Richmond area shopping malls are holding steady, but trouble might be on the way as major retailers plan to close stores. A BizSense study found that the combined storefront vacancy of six area malls is 9.6 percent. Brian Glass, commercial retail broker for Grubb & Ellis | Harrison & Bates, said the percentage of empty… Read more »
Commercial Real Estate
Downtown development marches on
Despite rising vacancy rates and a slumping economy, developers presented a cheery outlook for development in downtown Richmond at an event yesterday hosted by Venture Richmond. More than 100 people gathered for the Downtown Development Forum at the newly renovated National Theatre at Broad and Seventh streets. Presenters delivered two-minute updates on development projects that… Read more »
Pipeline Commercial Real Estate Round Up for 12.5.08
CB Richard Ellis reports IES Commercial, Inc., a communication and electrical service company headquarted in Houston, leased 23,800 square feet on Lakeridge Parkway in Hanover County. The Richmond office will be moving from its current location in the East End. Thalhimer reports the Virginia Veterinary Medical Association purchased a 1,700 square foot office condominium at… Read more »
Innsbrook empties out: Vacancy rate poised to double
Nearly 1 million square feet of class A office space in the Innsbrook area could be vacated as locally-based corporations downsize, driving down rental rates in the area but potentially making the Richmond area more attractive to corporations considering moving here. Almost every office building at Innsbrook has a “for lease” sign, and the situation… Read more »
The Pipeline: Commercial Real Estate Round 11.21.08
Thalhimer reports that the Democratic Party of Virginia purchased a 15,000 square foot office building at 1710 East Franklin Street from Tinsman Holdings for $1.15 million. Harrison & Bates reports Jacobson Companies, a third party logistics provider, leased 52,000 square feet at 11200 Old Stage Road in Chesterfield. The law firm of Midkiff, Muncie &… Read more »
Pipeline Commercial Real Estate Round Up for 11.14.08
Thalhimer reports Kroger has leased 86,000 square feet at The Corner at Short Pump located at the corner of West Broad Street. and Lauderdale Drive. The 250,000 square feet shopping center recently broke ground and the new Kroger is expected to open in late 2009. Old Bon Air Partners sold two office buildings at 1030… Read more »
Pipeline Commercial Real Estate Round Up for 11.7.08
The City of Richmond purchased an animal shelter at 1600 Chamberlayne Ave. from the Richmond SPCA for $944,000. Kanawha Capital Management leased 5,500 square feet at 2235 Staples Mill Road, and Tristar Wholesale leased 26,000 sf in Manchester. Click on the link to read more deals. The City of Richmond purchased an animal shelter at… Read more »
Pipeline: commercial real estate roundup for 10.31.08
Morgata LLC purchased the medical office building at 8201 Atlee Road in Mechanicsville, VA, from Meadowbridge LLC for $1.6 million, or approximately $133 per square foot. Innovision Investment Group acquired the industrial property at 1400-1422 Chamberlayne Ave. in Richmond, VA, from Jackson & Edney Investments LLC for $1.74 million, or about $23 per square foot…. Read more »
Highwoods’s starting lineup
If Highwoods Properties’ proposal to redevelop the Boulevard and Shockoe goes forward, a handful of local firms stand to get their slice of the $785 million construction and hourly billing/fee-for-service pie.
Developers throw Richmond a meatball. Or is it a knuckle ball?
On Monday the City of Richmond finally announced its plans for Shockoe Bottom and North Boulevard: Tear down the Diamond, and build a new stadium downtown. Throw in an ample mix of retail, office and residential development at both sites. Just $765 million later, fans will have a new baseball team, the city will once… Read more »