Academy Bus Charter Richmond Hub
Just under a year after acquiring James River Transportation, a well-known local bus charter company, Academy Bus Charter, headquartered in New Jersey, has firmly established its presence in Richmond by purchasing the property that serves as its operational center.
In a move that underscores its commitment to the Richmond market, Academy Bus Charter finalized the acquisition of 915 N. Allen Ave last month for a sum of $8.5 million. This 4-acre site is strategically important as it houses Academy’s 17,000-square-foot terminal and garage, which functions as the central hub for its bus charter operations in the region. Prior to this purchase, Academy had been leasing the facility from the Story family, the previous owners of James River Transportation. The Story family sold James River Transportation to Academy in the fall of last year but retained ownership of the real estate.
Stephen Story Consultant Academy Bus Charter
Stephen Story, who was co-owner and president of James River Transportation before the acquisition, has remained with Academy Bus Charter in a consulting role. According to Story, his responsibilities included assisting Academy in exploring potential locations in the Richmond area for its regional headquarters.
“The goal was to present Academy with various options and help them determine the most suitable location for their operations,” Story explained. “We quickly realized that finding industrial land with ample parking and a building equipped with service bays was a significant challenge. Ultimately, remaining at the current Allen Avenue location emerged as the most practical solution.”
Doug Tice of S.L. Nusbaum represented the Story family in the transaction, which officially closed on July 30th. The City of Richmond’s most recent assessment valued the 4.3-acre property at $4.4 million, highlighting the significant market value of the land.
The Story family’s connection to the Newtowne West area extends back to at least the 1980s. Last summer marked the beginning of their strategic divestment from real estate holdings in the neighborhood when they sold a 3.7-acre parcel located across the street at 900 N. Allen Ave. to Spy Rock Real Estate Group for nearly $8 million. Spy Rock is currently developing a 300-unit apartment complex on that site, further transforming the landscape of the area.
Spy Rock Apartments Newtowne West Richmond
These two significant real estate deals represent the Story family’s sale of 8 acres in the Newtowne West vicinity for a total of $16.4 million. In addition to the Richmond property, Academy Bus Charter also purchased two lots in Norfolk from the Story family for $500,000.
Story indicated that the family is reinvesting a substantial portion of the proceeds from these sales into other real estate ventures across Virginia and in North Carolina.
“The family business has evolved from primarily focusing on motor coach and passenger transportation with James River Transportation, to now encompassing land investment and development,” Story stated. “This new direction keeps me quite engaged and busy.”
The land acquired by Academy Bus Charter and Spy Rock is adjacent to a 37-acre site owned by Sauer Properties. Last summer, Sauer Properties announced ambitious plans to redevelop these largely underutilized industrial sites into a mixed-use development encompassing over 2 million square feet. This project is envisioned as the second phase of the Sauer Center, promising to further revitalize the Newtowne West area of Richmond. Academy Bus Charter’s land purchase ensures a stable and strategic location for its James River Transportation operations as this area undergoes significant transformation.
