Industries Commercial Real Estate

Chesapeake Bank buys building for loan production operation office.

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Chesapeake Bank has purchased an 11,420-square-foot office building at 5501 Patterson Ave. in Richmond from Biegler Family Investments LLC for $1.7 million.

The bank plans to use the building for its Loan Production Office, an operation currently located on Glen Forest Drive in Henrico County. The bank's headquarters will remain in Kilmarnock. Bill Mattox of Colliers International in Richmond handled the transaction.

In other deals reported by Colliers, Virginia Commonwealth University purchased two adjacent tracts of property on Marshall Street that will be redeveloped by VCU for a basketball practice facility.

The university paid $1.6 million for .786 acres located at 1328 W. Marshall St. in Richmond and $1 million for the second tract of  .35 acres at 1300 W. Marshall St.

Mattox and Bruce Milam handled the transaction.


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