News Summary
The commercial real estate market in the Hampton Roads region is experiencing dynamic activity with several notable acquisitions and leases in Williamsburg, Chesapeake, Newport News, and Norfolk. Tuscany Property Group LLC purchased an office condominium for $480,000, while HREP Acquisitions LLC acquired 6 acres of industrial land for $1.5 million. Additional transactions reflect a growing demand for commercial spaces and exciting future developments, showcasing the area’s potential for expansion and investment.
Williamsburg, VA – Active Real Estate Market Sees Significant Transactions
In a demonstration of the thriving commercial real estate market in the Hampton Roads region, several notable acquisitions and leases have occurred in recent weeks. Key transactions include various commercial properties being sold and leased across cities such as Williamsburg, Chesapeake, Newport News, and Norfolk, highlighting a diverse array of investments aimed at future development and expansion.
Recent Sales Highlights
Tuscany Property Group LLC has made headlines by purchasing a two-story, 3,276-square-foot office condominium located at 1116 Professional Drive in Williamsburg for $480,000. The property was sold by Lis Schakinger Doley Trust, with Andy Dallas representing the seller.
In Chesapeake, HREP Acquisitions LLC acquired 6 acres of industrial-zoned land situated at 3945 and 3953 S. Military Highway from Cummins Inc. for $1.5 million, signaling potential future development. Meanwhile, Kero Management LLC invested in a 9,080-square-foot office-warehouse condominium at 11841 Canon Blvd. in Newport News for $880,000, also represented by Andy Dallas and Ellis Colthorpe.
DSC Partners LLC completed a significant transaction by purchasing a portfolio of 22 buildings comprising over 1.3 million square feet located in various sites, including Chesapeake, Virginia Beach, and Hampton, through an assignment in lieu of foreclosure transaction. In another noteworthy acquisition, DSS of Newport News LLC secured an industrial property at 220 Picketts Line in Newport News for $5.85 million from Grant Investment Management LLC.
Other key sales include Four Winds Shoppes LLC acquiring the Woodford Shoppes retail property at 681 N. Battlefield Blvd. in Chesapeake for $2.475 million and MDCC Partners LLC acquiring a 17,760-square-foot industrial building in Norfolk for $1.05 million. Moreover, 1407 Stephanie Way LLC purchased a 5,716-square-foot industrial property in Chesapeake for $960,000, while WEDG Acquisitions LLC bought 1 acre of land in Hampton for $500,000 from Cousins Real Estate LLC.
Leasing Activity
The leasing sector has also shown vibrancy with significant agreements executed across the region. Forefront Dermatology leased 3,509 square feet of medical space in Suffolk, while Fulcrum Concepts LLC secured 7,490 square feet of industrial space in Newport News. Fastenal Co. expanded its operations by leasing 6,000 square feet of industrial space in Chesapeake, showcasing the ongoing demand for commercial space in various sectors.
Notable office and retail leases have occurred across cities including Virginia Beach, Newport News, and Hampton, further indicating the steady growth trajectory of the local real estate market.
Future Developments and Conservation Efforts
Exciting developments are on the horizon as LS GreenLink U.S.A. Inc. has made a significant decision to buy 96.62 acres in Chesapeake, which is intended for what is projected to be Virginia’s tallest building and subsea cable factory. Additionally, recent land acquisitions by the Upper Mattaponi Indian Tribe and Rappahannock Tribe to receive Virginia Land Conservation Fund grants underline a new era of conservation efforts in Virginia, signifying a commitment to preserve natural resources and heritage.
Moreover, the construction of Lake Taylor Pointe Apartments, a $43 million project comprising 198 units in Norfolk, has been completed, further contributing to the region’s growing residential landscape.
Conclusion
This concentrated flurry of real estate activity in the Hampton Roads area reflects a robust and continually evolving commercial market, marked by strategic acquisitions, significant developments, and a proactive approach to land use that includes both expansion and conservation efforts.
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Additional Resources
- Pilot Online: LS GreenLink Buys Chesapeake Land
- Wikipedia: Chesapeake, Virginia
- Pilot Online: Public Records July 3
- Google Search: Chesapeake Virginia
- Chesapeake Bay Magazine: Pasadena MD Couple Buys Island
- Google Scholar: Chesapeake Energy
- Virginia Mercury: Tribes Awarded State Grants
- Encyclopedia Britannica: Real Estate
- Hotel Business: Chesapeake to Sell Two NYC Properties
- Google News: Real Estate Hampton Roads
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.
