{"id":1004097351,"date":"2014-05-28T06:55:08","date_gmt":"2014-05-28T14:55:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=264400"},"modified":"2020-04-06T07:40:39","modified_gmt":"2020-04-06T15:40:39","slug":"construction-starts-on-next-phase-of-shoppes-at-reynolds-crossing-walmart-anchor-opens","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/construction-starts-on-next-phase-of-shoppes-at-reynolds-crossing-walmart-anchor-opens\/","title":{"rendered":"Construction Starts on Next Phase of Shoppes at Reynolds Crossing; Walmart Anchor Opens"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/rich111.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-264401\" title=\"rich111\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/rich111.jpg\" alt=\"\" width=\"300\" height=\"187\" \/><\/a>Reynolds Development has started construction on the next phase of The Shoppes at Reynolds Crossing in Richmond. The 19,000-square-footl building is scheduled to open in the first quarter of 2015.<\/p>\n<p style=\"text-align: justify;\">Located near the intersection of\u00a0Glenside and Forest avenues, the\u00a0project was designed by Freeman &amp; Morgan Architects and financed by Park Sterling Bank. According to CBRE|Richmond, the building is 70% leased to tenants that include Starbucks, Chipotle, Jersey Mike\u2019s, Hair Cuttery, Ntelos Wireless, Lee Nails and Salad Works.<\/p>\n<p style=\"text-align: justify;\">\u201cThis project is extremely well positioned in the market,\u201d David Crawford, an assistant vice president at CBRE|Richmond, said in a satement. \u201cYou have tremendous demand from a dense office population, great traffic counts and access via established infrastructure combined with a need for more food and retail services.\u201d<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/rich1119.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-264402\" title=\"rich1119\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/rich1119.jpg\" alt=\"\" width=\"141\" height=\"300\" \/><\/a><\/p>\n<p>May has been a busy month for The Shoppes at Reynolds Center. In addition to the construction start on the new retail building, the property&#8217;s anchor, a 90,000-square-foot Walmart \u00a0on Forest Avenue, opened on May 21.<\/p>\n<p style=\"text-align: justify;\">Richmond\u2019s retail market was relatively quiet during the first quarter, according to CBRE. Vacancy dropped to 8.2 percent, slightly higher than the market&#8217;s six-year low of 8.1 percent, as a result of \u00a051,400 square feet of net absorption. Average asking rents\u00a0decreased to $14.91 per square foot during Q1, due to insufficient demand.<\/p>\n<p style=\"text-align: justify;\">However, the first quarter did register strong preliminary activity, which is expected to generate an uptick in leasing and cut vacancy to pre-recession levels. Retail development in the area remains strong. According to CBRE, 38,613 square feet of new space were delivered during the first quarter, and another \u00a0300,000 square feet are under construction.<\/p>\n<p style=\"text-align: justify;\"><em>Rendering and charts courtesy of <a href=\"https:\/\/www.cbre.us\/\" target=\"_blank\" rel=\"nofollow\">CBRE<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reynolds Development broke ground in mid-May on the newest phase of development at The Shoppes at Reynolds Crossing, near the intersection of Glenside Avenue and Forest Avenue, in Richmond. The project calls for the construction of a new retail building. It is scheduled to open in the first quarter of 2015.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[1815,3452],"class_list":["post-1004097351","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads","tag-national","tag-richmond"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Construction Starts on Next Phase of Shoppes at Reynolds Crossing; Walmart Anchor Opens - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/construction-starts-on-next-phase-of-shoppes-at-reynolds-crossing-walmart-anchor-opens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction Starts on Next Phase of Shoppes at Reynolds Crossing; Walmart Anchor Opens\" \/>\n<meta property=\"og:description\" content=\"Reynolds Development broke ground in mid-May on the newest phase of development at The Shoppes at Reynolds Crossing, near the intersection of Glenside Avenue and Forest Avenue, in Richmond. The project calls for the construction of a new retail building. 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