Henrico County is a great place to do business, and it?s a great place to purchase commercial and industrial property. In the past year and a half, three large transactions involving eastern and western Henrico properties have brought investors from different states into the county. Who are these firms investing in Henrico? And what makes Henrico County so attractive to out-of-state investors?
Arizona Firm Invests in Eastern Henrico
Cole Real Estate Investments, based in Phoenix, AZ, recently purchased White Oak Village, a 61-acre shopping center in eastern Henrico. White Oak Village is home to Target, Lowe?s, JCPenney and Martin?s, among many other retail stores, restaurants and service providers.
In a recent article on RichmondBizSense.com, Scott Holmes, Senior Vice President-Acquisitions, of Cole Real Estate Investments, was quoted in saying that his firm was attracted to White Oak because it is ??a densely populated trade area and an excellent location along a high-traffic retail corridor.?
Henrico County has many thriving retail corridors and an excellent transportation infrastructure. Those traits, along with the variety of commercial space available in the county, also brought San Diego- and Miami-based companies to our locale.
San Diego Firm Chooses West Broad Village
Excel Trust, a firm based in San Diego, CA, recently completed a deal to buy 386,000 square feet of retail and commercial space, as well as The Flats at West Broad Village?a 339-unit apartment complex. The apartment community, which is 98% leased, contains luxury one-, two- and three-bedroom units. The retail space is home to Whole Foods, REI, HomeGoods and more.
Recent media reports say Excel Trust may open an office in some of the undeveloped space in West Broad Village, which suggests a continued desire to invest in Henrico.
Miami-Based Company Focuses on RIC Area
Adler Real Estate Fund, out of Miami, recently partnered with Dallas-based firm TriGate Capital to purchase Byrd Center Park, a 32-acre, 475,000-square-foot mixed-use office park comprising 10 buildings.
Matthew Adler, the company?s Chief Investment Officer, was quoted by richmondbizsense.com as saying that what drew the firm to Byrd Center Park is that it is a ??unique property in a growing commercial corridor near the airport.?
As Henrico County continues to expand and grow, it will undoubtedly become more attractive to national and international investors. If you?re looking for a commercial property in Henrico County, visit our Commercial Real Estate search tool or contact the Henrico EDA.
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