The Richmond metro area's commercial real estate market demonstrated significant strength in 2025, with the top ten largest transactions totaling an impressive $914.1 million. This figure marks a 9.5% increase from the previous year's total of $835 million, signaling robust investor confidence in the region, particularly within the industrial and multifamily sectors.
Out-of-town capital was the primary driver behind this growth, with non-local buyers responsible for nine of the ten most valuable deals. The industrial sector continued its multi-year dominance, securing four of the top ten spots and claiming the year's single largest sale.
Key Takeaways
- The top 10 commercial real estate deals in Richmond totaled $914.1 million in 2025, a 9.5% increase over 2024.
- The industrial sector was dominant, accounting for four of the top 10 sales and the number one spot.
- Nine of the ten largest transactions were completed by buyers from outside the Richmond area.
- The largest single deal was the $142 million sale of the Eastport Industrial Park.
- Multifamily apartment complexes also saw major investment, with four properties making the top 10 list.
Industrial Sector Continues its Reign
For the third consecutive year, an industrial property transaction was the largest commercial real estate deal in the Richmond region. This trend highlights the critical role of logistics, warehousing, and distribution centers in the modern economy. In 2025, industrial properties represented not only the top deal but also three of the top five.
The year's most significant sale was the $142 million acquisition of Eastport Industrial Park by Boston-based private equity firm Rockpoint. The eight-building, 86-acre complex near Richmond International Airport is a strategic asset, boasting nearly 1 million square feet of space and close to 100% occupancy. Its anchor tenant is the dog treats company TDBBS.
The second-largest deal of the year was also an industrial property. A Seattle firm purchased the SanMar Richmond warehouse in Hanover County for $128 million. The acquisition of the 190-acre site was reportedly driven by the value of having a stable tenant like SanMar and the significant potential for future expansion on the property.
Industrial Market by the Numbers
- $438 million: The combined value of the top four industrial deals in 2025.
- #1 Deal: Eastport Industrial Park at $142 million.
- #2 Deal: SanMar Richmond warehouse at $128 million.
Other major industrial transactions underscore the sector's strength. In the spring, a Dallas-based buyer acquired two South Richmond warehouses for $97.5 million. These facilities, totaling nearly one million square feet, are leased to e-commerce giant Amazon and electronics manufacturer Brother International Corp.
Further demonstrating investor appetite, a newly constructed Dover Food Retail refrigeration warehouse in Chesterfield sold for $70.5 million. The sale of the 500,000-square-foot building at 16401 Walthall Industrial Parkway occurred just one day after its official opening ceremony, with a buyer affiliated with JLL securing the property.
Multifamily Properties Attract Major Capital
While industrial assets claimed the top spots, the multifamily housing market also experienced a surge of investment, reflecting strong demand for rental properties in the region. Four large apartment complexes were featured in the year's top ten deals.
The largest multifamily sale was The Collective West Creek, which sold for $102.1 million. This transaction was notable as the only deal in the top ten to involve a local buyer, with Weinstein Properties acquiring the 335-unit complex early in the year.
Innsbrook, an area transitioning from a traditional office park to a vibrant mixed-use community, was the site of two major sales. The Metropolis at Innsbrook, a 402-unit complex built in 2023, was sold for $98 million to a joint venture involving firms from Boston and New York. Just before the year's end, the 234-unit Triton Glen Apartments, also in Innsbrook, sold for $65 million to an entity linked to Charlottesville’s Seminole Trail Management.
The Transformation of Suburban Hubs
The significant investments in apartment complexes like Metropolis and Triton Glen in Innsbrook highlight a broader trend. Former suburban office parks are being reimagined as live-work-play environments. This shift caters to changing lifestyle preferences and corporate needs, driving up the value of residential properties in these evolving areas.
Rounding out the multifamily deals, The Sphere apartments, a 224-unit complex near Virginia Union University in Northside, were purchased by New Jersey-based Conserve Holdings for $45 million. This same company had acquired the neighboring Spectrum apartments the previous year, indicating a focused investment strategy in the area.
Retail Centers Signal Evolving Strategies
The retail sector also made a strong showing, with two major shopping centers changing hands. These sales suggest that well-positioned retail properties with strong anchor tenants and redevelopment potential remain attractive investments.
The West Broad Marketplace in Short Pump was acquired for $86 million by a Chicago-based Real Estate Investment Trust (REIT). The center is anchored by high-traffic retailers Wegmans and Cabela's. The new owner also holds Stonehenge Village in Chesterfield, another Wegmans-anchored property, suggesting a strategy centered on grocery-anchored retail hubs.
In a deal finalized just weeks before the end of the year, Chesterfield Towne Center sold for $80 million. The new ownership group has indicated it is exploring redevelopment options for the enclosed mall, a move that aligns with national trends of modernizing and diversifying traditional mall properties to better serve community needs.
A notable absence from the 2025 list was the office sector. The complete focus on industrial, multifamily, and retail properties in the top ten deals reflects a broader market shift as investors prioritize assets aligned with e-commerce, housing demand, and experiential retail over traditional office space.
