Who will budge first? Buyers and sellers of commercial real estate are locked in a game of chicken. But someone is going to have to budge, or deal volume will remain dreadfully low. And with commercial loans coming due and other commercial real estate investment groups needing to raise cash, some experts hint that it… Read more »
Commercial Real Estate
The Pipeline: Commercial Real Estate Round Up for 2.20.09
Justin French of French Consulting purchased the 14,400 square foot Summit Building at 3018-3022 W. Clay St. in Richmond for $825,000 from Viking Investment. Grubb & Ellis Harrison & Bates reports EMS Rentals purchased the 10-unit apartment building at 12 E. Main St. in Richmond for $1 million from Main Street Investments LLC. Porter Realty… Read more »
Polluted Henrico parcel gets makeover
A site in Henrico County is slated for commercial development almost 30 years after being identified by the Environmental Protection Agency as a threat to public health. Virginia Beach-based Empire Development purchased 3.85 acres of the Rentokil Superfund site near the intersection of Parham Road and Ackley Avenue for about $400,000 last year from Virginia… Read more »
The Pipeline: Commercial Real Estate Round Up for 2.05.09
REM Properties purchased the Shoppes at Bell Creek from private investors for $9.5 million. The 65,800-square-foot shopping center is located on Bell Creek Road in Mechanicsville. It was constructed in 2003. Grubb & Ellis Harrison & Bates reports that Pine Dell Shopping Center LLC purchased the 16,000-square-foot Pine Dell Shopping Center from Pine Dell Corp… Read more »
Office vacancy up at Innsbrook, down in the City
The vacancy rate at Innsbrook and nearby office parks continued to rise last quarter, and, with several big chunks set to come available this year.
The Pipeline: Commercial Real Estate Round Up for 1.29.08
The Citgo service station at 2206 W. Main St. in Richmond’s Fan District has been purchased by Uphoff Properties LLC from TLC Co. for $2.5 million. The property includes a retail store of 2,700 square feet and a half acre lot.
The Pipeline: Businesses on the move for 5.2.08
This is the first installment of a regular (possibly weekly) feature that will report on businesses that are leasing new space, buying property, expanding or shrinking. Flagstop CarWash bought 1.72 acres at 9828 E. Parham Rd. from the Royal Oldsmobile Company for $1.3 million and plans to tear down the existing structure and build a… Read more »