A 21-acre parcel of state-owned land in Henrico County, Virginia, has been sold for $2.5 million to an entity connected with the Ohio-based development firm DiGeronimo Cos. The property, formerly used by the Virginia Department of Transportation, is located near the Rocketts Landing area and includes frontage on Route 5.
The sale, which closed on September 29, transfers ownership of the industrial-zoned land at 421 Old Osborne Turnpike from the Commonwealth of Virginia. No specific development plans for the site have been announced by the new owner.
Key Takeaways
- Property Sale: A 21-acre state-owned property in Henrico County sold for $2.5 million.
- Buyer: An affiliate of DiGeronimo Cos., a development firm based in Cleveland, Ohio.
- Seller: The Commonwealth of Virginia, which previously used the site for VDOT operations.
- Location: The land is situated at 421 Old Osborne Turnpike, east of Rocketts Landing.
- Site Condition: The property includes two vacant warehouses and is zoned for industrial use.
- Future Plans: No development proposals have been filed for the site at this time.
Details of the Transaction
Public records from Henrico County confirm the $2.5 million sale of the property assemblage, which includes parcels at 421 Old Osborne Turnpike and 503-890 Bickerstaff Road. The transaction concluded on September 29, following a lengthy period on the market.
The sale price significantly exceeded the county's most recent assessment of the property, which was valued at $1.5 million. This indicates strong interest in undeveloped land in the area, despite its challenges.
The Buyer and Seller
The purchaser is an entity linked to DiGeronimo Cos., a multifaceted development and construction company headquartered in Cleveland, Ohio. The seller was the Commonwealth of Virginia, which had declared the land surplus after its use by the Virginia Department of Transportation (VDOT) ceased.
Brokerage firms involved in the deal included JLL, which represented the state. According to reports, JLL's team consisted of Jimmy Appich, John Simmons, and Creighton Armstrong. Representing the buyer, DiGeronimo Cos., were Ben Bruni and Michael Mayhew from Commonwealth Commercial.
About DiGeronimo Companies
DiGeronimo Cos. is a diverse firm with divisions in development, general contracting, environmental remediation, and demolition. Its portfolio includes mixed-use, industrial, retail, and student housing projects, primarily concentrated in northeast Ohio. The company was recently named as part of the development team for the new NFL stadium for the Cleveland Browns, highlighting its involvement in large-scale, high-profile projects.
A Closer Look at the Property
The 21-acre site is strategically located with frontage on both Route 5 and the Virginia Capital Trail, a popular route for cyclists and pedestrians. This positioning offers high visibility and accessibility, making it an attractive location for potential development.
Currently, the property houses two vacant warehouses that collectively offer approximately 25,000 square feet of space. The remainder of the land consists of paved and grassy areas secured by fencing. The property was marketed as an opportunity for infill industrial development or outdoor storage, consistent with its current industrial zoning.
Environmental Considerations
A significant factor for any future development is the site's environmental status. According to data from the Federal Emergency Management Agency (FEMA), the entire 21-acre property lies within either a 100-year or 500-year floodplain. This designation will likely influence the design, cost, and scope of any new construction on the land.
Future Development Remains Uncertain
Despite the significant purchase, DiGeronimo Cos. has not publicly commented on its intentions for the property. No plans have been filed with Henrico County, leaving the future of the site a matter of speculation. Given the company's diverse portfolio, potential uses could range from a modern industrial facility to a mixed-use project, though any plan would need to address the industrial zoning and floodplain challenges.
The acquisition marks a notable entry into the Richmond-area market for the Ohio-based firm, suggesting a belief in the region's continued economic growth. The lack of available, large industrial-zoned parcels so close to the city center makes this property particularly valuable.
Context of a Growing Area
The sale of the former VDOT land adds another layer of activity to a corridor that has seen increasing developer interest. The property is located directly adjacent to one of the parcels slated for Fulton Yard, a large-scale, phased development project.
Fulton Yard has been in the planning stages since 2019 by Zimmer Development Co., a developer based in North Carolina. The approved project is set to include:
- Over 500 apartments
- 100,000 square feet of commercial space
Zimmer Development acquired the land for Fulton Yard in 2020, but construction has not yet commenced. However, recent statements suggest progress may be on the horizon.
"We are looking to begin construction in the near future," Landon Zimmer, a managing partner at Zimmer Development Co., said recently regarding the Fulton Yard project.
The potential start of the Fulton Yard project, combined with the new ownership of the adjacent 21-acre site, could signal a significant transformation for this eastern gateway into Richmond over the coming years. The development of these parcels would bring new residential and commercial activity to an area historically dominated by industrial use.
