Shaia family scoops up former Wells Fargo branch downtown

The branch sits at the corner of Second and Grace streets in Monroe Ward. (Mike Platania photos)

A prolific local real estate family has added to their downtown portfolio. 

An entity tied to the Shaia family, particularly Alan Shaia, recently purchased the former Wells Fargo bank branch at 122 E. Grace St. for $1.6 million, city property records show. 

The 2,800-square-foot branch was one of nearly a dozen local locations that Wells Fargo decided to close in recent years. The banking giant closed the Monroe Ward location in the fall of 2023, and listed the real estate for sale shortly after. 

The Shaias’ purchase closed on March 19. The 27-year-old structure sits on a half-acre parcel at the corner of Second and Grace, and was most recently assessed by the city at $1.7 million. 

The Shaias have had a foothold in Richmond-area commercial real estate for decades, with holdings ranging from downtown to New Kent and Mechanicsville. In recent years, they’ve been sellers in the city limits, notably selling the bulk of Mayo Island to the City and another Monroe Ward parking lot to VPM for its new headquarters. 

Alan Shaia said they’re planning to try to find a new tenant for the old Wells Fargo branch. 

“We’re thinking right now we’re going to put it out for lease and see what we can get,” Shaia said. “We like the corner, it’s a nice corner, and it has future potential, so we’ll see.”

Shaia said there was a restriction in the sale that precludes them from leasing it to another bank, but noted the space could be renovated for another office user or restaurant. 

The former department store had been home to a Subway restaurant for years.

The Shaias also own the nearby former W.T. Grant Co. department store building at 319-321 E. Broad St. that until recently had been occupied by Subway and DaVinci’s Pizza. 

Shaia said they’ve leased the two-story building to an unnamed transitional housing operator that’s converting it into a behavioral health facility that should be completed sometime this summer. 

Last year, Wells Fargo sold another one of its shuttered local branches at 3501 W. Broad St. That property was sold to local development firm Thalhimer Realty Partners for $4.1 million. 

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