The Richmond metropolitan area's commercial real estate market has demonstrated significant activity, highlighted by an $11 million property sale in Goochland County. This major transaction was part of a series of deals across the region, with the top three sales alone totaling over $14.5 million, signaling continued investment in local properties.
Leasing activity also remained strong, with national retailers and local industrial companies securing large spaces in Chesterfield and Henrico counties. These transactions reflect a dynamic market with movement across office, retail, and industrial sectors, involving prominent brokerage firms and a diverse range of businesses.
Key Takeaways
- An office property in Goochland County sold for $11 million, marking the top transaction in the region.
- The top three commercial property sales combined exceeded $14.5 million.
- Major retailers TJ Maxx and HomeGoods signed significant leases for nearly 55,000 square feet combined in Chesterfield.
- Industrial and service companies, including Atlantic Constructors, secured large warehouse and office spaces, indicating business expansion.
- Transactions were recorded across multiple counties, including Henrico, Chesterfield, Goochland, Powhatan, and the City of Richmond.
Major Property Sales Signal Investor Confidence
The most significant transaction reported was the sale of an 11,144-square-foot property at 12720 Tuckahoe Creek Parkway in Goochland. Manakin Holdings acquired the building for $11 million from HCA Realty. The deal, brokered by Matt Hamilton and Eric Williford of CBRE on behalf of the seller, stands out as a high-value investment in the suburban office market.
This sale underscores the continued appeal of well-located commercial assets in the Richmond suburbs. Such a substantial investment suggests strong confidence in the long-term value of properties in the Goochland area.
Other Notable Sales Transactions
Following the top sale, two other deals surpassed the million-dollar mark, contributing to the market's robust performance. In Powhatan, Berk & ALP LLC purchased 3.88 acres of land at 2600 Rocky Oak Road and 1865 Dorset Road for $2.4 million. This transaction was handled by Ellen Long and Dan Jones with Taylor Long Properties.
In Chesterfield County, the 10,585-square-foot building at 517 Turner Road was acquired by 517 Turner LLC for $1.14 million. The seller was KEDP LLC, and the buyer was represented by Ben Bruni of Commonwealth Commercial Partners. These sales, varying in size and location, illustrate the breadth of investment activity occurring throughout the Richmond region.
Top Three Sales by the Numbers
- Total Value: $14.54 million
- Top Sale: $11 million (Goochland)
- Second Sale: $2.4 million (Powhatan)
- Third Sale: $1.14 million (Chesterfield)
Retail and Industrial Sectors Drive Leasing Activity
The commercial leasing market was particularly active, with major national retailers securing substantial footprints in Chesterfield County. TJ Maxx led the way by leasing 29,971 square feet at 10400 Midlothian Turnpike. In the same shopping center, its sister company, HomeGoods, leased 24,733 square feet. Both tenants were represented by Connie Jordan Nielsen and Nicki Jassy of Cushman & Wakefield | Thalhimer.
These large-scale retail leases, totaling nearly 55,000 square feet, indicate a strong outlook for brick-and-mortar retail in high-traffic suburban corridors like Midlothian Turnpike.
Industrial and Office Leasing Highlights
The industrial sector also saw significant movement. Atlantic Constructors leased 27,300 square feet at 7425 Ranco Road in Henrico. Rebecca von Meister with Taylor Long Properties represented the tenant in this major industrial lease.
In another large transaction, Dorms Direct took 25,000 square feet at 1210 Ingram Ave. in Richmond. The landlord was represented by Harrison McVey and Brantley Hathaway Jr. of Range Commercial Partners. These leases reflect ongoing demand for warehouse and operational space within the city and its surrounding industrial parks.
On the office front, Johnson, Mirmiran & Thompson, an engineering firm, leased 23,578 square feet at 75091 Boulders View Drive in Chesterfield. Brian K. Berkey and Karla Knight with Cushman & Wakefield | Thalhimer represented the tenant.
Understanding Commercial Leases
Commercial leases are agreements where a business rents a property for commercial purposes. The size of the space, measured in square feet, and the location are key factors. Large leases by national brands or expanding local companies are often seen as positive economic indicators for a region.
A County-by-County Look at Recent Deals
Commercial real estate activity was spread across the Richmond metro area, with numerous smaller sales and leases contributing to the market's momentum. Brokerage firms reported a variety of transactions catering to different business needs.
Henrico County Transactions
Henrico County was a hub of activity for both leasing and sales. Range Commercial Partners reported that Richmond Indoor Playground, operating as Hyper Kidz Richmond, leased 13,040 square feet at 9130 W. Broad St. This deal highlights the demand for family-oriented entertainment venues in suburban retail spaces.
Other notable leases in Henrico include:
- Faye Insurance leasing 6,076 square feet at 2810 N. Parham Road.
- Early Autism Services expanding its presence by 6,116 square feet at 2006 Bremo Road.
- Innovitamin Solutions leasing 1,279 square feet at 2200 Pump Road.
- Wilson Lee Interiors leasing 2,922 square feet at 11551 Nuckols Road.
Chesterfield County Activity
Beyond the major retail leases, Chesterfield saw several other deals. Garrett Ford purchased 5 acres at 13260 Tredegar Lake Parkway for $675,000 from Shaw Industries Group, a deal brokered by CBRE. This land acquisition points to potential future development in the area.
BAPS Auto Paints & Supply also expanded its presence in the county by leasing 5,000 square feet at 1912 Battery Dantzler Court, with Robert Marshall of Taylor Long Properties representing the landlord.
City of Richmond and Beyond
The City of Richmond also saw its share of transactions. Azitra of Richmond, Inc. purchased a 3,509-square-foot property at 415 W. Grace St. for $950,000. In the Carytown neighborhood, Atlantic Leases purchased 1,350 square feet at 3415 W. Cary St. for $450,000.
In Colonial Heights, a significant sublease was reported by Taylor Long Properties. Consolidated Electrical Distributors subleased 20,000 square feet at 1918 Ruffin Mill Road, indicating fluid movement within the industrial property market.
The diverse range of transactions, from multi-million dollar sales to smaller retail leases, illustrates a healthy and multifaceted commercial real estate environment across the entire Richmond region.
Brokerage Firms Report a Busy Period
Multiple real estate brokerage firms were instrumental in facilitating these deals, providing a comprehensive view of the market's state. Cushman & Wakefield | Thalhimer, CBRE, Taylor Long Properties, Commonwealth Commercial Partners, Range Commercial Partners, and Colliers all reported closing significant sales and leases.
The involvement of these prominent firms highlights the professional infrastructure supporting the region's real estate market. Their collective activity paints a picture of a market with steady demand across office, industrial, retail, and land sectors, setting a positive tone for the remainder of the year.
