News Summary
Virginia’s commercial real estate market shows positive momentum with significant transactions across diverse sectors, indicating strong investor interest. Major purchases, including office condominiums and industrial land, reflect confidence in the region’s growth. Notable acquisitions by Tuscany Property Group and DSC Partners signal increasing investment activity, while leasing transactions reinforce a healthy market outlook. Recent developments demonstrate Virginia’s commercial real estate sector is expanding, driven by both purchase and leasing activities.
Williamsburg, Virginia
Recent significant commercial real estate transactions in Virginia highlight a growing interest among investors, reflecting a robust market for both leasing and purchasing properties across various sectors.
Major Purchases Underline Investment Trends
Tuscany Property Group LLC, an investment company, has purchased a two-story office condominium located at 1116 Professional Drive in Williamsburg for $480,000. The property spans 3,276 square feet and was sold by the Lis Schakinger Doley Trust. This transaction was facilitated by Andy Dallas, who represented the seller.
In Chesapeake, HREP Acquisitions LLC acquired a substantial industrial-zoned land parcel comprising 6 acres at 3945 and 3953 S. Military Highway for $1.5 million from Cummins Inc. This property is earmarked for future development plans, which will likely contribute to the area’s industrial growth. Geoff Poston and Taylor Anderson represented the seller in this transaction.
Additionally, Kero Management LLC has purchased a 9,080-square-foot office-warehouse condominium at 11841 Canon Blvd. in Newport News for $880,000, aimed at owner-occupied investment. The transaction involved Andy Dallas and Ellis Colthorpe acting on behalf of Just5 LLC, the seller.
Large Portfolio Acquisition Signals Market Confidence
In a noteworthy deal, DSC Partners LLC has acquired a 22-building portfolio that encompasses over 1.3 million square feet of office, flex, and industrial spaces, although the exact purchase amount remains undisclosed. This portfolio includes notable properties such as Liberty Executive Park and Lake Center located in Chesapeake, as well as several properties across Virginia Beach and Hampton. The acquisition was executed in collaboration with LoanCore Capital through an assignment in lieu of foreclosure transaction.
In Newport News, DSS of Newport News LLC has purchased a 48,000-square-foot property situated at 220 Picketts Line for an impressive $5.85 million, acquired from Grant Investment Management LLC. This deal contributes to the expanding commercial footprint in the area.
Additional Noteworthy Transactions
Four Winds Shoppes LLC has acquired a 10,000-square-foot retail property, Woodford Shoppes, in Chesapeake for $2.475 million, further emphasizing the retail sector’s attractiveness to investors in the region. In the industrial sector, MDCC Partners LLC bought a 17,760-square-foot industrial building located at 3449 E. Virginia Beach Blvd. in Norfolk for $1,050,000 from A and J Peltz Associates LLC.
Meanwhile, 1407 Stephanie Way LLC purchased a 5,716-square-foot industrial property located at 1407 Stephanie Way, Units D and E, in Chesapeake for $960,000. WEDG Acquisitions LLC also secured 1 acre of land at 5200 W. Mercury Blvd. in Hampton for $500,000 as part of the ongoing development efforts across the region.
Leasing Activity Reinforces Market Strength
A range of leasing transactions further illustrates the health of the commercial real estate market in Virginia. Forefront Dermatology has leased 3,509 square feet of medical space in a mixed-use development in Suffolk. Other notable leasing activities include new leases for Fastenal Co., Proud Moments MSO LLC, and Cornerstone Granite across multiple locations.
Significant lease renewals have also been recorded, including for Maryview Hospital LLC and Legacy Flooring LW LLC, both securing office and industrial spaces, respectively.
Conclusion
The latest commercial real estate transactions and leasing activities underscore an upward trajectory for Virginia’s real estate market. This increased investment interest and leasing activity denote not only a strong economic outlook but also a positive trend in property development and business expansions across the state.
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Additional Resources
- Bain Capital News
- Daily Press
- Financial Times
- Wikipedia: Commercial Real Estate
- Google Search: Virginia commercial real estate
Author: STAFF HERE WILLIAMSBURG WRITER
WILLIAMSBURG STAFF WRITER The WILLIAMSBURG STAFF WRITER represents the experienced team at HEREWilliamsburg.com, your go-to source for actionable local news and information in Williamsburg, James City County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Williamsburg Farmers Market, Yorktown Market Days, and Busch Gardens Food & Wine Festival. Our coverage extends to key organizations like the Greater Williamsburg Chamber of Commerce and Colonial Williamsburg Foundation, plus leading businesses in education and hospitality that power the local economy such as College of William & Mary, The Williamsburg Winery, and Sodexo. As part of the broader HERE network, including HEREVirginiaBeach.com, we provide comprehensive, credible insights into Virginia's dynamic landscape.
