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‘Flight to quality’
When Jessica Bronner wants to meet up with friends for a drink or meal, she doesn’t have to move her car from the garage at Ink, the luxury apartment building where she lives in Richmond’s trendy Scott’s Addition neighborhood. Developed by Glen Allen-based Capital Square and completed in January 2022, the 80-unit Ink is one […]
Norfolk’s MacArthur Center mall listed for sale
Downtown Norfolk’s struggling mall, MacArthur Center, is officially on the market. A listing from real estate company JLL describes the 23-acre property as “a compelling redevelopment opportunity.” The listing encourages prospective buyers to “reimagine a major asset in the Norfolk [central business district] into a premier mixed-use development to include hotel, residentia[...]
Fredericksburg medical building sells for $6.85M
A medical office building in Fredericksburg sold for $6.85 million, Charlotte, North Carolina-based outpatient health care real estate firm Flagship Healthcare Properties LLC announced Wednesday. Built in 2007, the 16,483-square-foot medical office building is located at 1071 Care Way, adjacent to the 450-bed Mary Washington Hospital. The building is 100% leased to the Rappahannock Women’s [[...]
Exclusive: Colliers names new Va. exec. managing director
Colliers has named Jamie Thomas executive managing director and brokerage market leader for Virginia, effective Monday, the company told Virginia Business. Thomas, a Richmond native and Virginia Commonwealth University graduate, replaces J. Scott Adams, whose role shifted to prioritize client services and investment sales across Virginia and North Carolina. Adams had been serving as executive [&he[...]
Richmond apartments sell for $19.3M
Arlington-based Ritz Banc Group has acquired the Forest Ridge Apartments complex in Richmond from Colony Management for $19.3 million, Colliers announced Jan. 4. The apartment community has 135 units and is located in the Stratford Hills neighborhood, at 2665 Granite Hills Circle. Most of the units have townhome-style floorplans. The new owners are planning renovations […]
REIN elects new board
The Real Estate Information Network Inc., the multiple listing service for the Hampton Roads region, has a new board of directors and executive committee. The new board includes: Jon McAchran, president Gary Lundholm, vice president Barry Nachman, secretary Dorcas Helfant-Browning, treasurer Tina Holt, director Cavelle Mollineaux, director Kimberly Plourde, director Brenda Reid, director Barbara W[...]
Fed’s Fifth District economy expands slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has expanded slightly since October, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions g[...]
Va. Tech’s real estate program becomes department
Virginia Tech’s real estate program has earned approval from the State Council for Higher Education to become the Blackwood Department of Real Estate. Becoming a department housed under the Pamplin School of Business will offer the former program more resources, enhance its academic and experiential learning offerings and boost its ability to recruit top faculty […]
Va. home sales saw sharp drop in October
Virginia home sales in October decreased by 30.2% from the same time last year, the largest year-over-year sales decrease in more than a decade, according to a Virginia Realtors report released this week. In October, 8,828 homes sold in Virginia, 3,828 fewer than in October 2021. Nationally, home sales declined for the ninth straight month […]
Coworking hub for entrepreneurs opening in Harrisonburg
The brains behind the Staunton Innovation Hub are working on bringing a new hub to a new city: the $4.5 million Harrisonburg Innovation Hub is expected to open in late 2023, investors and partners announced Tuesday. Harrisonburg “has a very vibrant and growing startup ecosystem in place already, and there’s just a need for it […]
Richmond seeks developers for Coliseum property
Two Richmond city authorities issued a request for interest Thursday to redevelop the area surrounding the Richmond Coliseum into a hotel-anchored mixed-use development, the City Center Innovation District. Owned by Richmond’s economic development authority, the 9.4-acre property includes the shuttered Coliseum and other structures that were part of the failed Navy Hill development proposal.[...]
Thalhimer buys Diamond District properties for $4.6M
TRP Hermitage LLC, an entity connected to Richmond-based Thalhimer Realty Partners Inc., has purchased two industrial properties near The Diamond baseball stadium in Richmond for $4.6 million, S.L. Nusbaum Realty Co. announced Thursday. It was an off-market deal, according to Thalhimer. The plots — 0.735 acres at 1701 Rhoadmiller St. and 0.978 acres at 2508 […]
