The project had been in the planning and financing stages for about three years, but the development company just closed on the property about two weeks ago.
Commercial Real Estate
Capreit, a Maryland-based owner and operator of apartment properties, recently sold off two large complexes in Henrico.
A Virginia-based outdoors gear and apparel shop is upping its game now that a national chain has come to town. It’s also likely opening a local outlet concept where customers can also order online while in the store.
You’ll know the new entertainment complex off Hull Street Road by the giant bowling pin on the roof. No confusion there. Plus, several other commercial real estate updates from Chesterfield.
Clinical Services Unlimited LLC purchased the 4,250 square foot office building at 6013-6015 Staples Mill Road in Henrico for $707,500. Johnny Rockets, a diner chain, has leased 2,400 square feet at the Hancock Village Shopping Center in Chesterfield.Marty’s Grill leased 4,000 square feet at Rutland Commons at Atlee and Chamberlayne roads in Hanover.
A recent zoning change is giving the Union Hill neighborhood, a breakaway section of Church Hill, a new lease on life by reducing bureaucracy and making it easier for businesses to comply with zoning regulations.
Lenders are beginning to take back more delinquent properties as the number of bad loans around town accelerates, including the Sheraton Richmond West hotel on Broad Street.
R.L. Kent Publishing Company trading as The Community Weekly leased 1,600 square feet at 301 Southlake Boulevard in Chesterfield.Sestra Bridal leased 4,800 square feet at Bermuda Crossroads in Chesterfield. McMahon Homes Inc. leased 1,800 square feet at 4441 Cox Road in Henrico.
For the past decade, Greater Richmond ARC has been working on plans to move from their current address at Westwood Avenue and Lanvale Street, a retrofitted tractor-trailer repair facility. The organization provides support and job training for people with developmental disabilities.
Vacancy for retail space in Richmond rose to almost 7 percent at the end of the second quarter. And that could mean banks might soon start taking back some retail properties if tenants don’t start signing leases soon. Meanwhile tenants who do sign leases are getting bigger discounts than six months ago.