mixed-use or multi-family apartments.
Gupta was among a group of unnamed investors who bought the Social Security building, but said he was the sole owner of the other eight buildings.
The Social Security building was sold for $ 2.9 million. The other eight buildings Gupta bought totaled $ 3 million and were last estimated by the city to total $ 3.7 million.
Gupta said in an interview Monday that he has started investing more in real estate in recent years and entered the Richmond market last spring when he bought a mixed-use building of 16 units at 711 W. Broad St. for $ 3.4 million.
“I’ve been focusing more on Richmond lately, buying multi-family or commercial real estate,” said Gupta. “The other properties I have are in Virginia, not the Richmond area.”
He added that the sale of eight buildings was part of a 1031 exchange.
Gupta said all leases for the corner buildings were carried over to the sale. He has no plans to make any changes to the buildings in the near future, but hopes to eventually upgrade some of their utilities.
“In the long term, my goal is to make it more sustainable by using solar cells and more renewable forms of energy in these buildings,” said Gupta. “The Social Security building uses a tremendous amount of energy, and it all comes from Dominion (energy).”
Gupta said he currently has no other deals on the horizon but is still in the market for more property in the city.
“We’ll definitely be looking for good deals,” he said.