Tuesday, May 17, 2011

All of a sudden Boomtown, USA

According to Richmond BizSense, commercial real estate firms have reported $160.6 million in sales from 34 deals for the first four months of 2011, up more than 200 percent from the $47.9 million in sales for the same period in 2010.

“The office market for sales is just beginning to pick up a little steam, and I suspect that we will see some fairly steady activity from here on out,” said Walton Makepeace, a broker with CB Richard Ellis.

Makepeace was one of the brokers involved with the second-largest deal to move forward this year: Dominion Realty Partners’ $63.7 million sale of Riverside on the James to McLean-based American Real Estate Partners.

“I think that deal will start some momentum in downtown Richmond for office building sales,” Makepeace said.

To read the full Richmond BizSense article, please click here.