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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 […]
Thalhimer rebrands property management division
Cushman & Wakefield | Thalhimer is rebranding its residential property management division from Residential Property Services to Thalhimer Multifamily (TMF), the real estate firm announced Thursday. TMF is Thalhimer’s largest operating group, employing more than 200 people and managing more than 9,100 multifamily units across Virginia and North Carolina. “Our firm’s strategic[...]
Midlothian luxury apartment complex begins construction
Bainbridge Cos. has started construction in Chesterfield County on the 310-unit Bainbridge Midlothian luxury apartment complex, the Florida-based multifamily real estate company announced in mid-February. Bainbridge estimates the approximately 26.3-acre project at 12400 Dutton Road will be complete next summer. Units will range from 700 to 1,560 square feet, with one-, two- and three-bedroom optio[...]
Newport News warehouse sells for $2.65M
A warehouse in Newport News sold for $2.65 million, Cushman & Wakefield | Thalhimer announced Wednesday. Located at 1011 and 1031 44th St., the 30,000-square-foot industrial building sits on 3.55 acres. The land is currently being used for a wholesale distribution facility, according to Newport News property records. Three tenants split the facility: Hampton Roads […]
‘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 […]
