A bigger deal is still pending, but a small piece of the Eck family’s real estate portfolio has been snatched up by a local investor.
Nine properties along West Main and Cary Streets – highlighted by the 15,000 square foot Social Security Administration 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 of Eck Enterprises, the family business of the late Edgar Eck Jr., who remodeled dozens of buildings in the Fan in the 1980s.
The agreement included 1715, 1719, 1723 and 1727 W. Main St., as well as 1504, 1518, 1520, 1603 and 1834 W. Cary St.
The property portfolio of over 150 Ecks hit the market earlier this year and most of it remains under contract to be sold to a single mystery buyer.
Commonwealth Commercial’s Kit Tyler, who has the list along with his colleague Nash Warren, confirmed this week that most of the Eck portfolio remains under contract and is expected to close by the end of 2021.
Gupta made the deal on Oct. 14, according to city records. In addition to the Social Security building, most of the properties acquired by Gupta are either mixed-use apartments or multi-family apartments.
Gupta was among a group of anonymous investors who bought the building from Social Security, but he 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 cost $ 3 million combined and were recently valued by the city at $ 3.7 million combined.
Gupta said in an interview Monday that he had started investing more in real estate in recent years and entered the Richmond market last spring by purchasing a 16-unit mixed-use building at 711 W. Broad. St. for $ 3.4 million.
âLately I’ve been focusing more on the Richmond area and buying multi-family or commercial properties,â Gupta said. “The other properties I have are not in the Richmond area, but they are in Virginia.”
He added that the sale of eight buildings was part of a 1031 trade.
Gupta said all leases on the Eck buildings have been carried over into the sale. He doesn’t plan to make any changes to the buildings in the short term, but hopes to eventually upgrade some of their utilities.
âIn the long term, my goals are to make it more sustainable, in terms of having solar panels and more renewable forms of energy in these buildings,â Gupta said. “The Social Security building uses a lot of energy, and everything comes from the Dominion (Energy).”
Gupta said he currently has no further transactions on the horizon, but is still looking for more real estate in town.
âWe will definitely be looking for some good deals there,â he said.