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Four Richmond-area distribution centers sell for $105.6M
A joint venture between Glen Allen-based Lingerfelt and Swiss private investment firm Partners Group bought three Chesterfield County distribution centers and one Hanover County facility for $105.6 million, Lingerfelt announced Friday. The four multi-tenant facilities are 100% leased to 18 tenants and total 1.16 million square feet. The properties were developed between 2000 and 2003. […]
Hourigan promotes CAO to construction president
Richmond-based construction and development firm Hourigan Group has promoted Bryan Jones to head its construction division, the company announced Tuesday. Jones joined Hourigan in 2016 and served as chief administrative officer before his promotion to president of construction. “Bryan personifies leadership at the highest level and I look forward to working together for many years […]
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. […]
Housing reform bills saw mixed success in General Assembly
Legislative efforts to tackle spiking eviction notices, housing and utility costs were mostly shot down during the Virginia General Assembly session. Almost 193,000 eviction filings have been made in Virginia since March 2020. The monthly-updated data comes from the Princeton Eviction Lab, a group that makes nationwide eviction data public to increase awareness about housing, […]
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 […]
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 […]
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. […]
2023 housing market off to slow start
Virginia home sales were off to a slow start in 2023, with a 30% decline in January from a year ago, or 2,454 fewer sales, according to data released in February by Virginia Realtors. Across the state, 5,609 homes were sold, marking the slowest January that Virginia has seen in eight years. Fewer sales have […]
Sadler Square subdivision in Glen Allen to start sales in 2024
Construction on Sadler Square, a 128-home development in Glen Allen will begin this year, with homes ready for sale in 2024, Vienna-based real estate developer Miller & Smith announced mid-February. The 54-acre development is located at 4350 Glasgow Road near the Short Pump/Innsbrook Interstate 64 interchange on West Broad Street. The single-family houses will be […]
