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Chesapeake industrial building sells for $10.2M
152,180-square-foot building is fully leased
A 152,180-square-foot industrial property in Chesapeake has sold for $10.275 million, S.L. Nusbaum Realty Co. announced in July. Chesapeake Dexter St West LLC purchased the property, located at 101 Dexter St. West in Chesapeake, from On Trading Corp. The building is on 13.89 acres and was fully leased at the time of the sale. It
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Newport News apartments sell for $9.75M
Colony Square Apartments to undergo renovations
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A Newport News apartment complex has sold for $9.75 million, S.L. Nusbaum Realty announced Aug. 2. 53 Colony Square Court LLC has purchased Colony Square Apartments, which has 92 units, from Lyn Van Turette Trust LLC. The buyer is planning extensive renovations to the property, which is on 4.82 acres. Bill Overman and John Wessling
Norfolk high rise sells for $27.5 million
Built in 1964, The Lafayette has 168 units
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The Lafayette, an apartment tower in Norfolk, has sold for $27.5 million, according to Norfolk public records. Philadelphia-based PRG Real Estate Management Inc. purchased the property from Graycliff Capital Partners and Buligo Capital Partners; it is the company’s seventh apartment investment in Hampton Roads, according to Colliers, which brokered the sale. The Lafayette is in
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Amazon opens new Chesapeake facility
640,000-square-foot center has 900 workers already
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Last week Amazon.com Inc. opened its new, 640,000-square-foot processing facility in Chesapeake, the global e-tailer’s first cross-dock fulfillment center in Virginia. About 900 of the 1,000 workers that Amazon announced it would be hiring for the facility are already on the job, an Amazon spokeswoman told Virginia Business. Located at 5045 Portsmouth Blvd., the Chesapeake
The Breeden Co. restructures property management division
2 promoted to lead division
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The Breeden Co., a Virginia Beach-based real estate development firm, is restructuring its property management division. Barry Tomlin, vice president of property management at The Breeden Co. in Virginia Beach, will leave the company Aug. 5, Breeden announced last week. Tomlin has been with Breeden since 2007. “Over the last 10 years, we have created
Albemarle retail building sells for $2.3M
Retail building to be redeveloped
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Woodhaven Development Group LLC purchased a 3,204-square-foot retail building in Albemarle County from First Citizens Bank & Trust Co. for $2.3 million. The property is located at 1815 Fortune Park Road in Albemarle and will be redeveloped. The building is on 1.35 acres of land off U.S. Route 29 near the Charlottesville-Albemarle Airport. John Pritzlaff,
Creating community vibes
Placemaking focuses on people and design
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In Virginia Beach, most tourists flock to the Oceanfront. But just a couple blocks west, you’ll find an area that feels a little more artsy and a lot more local. In the 15-block ViBe Creative District, situated between the Virginia Beach Convention Center and the Oceanfront, coffee shops and restaurants operate out of former industrial
A new look at Va. Beach’s Atlantic Park
Pharrell Williams-backed surf park to break ground in fall
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The $350 million Atlantic Park surf park development planned for Virginia Beach’s Oceanfront will start construction in October or early November, developers told Virginia Business this week. Virginia Beach-based Venture Realty Group also shared new renderings of the project, which Venture has been co-developing with music icon and Virginia Beach native Pharrell Williams. In planning stages
Alexandria bank buys building, brings employees together
Burke & Herbert Bank & Trust Co. pays $22M for office
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Burke & Herbert Bank & Trust Co. has acquired a $22 million office building in Alexandria to bring many of its employees together under one roof. The Alexandria-based bank announced July 11 that it had bought the 110,047-square-foot office building at 5680 King Centre Drive. The seller was not disclosed. The bank will bring together
Capital Square acquires The Trails at Short Pump
Henrico apartment complex has 350 units
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Henrico County-based real estate investment firm Capital Square has acquired The Trails at Short Pump, a 350-unit apartment community in western Henrico, the company announced Tuesday. Located at 3900 Acadia Lane, the nearly 32-acre property offers one-, two- and three-bedroom units averaging 878 square feet each. The acquisition is on behalf of CS1031 Trails at Short