June 19, 2012 
Downtown Comings and Goings

 

Greetings!

For Downtown Merchants it is welcome news indeed that Southern Coal Corp. will soon occupy 3 floors of the Bank of America Building on Jefferson Street. Not so welcome is the news "The Grapevine" has learned that CBIZ, a large provider of comprehensive business services, is moving from the BB&T tower on 1st Street out to a site near the airport.

 Featured Property:
1316 Jefferson Street - Virtual Tour 1316 Jefferson Offices
FOR LEASE - This recently remodeled space was built out for a physical therapy provider. It is in an historic building on both the trolley and bus lines and is seconds from Downtown, Roanoke Memorial, VT-Carilion School of Medicine, and other physician specialties. It is ready-to-go ADA-compliant space with plenty of parking. Tenant mix includes pain management center on upper floor.

Call Bryan or Richard for more information.
By the numbers

Downtown Use Conversion Makes Economic Sense    
                                               
There have been a number of factors which have contributed to the recent trend of converting downtown industrial, retail and office buildings to residential uses.

Perhaps none are more compelling than the data below which show that, in downtown, owners can expect to achieve the highest income per square foot through a residential use.



Additionally the chart shows why it often makes more sense to convert industrial and retail to residential than it does to convert office space.

Some data provided by ~www.costar.com
Issue: 5   
In This Issue
Featured Property
By the Numbers
What did it sell for?




2923 Franklin Road
Roanoke, VA

In August, the outpatient imaging center operated by InSight Imaging was sold as a net lease investment. The real estate consists of a 6,802 sq. ft. building on 1.17 acres and was re-developed in 2003.
The sales price reflects a CAP Rate of 7.7% on the initial rent. 11 years remain on the lease.

 

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Richard Wellford, CCIM
(540) 855-3648
 Email
VCard


Bryan Musselwhite
(540) 855-3654
Email
VCard
Richard Wellford and Bryan Musselwhite
Commercial Real Estate Grapevine