Richmond
VCU Plans March Kickoff for $51M Library Upgrade, Expansion
Virginia Commonwealth University’s James Branch Cabell Library is getting a makeover. A $50.8 million construction project will renovate and expand the more than 40-year-old library on the Monroe Park Campus. Work will start next March and is expected to be completed in September 2015.
Cushman & Wakefield | Thalhimer Tapped to Market Philip Morris Operations Center
The Philip Morris USA Operations Center Facility remains on the market, but with a different sales agent. Cushman & Wakefield | Thalhimer has been selected to market the property, replacing CBRE.
Clayco Breaks Ground on $110M Downtown Office Project
The Richmond office market further stabilized during the first half of the year across all submarkets and experienced a decrease in vacancy rates to 13.6%, according to a report by CBRE. Good news for the city of Richmond and great news for developers such as Clayco, who officially started construction earlier this month on Gateway Plaza, Richmond’s newest high-rise office building. The groundbreaking ceremony was attended by both Clayco and city officials.
Dominion Packaging Pays $9M for Former Mazda Warehouse
Dominion Packaging, a local packing company, recently acquired the former Mazda warehouse at 5700 Audubon Drive, near the Richmond International Airport. 5700 Audubon 2007, LLC, an affiliate of New Jersey-based Hampshire Real Estate Companies, sold the property for $9 million.
Virginia Beach M-F Assets Command $73M for Harbor Group International
Harbor Group International, LLC (HGI), a private real estate investment and management firm, has sold two apartment communities in Virginia Beach in the last two months. The two properties total 730 units and were sold for a combined $72.5 million.
Redskins Open $10M Training Center in Richmond
The Bon Secours Washington Redskins Training Center is finally open. Peter Bernard, CEO of Bon Secours Virginia Health System, Richmond Mayor Dwight Jones, Governor Bob McDonnell and legendary Redskins QB Joe Theismann spoke at the grand opening ceremony that featured performances from the Richmond Public Schools All-City Marching Band, American Idol hero Elliott Yamin and skydivers.
Shamin Acquires 237-Key Holiday Inn in Richmond, Rebrands It as DoubleTree
Shamin Hotels, one of the largest hotel owners in the Richmond area, has added another hotel to its growing portfolio. In a deal finalized on July 1st, Shamin Hotels has purchased the 237-room Holiday Inn Koger Conference Center. Following the acquisition, the property was rebranded as a Doubletree by Hilton hotel.
HDL Launches 95 KSF Phase 2 of HQ Expansion in Richmond
Health Diagnostic Laboratory, Inc. (HDL), one of the nation’s fastest-growing companies, started construction this week on Phase II of its headquarters expansion project in Richmond’s Virginia BioTechnology Research Park. Phase I of the project was completed in February.
Patricio Enterprises Leases 427,000 SF; Virginia Beach Properties Hit the Market
Patricio Enterprises, a defense contractor based in Stafford County, has leased 427,115 square feet of industrial space at 2705 Commerce Road in Richmond from Alleghany Warehouse Company, Inc. The deal represents one of the largest industrial leases of the year. CBRE’s Richmond office brokered the transaction.
Armada Hoffler Kicks Off $89M Mixed-Use Tower in Virginia Beach
Armada Hoffler, one of the Mid-Atlantic Region’s dominant, full-service real estate and construction organizations, broke ground last week on the new 794,000 square foot Main Street Tower, in Virginia Beach. The groundbreaking ceremony featured Virginia Governor Robert F. McDonnell and Virginia Beach Mayor Will Sessoms. Tom Winborne, CEO of Clark Nexsen, and Lou Haddad, President and CEO of Armada Hoffler, also spoke about the project.
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