Fresh off an acquisition, a local property manager will become his own landlord.
Duke Dodson, owner of Dodson Property Management, purchased a three-floor downtown office building at 409 E. Main St. last week for about $1 million.
Dodson Property Management, which will relocate to the top floor of the 23,000-square-foot building and rent out the remainder in divided parcels aimed at small business, a leasing trend Dodson said he’s seen in other buildings.
“We had big suites that were sitting there empty and couldn’t get anyone to lease them,” Dodson said. After the spaces were broken into smaller chunks “they flew off the shelves,” he said.
The acquisition of the property closed Aug. 16, and Dodson now owns the building along with Urban Core Development owners Andy Beach and Jeff Bunch, and Doug and Polly White of Whitestone Partners.
Dodson, which manages a stable of more than 1,100 properties, has a $750,000 renovation planned for the building. Amenities will include a cafe and an exercise room, as well as shared conference rooms and rentable storage space.
Dodson Properties and its subsidiary River Bend Property Service will occupy the second floor and Whitestone Partners and Urban Core Development will have offices on the ground floor. Tenants signed on for the building include the Harvey Law Office, Gather and advertising jingle-makers Overcoast Music.
The ground-floor will also feature a 30-to-50 person co-working space, where independent contractors, work-at-home professionals and other small businesses and one-person shops can rent space.
“It’s a very open collaborative environment we’re trying to create,” Dodson said. “It just provides a nice, small, efficient and effective solution for small business owners.”
Renovation will begin as soon as possible, Dodson said, and is scheduled to be completed by January. Dodson Properties will vacate its office at 2619 Floyd Ave. and relocate as soon as the space is ready.
Monument Construction will handle the build out at 409 E. Main St. and Scott Fowler of Fowler Architecture is the job’s architect. Union First Market Bank is financing the project. Justin Paley of Dodson Properties is in charge of leasing and management.
There is 1,422 square feet of vacant space on the basement floor that is leasing for $15 per square foot, Dodson said. With the mix of tenants already signed on for the building, Dodson hopes his new headquarters will be a breeding ground for startup business.
“Once we get closer to completion and renovation we’re going to target all the incubators and all the small business-type folks,” Dodson said.
The relocation follows Dodson’s acquisition last month of Mechanicsville-based Property Managers of Virginia. The six-figure deal included taking over management of 93 single-family homes.