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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 [&[...]
Richmond office building sells for $29.5M
An office building in downtown Richmond has sold for $29.5 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Friday. The 140,573-square-foot Edgeworth Building is located at 2100 East Cary Street and was once a tobacco factory. It is 95% leased to Hirschler, RK&K, Ernst & Young and HKS Architects. Originally built in 1925, […]
$8.5M parcel in Spotsylvania to be used for Veterans Affairs clinic
Nearly 50 acres of land along Route 1 and Interstate 95 in Spotsylvania County has sold for $8.5 million, Cushman & Wakefield | Thalhimer announced Wednesday. The 48.75-acre parcel will be used to develop one of the nation’s largest Veterans Affairs facilities, according to Cushman & Wakefield | Thalhimer. Carnegie Management and Development Corp. will […]
Commercial real estate lease roundup
Central Virginia National Delivery Systems Inc. renewed its 78,232-square-foot lease at 4840 Eubank Road in Richmond. Rob Dirom and John Carpin of Colliers International represented the landlord. Belvac Production Machinery Inc. renewed its lease of 71,576 square feet of industrial space at 25 Millrace Drive in Lynchburg. Norman Moon of Thalhimer, along with Cushman & […]
Fairfax County’s Richmond Highway area ripe for development during next decade
Between the development of Amazon.com Inc.’s $2.5 billion East Coast HQ2 headquarters in Arlington and Virginia Tech’s $1 billion Innovation Campus in Alexandria, Northern Virginia is ripe for commercial and residential development during the next decade. According to a market assessment study presented to Fairfax County’s Economic Advisory Commission, the Richmond Highway corrid[...]
Short Pump Hilton enters receivership
The Hilton Richmond Hotel and Spa in Short Pump has entered receivership after its owner, Shamin Hotels, fell behind on loan payments, according to documents filed in Henrico County Circuit Court. In an order dated Jan. 21, Fairfax-based based Crescent Hotel Management Services LLC was named special receiver for the Short Pump Hilton, which was […]
