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Ups and downs
Compared with the previous two years, 2022 was less of a roller coaster for the housing market in Virginia, but it still presented challenges for many would-be first-time homebuyers. As inflation rates grew, peaking at a 40-year high of 9.1% in June 2022, the Federal Reserve increased interest rates rapidly. Inflation fell to 6.5% in […]
Warehouse portfolio with two Va. properties sells for $21.86M
Seven warehouses leased to Lansing Building Products, including two in Virginia, sold for $21.86 million, Cushman & Wakefield | Thalhimer announced Friday. The portfolio of warehouses totals 209,883 square feet, and the properties range from 20,000 to almost 50,000 square feet each. On average, 89% of each property is warehouse, and 11% is office space. […]
Midlothian luxury apartment complex begins construction
Bainbridge Cos. has started construction in Chesterfield County on the 310-unit Bainbridge Midlothian luxury apartment complex, the Florida-based multifamily real estate company announced in mid-February. Bainbridge estimates the approximately 26.3-acre project at 12400 Dutton Road will be complete next summer. Units will range from 700 to 1,560 square feet, with one-, two- and three-bedroom optio[...]
Newport News warehouse sells for $2.65M
A warehouse in Newport News sold for $2.65 million, Cushman & Wakefield | Thalhimer announced Wednesday. Located at 1011 and 1031 44th St., the 30,000-square-foot industrial building sits on 3.55 acres. The land is currently being used for a wholesale distribution facility, according to Newport News property records. Three tenants split the facility: Hampton Roads […]
Roanoke shopping center sells for $4.8M
A shopping center in Roanoke has changed hands. Salem-based Omma Management LLC purchased the 49,881-square-foot Oak Grove Plaza in Roanoke for $4.8 million, Cushman & Wakefield | Thalhimer announced. Built in 1964, Oak Grove Plaza is located at 2061 Electric Road. CXL Inc. sold the property, which is on about four acres. Cushman & Wakefield […]
$130M mixed-use development planned for Hampton
A proposed $130 million development will bring 118 townhomes, 284 luxury apartments, 96 senior apartments and 6,000 square feet of retail space to Hampton. The project, called The Olde Hampton Village, will span 16 parcels across nearly 23 acres near downtown Hampton, at the former site of the Lincoln Park housing development, on LaSalle Avenue, […]
‘Flight to quality’
When Jessica Bronner wants to meet up with friends for a drink or meal, she doesn’t have to move her car from the garage at Ink, the luxury apartment building where she lives in Richmond’s trendy Scott’s Addition neighborhood. Developed by Glen Allen-based Capital Square and completed in January 2022, the 80-unit Ink is one […]
Norfolk’s MacArthur Center mall listed for sale
Downtown Norfolk’s struggling mall, MacArthur Center, is officially on the market. A listing from real estate company JLL describes the 23-acre property as “a compelling redevelopment opportunity.” The listing encourages prospective buyers to “reimagine a major asset in the Norfolk [central business district] into a premier mixed-use development to include hotel, residentia[...]
Petersburg industrial building sells for $4.6M
An industrial building in Petersburg that once served as the tri-cities headquarters for Pepsi has sold for about $4.6 million, One South Commercial announced Wednesday. An entity connected with Waukeshaw Development Inc. in Petersburg sold the 100,492-square-foot building located at 1501 W. Washington St. in Petersburg to 1501 Petersburg LLC, an entity based in McLean. […]
Former EAB buildings in Henrico sell for $5.35M
A Richmond-based real estate company has purchased three office buildings in western Henrico County for $5.35 million, Commonwealth Commercial Partners LLC announced Monday. Formerly the headquarters of education research company EAB, the buildings are located at 1910, 1920 and 1950 E. Parham Drive. Marwaha Property Management, doing business as Marwaha Business Park LLC, purchased the […]
Colliers to manage, lease City Center at Oyster Point
Colliers will be the leasing and management company for City Center at Oyster Point in Newport News, Florida-based real estate investment firm Murphy Property Group announced last week. Colliers will manage nearly 600,000 square feet across nine buildings. City Center, which is 52 acres, serves as sort of a central downtown area for Newport News […]
Fredericksburg medical building sells for $6.85M
A medical office building in Fredericksburg sold for $6.85 million, Charlotte, North Carolina-based outpatient health care real estate firm Flagship Healthcare Properties LLC announced Wednesday. Built in 2007, the 16,483-square-foot medical office building is located at 1071 Care Way, adjacent to the 450-bed Mary Washington Hospital. The building is 100% leased to the Rappahannock Women’s [&hel[...]
