Home News ‘North End’ Innsbrook site sells to New England developer for $23M

‘North End’ Innsbrook site sells to New England developer for $23M

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An image of the planned development site facing west. (Image credit: Highwoods Properties)

In its first transaction on the Richmond market, the aptly-named real estate firm has signed a major development on the north end of Innsbruck, completing an eight-figure deal.

Massachusetts-based Northland has purchased the majority of the so-called North End Site, a 34-acre complex owned by Highwoods Properties. Positioning of multi-purpose development Located on Nuckols Road and Interstate 295.

Northland purchased 22 acres of land from Highwoods for $23.25 million, according to a deed filed with Henrico signed on August 31.

The Northland portion of the North End has been approved for 600 apartments, 100 condominiums, 55,000 square feet of retail space and a 150 room hotel, and the building will also house half of the condominiums. The company said in a release that it will start designing and master planning for development this year.

Adding to the project is 315,000 square feet of Class A office space that Highwoods plans to develop on the remaining 12 acres it still owns. The land includes the site of the former Innsbruck After Hours concert venue, which Highwoods plans for a new building totaling approximately 200,000 square feet.

Highwoods is also planning a third North Shore Commons building that will total 100,000 square feet, said senior vice president Jane Dufrasne.

34 full acres Rezoned last fall, months after Highwoods announced its vision for the project. DuFrance said Northland shares that vision and is familiar with the Innsbrook and North End projects. said to be connected to

Regarding Northland, DuFrane said: They are similar in size to Highwoods. They are not merchant builders because they have a long-term holding philosophy. They don’t intend to sell the property the moment it is built. “

“We met them a long time ago, and I’m thrilled they went through the process and ended up down the aisle together as partners,” she said.

Northland’s release included comments from Associate VP of Development Santo Dettore, who said the company was “strongly committed to establishing Northland’s entry into the Richmond market with such an innovative and groundbreaking project.” I’m excited,” he said.

He said Subway Richmond is Northland’s target market. He tried to reach out to Dettore for further comment, but was unsuccessful on Thursday.

Founded in 1970, Northland focuses on the development of long-term managed and owned multifamily and mixed-use properties. According to the release, the company manages $8 billion of his assets, with $3 billion in development. The company was acquired by Essex Partners in 1997.

Northland’s portfolio includes 26,000 residential units and 2.1 million square feet of commercial space, concentrated in Boston, the Southeast and Austin, Texas. We also have properties in Arizona, Colorado, Nevada and New Mexico. The closest properties to Virginia are his two properties in Charlotte, North Carolina.

Northland’s 22-acre site consists of seven lots in whole or in part. 10 acres of Elks Lodge grounds Purchased and fully assembled by Highwoods in 2020. It also includes portions of Lakebrook Drive at 4820, 4951 and 4991, home to three of his office buildings, including his two existing North Shore Commons buildings.

A north-facing view of the proposed development at the intersection of Nuckols Road and Lake Brook Drive.

The new development will be constructed around these buildings, as well as the existing Highwoods V Building, which also faces adjacent Lake Luty. The development does not include nearby Exxon gas stations and cafes.

DuFrane said Highwoods plans to begin work on the new office building as soon as a major tenant pre-release is signed. She said the building will not be built to specifications and that the goal is to coordinate with Northland’s development.

“As long as we have major customers, we plan to do it together,” she said. “Once we receive the pre-release, we will begin office development.”

The overall development buildout is projected to be 10 to 15 years.

Highwoods was joined by Eric Robison of Thalhimer’s Capital Markets Group and David Baird and Michael Denise of Cushman & Wakefield’s Baltimore office in negotiations with Northland.

The deal accompanies other ongoing developments in Innsbruck. Silver Hills at Innsbruck, Catty Corner, a 234-unit multifamily home across Nuckols from the North End Site. Highwoods, Innsbruck’s largest and one of the largest landowners, was part of a group that sold the parcel to Ohio-based Silver Hills His Development.

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