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Tag: commercial real estate

Retail/office collection in Richmond sells for $6.3M

A combined 15,994 square feet of retail and office buildings in Richmond’s West End area sold for $6.3 million in late March, according to Cushman & Wakefield | Thalhimer.

The buildings are located at the corner of Grove and Granite avenues, at addresses 5701-5707 Grove Ave. and 124 Granite Ave. About half of the buildings are leased, and tenants include On U Jewelry, Scents of Serenity Organic Spa and Victoria Charles Jewelry, according to Reilly Marchant from Cushman & Wakefield | Thalhimer, who represented the seller.

KLCN LLC purchased the portfolio from Muhleman Properties LLC. The sale closed on March 31, according to property records.

Chesterfield distribution center sells for $37.5M

A distribution center in Chesterfield County’s Meadowville Technology Park sold for $37.5 million in mid-March, according to county property records.

Located at 1400 Digital Drive in Chester, the 353,044-square-foot distribution center is fully leased to one tenant — CCBCC Operations LLC, a wholly owned subsidiary of Coca-Cola Consolidated Inc. — according to a Cushman & Wakefield | Thalhimer news release. Based in Charlotte, North Carolina, Coca-Cola Consolidated is the nation’s largest independent Coca-Cola bottling company.

A joint venture between funds managed by Red Rock Developments and Westport Capital Partners sold the 54.3-acre property to Bailard Real Estate Fund, which also bought Charter Colony Shopping Center in Midlothian, according to a news release. Property records show the center sold for $23.85 million in March 2022.

Eric Robison and Bo McKown with Cushman & Wakefield | Thalhimer’s Capital Markets Group and Jonathan Carpenter and Graham Savage with Cushman & Wakefield’s Industrial Advisory Group handled the sale.

Cushman & Wakefield will manage the property for Bailard. Jason Crowder, a senior portfolio manager with Cushman & Wakefield | Thalhimer’s Commercial Property Services Group, will lead the property management team.

Hurt & Proffitt acquires Gretna civil engineering firm

Lynchburg-based civil engineering firm Hurt & Proffitt (H&P) has acquired Gretna-based Reynolds-Clark Development, according to a news release.
H&P Chief Financial Officer Matthew Leslie declined to disclose the value of the deal. The company has added Reynolds-Clark’s five employees to its workforce, bringing its total personnel to about 150. Reynolds-Clark will be now be known as Hurt & Proffitt and remain in Pittsylvania County. The company’s founders, President Gretchen Clark and Vice President Tim Reynolds, have been named vice presidents at H&P. Clark will also serve as director of site permitting, and Reynolds will add director of land development to his responsibilities.
Both companies serve clients throughout Virginia and North Carolina.
“We are excited about the opportunities that the combined forces of our two firms will hold for the future,” H&P President Wiley “Bif” Johnson said in a statement. “Our industry is rapidly changing and growing. This acquisition will allow us to meet those changes head-on and allow us to broaden our services.”
Founded in 2004, Reynolds-Clark specializes in site and utility design, stormwater management and environmental planning.
“Moving forward, clients will continue to maintain relationships with the individuals they have worked with in the past,” Clark said in a statement.
Reynolds said that the combination of the firms will give H&P “more depth” for clients.
H&P was started in 1973 and also has offices in Blacksburg, Roanoke and Wytheville.

Colliers exec jumps to Harbor Group International

Scott Adams has left his role as executive managing director of Colliers International and joined Harbor Group International LLC as senior vice president in investor relations.

Harbor Group announced Adams’ hire Tuesday. In his new role, which he started Monday, Adams will initially focus on capital raising efforts in the mid-Atlantic region. He will be based in Norfolk and initially won’t have any direct reports.

“I am thrilled to be joining the team as senior vice president in investor relations,” Adams said in a statement. “HGI has always maintained a strong reputation as a leading national real estate owner and investor and I look forward to working with the team to build new strategic relationships with capital sources.”

Adams has 30 years of experience in real estate, and at Colliers, he primarily focused on growth initiatives, including new business development, recruiting, acquisitions and client management. Over his career, Adams has led the negotiation and sales closings of more than $1.8 billion worth of commercial properties.

“Scott’s diverse experience and deep knowledge in commercial real estate investments will be an asset to driving the growth of HGI’s investor relations capabilities,” Saul Lubetski, vice chairman of Harbor Group International, said in a statement. “We look forward to working with Scott to strengthen the firm’s existing investor relationships and further diversify our investor base.”

In November 2021, Adams’ was promoted from regional president to executive managing director for Colliers’ Virginia and Raleigh, North Carolina, brokerages. A year later, he transitioned to another role, still as executive managing director and market leader, but his leadership region was limited to Raleigh. He was also an active investment sale broker for office and industrial properties in Virginia and North Carolina. Before he joined Colliers, Adams was regional president with CBRE and oversaw its offices in Central and Southeast Virginia and North Carolina. He also was a senior real estate consultant in Kenneth Leventhal & Co.’s Washington, D.C., office.

Coffee biz buys Newport News building for $1.1M

A coffee company purchased a 2,400-square-foot retail building in Newport News for $1.1 million with plans to turn it into a coffee shop.

Seven Cities Coffee LLC, doing business as 7 Brew, purchased the building located at 398 Denbigh Blvd. from JMP Properties LLC, Cushman & Wakefield | Thalhimer announced.

The coffee company, 7 Brew, is a national chain and has dozens of locations. It’s known for its drive-thru business model. According to the company’s website, this would be the first location in Virginia.

Wick Smith, of Cushman & Wakefield | Thalhimer, handled sale negotiations on behalf of the seller.

Branch Group promotes SVP to chief HR officer

Roanoke-based construction firm The Branch Group Inc. has promoted Tina Pfalzgraf to chief human resources officer, the company announced Wednesday.

Pflazgraf previously served as senior vice president of human resources. Her department established corporate initiatives in employee development, retention, benefits and recruitment that resulted in record employee retention rates and record employee satisfaction survey results. Prior to joining Branch in early 2022, Pfalzgraf was senior director of human resources operations for the advancing national security business unit at Dallas-based Jacobs, as well as serving in human resources roles for Centreville-based Parsons Corp. and Englewood, Colorado-based CH2M.

“Tina has done an outstanding job in the areas of employee development, retention and recruitment,” Branch Group CEO Donald Graul said in a statement. “Her department reorganization and focus on the employee experience, optimizing the HR process and procedures, workforce development and employee rewards and recognition programs will further drive our record high employee engagement results.

Pfalzgraf will also serve on several Branch board of director committees.

The employee-owned Branch has total revenues of nearly $480 million and a workforce of more than 1000 employee owners.

Capital Square launches subsidiary to oversee multifamily portfolio

Glen Allen-based real estate company Capital Square has launched a wholly-owned subsidiary to oversee management of the company’s multifamily portfolio, the company announced March 20.

Capital Square Living will oversee off management of the company’s 55 residential communities, including 14,000 units across the Southeast and Texas. The subsidiary currently has 20 employees and is expected to grow to more than 300 when all properties are brought on board. Corporate employees are based in Richmond.

Capital Square was founded in 2012 with its development arm coming along in 2019 followed by the creation of Capital Square Apartment REIT in 2021 and the launch of its private equity group in 2022.

“Capital Square Living is the final step — creating a competitive advantage by providing property management services for our growing portfolio,” Capital Square founder and Capital Square co-CEO Louis Rogers said in a statement.

“Capital Square is now a vertically integrated real estate company,” Rogers said.

Gus Remppies is president of Capital Square Living.

Capital Square Living is led by President Gus Remppies, who has more than three decades of experience working with multifamily properties. Remppies joined Capital Square Jan. 1. He previously served as president, chief operating officer, chief administrative officer and chief investment officer of Landmark Apartment Trust, formerly known as Grubb Ellis Apartment REIT, prior to its acquisition in 2016 by Starwood Capital Group and Milestone Apartments Real Estate Investment Trust in an all-cash transaction valued at approximately $1.9 billion. Under Remppies’ leadership, Landmark’s multifamily portfolio included 24,000 apartment units throughout the South and Texas. Remppies also served as executive vice president of Grubb & Ellis Residential Management and as a senior executive with Cornerstone Realty Income Trust Inc., where he oversaw the acquisition and development of approximately 30,000 apartment units.

“Capital Square Living will deliver superior property management services by providing a best-in-class experience for our residents, exceptional living and outstanding customer service,” Remppies said in a statement. “We are not simply managing apartments; we are providing quality residences and establishing livable communities for thousands of residents in the vibrant Southeast.”

Capital Square Living will begin onboarding communities in April. Management services will include operations, maintenance, employee development and training, customer service, revenue management, marketing, budgeting, leasing and resident retention.

Capital Square has completed more than $7.5 billion in transaction volume since its founding in 2012.

Naval operations building in Suffolk sells for $33M

The U.S. Fleet Cyber Command Center of Operations, a 114,045-square-foot building in Suffolk, has changed ownership.

The building, part of a secure naval operations campus, sold for $33.25 million, according to Colliers Government Solutions. It is located at 115 Lake View Parkway in Suffolk. The seller of the building is Salus Group, and Colliers declined to disclose the buyer. Suffolk’s property records also do not provide information on the acquisition.

The U.S. Fleet Cyber Command is responsible for Navy information network operations, offensive and defensive cyberspace operations, space operations and signals intelligence.

Will Bradley and Mark Williford, both of Colliers, represented the seller.

 

Two Roanoke apartment properties sell for $3.35M

A 26-unit multifamily community and a 16-unit apartment complex in Roanoke sold together for $3.35 million on Feb. 10.

Located at 2002 Langdon Road SW, the 26-unit community, Langdon Square at Raleigh Court, has 22 garden-style apartments built in 1985 and four townhomes built in 1990. The structure is 59,407 square feet total, according to city property records. Briskwood Apartments, located on 1401 3rd St. SW, has 16 one-bedroom, one-bath garden-style apartments, at almost 15,000 square feet, according to property records. The three-story brick building was built in 1968.

Sweetbay Capital purchased the portfolio from C and D Associates LLP. Clay Taylor from Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller. Sweetbay Capital is planning interior and exterior renovations.

Lingerfelt buys Chesterfield land to build luxury apartments

Glen Allen-based Lingerfelt Development LLC, a real estate investment management firm, has purchased about 4.5 acres of land in Chesterfield County from Hospitality VII Inc. with plans to build a luxury apartment community.

The land is located at 2407 W. Hundred Road in Chesterfield, between U.S. 1 and Interstate 95.

The $1.9 million sale comes months after Lingerfelt’s purchase of a nearly 16-acre parcel nearby for $4.8 million in December 2022. The two pieces of property, a combined 20.29 acres, will be developed into multiple three-story buildings with 390 one-, two- and three-bedroom units.

The complex will be named Silas, and Lingerfelt will break ground on the luxury community later this year and build it in two phases. It will have a 6,000-square-foot clubhouse, a pool and other amenities.

David M. Smith, of Cushman & Wakefield | Thalhimer, handled the sale negotiations on behalf of the purchaser.