Uphoff Ventures buys former Village Bank headquarters building

Uphoff Ventures said Thursday that it has purchased the former headquarters building of Village Bank and Trust Financial Corp. at the Watkins Centre in Midlothian.

The Chester-based company paid $12.25 million for the 73,873-square-foot building. CBRE|Richmond brokered the deal and will serve as the leasing agent. The building has about 10,000 square feet of office space available for lease.

In 2014, Village Bank vacated the four-story building on Midlothian Turnpike, which is near state Route 288, and moved into a smaller office nearby.

“It has been a pleasure working with Village Bank to acquire the office space at Watkins Centre,” Steve Uphoff, founder and owner of Uphoff Ventures, said in a statement.   “Our family-owned business based in Chesterfield is committed to maintaining our community’s reputation as a respected destination for families and businesses.”

In addition to the Village Bank building, Uphoff Ventures owns Uptown Alley locations in Richmond and Surprise, Ariz.  Two new Uptown Alley facilities, a bowling and entertainment venue, are in development in Virginia Beach and Manassas, and the company plans to build 15 of the venues across China.

Uphoff Ventures also purchased Dion Oil Co. of Florida in February. The company sold most of its Uppy’s convenience store chain in 2010 and since has been diversifying in other businesses.

Uphoff Ventures is co-owned by Uphoff, his wife, Linda Uphoff; and daughter Cassandra Moore and son-in-law Steven Moore, partners in Uptown Alley.
“We are pleased that Uphoff Ventures will now own the Village Bank building,” Trib Sutton, senior vice president and director of brokerage services at CBRE|Richmond, said in a statement. “Village Bank helped to create one of the most prestigious buildings for premier office users in suburban Richmond, and we know Uphoff Ventures will continue to maintain the high-quality finishes, state of the art systems and exceptional accessibility.”

Village Bank, a community bank based in Chesterfield County, operates eleven retail branch locations in Chesterfield, Hanover, Henrico and Powhatan counties.