PRESS RELEASE: CBRE|Richmond Sells South Plant for $9.25 million

Richmond, VA – CBRE|Richmond recently completed the sale of Reynolds South Plant at 7th and Hull Street in the historic Manchester district of Richmond, Virginia. The 17.2- acre mixed-use development property is the former location of Reynolds Packaging Group’s foil manufacturing plant and was purchased by Thalhimer Realty Partners, Inc. for $9.25 million.

The property is zoned for mixed-use development and due to its riverfront location south of the James River, it is considered a key commercial development piece in the Manchester area. The project consists of over 7.5 city blocks with historic buildings that can be converted to multi-family, retail and office uses. 

“This has been called one of the most significant riverfront properties in Richmond. Due to the modified RF zoning and relative “blank slate” for a developer to work with, in time, this could easily rival the North of the river financial district in mixed-use development,” said Trib Sutton, Senior Vice President, CBRE|Richmond.

The team of Rob Dirom, Scott Boyers, Trib Sutton, Scott Durham and John Carpin of CBRE|Richmond represented the seller in the transaction. In addition, this team was responsible for the sale of the North Plant property in February 2012 for $7.3 million. The North Plant was a similar manufacturing plant situated on 6.8 acres in the central business district with frontage along the Kanawah Canal and the James River. The buyer of the North Plant was Fountainhead Properties and WVS who have recently finished the first phase of development by delivering over 174 upscale apartments along with retail space.

TAGS: Investment