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Groundbreaking: Commercial real estate year in review

The ledger for Richmond-area commercial real estate deals in 2017 is almost closed ... 3021 Commerce Road for its future Deepwater Industrial Park. Work is underway on California-based Panattoni Development Co.’s 1 million-square-foot spec warehouse ...

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JElias O'Neal December 26, 2017 0 The ledger for Richmond-area commercial real estate deals in 2017 is almost closed, ending a year in which everything was in playFrom big industrial deals to continued interest in the city’s urban core, both local and out-of-players made waves in the region this year.The social networkLook no further than White Oak Technology Park in eastern Henrico County for what is easily the biggest deal of the yearFacebook announced in October plans to construct a $1 billion, 970,000-square-foot data center on about 330 acres of the parkThe region fended off competition from the Northern Virginia suburbs to land the deal, work for which has since been dished out to various contractors.The Coliseum The biggest news out of downtown this year is race to secure a development team to replace the aging Richmond Coliseum and revamp surrounding blocksA group led by Tom Farrell was leading an initial charge at the idea and then the city issued an RFP for an arena-anchored development that would look to revitalize about 20 acres of the city.Big moneyOne of the biggest deals of the year came in January, when Bill Goodwin’s Riverstone Properties became the new owner of the James Center, a three-building office complex encompassing nearly 1 million square feet at 901, 1021 and 1051 ECary StGoodwin’s group payed $108 million for the assets.

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