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Chesapeake senior community acquired for $57.75M
Chesapeake Crossing, a 597-unit mixed-income senior housing community in Chesapeake, has been purchased by Los Angeles-based Standard Communities, the affordable housing division of Standard Companies. According to Wink Ewing, managing director of investment sales for NorthMarq, Chesapeake Crossing sold for $57.75 million. The total capitalization of the transaction was approximately $68 million. [...]
Henrico industrial facility purchased for $7.8M
On April 7, Richmond-based commercial real estate investment firm Lingerfelt CommonWealth Partners LLC announced it had acquired an industrial facility in Henrico County for $7.8 million. Located at 4300 Carolina Ave., the 223,479-square-foot industrial facility is located in the Richmond Distribution Center complex near Richmond International Raceway. Lingerfelt CommonWealth announced that the pr[...]
Rustburg shopping center sells for $4.7M
Rustburg Marketplace, a 46,700-square-foot grocery-anchored shopping center at 1051 Village Highway in Rustburg, has sold for $4.7 million. Anchored by a Food Lion, the shopping center’s other major tenants include Family Dollar and Virginia ABC. The Kent Mall LLC purchased the strip mall, which sits on 8.55 acres, from Rustburg Ventures LLC. S. L. Nusbaum […]
Chesapeake industrial building sells for $2.4M
Memphis, Tennessee-based heavy lifting and hauling company Barnhart Crane and Rigging Co. has purchased a 34,312-square-foot industrial building on 4.79 acres in Chesapeake for $2.4 million. The property is located at 835 Wilson Road. S. L. Nusbaum Realty Co.’s Ben Leon and Sam Rapoport represented the seller, Chesapeake-based Burton Lumber Corp. Subscribe to Virginia Business. […]
Virginia sees major housing inventory shortage
Across Virginia and the nation, real estate experts are singing the same tune: We’re facing a major housing inventory shortage that shows no signs of letting up soon. “Inventory is down about 44% compared to a year ago and it’s about a third of what it was five years ago,” says Lisa Sturtevant, chief economist […]
Commercial real estate leasing roundup
Central Virginia Environmental Quality Resources LLC renewed its lease of 32,670 square feet of industrial space at 11131 Progress Road in Ashland. Gregg W. Beck of Thalhimer handled the lease negotiations on behalf of the landlord. Surplus Freight has leased 16,361 square feet of retail space at Park South Shopping Center, 798 Southpark Blvd. in […]
$68M Mosaic apartment tower coming to Chesapeake’s Summit Pointe
Construction will begin April 1 on Mosaic, a $68 million, six-floor mixed-use tower coming to Chesapeake’s Summit Pointe development, according to a March 25 announcement from Summit Pointe Realty LLC. Mosaic is a continuation of the second phase of the Summit Pointe mixed-use development, which is located on 69 acres in Chesapeake’s Central Business District. […]
Construction begins on residential towers in National Landing
Developer JBG Smith announced Friday that it has begun construction on two residential towers at 1900 Crystal Drive in National Landing. The development will include 808 apartments and approximately 40,000 square feet of street-level retail across from two new mixed-use buildings. The 27-story southern tower will include 471 apartments; the 26-story northern tower will include […]
Chesapeake office building sells for $1.25M
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. […]
Capital Square buys Chesapeake apartment complex for $67.25M
Henrico County-based real estate investment company Capital Square has acquired Streets of Greenbrier apartments in Chesapeake for $67.25 million. Located at 929 Wintercress Way, the 280-unit multifamily community sits on 13.78 acres. Constructed in 2013, the community consists of nine residential buildings and includes studio, one-, two- and three-bedroom units ranging in size from 516 […]
Norfolk apartments sell for $1.96M
A Northern Virginia-based investment group has purchased the 30-unit Princess Court Apartments in Norfolk for $1.96 million, Cushman & Wakefield | Thalhimer announced on March 23. Located at 3724, 3800 and 3814 E. Princess Anne Road, the complex was purchased from Princess Court Apartments LLC. The name of the purchaser was undisclosed. Clark Simpson of […]
Blackfin and GMF buy three apartment complexes for $48M
On Monday, Arlington-based Blackfin Real Estate Investors LLC and New York-based GMF Capital LLC announced they had purchased three Low Income Housing Tax Credit (LIHTC) communities from Virginia Beach’s The Franklin Johnson Group for $48 million. The apartment complexes include: Oaks at Dunlop Farms, 101 Old Oak Lane, Colonial Heights, 23834; Crescent Place, 2804 Turnpike […]
