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VCU Health distribution facility sells for $8M
A Henrico County property fully leased by VCU Health was purchased by an undisclosed investment group for $8.075 million on April 7. Located at 3008 Mechanicsville Turnpike, the 89,931-square-foot property houses nonpharmaceutical medical supplies and equipment for VCU Health. Since mid-February, the property, a former Pepsi distribution facility, has served as Virginia Commonwealth University Hea[...]
Falls Church retail center to be renovated, rebranded
Falls Plaza, a 10-acre retail center in Falls Church, will begin construction on a renovation mid-April, and will be renamed and rebranded as Birch & Broad. Located at 1200 W. Broad St., the 144,000-square-foot community shopping center will see a façade renovation, new signage, enhanced landscaping, decorative lighting and multiple outdoor amenity areas. The renovation […]
Richmond office tower sells for $77M
Richmond’s 15-story Riverside on the James office tower has sold for $77 million, McLean-based American Real Estate Partners LLC (AREP) announced on April 6. Located at 1001 Haxall Point, the 263,752-square-foot building was acquired from AREP by New York-based Opal Holdings and is 95.3% leased. The building’s main tenant is the Richmond office of Atlanta-based […]
Chesapeake senior community acquired for $57.75M
Chesapeake Crossing, a 597-unit mixed-income senior housing community in Chesapeake, has been purchased by Los Angeles-based Standard Communities, the affordable housing division of Standard Companies. According to Wink Ewing, managing director of investment sales for NorthMarq, Chesapeake Crossing sold for $57.75 million. The total capitalization of the transaction was approximately $68 million. [...]
Construction to start in May on $66M Pinnacle apartments in Va. Beach
Virginia Beach-based Breeden Co. has scheduled a May 7 groundbreaking date for The Pinnacle, its upcoming $66 million luxury apartment complex at the Oceanfront. Located at 521 31st St., The Pinnacle will offer 240 one-, two- and three-bedroom apartments on the site of a former Farm Fresh grocery store that closed in 2018. Construction is […]
Henrico industrial facility purchased for $7.8M
On April 7, Richmond-based commercial real estate investment firm Lingerfelt CommonWealth Partners LLC announced it had acquired an industrial facility in Henrico County for $7.8 million. Located at 4300 Carolina Ave., the 223,479-square-foot industrial facility is located in the Richmond Distribution Center complex near Richmond International Raceway. Lingerfelt CommonWealth announced that the pr[...]
Rustburg shopping center sells for $4.7M
Rustburg Marketplace, a 46,700-square-foot grocery-anchored shopping center at 1051 Village Highway in Rustburg, has sold for $4.7 million. Anchored by a Food Lion, the shopping center’s other major tenants include Family Dollar and Virginia ABC. The Kent Mall LLC purchased the strip mall, which sits on 8.55 acres, from Rustburg Ventures LLC. S. L. Nusbaum […]
Chesapeake industrial building sells for $2.4M
Memphis, Tennessee-based heavy lifting and hauling company Barnhart Crane and Rigging Co. has purchased a 34,312-square-foot industrial building on 4.79 acres in Chesapeake for $2.4 million. The property is located at 835 Wilson Road. S. L. Nusbaum Realty Co.’s Ben Leon and Sam Rapoport represented the seller, Chesapeake-based Burton Lumber Corp. Subscribe to Virginia Business. […]
Loudoun announces major mixed-use development along Silver Line
Loudoun Economic Development unveiled plans Wednesday for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development adjacent to Metro’s Silver Line extension on a site Loudoun once proposed for Amazon.com Inc.’s HQ2 East Coast headquarters. Rivana is the first phase of Innovation Station, a 103-acre development to be built on the border of Fairfax and […]
Aging office parks embrace multifamily
A weekday lunch hour is relatively quiet on the grounds of the Boulders office park, south of Richmond, except for a few people chatting during a walk around a lake and the honking of two geese skimming the water. Overlooking that lake are gray and white apartments recently built from scratch on vacant land — 250 […]
Eight over 80
What keeps a person working at an age when most of us are happy to let others take care of business? These overachieving Virginians, all over age 80, have remained hard at work mostly for one or more of three reasons. The first is being able to continue work with family. Retirement is rarely mandatory […]
Saving the day
Running from police, an unremarkable bad guy with sandy hair suddenly grabs a little girl and dangles the young hostage from the third floor of a mall atrium. As a gaggle of nonplused bad guys decked out in ’80s pastels and John Oates mustaches look on, the skylight above shatters. It’s Wonder Woman, swooping into […]
