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.
Commercial Real Estate
After four months, the wait is over. A mixed-use development will move ahead on East Main Street in Shockoe Bottom.
Vacancies are on the rise in Carytown, and some businesses have joined together to save money and boost income.
Movie buffs and those with buff bodies now have two new haunts at Westchester Commons near the intersection of routes 60 and 288 in Chesterfield County.
Midlothian Center, on Wadsworth Drive in Chesterfield County, was purchased by a private investor for $7 million in cash. The seller was Allied Capital REIT, based in Washington.
A Chesterfield shopping center has filed for Chapter 11 bankruptcy protection. Rockwood Square LLC, which owns the Rockwood Square strip mall on the 10,000 block of Hull Street (near the corner of Courthouse) filed for bankruptcy protection late last week.
Q-T Realty LLC purchased the 18,000 square foot flex building at 10520 Lakeridge Parkway in Ashland for $1.2 million from sellers Frederick and Margaret Reames. The buyer does business at Milos America, Inc, a manufacturer of aluminum trusses.
Riverside on the James, Richmond’s FBI Headquarters on Parham, a former Circuit City headquarters building. All three are among the local properties that have large commercial mortgages coming due in the next two years. Between now and the end of 2010, there are 27 CMBS loans coming due in the Richmond metropolitan area with $178.2… Read more »
Powertrain Control Solutions, leased 18,000 square feet at 11228 Hopson Road in Hanover. Woodcraft, a wood-working retail store, leased 10,000 square feet at 9862 West Broad Street in Henrico.
Who will budge first? Buyers and sellers of commercial real estate are locked in a game of chicken. But someone is going to have to budge, or deal volume will remain dreadfully low. And with commercial loans coming due and other commercial real estate investment groups needing to raise cash, some experts hint that it… Read more »