The top end of the region’s commercial real estate sector held steady in 2024.
The cumulative price tag of the 10 richest transactions in 2024 came in at $835 million, just $1 million less than the $836 million cumulative value of 2023’s biggest deals. That’s after 2022 and 2021’s top 10 deals approached $1 billion in total value.
Another recurring theme on the 2024 list was the industrial sector’s grip on the top spots. Just as they did in 2023, industrial sales made up two of the top three spots.
Here are the 10 highest-dollar commercial real estate sales recorded in the Richmond metro area in 2024 (per local property records, as of press time):
A rendering of the proposed data center in eastern Henrico. (BizSense file photos)
The local developer and general contractor picked up nearly 400 acres in eastern Henrico, but it didn’t hold onto it very long at all, as Hourigan sold this very plot in a deal that’ll appear later on this list.
The Commonwealth Apartments were built in 2022. (Courtesy Berkadia)
The 234-unit apartment complex near the State Route 288-Commonwealth Centre Parkway interchange sold to Atlanta’s Mesa Capital Partners in November.
The center was built in the mid-2010s.
The Wegmans-anchored shopping center in Chesterfield has changed hands two years in a row. In 2023 it went for $53 million.
White Oak Village is anchored by Publix.
The majority of the eastern Henrico shopping center sold to a Pennsylvania firm in the fall in what wound up being the biggest retail deal of 2024.
6. Dabney Center, $75.3 million
The flex industrial portfolio also traded hands just before the new year. (Courtesy Thalhimer Realty Partners)
Thalhimer Realty Partners closed on the 14-building flex industrial portfolio off Dabney Road just before the new year. Stay tuned to BizSense next week for more details on this deal.
The Park at Salisbury sits on over 44 acres near the intersection of 288 and Midlothian Turnpike.
The Kushner Cos. sold the 320-unit complex to Coastal Ridge Real Estate, a firm out of Ohio.
Tenants at the Airport Distribution Center include WestRock, Bunzl, Mann+Hummel and Veritiv.
Philadelphia firm EQT Exeter bought five fully leased warehouses in Henrico in recent weeks. Most of the properties are in the Airport Distribution Center in Varina.
The former LL Flooring headquarters fetched over nine figures.
After LL Flooring fell into bankruptcy, it began selling off its most valuable assets, and data center giant QTS spent nine figures on the retailer’s 1-million-square-foot distribution center in White Oak.
- 2. QTS-Hourigan flip, $119 million
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A rendering of one of the planned data centers.
On the same day that Hourigan bought the 400-acre plot at 3250 and 3555 E. Williamsburg Road, it turned around and sold the site to QTS for twice what it paid for it. The uniquely structured deal gives QTS the two of the biggest deals of the year.
The River Lofts count 742 units.
In another deal that closed just as 2024 was coming to an end, a Boston-based firm picked up the Tobacco Row portfolio consisting of 742 apartments across six historic tobacco warehouses at 2200-2600 E. Cary St., the Cutter’s Ridge townhomes at 2605-2627 E. Main St., and more than 5 acres of surface parking lots along Dock Street from 21st Street to Pear Street.
The top end of the region’s commercial real estate sector held steady in 2024.
The cumulative price tag of the 10 richest transactions in 2024 came in at $835 million, just $1 million less than the $836 million cumulative value of 2023’s biggest deals. That’s after 2022 and 2021’s top 10 deals approached $1 billion in total value.
Another recurring theme on the 2024 list was the industrial sector’s grip on the top spots. Just as they did in 2023, industrial sales made up two of the top three spots.
Here are the 10 highest-dollar commercial real estate sales recorded in the Richmond metro area in 2024 (per local property records, as of press time):
A rendering of the proposed data center in eastern Henrico. (BizSense file photos)
The local developer and general contractor picked up nearly 400 acres in eastern Henrico, but it didn’t hold onto it very long at all, as Hourigan sold this very plot in a deal that’ll appear later on this list.
The Commonwealth Apartments were built in 2022. (Courtesy Berkadia)
The 234-unit apartment complex near the State Route 288-Commonwealth Centre Parkway interchange sold to Atlanta’s Mesa Capital Partners in November.
The center was built in the mid-2010s.
The Wegmans-anchored shopping center in Chesterfield has changed hands two years in a row. In 2023 it went for $53 million.
White Oak Village is anchored by Publix.
The majority of the eastern Henrico shopping center sold to a Pennsylvania firm in the fall in what wound up being the biggest retail deal of 2024.
6. Dabney Center, $75.3 million
The flex industrial portfolio also traded hands just before the new year. (Courtesy Thalhimer Realty Partners)
Thalhimer Realty Partners closed on the 14-building flex industrial portfolio off Dabney Road just before the new year. Stay tuned to BizSense next week for more details on this deal.
The Park at Salisbury sits on over 44 acres near the intersection of 288 and Midlothian Turnpike.
The Kushner Cos. sold the 320-unit complex to Coastal Ridge Real Estate, a firm out of Ohio.
Tenants at the Airport Distribution Center include WestRock, Bunzl, Mann+Hummel and Veritiv.
Philadelphia firm EQT Exeter bought five fully leased warehouses in Henrico in recent weeks. Most of the properties are in the Airport Distribution Center in Varina.
The former LL Flooring headquarters fetched over nine figures.
After LL Flooring fell into bankruptcy, it began selling off its most valuable assets, and data center giant QTS spent nine figures on the retailer’s 1-million-square-foot distribution center in White Oak.
- 2. QTS-Hourigan flip, $119 million
-
A rendering of one of the planned data centers.
On the same day that Hourigan bought the 400-acre plot at 3250 and 3555 E. Williamsburg Road, it turned around and sold the site to QTS for twice what it paid for it. The uniquely structured deal gives QTS the two of the biggest deals of the year.
The River Lofts count 742 units.
In another deal that closed just as 2024 was coming to an end, a Boston-based firm picked up the Tobacco Row portfolio consisting of 742 apartments across six historic tobacco warehouses at 2200-2600 E. Cary St., the Cutter’s Ridge townhomes at 2605-2627 E. Main St., and more than 5 acres of surface parking lots along Dock Street from 21st Street to Pear Street.
The Richmond real estate market is still a strong investment play for national capital firms. And despite the negativism regarding city politics, the City population and its personal income levels are still growing. The City will reap an additional $40-50M in real estate taxes this year, the third or fourth year in a row. Isn’t it time to lower the real estate rate across the board?
Certainly is. And “NegativISM” is not the word — this isn’t a “perception” issue — negative politics is a more accurate descriptor.
Hopefully, the new mayor will be better.
Bruce, Richmond is in LaLa Land when it comes to its real estate tax rate. We moved from the Fan in 2011 to Henrico County and we’re still paying less in our real estate tax than we did when we left the city, and Henrico County’s services are far better than the City of Richmond. It simply makes the city less competitive in the long run. Homeowners simply need long due relief.