Multifamily developer pays $6.2M for Racines property in Cap Hill
Multifamily developer pays $6.2M for Racines property in Cap Hill Thomas Gounley photo) The sale of the former Racines restaurant property in Cap Hill has closed. 650 North Sherman LLC, an entity affiliated with Virginia-based multifamily developer AvalonBay Communities, purchased the 0.57-acre 650 N. Sherman St. lot last week for $6.16 million, according to public records. That works out to $246 per square foot for the land. Racines owners Lee Goodfriend and David Racine, who started the restaurant in 1983 with the late Dixon Staples, announced last April that they were under contract to sel...
Source: businessden.com