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Real Estate

Rustburg Marketplace
Apr 10, 2021

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 Ru[...]

Apr 10, 2021

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. […]

Apr 5, 2021

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 […]

Aerial view of proposed Rivana at Innovation Station development. Rendering courtesy Loudoun Economic Development
Mar 31, 2021

Loudoun announces major mixed-use development along Silver Line

Loudoun Economic Development unveiled plans Wednesday for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development adjacent to Metro’s Silver Line extension on a site Loudoun once proposed for Amazon.com Inc.’s HQ2 East Coast headquarters. Rivana is the first phase of Innovation Station, a 103-ac[...]

Michael Campbell, president of Dominion Realty Partners, plans to add 215 units at Boulders Lakeside Apartments. Photo by Matthew R.O. Brown
Mar 30, 2021

Aging office parks embrace multifamily

A weekday lunch hour is relatively quiet on the grounds of the Boulders office park, south of Richmond, except for a few people chatting during a walk around a lake and the honking of two geese skimming the water. Overlooking that lake are gray and white apartments recently built from scratch on vacant land — 250 […]

Mar 30, 2021

Eight over 80

What keeps a person working at an age when most of us are happy to let others take care of business? These overachieving Virginians, all over age 80, have remained hard at work mostly for one or more of three reasons. The first is being able to continue work with family. Retirement is rarely mandatory […]

Alexandria’s shuttered Landmark Mall served as a set for “Wonder Woman 1984.” It’s slated for demolition to make way for a mixed-use development anchored by a $1 billion Inova Health System hospital. Photo courtesy Warner Bros. Pictures
Mar 30, 2021

Saving the day

Running from police, an unremarkable bad guy with sandy hair suddenly grabs a little girl and dangles the young hostage from the third floor of a mall atrium. As a gaggle of nonplused bad guys decked out in ’80s pastels and John Oates mustaches look on, the skylight above shatters. It’s Wonder Woman, swooping into […]

Jared Chalk, Norfolk economic development director, says Military Circle is a top redevelopment site for the mid-Atlantic region. Photo by Mark Rhodes
Mar 30, 2021

Military Circle redevelopment could include arena

Four groups — including mid-Atlantic developers, entertainment and sports figures, concert promoters and arena operators — are competing for a chance to redevelop Norfolk’s aging Military Circle Mall into a mixed-use community. Overhauling the struggling mall has long been on the city’s to-do list, but the project was ju[...]

Danville developer Jason Wilson plans to refurbish a nearly century-old apartment building that’s currently uninhabitable. Photo by Hannah King
Mar 30, 2021

Developments perk up Danville

Danville City Council members faced a dilemma three years ago. Council members could pay up to $185,000 to demolish a crumbling stucco apartment building on Jefferson Avenue, or they could spend $75,000 in matching funds to augment a $125,000 grant from the Virginia Housing Development Authority to stabilize the property, which [...]

Mar 28, 2021

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 […]

Mar 26, 2021

$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. […]

JBG Smith is building two residential towers in National Landing.
Mar 26, 2021

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 apa[...]

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