Commercial Real Estate

Office space getting cheaper

Richmond office vacancies continue to rise, which means prices are likely to fall. The vacancy rate in the central business district rose about 3.5% from the last quarter for a total rate of 13.5%, according to Thalhimer’s recently released third quarter reports. The office vacancy rate for the whole metro area was 8.9% in the… Read more »

Pipeline: Commercial Real Estate Roundup for 10.17.08

CB Richard Ellis announces the following transactions: Logistics Systems Incorporated leased 42,000 sf at 1821 Battery Dantzler Rd. in Chesterfield. The company started as a logistics management consulting business and has since expanded to provide IT services and staffing consulting. It is headquartered in Washington, DC. Contact: Lawrence Wilkerson, President and CEO 202-347-0821 Better Business… Read more »

Pipeline: Commercial Real Estate Roundup for 10.10.08

Thalhimer reports the following transactions: Owens & Minor Medical, Inc. has purchased 50 acres of land within Atlee Station in Hanover. The land was purchased from Media General, Inc. for $5,398,650. Owens & Minor has purchased the land as an investment for future use. The Richmond-based company distributes medical and surgical supplies to hospitals and… Read more »

State buys Main Street Centre for $49 million

The state of Virginia has purchased Main Street Centre for $48.8 million The 420,575 square foot Main Street Centre, located on the corner of 6th and E. Main Streets downtown, has been sold by Brandywine Realty Trust. The building was built in 1986 and houses the Greater Richmond Chamber of Commerce among other tenants.

The Pipeline: Commercial Real Estate Roundup for 10.03.08

Jack P. Fine & Associates has purchased 7,000 sf at 2405 Chamberlayne Ave. in Richmond. The property is home to an Advance Auto Parts store. It was sold by Chamberlayne Developers for $1.56 million, or $223 per sf. The freestanding retail building is located in the Laburnum/Rt. 360 retail submarket. Advance Auto Parts fully leases… Read more »

Proposed downtown towers play waiting game

Two proposed towers on East Main Street downtown would be less than 18 feet apart from each other. If built, Centennial Tower and Pinnacle Place would loom over the city at 27 and 30 stories, respectively. But even with all that height, there are still some hurdles to clear; finding financing and tenants. Bob Cole,… Read more »

Pipeline: Commercial Real Estate Roundup 9.26.08

Doswell Hospitality LLC delivered the first of three hotels, called the Days Inn at Kings Dominion, in June. Doswell Hospitality sold the property to Sumtinath LLC for $3.2 million. Located at 16220 International St., the Days Inn is a three-story hotel that offers 50 rooms. The other two hotels are currently under construction. Doswell Hospitality… Read more »

Rough patch for malls

Out of five Richmond malls, only one has a vacant storefront rate below 7 percent – Short Pump Town Center, at 3.8 percent. The highest empty-store rate belongs to the Shops at Willow Lawn, at 17.4 percent. Malls might be in for a rough patch. Consumers are downsizing. They’re buying Smart Cars and hybrids instead… Read more »

There’s hope for Hull Street yet

What was once a main street of Chesterfield County, Hull Street is now the most run-down commercial strip in Richmond. Paper flyers and food wrappers get caught in the wind and ride aimlessly until they find themselves back on the ground – a sort of urban tumbleweed. Centuries-old buildings have busted out windows and boarded-up… Read more »

Shockoe Bottom-ing out?

In 2004 Richmond’s historic Shockoe Bottom was devastated by Hurricane Gaston. Drainage systems malfunctioned and overflowed, and floodwater ran freely through the streets causing extensive damage to businesses. Four years later, the area is showing a few signs of recovery, but the vacancy rate hovers above 20%. Turnover in restaurants and bars is high.