Grubb & Ellis Harrison & Bates report Magan & Sons, LLC purchased a 1.48-acre parcel at Short Pump Town Center in Henrico for $1.2 million. The buyer plans to develop a hotel on the site. Porter Realty reports SunTrust bank leased 100,000 square feet of warehouse space at 4201-4221 Carolina Avenue in Henrico County. CB… Read more »
Commercial Real Estate
The Greater Richmond Association for Commercial Real Estate has announced the finalists for their Eighth Annual Real Estate Star Awards. The awards honor the top real estate projects in the Richmond region in eight different categories. A ninth award will be given for best overall project. Last year’s overall winner was awarded to the State… Read more »
Construction activity is slowing at an increasing rate in Richmond, leading to more layoffs, longer pay terms and downward pressure on the prices subcontractors can charge. For the first time in recent memory, builders say foreign laborers are also starting to return to their countries of origin. In January, builders filed 123 residential building permits… Read more »
Richmond-based men’s clothier S&K Famous Brands Inc. is hoping a quick detour into bankruptcy court can help the company fit into a new business model with fewer stores and lower overhead.
REM Properties purchased the Shoppes at Bell Creek from private investors for $9.5 million. The 65,800-square-foot shopping center is located on Bell Creek Road in Mechanicsville. It was constructed in 2003. Grubb & Ellis Harrison & Bates reports that Pine Dell Shopping Center LLC purchased the 16,000-square-foot Pine Dell Shopping Center from Pine Dell Corp… Read more »
Burger joint Foster’s Grille at the Shoppes At Innsbrook has closed. Open for only about a year, the Innsbrook location had a big lunchtime crowd, but didn’t seem to have many customers for dinner. The spot won’t stay vacant for long, though.
The vacancy rate at Innsbrook and nearby office parks continued to rise last quarter, and, with several big chunks set to come available this year.
The Citgo service station at 2206 W. Main St. in Richmond’s Fan District has been purchased by Uphoff Properties LLC from TLC Co. for $2.5 million. The property includes a retail store of 2,700 square feet and a half acre lot.
Richmond International Raceway purchased a 35,300 square foot building at 4001 Carolina Ave. in Henrico for $1 million. Robert L Borum and Associates LLC purchased a 9,600 square foot flex-space building at 8191 Staples Mill Road in Henrico County from Rastek Construction and Development Corp. for $1 million. Click on the story link for more… Read more »
Mygrant Glass Company, an auto glass distributor, has leased 41,500 square feet at 11730 N. Lakeridge Parkway in Ashland. Affinion Loyalty Solutions, a multinational marketing company that specializes in customer loyalty programs, has leased 57,000 square feet at 7814 Carousel Lane in Henrico County. Click the link for more deals. CB Richard Ellis reports Affinion… Read more »