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Divaris Group acquires N.C. mixed-use leasing, advising firm
Virginia Beach-based Divaris Group has acquired North Carolina-based real estate planning, advisory and leasing firm The McGarey Group, the firm announced Friday. Financial terms and other details of the acquisition were not disclosed. The McGarey Group, led by President and CEO F. Denver McGarey, is now operating within Divaris Advisory, a division of Divaris Group. […]
Hickory Point Townhomes sells for $25M in Newport News
Arlington-based Ritz Banc Group, a real estate, private equity and alternative asset management firm, bought Hickory Point Townhomes, a 175-unit apartment complex at 399 Hickory Point Blvd. in Newport News, from New York-based AION Partners for $25 million, Cushman & Wakefield announced Monday. The new owner pland to continue a comprehensive renovation program implemented by […]
Construction starts on 288 Lofts in Midlothian
Norfolk-based S.L. Nusbaum Realty Co. has started construction on 288 Lofts, a $28 million, 160-unit apartment community in Chesterfield County’s Midlothian area. The first apartments are expected to be completed in fall 2023. Located at 400 Katrina Court on about 11 acres at the northeast corner of State Route 288 and Midlothian Turnpike, 288 Lofts […]
S.L. Nusbaum promotes retail leasing exec to VP
S.L. Nusbaum Realty Co. has promoted Maggie Spillane to vice president, the Norfolk-based realty company announced Tuesday. Spillane joined the company’s shopping center leasing department in 2020 as an associate, providing landlord representation and leasing services to a variety of retail centers in Hampton Roads. Prior to joining S.L. Nusbaum, she was director of commercial […]
Waterford Apartments sells for $55M in Va. Beach
Waterford Apartments in Virginia Beach is under new ownership, after Blackfin Real Estate Investors LLC acquired the 376-unit apartment complex for $55.35 million, the real estate investment company announced. Located off Shore Drive near Lake Smith, the one- and two-bedroom apartment community was built in 1980 and previously renovated to include walk-in closets, maple custom cabinets, […[...]
Newport News office building sells for $2.87M
A Newport News office building has sold for $2.875 million, Cushman & Wakefield | Thalhimer announced in February. Sashe LLC purchased the 24,526-square-foot office building at 11839 Rock Landing Drive in Oyster Point Park. Cushman & Wakefield | Thalhimer declined to disclose the seller. The building is currently occupied by Engineering Development Laboratory Inc., an […]
Amazon delays construction on HQ2
Amazon.com Inc. is delaying construction on the second phase of HQ2, its $2.5 billion East Coast headquarters in Arlington County. The news comes as Amazon plans to open HQ2’s first phase, Metropolitan Park, in June, and as the Fortune Global 500 tech company laid off a record 18,000+ workers amid concerns over slowing revenues and […]
Filling in
Industrial real estate is a hot commodity in Southwest Virginia. “It’s hard to find available space of anything that’s above 15,000 to 20,000 square feet,” says Jonathan Belcher, executive director of the Virginia Coalfield Economic Development Authority (VCEDA), which represents Lee, Wise, Scott, Buchanan, Russell, Tazewell and Dickenson counties and the city of Norton. Leaders [&[...]
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 […]
