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.
Commercial Real Estate
Retail vacancy continues to rise
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.
The Pipeline: Commercial Real Estate Round Up for 8.7.09
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.
Richmond Volleyball Club serves up new facility
The Richmond Volleyball Club last week purchased the 73,500-square-foot former Brown Distributing facility in Henrico for $2.4 million.
Local developers take a swing at Lynchburg golf course
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.
The Pipeline: Commercial Real Estate Round Up for 7.31.09
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.
Downtown plan poses hurdle for Echo Harbour
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.
How about we share?
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.
Commercial brokerage disbanding
Seven GVA Advantis brokers left the troubled firm last week and are starting an affiliate of a new firm. Leading the pack is Charles Polk, who was GVA’s all-time top-producing broker.
Area apartment vacancy rising
Real estate researcher Reis Inc. reported last week that the national apartment vacancy rate reached 7.5 percent in the second quarter; the rate for Richmond was higher at 8.1 percent. But Patrick McCloud, president of the Central Virginia Apartment Association, said despite the record high vacancy levels Richmond is holding up well and that the rental market is showing signs of improvement.