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.
Commercial Real Estate
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.
Pilc and Moseley, LLC, public accountants, leased 3,000 square feet at 7400 Beaufont Springs Parkway in Richmond.Richmond International Forest Products, Inc., a lumber distribution company, leased 7,300 square feet at 4050 Innslake Drive in Henrico.
The Richmond Volleyball Club last week purchased the 73,500-square-foot former Brown Distributing facility in Henrico for $2.4 million.
East West Partners of Midlothian has entered into a purchase agreement with the owners of the Oakwood Country Club to buy the club’s 75-acre golf course tract and develop a residential neighborhood.
Richmond Volleyball Club purchased the 73,500 square foot former Brown Distributing facility at 2921 Byrdhill Road in Henrico for $2.4 million. The Kane Company, an office services company, leased 48,500 square feet at 11810 N. Lakeridge Parkway in Hanover.
On Monday, the Richmond City Council unanimously approved final amendments to the downtown master plan, with language that works against the developers of a $160 million proposed mixed-use project on the riverfront.
Some self-employed business owners are setting up office-shares to defray costs and to have warm bodies around to bounce around ideas. And three local entrepreneurs think they have a better alternative to the growing throngs of self-employed Richmonders who use Starbucks and Panera as their de facto offices.