One of Al Lingerfelt’s new buildings in Nashville, left, and the Reynolds North Canal Walk development.
A developer who made a big splash in 2011 continued his buying spree, a major downtown redevelopment project closed and is now under construction, VCU announced almost 700,000 square feet of construction at its MCV campus: These are just some of the many commercial real estate stories BizSense covered in 2012.
Here’s a look back at some of this year’s big real estate deals:
Al Lingerfelt’s buying bonanza
After making a huge splash in 2011 with a $100 million deal with Liberty Property Trust, Lingerfelt Companies continued to buy up office buildings in Richmond and beyond.
The expanding office holdings company purchased three more buildings from Liberty at the Boulders office park on the Southside in April, totaling 300,000 square feet. Lingerfelt also picked up a 500,000-square-foot portfolio in Tennessee.
BizSense reported in December that Lingerfelt’s portfolio stands at about 2.6 million square feet of office space and that the developer has no plans to stop in 2013.
Apartments, apartments and more apartments
BizSense reported this year on no fewer than 30 new apartment deals in and around Richmond, with a few in Petersburg thrown in for good measure. A few deals stood out because of their scope and impact on the surrounding neighborhoods.
Rebkee and Steve Leibovic’s Interbake cookie factory project will add 178 apartments to the corner of Broad and Boulevard, and a follow-on retail development at the property has developers taking a look at the area.
WVS and Fountainhead Properties closed on $35 million in financing for the Reynolds North Development, which will bring 174 apartments to the Canal Walk in downtown Richmond. The first apartments and Kevin Healy’s new Casa del Barco restaurant at the development should be finished early next year.
Veteran developer Louis Salomonsky is moving along on the $22 million final phase of his Canal Walk apartments, which will add 124 units next to Have a Nice Day Café in Shockoe Bottom.
Suburban apartment complexes also made news this year. BH Equities spent about $65 million on two suburban apartment complexes, bringing the Iowa firm’s tab in the area to $116 million on four apartment complexes since summer 2011. And developer Tommy Pruitt announced in September a 254-apartment development as part of his West Creek expansion.
Medical buildings: So hot right now
VCU has for years been a prime mover in the downtown commercial real estate scene, and 2012 was no exception. The school in September announced that it was building a 640,000-square-foot, $168 million children’s care pavilion. That project is set to be finished in 2015.
In the West End, developer Bob Atack is working toward his own large-scale medical office development on 70 acres off of West Broad Street, past the mall. Atack said he anticipates building out about 500 units, both condos and apartments, and expects construction to kick off next year.
Bon Secours finished the second phase of its 100,000-square-foot St. Francis Watkins Center in Chesterfield. The 57,000-square-foot medical office facility opened in March, and the company in November announced it was adding a 60,000-square-foot medical pavilion to open next year. BizSense reported in April that the company was building an 11,500-square-foot hospitality house scheduled to open next fall.
Retail
Retail was a little slow in 2012, but a few big deals went down. The controversial Carytown Place opened in September. Panera, Chipotle and Petco joined the shopping center’s anchor, the Fresh Market. Thalhimer broker Connie Nielsen said the final tenant would be announced soon.
A 320,000-square-foot mixed-use development left for dead in the recession has a pulse again after Blackwood Development purchased the 20-acre property for $2 million from BB&T. Blackwood hasn’t announced revised plans for the development just yet, but they say it will be scaled back a bit from what the original developers planned.
And the old Cloverleaf Mall property came back to life this year, razed and transformed into Stonebridge, a two-phase, 320,000-square-foot complex with almost 200,000 square feet of additional retail and 350 apartments spearheaded by North Carolina-based retail developer Crosland Southeast.
One of Al Lingerfelt’s new buildings in Nashville, left, and the Reynolds North Canal Walk development.
A developer who made a big splash in 2011 continued his buying spree, a major downtown redevelopment project closed and is now under construction, VCU announced almost 700,000 square feet of construction at its MCV campus: These are just some of the many commercial real estate stories BizSense covered in 2012.
Here’s a look back at some of this year’s big real estate deals:
Al Lingerfelt’s buying bonanza
After making a huge splash in 2011 with a $100 million deal with Liberty Property Trust, Lingerfelt Companies continued to buy up office buildings in Richmond and beyond.
The expanding office holdings company purchased three more buildings from Liberty at the Boulders office park on the Southside in April, totaling 300,000 square feet. Lingerfelt also picked up a 500,000-square-foot portfolio in Tennessee.
BizSense reported in December that Lingerfelt’s portfolio stands at about 2.6 million square feet of office space and that the developer has no plans to stop in 2013.
Apartments, apartments and more apartments
BizSense reported this year on no fewer than 30 new apartment deals in and around Richmond, with a few in Petersburg thrown in for good measure. A few deals stood out because of their scope and impact on the surrounding neighborhoods.
Rebkee and Steve Leibovic’s Interbake cookie factory project will add 178 apartments to the corner of Broad and Boulevard, and a follow-on retail development at the property has developers taking a look at the area.
WVS and Fountainhead Properties closed on $35 million in financing for the Reynolds North Development, which will bring 174 apartments to the Canal Walk in downtown Richmond. The first apartments and Kevin Healy’s new Casa del Barco restaurant at the development should be finished early next year.
Veteran developer Louis Salomonsky is moving along on the $22 million final phase of his Canal Walk apartments, which will add 124 units next to Have a Nice Day Café in Shockoe Bottom.
Suburban apartment complexes also made news this year. BH Equities spent about $65 million on two suburban apartment complexes, bringing the Iowa firm’s tab in the area to $116 million on four apartment complexes since summer 2011. And developer Tommy Pruitt announced in September a 254-apartment development as part of his West Creek expansion.
Medical buildings: So hot right now
VCU has for years been a prime mover in the downtown commercial real estate scene, and 2012 was no exception. The school in September announced that it was building a 640,000-square-foot, $168 million children’s care pavilion. That project is set to be finished in 2015.
In the West End, developer Bob Atack is working toward his own large-scale medical office development on 70 acres off of West Broad Street, past the mall. Atack said he anticipates building out about 500 units, both condos and apartments, and expects construction to kick off next year.
Bon Secours finished the second phase of its 100,000-square-foot St. Francis Watkins Center in Chesterfield. The 57,000-square-foot medical office facility opened in March, and the company in November announced it was adding a 60,000-square-foot medical pavilion to open next year. BizSense reported in April that the company was building an 11,500-square-foot hospitality house scheduled to open next fall.
Retail
Retail was a little slow in 2012, but a few big deals went down. The controversial Carytown Place opened in September. Panera, Chipotle and Petco joined the shopping center’s anchor, the Fresh Market. Thalhimer broker Connie Nielsen said the final tenant would be announced soon.
A 320,000-square-foot mixed-use development left for dead in the recession has a pulse again after Blackwood Development purchased the 20-acre property for $2 million from BB&T. Blackwood hasn’t announced revised plans for the development just yet, but they say it will be scaled back a bit from what the original developers planned.
And the old Cloverleaf Mall property came back to life this year, razed and transformed into Stonebridge, a two-phase, 320,000-square-foot complex with almost 200,000 square feet of additional retail and 350 apartments spearheaded by North Carolina-based retail developer Crosland Southeast.