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Richmond/Hampton Roads Commercial Real Estate News From CoStar Group



CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of



 



CBRE Tapped to Lease Retail and Office Portion of $300M Summit Pointe Development

Fri, 20 Apr 2018 06:41:34 GMT

Construction on the 510,000-square-foot office building in Chesapeake, VACredit: Summit Pointe Summit Pointe Realty selected CBRE | Hampton Roads (CBRE) to lease the office and retail components of Summit Pointe, a new mixed-use, $300 million development in Chesapeake, VA. Summit Pointe is zoned to develop one million square feet of office space and 500,000 square feet of retail space. Construction began in April 2017 on the office portion...



CoStar Market Insights: Richmond Apartment Market Poised For Effective Rent Growth

Tue, 17 Apr 2018 04:00:51 GMT

Looking for some free rent on an apartment? Be prepared to look hard. With concession levels at a three-year low, discounts on a new apartment are becoming increasingly difficult to find in Richmond, as shown on the chart. This might be bad news if you’re a renter, but its great news for multifamily property managers and developers, as well as investors hoping that the 4.4 percent rent growth the market achieved in 2017 continues in the near...



Red Starr Investments, Georgetown Partners Pay $4.7M for Class A Medical Office Bldg.

Mon, 16 Apr 2018 08:28:32 GMT

The Commonwealth Bldg. at 7301 Forest Ave. in Richmond, VA A joint venture between Red Starr Investments and Georgetown Partners purchased a 40,303-square-foot medical office building in Richmond, VA from Robinson Development Group. The Commonwealth Bldg. sold for $4.65 million, or approximately $115 per square foot. The three-story structure at 7301 Forest Ave. was built in 1987 and is located less than one mile from the Virginia Cardiovascular...



CoStar Market Insights: Richmond, Hampton Roads Industrial Fall Behind Competing Markets

Thu, 12 Apr 2018 06:50:51 GMT

Proposed warehouse at 4701 Commerce Dr. in Richmond, VACredit: Panattoni Development While Richmond and Hampton Roads have sub-five percent vacancy rates, the lack of new industrial product could be a hindrance to future demand gains. With 88 percent of industrial properties here being built before 2000, and logistics users moving away from smaller, outdated industrial real estate facilities, Richmond and Hampton Roads is in a tough spot. Logistics...



Evergreen Enterprises Acquires 163,000-SF Warehouse in Richmond

Wed, 11 Apr 2018 07:25:49 GMT

163,112-square-foot warehouse at 2300 Jefferson Davis Hwy. in Richmond, VA Evergreen Enterprises, a manufacturer and distributor of home furnishings and garden accessories, purchased a 163,112-square-foot manufacturing building in Richmond, VA from Charles J. Keck. Broad Rock Industrial Park sold for $2.5 million, or approximately $15 per square foot. The two-story structure at 2300 Jefferson Davis Hwy. was built in 1949 and renovated in 2018...