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U.S. nonresidential construction spending fell in July
National nonresidential construction spending fell again in July by 1.2%, according to an Associated Builders and Contractors analysis of data published Tuesday by the U.S. Census Bureau. And ABC Chief Economist Anirban Basu says next year is shaping up to be an especially harsh one for contractors. Spending totaled $809.1 billion for the month of […]
Capital Square names CFO
Henrico County-based real estate investment company Capital Square announced Monday it has hired Austin Griffin as chief financial officer. With more than two decades of experience, Griffin was most recently CFO with The Caton Cos., which oversees operations and assets for nine companies with more than $1 billion in assets. In h[...]
Danville warehouse sells for $1.625M
A warehouse building in Danville has sold for $1.625 million, Cushman & Wakefield | Thalhimer announced last week. Located at 2117 Halifax Road across Route 58 from the Danville Regional Airport, the Limborgh II Warehouse will be used as a manufacturing facility for wood storage sheds and barns. Lowder Builders LLC purchased[...]
Va. Physicians for Women to construct HQ in Midlothian
Virginia Physicians for Women purchased four acres of land for nearly $1.5 million to construct a new headquarters building in Midlothian, commercial real estate brokerage firm NAI Dominion (an office of NAI Global) announced last week. The medical practice purchased the land for the 41,598-square-foot headquarters building from[...]
NoVa housing market continues to recover
Northern Virginia saw an increase in the number of housing units sold in July, according to the Long & Foster Real Estate Market Minute Report released Friday. The report includes data from Alexandria and Arlington, Fairfax, Loudoun and Prince William counties. Alexandria saw the largest increase in units sold at 15%, and also saw the […]
Real Estate
J. SCOTT ADAMS PRESIDENT, VIRGINIA, COLLIERS INTERNATIONAL LLC, NORFOLK A nearly 30-year veteran in the real estate industry, Adams, who joined Colliers in January 2019, oversees the company’s Central and Southeast Virginia teams and, starting this fall, the Raleigh market. Last year, Colliers Virginia, which employs more than 350 people, reported $54.5 million in revenue. […]
Apartments developer buys 13 acres in Chesterfield for $4M+
An apartment complex developer has purchased a 13-acre site in Chesterfield County for $4.025 million, Commonwealth Commercial Partners LLC announced Friday. Located at 6767 Iron Bridge Road, the complex will include 230 apartment units, a clubhouse and a pool. Austin Woods Development Co. sold the property to Waverton Developme[...]
Hanover shopping center being built on former Wigwam site
CORRECTION: An earlier version of this story incorrectly stated the location of the shopping center. It is being built in Hanover County. Construction began last week on a 22,000-square-foot shopping center in Hanover County on U.S. Route 1 near Virginia Center Commons, Richmond-based asset disposition group Motleys announced Friday. Wigwam Crossing is being built on […]
S.L. Nusbaum names VP corporate brokerage, development
Norfolk-based real estate company S.L. Nusbaum Realty Co. announced Wednesday it has hired Fenton Childers as vice president of corporate brokerage and development. With 35 years of experience, Childers was most recently real estate manager with The Kroger Co., where he managed its brokerage team. His experience has been focus[...]
Martinsville apartment complex sells for $2.52M
An apartment complex in Martinsville sold for $2.525 million, Cushman & Wakefield | Thalhimer announced Thursday. Located at 16 Molly Circle, the Wellington Manor Apartments includes 62 town house-style units. The property was sold by TP Two LLC and Wellington Inc. to Wellington Manor Apartments LLC. The complex is located[...]
Suffolk shopping center sells for $2.72M
A shopping center in Suffolk sold for $2.72 million, Cushman & Wakefield | Thalhimer announced Tuesday. Located at 1910 N. Main Street, the 7,600-square-foot Obici Shops retail property was sold by Venture Obici LLC to Battlefield Consolidated Properties LLC as an investment. The property was 100% leased at the time of the s[...]
Construction backlog declines in July
The Associated Builders and Contractors (ABC) national trade association announced Tuesday its Construction Backlog Indicator (CBI) declined to 7.8 months in July, a decrease of 0.3 months from June — which, in turn, has decreased contractor optimism. The CBI is a forward-looking national economic indicator that shows work construction companies are contracted to do in […]
