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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[...]
Radford’s Highlander hotel names senior leadership
The Highlander, a $40 million boutique conference hotel opening this spring in Radford, announced its senior leadership team March 1. The team includes Executive Chef James Kirby; General Manager Rachel Pegues; Director of Sales and Marketing Ginger Clark; and Director of Food and Beverage John O’Conner. Kirby is a graduat[...]
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 conti[...]
Construction starts on 288 Lofts in Midlothian
Norfolk-based S.L. Nusbaum Realty Co. has started construction on 288 Lofts, a $28 million, 160-unit apartment community in Chesterfield County’s Midlothian area. The first apartments are expected to be completed in fall 2023. Located at 400 Katrina Court on about 11 acres at the northeast corner of State Route 288 and Mid[...]
S.L. Nusbaum promotes retail leasing exec to VP
S.L. Nusbaum Realty Co. has promoted Maggie Spillane to vice president, the Norfolk-based realty company announced Tuesday. Spillane joined the company’s shopping center leasing department in 2020 as an associate, providing landlord representation and leasing services to a variety of retail centers in Hampton Roads. Prio[...]
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 [...]
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 occupie[...]
A sampling of Virginia’s major road projects
HAMPTON ROADS Hampton Roads Bridge-Tunnel Expansion Project Work continues on Virginia’s largest highway construction project, the $3.9 billion Hampton Roads Bridge-Tunnel (HRBT) expansion. The contract ends in November 2025, but the contractor — Hampton Roads Connector Partners, a joint venture led by Dragados USA Inc. [...]
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.[...]
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 wareho[...]
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 S[...]
