Roanoke office trades for $1.7 million
- March 21, 2019
A company has added some skin in the game of Roanoke’s office market.
River Ridge Dermatology is relocating its Roanoke location to the third floor of 2110 Carolina Avenue SW in Roanoke, Krista Vannoy of Waldvogel Commercial Properties Inc. says.
An entity tied to River Ridge Dermatology called KBJ Properties LLC bought for $1.77 million the three-story office building at 2110 Carolina Ave. SW, Vannoy says. The 12,980-square-foot building was most recently assessed at $1.8 million, according to online city records, which had yet to record the sale. Vannoy and Michael Waldvogel, also of Waldvogel Commercial, represented KBJ Properties in the sale.
River Ridge Dermatology will be relocating from an office in Roanoke at 3825 Electric Rd. The company also has locations in Blacksburg and Giles. River Ridge could not be reached for comment on its plans.
At the Carolina Avenue building, Balance Wellspace is keeping its chiropractic and wellness practice on the second floor and part of the first, Vannoy says. Wellspace LLC, the seller in the office deal, bought the property in 2013 for $1.4 million, Roanoke property records show.
Vannoy says the Roanoke office market has had strong activity recently. She says the vacancy rate is around 6 percent.
“Within the past 60 days, we’ve closed on three office properties, totaling approximately 50,000 [square feet] of office space and have renewed office leases of more than 30,000 [square feet], and are wrapping up the leasing of a 9,500 [square feet] office building in Roanoke’s CBD,” Vanoy says in an email.
The Roanoke office market has seen limited supply both downtown and in the suburbs, according to a market report from Cushman & Wakefield | Thalhimer. Recent notable deals include the $4.5 million sale of the 46,946-square-foot Cox Communications Building at 5400 Fallowater Lane.
Elsewhere in the Roanoke office market, a company relocated its office within the city last month. Burns & McDonnell, an architectural and engineering firm, recently moved into a 20,000-square-foot space at the One Ten Franklin Building after opening an office in Roanoke in 2015.
Tina Hatcher, also with Waldvogel, represented the buyer in the Carolina Avenue deal.
Keep up with the latest in Virginia’s commercial real estate scene by subscribing to our weekly newsletter, CRE Intel