Commercial Real Estate

The Shockoe Slip-based firm has joined CPL, a 50-year-old company with two dozen offices in the Northeast and Mid-Atlantic regions.

“This part of Chesterfield is underrepresented when it comes to hotels,” CEO Ravi Patel said of the $35 million project, which adds to others that are expanding the company’s local presence.

The strip center changed hands as 2024 came to a close, adding to a flurry of over $320 million in year-end commercial real estate deals.

The deal adds to more than $300 million worth of industrial sales in eastern Henrico in the last few months.

Transaction volume in the region’s multifamily real estate market seems to be continuing to pick up momentum as a Southside apartment complex fetched eight figures just before the calendar turned over. 

Franchisee Lou Cabral also is seeking zoning approval for a spec office or commercial building at the site a few blocks west of Regency.

The fully leased 14-building property spans 55 acres northwest of the Topgolf off Westwood Avenue and totals around 642,000 square feet in buildings that were developed throughout the 1980s and 90s.

The filing was made two months after Chris Harrison’s indictment on federal embezzlement charges, and three weeks after Virginia Housing sought to put the property under receivership.

The news of Whole Foods signing on as an anchor tenant follows developer SJC Ventures’ $16 million acquisition of the 13-acre project site at the corner of Midlothian Turnpike and Alverser Drive.

The yearslong transformation of Regency continues, with hundreds more apartments underway and a change in plans for what was supposed to be a new food hall at the ever-evolving Henrico mall.