Commercial Real Estate

The land on Ashland Road is where Panattoni Development Co. had been pursuing the codenamed industrial development before pulling the plug on the project late last year.

For the second time in as many years, Gagan Marwaha saw a totally empty office building as an opportunity. “We don’t go buy stabilized assets,” he said.

The properties, which include the buildings housing Hild’s shuttered Dogtown Brewing, Hot Diggity Donuts and Butterbean cafe, will soon be headed to auction.

The utility giant recently began work to restore and reopen the sidewalks and traffic lanes around the vacant city block it owns at 701 E. Cary St., while future plans for the site are still unknown.

Georgia-based U.S. Cabinet Depot has signed on for nearly 195,000 square feet in the second phase of North Richmond Industrial Park, a 75-acre park near Ashland’s southern boundary.

Stanley Martin Homes recently purchased 4.3 acres at West Village, the 12-acre, $50 million development at the northwest corner of Broad Street and Gayton Road, where it’s approved to build the two-over-two units.

The move to Two James Center will give the Boston-based firm and its 60 local employees more space as it also looks for more cohesion between its Richmond and Hampton Roads operations.

Two things are clear: the discussions between Chesterfield and Competitive Racing are still ongoing; and the rival development team that got passed over for the project still wants to be the one to bring it across the finish line.

It’s one of two major housing developments Nashville-based Elmington is pursuing in Richmond and and, if approved, would be one of the highest-density lower income projects in the city in recent years.

The five-story hotel, which will be operated by Texas-based Aimbridge Hospitality, is anticipated to be the first of two hotels at the massive lake-anchored development,