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 »
Commercial Real Estate
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 »
Thalhimer reports Classic Construction Exteriors purchased a 2,500 square feet office/warehouse building in the Crossroads Business Center at 11624 Busy Street in Chesterfield from DSST Holdings for $315,000. The exterior remodeling company is moving from a smaller facility elsewhere in the county. Grubb & Ellis | Harrison & Bates reports Manakin Holdings purchased the former… Read more »
Richmond area shopping malls are holding steady, but trouble might be on the way as major retailers plan to close stores. A BizSense study found that the combined storefront vacancy of six area malls is 9.6 percent. Brian Glass, commercial retail broker for Grubb & Ellis | Harrison & Bates, said the percentage of empty… Read more »
Despite rising vacancy rates and a slumping economy, developers presented a cheery outlook for development in downtown Richmond at an event yesterday hosted by Venture Richmond. More than 100 people gathered for the Downtown Development Forum at the newly renovated National Theatre at Broad and Seventh streets. Presenters delivered two-minute updates on development projects that… Read more »
CB Richard Ellis reports IES Commercial, Inc., a communication and electrical service company headquarted in Houston, leased 23,800 square feet on Lakeridge Parkway in Hanover County. The Richmond office will be moving from its current location in the East End. Thalhimer reports the Virginia Veterinary Medical Association purchased a 1,700 square foot office condominium at… Read more »