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Commercial real estate firms confident they can weather pandemic

Monday, March 23, 2020   (0 Comments)
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Commercial real estate firms confident they can weather pandemic

Faced with the coronavirus pandemic, Virginia-based commercial real estate firms say they're pausing transactions in the short term, but are still moving forward with long-term development plans. The firms are also turning their focus toward supporting tenants and landlords through financial difficulties caused by the crisis.

JBG Smith gets green light for 300-foot-tall apartment towers in Crystal City

The mixed-use development at 1900 Crystal Drive will include 811 apartments and 40,000 square feet of street-level retail, divided between a 27-story southern tower with 472 apartments and a 26-story northern tower with 339 apartments. Plans also call for private rooftops and green spaces for residents as well as a central park space.


Richmond developer raises $7M for apartment building in Scott's Addition

Richmond-based Capital Square Realty Advisors LLC announced Monday that it has raised $7 million from investors for a five-story, 80-unit apartment building in the city's popular Scott's Addition neighborhood.


Daleville shopping center sells for $8M

The property was 100% leased at the time of the sale to Food Lion and Carilion Clinic.


Union

 

OTHER REAL ESTATE STORIES FROM AROUND THE STATE ...

 

Northern Virginia

Coronavirus uncertainty a major stumbling block for those facing big real estate decisions

Washington Business Journal

Most, if not all, property tours have been canceled. While you can email tenant prospects all the glossy photos and renderings in the world, even offer virtual tours, few are likely to commit to a lease of 10 years or more sight directly unseen -- or as they're taking another hard look at their long-term budgets.

Arlington considers increasing developer fees as HQ2 fuels development boom

Washington Business Journal

Arlington County is considering altering what it charges for the review of proposed developments, and is hiring a consultant to help assess the existing fee structure and recommend changes.

Realtors, clients working though coronavirus era

The Free Lance-Star

Realtor Drew Fristoe of Coldwell Banker Elite in Fredericksburg was out showing a property in the area Friday morning before returning to his home office. This showing was different from past meetings because the prospective buyers weren't there.

Area realtors seeing mixed reactions to virus concerns

Inside NoVa

Local realtors have experienced various effects, with more maybe to come, on the real-estate market from the COVID-19 virus situation.

Arlington faces hurdles to keep development reviews moving as coronavirus shuts down meetings

Washington Business Journal

The lengthy public gatherings that are a hallmark of Arlington's thorough development review process are suddenly off limits due to coronavirus concerns -- and that could spell trouble as the county continues to manage a surge in Amazon-related interest.

Realtors' group sees short-term, not long-term, impact on housing market

Inside NoVa

Nearly half of real-estate professionals surveyed by the National Association of Realtors (NAR) this week said home-buyer interest has decreased in their markets due to the COVID-19 pandemic and resulting economic downturn, a sharp increase from the previous week.

How landlords are protecting against the coronavirus, and what its impacts might mean for the future of offices

Washington Business Journal

The owners of an office building along Arlington's Rosslyn-Ballston corridor hoped to send a clear message to people who may have been exposed to the coronavirus: Don't come in here.

WETA expansion plan moves step forward in Arlington

Inside NoVa

The Arlington County government and public-broadcaster WETA are moving forward with a planned expansion of the latter's Shirlington headquarters, which will free up space for parkland nearby.

Central Virginia

Three offices buildings in Henrico sold for $15 million

Richmond Times-Dispatch

The building at 7200 Glen Forest Drive, built in 1984, has 39,032 square feet. The one at 7202 Glen Forest Drive, built in 1986, has 43,111 square feet. And the one at 7204 Glen Forest Drive, built in 1987, has 43,240 square feet.

Utilities to remain on during coronavirus outbreak

VPM.org

The State Corporation Commission is putting a moratorium on service disconnections to provide immediate relief for both residential and business customers who may be financially impacted by the outbreak.

200 condominiums taking root on part former car dealership along West Broad Street in Henrico

Richmond Times-Dispatch

Plans call for 200 condominiums to be built on the 13.5-acre property at West Broad Street and Willard Road on what had been part of the Lawrence Dodge dealership and the wooded area behind it.

Stronger eviction protections coming, housing advocates say

VPM.org

Virginians facing economic hardship due to the coronavirus disease, COVID-19, have new protections against losing their homes. But housing advocates are working to make sure this applies to all renters for the duration of this pandemic.

High-density condos come to Midlothian village

Chesterfield Observer

Building the 21.3-acre development to Emerson's specifications requires a near-total waiver of the county's current zoning regulations.

Temple Beth El sells school site to senior living company

Henrico Citizen

Temple Beth El recently sold the 5.3-acre site of its Jacob and Selma Brown Religious School at 601 North Parham Road to CA Ventures for $3.75 million. CA Senior Living plans to build and operate a senior living community with assisted living, memory care and independent living options.

Virginia poised to legalize casinos at unlucky time

Associated Press

But those plans could be in serious doubt amid the coronavirus pandemic, which forced nearly every commercial casino in the country to close just a matter of days after lawmakers voted.

 

Eastern Virginia

Virginia Beach developer pushes back three projects because of COVID-19

The Virginian-Pilot

Armada Hoffler, the developer of Virginia Beach's Town Center, said Thursday that it will defer three projects it had planned to break ground on in North Carolina and Georgia in light of COVID-19 and the economic uncertainty the virus has created.

Armada Hoffler to sell seven retail centers for $106.5 million, including two in Hampton Roads

Inside Business

Included in the sale are the Food Lion-anchored Gainsborough Square in Chesapeake and the Harris Teeter-anchored Indian Lakes Crossing in Virginia Beach.

Portsmouth to revive Portside as a waterfront venue starting this spring

Inside Business

Portsmouth is resurrecting a Portside music venue that will be available to host concerts and events this spring, or once the coronavirus worries fade away.

'Standing with us': Colonial Williamsburg forgoes April rent for Merchants Square businesses as coronavirus crisis hurts small business

The Virginia Gazette

In an unprecedented move, Colonial Williamsburg will forgo collecting rent for its Merchants Square tenants for the month of April, according to Jeff Duncan, the foundation's vice president of real estate.

Shenandoah

Frederick supervisors to advertise 5-cent real estate tax increase

The Winchester Star

The Frederick County Board of Supervisors plan to advertise a $355.59 million budget with a 5-cent real estate tax increase for the upcoming fiscal year.

Southwest

Business Intel: Michaels moves into former A.C. Moore space at Tanglewood Mall

The Roanoke Times

Michaels is scheduled to open at Tanglewood this summer. The sales area will be more than 17,000 square feet and will offer arts, crafts, framing, floral, wall decor and seasonal merchandise, according to a news release.

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