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Warehouse portfolio in Chesapeake sells for $24M
The Port of Virginia Distribution Center, a two-building, 334,881-square-foot industrial portfolio in Chesapeake, has changed hands. Chesapeake Industrial Park LLC acquired the property at 2620-2626 Indian River Road for $24 million, according to Cushman & Wakefield | Thalhimer, which represented the seller. Phoenix Chesapea[...]
Zim announces $30M expansion
Zim American Integrated Shipping Services Co. LLC will invest $30 million to expand its U.S. headquarters in Virginia Beach, creating several hundred jobs over the next five years, Gov. Glenn Youngkin announced Tuesday. The expansion includes a move from Norfolk, where the company has had its U.S. headquarters since 2001. Zim is[...]
HeadWaters developers scrap temporary casino plans
The developers of the $500 million HeadWaters Resort & Casino in Norfolk have scrapped plans to open a 45,000-square-foot temporary casino, instead focusing all their efforts on building the permanent casino, which will open before construction begins on an associated hotel and other planned amenities. “We have changed ou[...]
Buc-ee’s to open in New Kent by 2025
It’s official. Buc-ee’s, the Texas-size travel center chain, completed its purchase of property in New Kent County and will open its first Virginia location in the next two years, with three more slated across the state, S.L. Nusbaum Realty Co. said in a news release. A groundbreaking date for the New Kent site has n[...]
NoVa housing forecast: sellers’ market to continue
Northern Virginia’s housing market will likely remain a sellers’ market for the rest of 2023, according to a Northern Virginia Association of Realtors market forecast released June 6. NVAR and George Mason University’s Center for Regional Analysis predict a continuing housing inventory shortage and pent-up demand from buyers amid positive economic conditions but mounting risks. […]
Norfolk City Council votes to purchase MacArthur Center
On Wednesday evening during a special meeting, Norfolk City Council members approved plans for the city to purchase the struggling MacArthur Center mall downtown for up to $18 million. The 23-acre MacArthur Center is owned by Wells Fargo & Co., which holds the mall following a loan default by the mall’s previous owner, C[...]
Hampton Roads warehouses sell for $8.4M
A portfolio of three warehouses in Hampton Roads sold for $8.4 million in mid-May. Tidewater Fleet Supply, an independent distributor of fleet, truck, trailer and heavy equipment parts, leases the properties. Located at 3666 Progress Road, the Norfolk warehouse sold for $6.03 million, according to city property records. The parc[...]
Norfolk eyes $18M purchase of MacArthur Center mall
Read update: Norfolk City Council votes to buy mall Norfolk City Council will discuss acquiring the struggling downtown MacArthur Center mall for $18 million during a special meeting Wednesday. MacArthur Center is owned by Wells Fargo & Co., which holds the mall following a loan default by the mall’s previous owner, Co[...]
Activation Capital plans $53M innovation center in Richmond
Activation Capital, a Richmond-based innovation incubator, will redevelop a 102,000-square-foot innovation center in the Bio+Tech Park in downtown Richmond, Cushman & Wakefield | Thalhimer and Activation Capital announced Friday. The 34-acre park, at Eighth and E. Leigh streets, is a commercial life sciences hub adjacent to [...]
36 Va. companies make 2023 Fortune 1000 list
Thirty-six Virginia-based companies made Fortune magazine’s 69th annual Fortune 1000 list, notably including newcomers to the commonwealth Raytheon Technologies Corp. and Boeing Co. as Virginia’s second and third highest-ranking companies. Freddie Mac remained Virginia’s top-ranked company, at No. 45, and 24 Virginia companies made this year’s elite Fortune 500 list. Released Monday, the Fortune 1000 […][...]
James City County farmland sells for $12M
A Houston-based industrial real estate company has purchased a 328-acre former farm in James City County for $12 million with plans to develop facilities for manufacturers, importers and warehousing and distribution companies. Cushman & Wakefield | Thalhimer and sales partners Berkshire Hathaway HomeServices RW Towne Realty [...]
Former Henrico bank branch sells for $1.6M
A former Atlantic Union Bank branch in Henrico County has sold for $1.6 million. 8209 W Broad Street LLC, which is registered to an address in Chesterfield County, purchased the 3,579-square-foot former bank office on approximately .58 acres from Atlantic Union Bank. The property is located at 8209 W Broad St. Will McGoogan of C[...]
