RICHMOND, Va. -- After more than a decade of steadily acquiring properties in Richmond, Washington, D.C.-based Douglas Development recently found itself on the selling-side of the negotiating table for one of its downtown buildings.
The firm last month sold the two-story building at 402 E. Grace St. for $435,000.
Located next to the to-be-renovated Grace Place Apartments, the 3,400-square-foot building was once home to a medical supply store but has sat vacant for years.
Cindy King, Douglas’ Richmond asset manager, said the developer decided to offload the property because it was a bit of an outlier in its local portfolio and wasn’t in line with its usual square footage.
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