Commercial real estate round up, 3/8/10
- March 8, 2010
HAMPTON — Old Point National Bank, which began with a local branch in Phoebus in 1923, continues its expansion in Hampton Roads. The locally owned bank now has 21 locations and plans a new, $8 million regional headquarters in downtown Hampton. Initially, the bank is renovating space at a current location in Hampton, so it can raze a downtown branch to make room for the five-story, 50,000-square-foot headquarters. After it’s completed in 2012, Old Point will convert five buildings in Phoebus into an operations center. The new headquarters will house 45 employees. Norfolk-based Lyall Design will serve as project architect. The contractor is E. T. Gresham of Norfolk.
NORFOLK — Warehouse III LLC purchased a 101,150-square-foot industrial property on four acres for $2 million. The site at 3800 Village Avenue will serve as the company’s new headquarters and distribution center. Thalhimer handled sale negotiations.
RICHMOND — Midlothian Village Square shopping center is on the market for $6.6 million. The Washington office of Marcus & Millichap Real Estate Investment Services is handling the exclusive listing on two strip shopping centers which make up the project. Located in Midlothian near the intersection of Route 288, the 25,909-square-foot- property was developed in 2007. The seller is a private Richmond owner.
STAUNTON — Condominiums and offices are taking shape on the old Western State Hospital campus. The first four of 18 buildings have been restored as part of The Villages at Staunton project, a 400,000-square-foot, 20-year, mixed-use urban project that eventually will include single-family homes, a hotel and medical buildings. The old hospital site covers 80 acres. The project is being developed by Robin Miller and his business partner, Dan Gecker, both of Richmond.