T
he Ridge Office Building, located near Tuckahoe Shopping Center, has changed hands after being sold to the owners of Providence Hill Real Estate. Elliott Gravitt and brothers Caleb and Dawson Boyer purchased the 7,700-square-foot building for $865,000 in late April.

    Dawson Boyer said they jumped at the opportunity to buy the fully occupied building, which could provide additional space for their brokerage if it outgrows its current storefront. The building is currently leased to tenants including two law firms and a massage therapy practice.

    The Boyers and Gravitt plan to keep their original storefront open but may eventually move some operations to the Ridge building when space becomes available. They purchased the property from an entity tied to Hob Sigmon, who had co-owned it since the 1980s.

    Sigmon said he was happy to sell the property to a local buyer and appreciated the letter written by Boyer explaining why they wanted to own the building and how they planned to keep it managed locally. The sale was finalized in late April, with the Boyers and Gravitt buying the property through an LLC.

    Providence Hill Real Estate has experienced rapid growth since its launch four years ago, expanding from eight agents to 70 between its Tuckahoe and Midlothian offices. The brokerage's sales volume last year reached $301 million, with 654 homes sold. Despite current mortgage rates and declining sales across the state, Dawson Boyer said the local housing market remains hot due to a high level of cash in the Richmond market.

    The purchase of the Ridge building is part of Providence Hill's plans for future growth, which may also involve expanding its operations at its Midlothian location or finding additional space through a combination of both locations.