Commercial Real Estate

A national pharmacy chain has opened in its new downtown home on East Broad Street – and it already has a new landlord. The 53,000-square-foot building at 312 E. Broad St., part of which was recently converted into a Walgreens store, sold for $3.52 million on Feb. 29, city records show. The sale comes less… Read more »

Starved for space, the owners of Nick’s International Foods, a neighborhood institution at 400 W. Broad St., have put their building on the market as they ponder a move out of the city. The 8,600-square-foot property is for sale for $1.05 million, according to Manuel Mouris, a second-generation owner along with his brother Philip Mourtzakis…. Read more »

A local recording and production company is now the master of its own house. Sound of Music Recording Studios last month purchased the office and warehouse property at 1710 Altamont Ave. for $585,000. The company, which has been in business in Richmond for more than two decades, has been a tenant in the 12,000-square-foot space… Read more »

Narrowly avoiding foreclosure, a Hanover County retail strip fell back into familiar hands last week. The Creighton Crossing I shopping center at 6102-6104 Brashier Boulevard was sold back to its original developer for $3 million in a last-minute transaction on March 17, just before the property was scheduled to hit the auction block the following… Read more »

Another Richmond company has its eye on the stock market. Medalist Properties, a downtown private equity firm that invests in commercial real estate, is in the process of creating a REIT that will look to raise up to $30 million through a public stock offering using new federal rules that make certain capital raises easier,… Read more »

As it works to complete its redevelopment of one of the largest projects in Manchester, a local real estate firm is pressing further into another sought-after neighborhood. Thalhimer Realty Partners, the development arm of local real estate firm Cushman & Wakefield | Thalhimer, has purchased 1500 Roseneath Road, a 106,000-square-foot property that covers nearly an… Read more »

The Westhampton Theater has screened its last show. The nearly 80-year-old West End movie house closed for business Sunday evening as it makes way for a planned redevelopment of the site. Officials with Regal Cinemas, which has continued to operate the theater after selling it to developers in 2014 for $1.75 million, did not return… Read more »

A mysterious new player has entered the Richmond apartment market and is looking to make a splash in Shockoe Bottom. Shockoe Realty Ventures LLC recently purchased a 1-acre parcel at 1903 E. Marshall St. for just over $2 million, with plans to construct 178 apartments. The deal closed March 1 and included an already approved… Read more »

As its primary tenant consolidates space, some prime riverfront office space has become available in one of downtown Richmond’s newer office towers.

Update: This story has been updated to include information about the pending closure of the Kroger store in Creighton Crossing. A Hanover retail strip has a date with the auction block this week. Creighton Crossing I, an 18,000-square-foot retail property at 6102-6104 Brashier Blvd., is scheduled to go to foreclosure on Friday. The property sits… Read more »