Recent real estate transactions in Virginia have marked significant developments in both commercial and residential sectors. Notably, a new RaceTrac fuel station and convenience store is set to be established in Chesapeake, while a historic office building in Norfolk has changed hands.
Del Lago Ventures Inc. has acquired a 3.39-acre site on Robert Hall Boulevard in Chesapeake for $1.12 million. The company plans to develop a RaceTrac location, enhancing local fuel and convenience options. Katherine Campbell represented the seller, Military Land Partners LLC, in this deal.
In another prominent transaction, One East Plume Norfolk LLC purchased the property at One East Plume in Norfolk for $2.2 million. Originally constructed in 1905 as a hotel, this building was converted into an office space in the 1980s. The first floor currently houses a Jimmy John’s restaurant, while the upper levels have been transformed into luxury apartments. Clark Simpson represented the buyer in this acquisition.
In Newport News, 5948 Jeff Ave LLC completed the purchase of an 8,500-square-foot office and warehouse property for $575,000, with plans to lease the facility. The transaction was facilitated by Kenneth D. Penrose Jr., who represented the buyer.
Another significant deal involved the Arc of Greater Williamsburg, which purchased a 10,000-square-foot office building at 438 McLaws Circle for $1.8 million. Andy Dallas and Bobby Phillips represented the seller, NRK Properties LLC, while Dawn F. Griggs represented the buyer.
In Hampton, Munford Real Estate Group LC acquired a 25,192-square-foot building at 400 Rotary St. for $2.75 million. This deal was reported by Cushman & Wakefield | Thalhimer, with Clay Culbreth representing the seller.
Additionally, MRKT Construction II purchased a 5,186-square-foot industrial/flex building located at 617 Innovation Drive for $525,000. The buyer intends to utilize the property to support its multifamily portfolio, with Josh Fulton representing the seller in this transaction.
Leasing activity has also been notable in the region. Blue Cow Ice Cream Co. has secured 1,696 square feet at The Traditions at Sherwood Lakes for its second location in Virginia Beach, with Katherine Campbell representing the tenant.
Moreover, Modern Woodman of America has leased 4,247 square feet of office space in Lake Center I at 501 Independence Parkway in Chesapeake. This deal was facilitated by Elizabeth Paasch.
In retail, LoveSac leased 2,015 square feet in the Marketplace at Tech Center located at 12090 Jefferson Ave. in Newport News. Elizabeth Napolitano and Kris Fuller represented the landlord in this transaction.
As these developments unfold, they reflect a dynamic market in Virginia’s commercial real estate landscape, showcasing both new investments and ongoing leasing activities that contribute to local economic growth.
