Construction Starts on Next Phase of Shoppes at Reynolds Crossing; Walmart Anchor Opens
- May 28, 2014
Reynolds Development has started construction on the next phase of The Shoppes at Reynolds Crossing in Richmond. The 19,000-square-footl building is scheduled to open in the first quarter of 2015.
Located near the intersection of Glenside and Forest avenues, the project was designed by Freeman & Morgan Architects and financed by Park Sterling Bank. According to CBRE|Richmond, the building is 70% leased to tenants that include Starbucks, Chipotle, Jersey Mike’s, Hair Cuttery, Ntelos Wireless, Lee Nails and Salad Works.
“This project is extremely well positioned in the market,” David Crawford, an assistant vice president at CBRE|Richmond, said in a satement. “You have tremendous demand from a dense office population, great traffic counts and access via established infrastructure combined with a need for more food and retail services.”
May has been a busy month for The Shoppes at Reynolds Center. In addition to the construction start on the new retail building, the property’s anchor, a 90,000-square-foot Walmart on Forest Avenue, opened on May 21.
Richmond’s retail market was relatively quiet during the first quarter, according to CBRE. Vacancy dropped to 8.2 percent, slightly higher than the market’s six-year low of 8.1 percent, as a result of 51,400 square feet of net absorption. Average asking rents decreased to $14.91 per square foot during Q1, due to insufficient demand.
However, the first quarter did register strong preliminary activity, which is expected to generate an uptick in leasing and cut vacancy to pre-recession levels. Retail development in the area remains strong. According to CBRE, 38,613 square feet of new space were delivered during the first quarter, and another 300,000 square feet are under construction.
Rendering and charts courtesy of CBRE.