Aug 14, 2012 

 
Have You Heard?

   

Greetings!

The Grapevine has learned that construction will begin on the Shenandoah Building in the next three weeks. The project has a total cost of $10M and will produce 90 apartments and ground-floor retail. It will be renamed to reflect the building's involvement with the history of the Blue Ridge Parkway. For 30 years, the sixth floor was home to architect Stanley Abbott, designer of the Parkway.

Featured Property: 3801 Blue Ridge Drive

 

FOR SALE -
Sale-leaseback opportunity on flexible manufacturing building with on over-sized 9.68 acre lot. 34,800 sprinkled square feet (only 2,000 of which is office), 20ft ceilings, radiant gas heat, and energy-efficient lighting. 4 dock doors plus drive-in doors at each end. Tenant in business for over 40 years. Long-term NNN lease available.

Call Bryan or Richard for more information.
Readers vs. The Stats  

How our market stacks up: Part 4    
                                       

Take a look below at what you, our readers, thought were the most pressing retail needs in the Roanoke metropolitan statistical area (MSA). Sporting Goods was first, Health and Personal Services second, and Restaurants tied with Clothing stores for third place.

 

 

 

 Let's see how that compares to the statistics. Remember that anything above zero represents unmet demand, whereas numbers below zero represent an oversupply in the marketplace (or perhaps that the existing supply is attracting business from outside the MSA).

   

 

It seems our readers instincts were correct half the time. The statistics say we already have more than enough Restaurants and providers of Health and Personal Services (which admittedly is a broad category). In fact, it suggests that Roanoke attracts consumers from outside the MSA in these two particular retail segments.

 

As it turns out Car Dealerships (who knew!), Electronic Stores, Office Supplies and Clothing (btw, women's clothing, especially) represent the niches with the greatest retail opportunity in Roanoke. Thoughts? Comments? Questions? Debate? We're interested in your opinion.

 

Issue: 11         
In This Issue
Featured Property
Defining Our Market
What did it sell for?




318 & 324 24th Street NW
Roanoke, VA

This 10,505 s.f. Family Dollar store was sold in June for $169.21/ft. It was purchased by a Real Estate Investment Trust (REIT) as part of a 132-property portfolio. The total purchase price of the portfolio was $178,800,000!

  

 

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


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