Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.
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Olive Garden and Krispy Kreme **MIGHT** open in Harrisonburg. Per today's Daily News Record article....
A recently completed housing study prepared for the Harrisonburg Housing and Redevelopment Authority had a helpful and informative snapshot of recent economic development announcements.....
Do you know of any additional recent economic development announcement? Are any of those on the list above now inaccurate or out of date?
Walmart, Gabe's and Hobby Lobby were some of the major participants in the commercial real estate market in 2015, but as noted in today's DNR article....
[...] it's a nonbuilding project, the completion of the half-loop connecting U.S. 33 east and west of Harrisonburg known as the Southeast Connector, that's predicted to have the greatest effect on commercial real estate.Read the fully Daily News Record article for an overview of some of the changes and new developments seen in the Harrisonburg commercial real estate market in 2015.
Pheasant Run Townhomes is a college rental community comprised of 143 townhouses. Of those 143 townhouses, 103 are corporately owned and 40 are privately owned. The privately owned townhouses have recently been selling in the $140K's....
The latest news is that the 103 townhouses that are corporately owned sold for $10,425,000 on December 18, 2015 to TRP Pheasant Run Manager LLC, a company affiliated with Thalhimer Realty Partners, which is a subsidiary of Cushman & Wakefield/Thalhimer.
As per today's article in the Daily News Record....
Matt Raggi, a vice president with Thalhimer Realty Partners, said the company will operate the property. It owns and operates almost 4,000 apartment units in Virginia and the Carolinas, including student markets such as Richmond, Norfolk and Chapel Hill, N.C.Absent any major changes in strategy by the new corporate owner (which seems unlikely) I anticipate that the 40 privately owned townhouses will continue to sell for similar prices as they have in the recent past, and that the community will remain a good option for investors looking to purchase a student housing rental property.
Find out more about Pheasant Run at HarrisonburgInvestmentProperties.com.
The Planning Commission has approved the rezoning of an 8 acre parcel on the corner of East Market Street and Country Club Road. City Council will be considering the rezoning on January 12, 2016.
The potential rezoning is somewhat historic....
"Brian Shull, the city's economic development director, said the parcel could become the first noncommercial lot of 7 acres or more along East Market to be rezoned for commercial use since 2003, when Harrisonburg Crossing was created at the former Dunham-Bush plant."Two changes were actually needed, as outlined in this Daily News Record article....
For the project to move forward, the parcel's land-use designation in the city's comprehensive plan must be changed to commercial from conservation recreation. The property then must be rezoned to general business district conditional from single-family residential district. Senior planner Alison Banks said the Harrisonburg Planning Commission approved both requests unanimously on Dec. 9. City Council also must sign off and is slated to take up the matter at its Jan. 12 meeting. The change makes sense to the city's planning staff, she said, because of the nature of traffic in the area and utilities on the site. "This portion of the country club that we'd be subdividing off along East Market Street is at a busy intersection," Banks said. "Large [Harrisonburg Electric Commission] power lines run thorough it, too." The conceptual site plan presented to the Planning Commission shows two entrances to the small center - a standard one with turn lanes off Country Club Road, and a right in, right out off East Market Street at the property's eastern edge.Find out more about this parcel of land at SpotswoodLand.com.
The proposed site plan (pdf) is included below....
Click here to download a high resolution version of this map, and a few others as well!
The Board of Supervisors will hold a public hearing today at 7:00 PM to receive input on expanding the its "Urban Development Area" to include the additional land shown on the maps above.
This potential expansion would triple the size of the current UDA, which was established in 2011 just after Sentara RMH Medical Center opened. From the staff report to the Board of Supervisors....
"Since 2011, commercial and residential development activity has increased and Stone Spring Road has been completed. [...] Interest in the development of commercially zoned land in this same area is expected to increase as a result of the relocation and completion of Stone Spring Road and the construction of Albert Long Park."Why should this area be expanded, you might ask? Per today's DNR article...
"According to county officials, an expanded UDA would put Rockingham County in a better position to compete for state money under the new prioritization process for transportation funding adopted by the General Assembly in 2014."Click here to read today's Daily News Record article on the topic.
Click here to download an excerpt from the Board of Supervisor's packet.
Get ready for some significant shifts in the locations considered by new businesses coming to Harrisonburg -- thanks for the upcoming completion of the SouthEast Connector Road.
Read more about its potential impact on our local commercial real estate market over at Tim Reamers' blog....
1,124 Words About Asphalt by Tim ReamerOr, find out more about Stoneport, the new mixed used development on the SouthEast Connector Road....
Ribbon Cutting at the Harrisonburg Ice House
Local commercial real estate agents indicate that the Harrisonburg area market performed well in 2014....
"It was a pretty good year," said David Lee of Lee and Associates. "We had nice, stable, slow, steady growth, which is what you like to see."....and they expect even better results in 2015....
"We are finally at a point where investors and tenants are comfortable taking some calculated risk. ... We haven't had a lot of ground-up development in quite some time," Reamer said, "but we seem to be poised for that in 2015 and I think that will be the dominant storyline of this upcoming year."Read more in this week's article in the Daily News Record....
A Solid Base To Build On
By Vic Bradshaw
Wal-mart Stores Inc. will be opening up a "neighborhood market" at Stoneport, which is a standalone grocery store concpet that will also feature a drive-thru pharmacy. The map above (larger version here) shows the location of this new commercial tenant, close to the intersection of Port Republic Road with the new connector road.
Read more in yesterday's Daily News Record article, an excerpt of which follows....
While best known for its supercenter stores, which sell groceries along with myriad other items ranging from automotive parts to clothing, Wal-Mart has been expanding the market concept launched in 1998. Henneberg wrote that the stores allow the company to offer fresh groceries, a pharmacy and some household items in a smaller footprint.
Located in the heart of the Shenandoah Valley, Harrisonburg is the perfect home for your business and your career. Here, local businesses benefit from:
Learn more at HarrisonburgDevelopment.com....
click here for a larger image
Construction is moving right along on a new development on University Boulevard between Regal Cinemas and Outback Steakhouse. This new complex will include Buffalo Wild Wings (relocating from South Main Street), Dunkin' Donuts (with a drive through!), Which Wich, and one to-be-determined tenant.
Learn more about this new complex, University Center, here.
A large data center on North Main Street in Harrisonburg has been sold for 59 million dollars. Read the Daily News Record article for some context for the sale.
Here is a summary of the recent history of this property....
click here to view a larger version of this image
Construction is booming on Port Republic Road in the vicinity of the Sentara RMH Medical Center, to include....
As reported in the Daily News Record last month, the large data center on North Main Street in Harrisonburg was sold to DBT-Data for $35M last month.
Here is the history of the property....
A recent press release offers further insights on the facility....
It will be interesting to see if DBT-Data can now make good use of this data center, and bring in government and private sector clients for their data storage needs.
From time to time there are some rather interesting property transfers in the City or County. Below are a few from the end of August. Explore more via HarrisonburgPropertyTransfers.com.
First, an office / retail building on Neff Avenue....
Next, the new 7-11 (gas station and convenience store) on the corner of Reservoir Street and Neff Avenue.....
And finally, a large data center on North Main Street (details here)....
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