PNSC LLC purchased a 7,500-square-foot office building at 501 Baylor Court in Chesapeake for $1.25 million, Cushman & Wakefield | Thalhimer announce on March 22.
PNSC purchased the building from BCGMR LLC as an investment. The purchaser plans to renovate a portion of the building and locate Progressive Neurology and Sleep Center to this location.
Christine M. Kaempfe of Cushman & Wakefield | Thalhimer handled the sale negotiations.
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 Cities LLC and Susan Eastridge of Fairfax-based Concord Eastridge Inc. Hallmark and Eastridge were part of the failed Navy Hill project last year and made an unsolicited offer last May for the aging Public Safety Building on 10th Street near City Hall. In the plan, the building will be demolished.
The $325 million mixed-use development would include an office tower with space for VCU Health System administrators and physicians, Class A office space and ground-level retail space, as well as new facilities for The Doorways and Ronald McDonald House Charities, which both provide housing and support for families of hospital patients, and a child care center. The project also would include reconstruction of Clay Street between 9th and 10th streets. According to the mayor’s office, the project is estimated to generate $55.9 million in real estate tax revenue for the city’s general fund over the next 25 years.
“VCU and VCU Health are strongly committed to the redevelopment of this area. The Public Safety Building project, along with the current construction of our new children’s inpatient hospital and Adult Outpatient Pavilion, will play a critical role in supporting a thriving urban center,” Michael Rao, president of VCU and VCU Health System, said in a statement.
“The sale and redevelopment of the Public Safety Building site is a critical first step to improving downtown,” Richmond Mayor Levar Stoney said in a statement. “My administration was glad to work with City Council and Capital City Partners LLC to create this great win for Richmond. The project will aid minority businesses, create child care slots for Richmond families, fund scholarships for graduates of Richmond Public Schools, and generate nearly $56 million in new revenue for the city’s General Fund over the first 25 years. We can, and we will, continue to grow Richmond by redeveloping underutilized city-owned property.”
The developers, who also are behind the proposed GreenCity project in Henrico County, have pledged to create a $500,000 fund to help offset costs of small businesses to lease office or retail space at the development, as well as funding organizations that support small businesses. The fund also would assist Richmond Public School graduates with scholarships.
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, it was redeveloped in 2007 into an office building and was awarded the Adaptive Reuse Project of the Year by the Greater Richmond Association of Commercial Real Estate (GRACRE).
A family office out of New York City purchased the building. Cushman & Wakefield | Thalhimer did not release the name of the buyer. According to Richmond property records, FC Edgeworth Lessor was the most recent owner.
“Since the pandemic, Richmond’s office properties have performed more favorably than those in peer cities like Raleigh, Charlotte and Nashville,” Eric Robison of Cushman & Wakefield | Thalhimer said in a statement. “Richmond has regained nearly 60% of the initial job losses caused by COVID-19 and office space put on the market for sublease has stayed relatively steady, totaling only 1.3% of market availabilities.” Robison completed the sale.
Richmond City Council will consider the $325 million sale and redevelopment of the city’s Public Safety Building into a VCU Health medical office tower. The project is proposed by Capital City Partners LLC, a joint venture from two developers who were involved in the failed Navy Hill project.
Mayor Levar Stoney announced Monday that his administration will introduce ordinances and legal documents for the project at the Feb. 8 City Council meeting and request that councilors allow the city to bypass a request for proposals in favor of moving forward quickly with the project.
Capital City Partners — a collaboration between Michael Hallmark of Los Angeles-based Future Cities LLC and Susan Eastridge of Fairfax-based Concord Eastridge Inc. — made an unsolicited offer last May for the aging Public Safety Building, which is on 10th Street near City Hall, part of the property where the $1.5 billion Navy Hill arena-anchored project was proposed in 2019.
Monday’s announcement notes that the purchase price for the 2.92-acre site — negotiated by the city and the developers — is now $3.5 million, up from $3.175 million offered last spring. According to the proposal, there will be no city financing for the new project.
The $325 million mixed-use development would include an office tower with space for VCU Health System administrators and physicians, Class A office space and ground-level retail space, as well as new facilities for The Doorways and Ronald McDonald House Charities, which both provide housing and support for families of hospital patients, and a child care center. According to the mayor’s office, the project is estimated to generate $55.9 million in real estate tax revenue for the city’s general fund over the next 25 years.
In February 2020, City Council killed the long negotiated Navy Hill plan, which had met with widespread controversy due to its proposed public tax funding. About three months later, Hallmark and Eastridge submitted their proposal to buy the Public Safety Building as a site for the office tower, which had been an added incentive offered in conjunction with the Navy Hill project.
“Redeveloping the old Public Safety Building will generate much-needed tax revenue for affordable housing, schools and our neighborhoods, while creating opportunities for minority businesses,” Stoney said in a statement Monday. “My administration proactively worked with City Council to make this long-overdue improvement to the city’s health care infrastructure a win for Richmond.”
The developers, who also are behind the proposed GreenCity project in Henrico County, have pledged to create a $500,000 fund to help offset costs of small businesses to lease office or retail space at the development, as well as funding organizations that support small businesses. The fund also would assist Richmond Public School graduates with scholarships.
Currently the building, built in 1954, houses offices and operations for the city’s Department of Justice Services and the Adult Drug Court, in addition to public works. Maintenance costs about $389,000 a year, and the building has $20.9 million in immediate, deferred repairs, Stoney’s office said. According to documents to be presented to the City Council later Monday, the project would be completed within three and a half years if approved.
The project is expected to be up for a vote at council’s Feb. 22 meeting.
Three office buildings in Henrico County collectively sold for $19.2 million, Colliers International announced Tuesday.
The office buildings, known as the Midtown Office Portfolio, total 155,368 square feet. The buildings include One Holland Place (at 2235 Staples Mill Road) and Vistas I & II (at 5540 and 5516 Falmouth Street). The portfolio was 92% leased to tenants including Kroger, PPD, the Commonwealth of Virginia and Azura Vascular Care.
“Richmond continues to be a desirable market for capital providing resiliency and stability since last spring,” Colliers Executive Vice President Will Bradley said in a statement. “The Midtown Office Portfolio in particular provides unmatched location, pandemic resilient fundamentals and tenancy which resonated with investors.
The four-story One Holland Place building was constructed in 1987 and totals 85,819, according to Henrico County property records. The building was most recently assessed at $8.3 million. Vistas I & II are collectively 42,429 feet and were also built in 1987, according to property records, and were most recently assessed at $7.37 million.
Bradley and Colliers Vice President Mark Williford represented the seller, Allegiancy, in the transaction. Midtown Richmond LLC purchased the property.
This marks Collier’s second major office building portfolio transaction this year near the Glenside exit from Interstate-64 in Henrico County. In March, Bradley and Williford handled a $15 million transaction for a 116,000-square-foot office portfolio on behalf of Grander Capital.
“We received significant investor interest in one of the most volatile investment climates in recent history, which further speaks to Richmond’s position as a top mid-Atlantic investment market,” Bradley said in a statement.
A medical office building in Chesterfield County sold for $1.825 million, Cushman & Wakefield | Thalhimer announced Tuesday.
Located at 13440-13460 Tredegar Lake Parkway, the single-story, 9,992-square-foot building sits near the intersection of Route 288 and Powhite Parkway. Vascular Surgery Associates, which has six additional offices in the Richmond region, purchased the building located 1 mile from St. Francis Medical Center for an additional practice location.
More than 4,000 square feet is leased to HCA/James River Internists through January 2024, according to Cushman & Wakefield | Thalhimer.
David M. Smith and Amy J. Broderick of Cushman & Wakefield | Thalhimer handled the sale on behalf of the seller, Sarre Waterford LLC.
A medical office building in Roanoke sold for $1.3 million, Cushman & Wakefield | Thalhimer announced last week.
The 27,363-square-foot, three-story Fountain Square building sold to Fountain Square Partners LLC from Johnson Family Investments Corp. The building is located at 1315 2nd Street SW and was constructed in 1973, according to Roanoke property records. It was last sold in 1993.
The property has nearly 16,000 available square feet and sits on 1.21 acres, according to Cushman & Wakefield | Thalhimer. Current occupants include Carilion Clinic’s Internal Medicine of Roanoke PC and LewisGale Physicians.
Price Gutshall and Barry Ward of Cushman & Wakefield | Thalhimer handled the sale on behalf of the seller.
An industrial office building in Chesapeake sold for $1.95 million, Cushman & Wakefield | Thalhimer announced last week.
Located at 1017 Wallboard Drive, the 19,500-square-foot office building was vacant at the time of the sale. The property was purchased by Wallboard LLC, a drywall company, from Seahawk Properties LLC, which it will use it as its corporate headquarters. The building sits on 3.2 acres.
Patrick L. Mumey and Geoff Poston of Cushman & Wakefield | Thalhimer represented the seller.
An office building in Chesterfield County’s Midlothian area has sold for $1.1 million, S.L. Nusbaum Realty Co. announced last week.
Located at 1700 Huguenot Road, the 11,830-square-foot office building is 90% occupied by 10 tenants, including a home remodeling company, an attorney’s office and an insurance agent, as well as counselors and consultants.
Tenants include:
1700 Huguenot Properties LLC sold the property to Nguyen Phuong Van and Myloi Thi. Zach Hernandez of S.L. Nusbaum Realty Co. represented the seller and Eric Hammond of Commonwealth Commercial represented the buyer. The transaction closed on Nov. 12.
An office building in Chesapeake has sold for $4.25 million, Colliers International announced Monday.
Located at 661 Independence Parkway, the 50,000-square-foot Class A office building sits on more than 11 acres in the Battlefield Commerce Park area.
Matsushita Real Estate Corp. of America sold the property to Hooked Group LLC, which plans to occupy part of the two-story building.
Hooked Group plans to occupy a portion of the building and will lease out the remaining space, according to Colliers. Agents did not yet have details about the amount of space the group would occupy and how much space it would lease to other tenants.
Executive Vice President Patrick Mugler and Senior Vice President Ricky Anderson with Colliers’ Norfolk office represented the seller in the transaction. George Fox, senior vice president of Virginia Beach-based real estate company Divaris Real Estate Inc., represented the buyer.
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