Residential real estate company buys Westwood Avenue properties for $ 1.8 million
The Westwood Corridor in Henrico County continues to gain investor attention, with a local residential real estate company reclaiming land in the area for its first foray into commercial real estate.
The Cava Cos. purchased 2321, 2323 and 2405 Westwood Ave. for $ 1.77 million at the end of June.
Located directly across from Topgolf, the plots include one acre of land and two buildings totaling 22,500 square feet.
âI am optimistic in the hallway. I just think it’s in a great location, âsaid Frank Cava, director of Cava Cos.
The company specializes in the acquisition and renovation of single-family homes, then releasing them for sale. The majority of the homes it puts back on the market are for less than $ 300,000.
Cava said his company has done work on multi-family buildings in the past, but this is his first fully commercial investment.
One of the two buildings in the agreement is occupied by the Westwood Music Club, which operates at 2323 Westwood Ave. since its name change and move from the Libbie-Grove corridor in 2019. The Malvern Building, an 18,000 square foot office building, is located at 2405 Westwood Ave., and 2321 Westwood is used as a parking lot.
The plots were recently valued at $ 1.3 million combined, according to county records. The seller was an entity related to local developer Rebkee Co. CBRE’s Matt Hamilton represented Cava in the off-market deal. Tom Rosman and Lory Markham of One South Commercial represented Rebkee.
Cava said his company is planning a $ 2 million renovation to 2405 Westwood Ave. and relocate the company’s headquarters, occupying approximately 6,000 square feet. The building is currently approximately 53 percent leased.
âWhat we’re going to do is reuse it in (class) B, B + offices and come out below the market with C or C + rent rates,â Cava said. âMy goal is to come out with a great product and very quickly attract office tenants. It is a renovation with high added value, which is our strong point for what we do on the residential side.
Cava said they honor all current leases in the building, as well as the Westwood Music Club lease at 2323 Westwood Ave.
Ryan Corbitt, owner of the music school, said he had at least three years left on his current lease and had the option of extending it for another five years.
Cava added that 2321 Westwood Ave. will remain a parking lot for the foreseeable future.
The Cava Cos. will act as its own general contractor and finance the renovation with a loan from the First Community Bank. Cava said they hope to start the renovation this summer.
Cava said his company remains active in acquiring single-family homes, despite the dynamic market.
âWe find a lot of sellers who are generational or older and tired, and a few small single-family homeowners,â Cava said. âWe buy a lot and are always looking for the right value-added opportunities. “
Just east of Cava’s new properties is the site of the Carvana car vending machine, which has gone vertical in recent weeks.