The upper end of the Richmond commercial real estate market did not seem to be slowed down much by record inflation and rising interest rates, as the 10 largest deals in the region had a combined price tag of $1.19 billion – $220 million more than the sum of the 10 biggest deals of 2021.
Breaking down this year’s top sales by product type shows the heat of the local multifamily market, as apartment buildings accounted for half of the top 10. The remaining five top deals are spread across two industrial properties, two office complexes and one retail center.
Here’s the rundown of the year’s top deals: (per local property records, as of press time) in increasing order:
The Trails at Short Pump, $89.2 million
Local development and investment firm Capital Square was the buyer of this 350-unit complex, which is near the company’s Flats at West Broad Village property and close to the site of its future headquarters.
Capital Square was the buyer on this whopper of a deal, which set a new local record price per door at $350,000.
Speaking of West Broad Village, the neighborhood’s commercial section anchored by Whole Foods, REI and HomeGoods was acquired by Florida-based CTO Realty Growth. It was the biggest retail center sale of the year in the region.
The biggest deal in Chesterfield County in 2022 was American Landmark Apartments’ purchase of the 6-year-old, 400-unit apartment complex near Chippenham Parkway and Midlothian Turnpike on part of the site of the old Cloverleaf Mall.
In December, Lingerfelt offloaded more half of its Innsbrook holdings to a Charlottesville buyer that focuses on apartments. The portfolio included nine of the 16 buildings that Lingerfelt had owned around the office park, including the five properties it had rezoned last year to allow for infill apartment developments.
The value of a long-term corporate lease was on display in Hourigan’s sale of the Lowe’s-anchored industrial park along Interstate 95. Hourigan still holds some of the neighboring acreage where it is building more warehouse space.
A private New York firm entered the Richmond market with the purchase of the 55-and-up Carriage Hill complex that totals 664 units. The seller was another investment firm from the Big Apple, which bought the apartments in 2019 for $79.5 million.
The largest industrial deal of the year came in February when the 86-acre Eastport Industrial Park near the airport sold to a Philadelphia-based buyer. The purchase was part of an industrial portfolio deal involving 75 properties totaling 5.4 million square feet across markets on the East Coast and through the Sun Belt.
The sale of the seven-year-old, 18-story office building was the largest sale recorded in the city limits in 2022. Little information is publicly available about Gateway Plaza’s new owner, Woodbranch Investments Corp.
No transaction had a higher price tag, or number of units, than AION Partners’ acquisition of the nearly 1,200-unit 11 North at White Oak apartment complex. AION came back for more in Richmond over the summer when it spent an additional $77 million on the Aden Park apartments in the Southside.