Two of the area’s Chrysler dealerships will be closed by the automaker, according to a list of 789 that appeared Thursday morning as part of Chrysler’s bankruptcy proceedings. And the pain is going to get worse. GM is announcing today dealerships it will close. One source has said that could be three to five in… Read more »
Commercial Real Estate
A lender is forcing a foreclosure sale for part of a massive mixed-use project in Chesterfield County.
The first of five turn-of-the-century industrial buildings to be turned into apartments is six weeks away from completion. The development is a $50 million project of Historic Housing, the same group that developed 17th Street Lofts and The Lofts at Canal Walk. The apartments start at around $900 a month.
No matter how you slice it, office vacancy rates are climbing in Richmond. And true to supply and demand, landlords are getting more and more generous with freebies such as up to six months free on a long-term lease to lure tenants.
R.E. Michel Company, a wholesale HVAC distributor, purchased the 20,500-square-foot industrial property in Chesterfield from K.B. Properties LLC for $1.625 million. R.E Michel, plans to relocate their distribution operations to this location. Andrew Todd Properties LLC purchased the 5,900-square-foot office building at 2310 W. Main St. in Richmond from Rich 6 LLC for $402,500.
Lagging attendance, sponsorship losses, and the auto meltdown in Detroit hover over NASCAR, but the Sprint Cup race this weekend at Richmond International Raceway will still have a huge economic impact on the area. There will be as many as 4,000 people working at the raceway complex over the weekend; the traveling vendors are still… Read more »
The empty grocery store and parking lot at Grace and Harrison streets could soon be converted into classrooms and library storage for VCU, according to the school’s facility manager.
Q-T Realty purchased the 18,000-square-foot office/warehouse at 10520 Lakeridge Parkway in Hanover for $1.2 million. Trimble Properties purchased the 6,000-square-foot office/warehouse at 11029 Richardson Road in Hanover for $650,000.
Dozens more retailers have disappeared from local malls in the past six months. About 15 percent of the storefronts in Richmond’s six largest malls are vacant.
After four months, the wait is over. A mixed-use development will move ahead on East Main Street in Shockoe Bottom.