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Petersburg apartments sell for $2.9M
Landmark Apartments, a 53-unit affordable housing property in Petersburg, has been purchased by Mercer Street Partners for $2.867 million. Landmark, located at 450 Van Buren Drive, was originally developed in 1983 using the U.S. Department of Housing Development‘s (HUD) Project-Based Section 8 program for subsidized housing. The buyer, Mercer Street Partners, acquired the property subject […][...]
Richmond office building sells for $29.5M
An office building in downtown Richmond has sold for $29.5 million, Cushman & Wakefield | Thalhimer‘s Capital Markets Group announced Friday. The 140,573-square-foot Edgeworth Building is located at 2100 East Cary Street and was once a tobacco factory. It is 95% leased to Hirschler, RK&K, Ernst & Young and HKS [...]
Brick by brick
The continuing progress on Amazon.com Inc.’s massive East Coast headquarters in Arlington, along with the promise of four new casinos across the state, kept spirits buoyed in Virginia’s construction sector in 2020. Across the country, construction employment decreased in December 2020 compared with December 2019, but[...]
Seeing green
You can almost see the dollar signs flashing as John Vithoulkas talks about the revenue that he hopes will flow to Henrico County from the $2.3 billion GreenCity development, anchored by a 17,000-seat, $250 million arena. “Once it’s running and out of the ground, fully built, it will be producing revenues greater than ou[...]
KTGY Architecture + Planning names director of production in Tysons
KTGY Architecture + Planning announced Thursday it has promoted Adam Hale as director of production in its Tysons office. Hale will oversee all phases of the construction process at the full-service design firm, which focuses on residential and mixed-use developments. He has more than 15 years of experience in multifamily design[...]
$8.5M parcel in Spotsylvania to be used for Veterans Affairs clinic
Nearly 50 acres of land along Route 1 and Interstate 95 in Spotsylvania County has sold for $8.5 million, Cushman & Wakefield | Thalhimer announced Wednesday. The 48.75-acre parcel will be used to develop one of the nation’s largest Veterans Affairs facilities, according to Cushman & Wakefield | Thalhimer. Carneg[...]
S.L. Nusbaum names land, investments VP
Norfolk-based S.L. Nusbaum Realty Co. announced Monday it has hired Douglas Tice III as vice president of land and investments at the firm’s Richmond office. With 30 years of experience as a real estate broker and developer, Tice most recently worked with General Land Commercial Real Estate Co. He has also previously been [...]
Commercial real estate lease roundup
Central Virginia National Delivery Systems Inc. renewed its 78,232-square-foot lease at 4840 Eubank Road in Richmond. Rob Dirom and John Carpin of Colliers International represented the landlord. Belvac Production Machinery Inc. renewed its lease of 71,576 square feet of industrial space at 25 Millrace Drive in Lynchburg. Norman Moon of Thalhimer, along with Cushman & […]
Fairfax County’s Richmond Highway area ripe for development during next decade
Between the development of Amazon.com Inc.’s $2.5 billion East Coast HQ2 headquarters in Arlington and Virginia Tech’s $1 billion Innovation Campus in Alexandria, Northern Virginia is ripe for commercial and residential development during the next decade. According to a market assessment study presented to Fairfax County’s Economic Advisory Commission, the Richmond Highway corridor (a 10-mile […][...]
Short Pump Hilton enters receivership
The Hilton Richmond Hotel and Spa in Short Pump has entered receivership after its owner, Shamin Hotels, fell behind on loan payments, according to documents filed in Henrico County Circuit Court. In an order dated Jan. 21, Fairfax-based based Crescent Hotel Management Services LLC was named special receiver for the Short Pump H[...]
Virginia Rent Relief Program receiving extra $524M
Landlords and tenants have additional rental assistance on the way. On Tuesday, Gov. Ralph Northam announced that $524 million in federal funding will go toward the Virginia Rent Relief Program (RRP), funded through the Emergency Rental Assistance program. “RRP is based on a unique, collaborative partnership between tenants and landlords to ensure both remain whole […]
Virginia’s first JW Marriott hotel coming to Reston
Virginia’s first JW Marriott hotel is coming to Reston, Comstock Holdings Cos. Inc. said Thursday in an announcement about the forthcoming $250 million luxury hotel. CRS Hotel LC, one of Comstock’s managed companies, has entered a franchise agreement with Marriott International for the project, which will be part o[...]
