Developers pay $12.5M for Lacy’s 3.3-acre tract on Arthur Ashe Blvd.

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Posted on 7/14/2021 by Mike Platania at Richmond BizSense

A new high mark has been set for land on a per-acre basis in the Scott’s Addition area.

The 3.3-acre assemblage at 1117-1209 N. Arthur Ashe Blvd. sold earlier this week for $12.5 million, city records show.

The buying entities are tied to D.C.-based Level 2 Development and SJG Properties, who are planning a major mixed-use project for the site. The seller in the deal was local investor Ed Lacy, who’d owned many of the parcels for decades.

At about $3.8 million per acre, the deal marks the highest sales price on a per-acre basis in the neighborhood in recent memory.

The previous high mark for the land in and around Scott’s Addition was $3.6 million per acre, set last year by South Carolina’s Greystar when it bought a whole city block at 1601 Roseneath Road. It paid $8.6 million for the site, where it’s planning a 350-unit mixed-use project with locally-based Capital Square.

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DHL Supply Chain to create 577 jobs in Stafford County

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Posted on 12/15/2020 by Richard Foster at Virginia Business

Contract logistics company will invest $72M in facility at Venture Business Park

DHL Supply Chain, a contract logistics company with its North American headquarters in Ohio, is investing $72 million to establish a mid-Atlantic distribution center in Stafford County’s Venture Business Park, creating 577 jobs, Gov. Ralph Northam announced Tuesday.

The company will build a 500,000-square-foot high-bay facility for its Real Estate Solutions unit. Virginia competed with Maryland to land the project.

“This significant investment and the addition of 577 new jobs come at a critical time when we are focused on rebuilding our economy and getting Virginians back to work,” Northam said in a statement. “The ongoing pandemic has underscored the value of supply chain management and delivery services during times of crisis. With our central East Coast location and advanced transportation infrastructure, our commonwealth offers unparalleled advantages for businesses, and we are proud to support the company’s new high-tech operation in Stafford Country.”

A subsidiary of parent company Deutsche Post DHL Group, a German publicly traded company with more than $76 billion in revenue in 2019, DHL Supply Chain employs approximately 36,000 people in the United States. The company offers a portfolio of industrial supply chain management, warehousing, transportation and value-added logistics services. The company’s Real Estate Solutions unit develops turnkey warehousing solutions for customers.

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Apartments developer buys 13 acres in Chesterfield for $4M+

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Posted on 8/24/2020 by Sydney Lake at Virginia Business

An apartment complex developer has purchased a 13-acre site in Chesterfield County for $4.025 million, Commonwealth Commercial Partners LLC announced Friday.

Located at 6767 Iron Bridge Road, the complex will include 230 apartment units, a clubhouse and a pool. Austin Woods Development Co. sold the property to Waverton Development Inc. in a transaction that closed on Aug. 20.

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Developer pays $4.025 million for land in Chesterfield with plans to build 230 apartments

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Posted on 8/21/2020 by Sean Gorman at Richmond Times-Dispatch

A developer has bought 13 acres on Iron Bridge Road in Chesterfield County with plans to build 230 apartments.

Waverton Development Inc. bought the land at 6767 Iron Bridge Road for $4.025 million, according to Commonwealth Commercial Partners LLC, which represented the seller . The sale was completed Thursday.

Construction is underway on the apartment complex, a clubhouse and a pool. The first residents are expected to move in during the second quarter of 2021, Commonwealth Commercial Partners said.

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230-Unit Apartment Complex Slated For 6767 Iron Bridge Road

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Richmond, VA – Commonwealth Commercial Partners, LLC is pleased to have facilitated the 13± acre sale at 6767 Iron Bridge Road located in Chesterfield County, VA. Sam Worley, Ryan Fanelli & Craige Pelouze of Commonwealth Commercial represented the Seller, Austin Woods Development Co. The purchaser was Waverton Development Inc. This transaction closed on August 20, 2020 for $4,025,000.

Commonwealth Commercial placed the property under contract in March 2019, and the seller obtained zoning so the buyer could construct 230 apartment units, a clubhouse with pool and related accessory uses. Financing for the development was obtained through VHDA with Keith Wells at Northmarq Capital acting as the mortgage broker. Construction has begun and preleasing will begin early 2021, with first move-ins in the second quarter of 2021.

This same buyer purchased land in Watermark, across the street from this site in 2010. They developed the Meridian at Watermark, a 300-unit Class A investment community. The Austin Woods site will be a continuation of their success at Watermark.

This apartment complex at 6767 Iron Bridge Rd will be complemented by the 207-unit townhome community that will be built by Ryan Homes on the 58± acres surrounding the property. Additionally, there is a 4.5± acre commercial out parcel available that fronts Iron Bridge Road.

 

About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Kansas City MO, St. Louis MO, Minneapolis MN, Columbus OH, and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

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Commonwealth Commercial Completed Three Transactions this Week

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Richmond, VA – May 22, 2020 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Southern Pump and Tank Company, LLC leased 5,332 SF at 10470 Wilden Drive in Hanover County.  Ben Bruni and Randy Cosby represented the Tenant.
  • NMS Glen Allen, LLC purchased 1.379 acres at 10085 Brook Road in Henrico County from North Park Peripheral Associates, LP for $350,000.  Carl Blackwell and Eric Hammond represented the Seller.
  • Staples Mill Investments, LLC purchased 12.7 acres at 10785 Staples Mill Road in Henrico County from Jean L. Willis, et al for $480,000.  Randy Cosby and Chris Jenkins represented the Seller.

About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Columbus OH, Kansas City MO, Minneapolis MN and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

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Commonwealth Commercial Completed Four Transactions this Week

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Richmond, VA – April 17, 2020 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • W.V. McClure, Inc. purchased 20 acres at 11300 Ironbridge Road in Chesterfield County from Riley Lowe for $1,100,000.  Chris Jenkins and Randy Cosby represented the Seller.
  • Richmond Times Dispatch renewed 10,000 SF at Ruffin Mill Center, 16067-16071 Continental Boulevard in Chesterfield County.  Ben Bruni and Colton Konvicki represented the Landlord.
  • MasTec North America, Inc. leased 19,156 SF at 2400 Maury Street in the City of Richmond.  Ben Bruni and Colton Konvicki represented the Tenant.
  • Riverside Counseling and Consulting, LLC leased 924 SF at 4 South 1st Street in the City of Richmond.  Eric Hammond and Thomas Lynde represented the Landlord.

About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Columbus OH, Kansas City MO, Minneapolis MN and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

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Subdivision land adjacent to proposed megasite in Chesterfield County sells for $1.4 million

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Posted on 4/30/2018 at Virginia Business

A local homebuilder has purchased the land for a 99-lot subdivision adjacent to a controversial proposed megasite near Chester.

Commonwealth Commercial Partners, based in Henrico County, said Monday that brokers Ryan Fanelli and Sam Worley represented Stoney Glen LLC in the sale of a 99-lot subdivision at 15310 Wellspring Road. According to Commonwealth Commercial, Richmond-based NK Homes, which has built homes in the counties of New Kent, Hanover and Henrico, purchased the 63-acre property for $1.4 million. The list price for the land at Commonwealth’s website was $2.2 million. The land was described as what would be Phase Two of the Wellspring development, with active new home sales in the Phase One development averaging $382,000.

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