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Virginia Beach medical office building sells for $2.7M
Virginia Beach-based Gwynn-Reed Enterprises LLC has purchased a 10,036-square-foot medical office building on 1.84 acres in Virginia Beach for $2.65 million. The property is located at 1817 Republic Road. Gwynn-Reed purchased the property from Virginia Beach-based Vitruvian Property Group LLC. S.L. Nusbaum Realty Co.‘s Chris Zarpas and Chris Devine represented the seller. Subscribe to Virgin[...]
Hampton industrial property sells for $1.7M
G & V LLC has purchased a 44,76-square-foot industrial building situated on 3.71 acres in Hampton for $1.74 million to open a manufacturing operation. The property is located at 315 E. Street. Clay Culbreth of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser; Robert L. Phillips, Jr., also with […]
Portsmouth apartment property sells for $1M
Portsmouth property management company Doud Realty Services Inc. has purchased the Edison Apartments in Portsmouth for $1 million as part of a 1031 tax-deferred exchange. The 16-unit multifamily property is located at 219-249 Edison Ave. Clark Simpson of Cushman & Wakefield | Thalhimer Capital Markets Group handled the sale negotiations on behalf of the seller, […]
CoStar Group expands presence in Richmond
Commercial real estate information and analytics company CoStar Group Inc. announced Tuesday it has subleased an additional 51,000-square-foot office space in Richmond. More than 200 staff members are expected to be based on the ninth, 10th and 11th floors of the Riverfront Plaza East Tower at 951 East Byrd Street, less than a mile from […]
Arlington intends to extend ground leases for Courthouse Plaza
Arlington County and developer JBG Smith have entered into a letter of intent to restructure three ground leases that JBG Smith holds on government-owned land for a multiplex movie theater at 2100/2200 Clarendon Boulevard and office space at 2300 Clarendon Boulevard. While the county owns the land, JBG Smith owns the buildings. The letter of […]
Chesapeake office building sells for $7.5M
Virginia Beach-based property management company The Runnymede Corp. purchased Chesapeake office building Crossways Commerce Center IV for $7.5 million on Feb. 8. Located at 1408 Stephanie Way, the 51,209-square-foot building was purchased from Washington, D.C.-based real estate investment company DSC Partners. The flex building is 91% occupied by Leidos Holdings Inc. and 9% occupied by […]
Chester strip mall sold for $6M
Chester’s The Shoppes at River Forest, a 30,720-square-foot strip mall anchored by a Wal-Mart, was purchased on Feb. 26 for $6 million. Raleigh, North Carolina-based PGP River Forest purchased the property from Bogese Cos., a Richmond-based real estate development group. At the time of the sale, the center was 82% leased to tenants that include […]
Ministry buys Chesterfield building for $1.2M
Chesterfield County-based Mountain Movers Ministry has purchased a building near the intersection of Hull Street and Courthouse roads for $1.175 million. The ministry will relocate to 3300 Old Courthouse Road and occupy the entirety of the 8,942-square-foot building. The property is situated on 7 acres. Gray Bryant, an associate with Colliers International Virginia, represented the […]
Norfolk’s MacArthur Center may meet the wrecking ball
Downtown Norfolk’s MacArthur Center, a 140-store mall that opened in 1999, may have a future date with a wrecking ball. According to a newsletter released March 2 by Norfolk’s economic development department, a complete teardown of the 1.1 million-square-foot structure is one of three possibilities envisioned for MacArthur Center’s future by the city, which does […]
Richmond council clears way for $325M VCU Health project
Richmond City Council approved the sale of the city’s Public Safety Building on Monday, clearing the way for a $325 million VCU Health System medical office tower and multi-use project downtown. Council members unanimously approved the 3-acre property’s $3.5 million sale to Capital City Partners LLC, a collaboration between Michael Hallmark of Los Angeles-based Future […]
Roanoke Valley office occupancy increases by 1%
The Roanoke Valley office market saw a 1% increase in office occupancy in 2020, ending the year with an 88% occupancy rate, according to Poe & Cronk Real Estate Group’s 34th Annual Office Market Survey. These figures are a promising sign “in one of the most challenging years in recent memory,” Poe & Cronk states, […]
Petersburg apartments sell for $2.9M
Landmark Apartments, a 53-unit affordable housing property in Petersburg, has been purchased by Mercer Street Partners for $2.867 million. Landmark, located at 450 Van Buren Drive, was originally developed in 1983 using the U.S. Department of Housing Development’s (HUD) Project-Based Section 8 program for subsidized housing. The buyer, Mercer Street Partners, acquired the property subject [&[...]
