Out-of-town money drove the largest deals sealed in Richmond in 2013.
Money poured in as buyers from across the country scooped up local malls, office buildings, shopping centers and businesses.
The 310,000-square-foot MeadWestvaco headquarters building. (Photo by Mark Robinson)
One of the biggest deals came in July, when a Massachusetts-based REIT bought the MeadWestvaco building at 501 S. Fifth St. for $143.6 million. The 310,000-square-foot building had been owned by Richmond-based NewMarket Corp.
While that deal was announced publicly, another huge sale quietly took place the same month in Chesterfield. Cole Real Estate Investments, an Arizona-based REIT that had been on a Richmond buying spree, paid $81.3 million for the 1 million-square-foot, 99-acre Amazon fulfillment center in Meadowville Technology Park.
That followed Cole’s acquisition in May of the 153,000-square-foot Hancock Village shopping center in Chesterfield for $27.5 million.
Richmond-based MeadWestvaco, meanwhile, was busy cutting a deal of its own. The company in December sold 501,000 acres of forestlands across the United States for $1.1 billion to Plum Creek Timber Company.
Speaking of forest, Cleveland-based developer Forest City was part of the biggest deal that wasn’t to be in 2013. The company was under contract to sell Tobacco Row, a portfolio that includes five renovated apartment buildings with more than 700 units, a 137,000-square-foot office building and a row of 12 townhouses. It was expected to fetch about $120 million before the deal fell through.
Short Pump Town Center has a new co-owner. (Photo by Burl Rolett)
Forest City was involved in another deal that did close when it sold a 33 percent interest in Short Pump Town Center to Australian investment firm QIC in September. That deal was part of a $2.05 billion transaction that included seven other shopping malls nationwide.
A Southside mall also found a buyer this year when New York-based Rouse Properties in December acquired the 1 million-square-foot Chesterfield Towne Center. The deal had a total price tag of $292.5 million and included a second mall, the Centre at Salisbury in Maryland.
A deal that was one of the biggest pending transactions lingering from 2012 finally closed this year. Apple REIT Six, part of the downtown-based Apple REIT Companies, was sold in May for $1.2 billion. The REIT, which consists of 66 hotels across 18 states, was acquired by BRE Select Hotels, an affiliate of New York investment firm Blackstone.
Another of the Apple REITs, Apple REIT Ten, cut a deal in June to invest $100 million to buy an interest in an oil and gas prospector.
Bucks from the Big Apple continued to flow into Richmond in in the fall.
New York-based Katz Properties bought almost 66,000 square feet of retail space at the Town Center at Twin Hickory on Nuckols Road in Glen Allen. The $16 million purchase marked Katz’s first push into the Richmond market as the northeastern firm looks south.
Virginia Urology’s building at 9105 Stony Point Drive. (Photo by Burl Rolett)
Then New York-based American Realty Capital Healthcare Trust bought the 53,000-square-foot Virginia Urology Center building at Stony Point for $19.2 million.
Finally, in one of the most anticipated deals of the year involving local money, Thalhimer Realty Partners closed on its purchase of the former Reynolds South plant in Manchester. Thalhimer paid $9.25 million for the 17.2-acre property, which will likely be a linchpin for the growing Manchester market.
Out-of-town money drove the largest deals sealed in Richmond in 2013.
Money poured in as buyers from across the country scooped up local malls, office buildings, shopping centers and businesses.
The 310,000-square-foot MeadWestvaco headquarters building. (Photo by Mark Robinson)
One of the biggest deals came in July, when a Massachusetts-based REIT bought the MeadWestvaco building at 501 S. Fifth St. for $143.6 million. The 310,000-square-foot building had been owned by Richmond-based NewMarket Corp.
While that deal was announced publicly, another huge sale quietly took place the same month in Chesterfield. Cole Real Estate Investments, an Arizona-based REIT that had been on a Richmond buying spree, paid $81.3 million for the 1 million-square-foot, 99-acre Amazon fulfillment center in Meadowville Technology Park.
That followed Cole’s acquisition in May of the 153,000-square-foot Hancock Village shopping center in Chesterfield for $27.5 million.
Richmond-based MeadWestvaco, meanwhile, was busy cutting a deal of its own. The company in December sold 501,000 acres of forestlands across the United States for $1.1 billion to Plum Creek Timber Company.
Speaking of forest, Cleveland-based developer Forest City was part of the biggest deal that wasn’t to be in 2013. The company was under contract to sell Tobacco Row, a portfolio that includes five renovated apartment buildings with more than 700 units, a 137,000-square-foot office building and a row of 12 townhouses. It was expected to fetch about $120 million before the deal fell through.
Short Pump Town Center has a new co-owner. (Photo by Burl Rolett)
Forest City was involved in another deal that did close when it sold a 33 percent interest in Short Pump Town Center to Australian investment firm QIC in September. That deal was part of a $2.05 billion transaction that included seven other shopping malls nationwide.
A Southside mall also found a buyer this year when New York-based Rouse Properties in December acquired the 1 million-square-foot Chesterfield Towne Center. The deal had a total price tag of $292.5 million and included a second mall, the Centre at Salisbury in Maryland.
A deal that was one of the biggest pending transactions lingering from 2012 finally closed this year. Apple REIT Six, part of the downtown-based Apple REIT Companies, was sold in May for $1.2 billion. The REIT, which consists of 66 hotels across 18 states, was acquired by BRE Select Hotels, an affiliate of New York investment firm Blackstone.
Another of the Apple REITs, Apple REIT Ten, cut a deal in June to invest $100 million to buy an interest in an oil and gas prospector.
Bucks from the Big Apple continued to flow into Richmond in in the fall.
New York-based Katz Properties bought almost 66,000 square feet of retail space at the Town Center at Twin Hickory on Nuckols Road in Glen Allen. The $16 million purchase marked Katz’s first push into the Richmond market as the northeastern firm looks south.
Virginia Urology’s building at 9105 Stony Point Drive. (Photo by Burl Rolett)
Then New York-based American Realty Capital Healthcare Trust bought the 53,000-square-foot Virginia Urology Center building at Stony Point for $19.2 million.
Finally, in one of the most anticipated deals of the year involving local money, Thalhimer Realty Partners closed on its purchase of the former Reynolds South plant in Manchester. Thalhimer paid $9.25 million for the 17.2-acre property, which will likely be a linchpin for the growing Manchester market.