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The parking lot at the Amtrak station on West Main is up for sale. The hefty 3.4-acre, $13.5-million property includes the unpaved lot, the Amtrak station building and Wild Wings restaurant.
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It is no secret that with the current economic downturn, the real estate market has reached new lows, particularly in the commercial sector. The situation is no different in Charlottesville and Albemarle County, where, according to local property broker Benton Downer, the average amount of days that a commercial listing remains on the market has gone up two and a half times in the past year.
“From a commercial development and site-planning perspective, there is very little activity currently because there is very little appetite from the lending community to get behind these projects,” he says.
Office buildings and retail structures have taken the biggest hit in Charlottesville, where vacancy rates are higher than ever.
According to Downer, price reductions are crucial to selling commercial listings; whereas overpricing a listing by 10 percent could still lead to a sale one year ago, it would be impossible to get a property off the market with that strategy today.
However, Downer claims it’s not all gloom and doom. “In the overall scheme of things, Charlottesville is probably a little better off than other areas in the US,” he says. “We’re in better condition locally than we are nationally.”
Below are the 10 priciest commercial properties currently on the market in Charlottesville and Albemarle. They range from a parking lot in a prime city location to the Daily Progress building on Rio Road.
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ANOTHER NOTABLE PROPERTY
$1.1 million
901 E. Market St.
3,658 square feet
Former Fuel Co. building/property.
Owner: KM Realty, LLC
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1. $13.5 million
820 W. Main St.
3.44 acres
The property includes the Amtrak and Wild Wings buildings.
Owner: Union Station Partners, LLC
2. $9 million
1439 Timberwood Blvd.
54,899 square feet
Abington Place, a residential high-rise, is located in the Hollymead Town Center development, which is home to Target, Harris Teeter, Panera Bread, Starbucks and the soon-to-be built Kohls.
Owner: Tribal Properties, LLC
3. $6 million
110 Avon St.
34,407 square feet
Inova Building.
Owner: Hubbard Properties, LLC
4. $5.75 million
1807 Seminole Trail
31,446 square feet
Office building on 29North. Tenants include Nextel, Stella One Bank.
Owner: Ryder Enterprises, LLC
5. $4.8 million
301 W. Main St.
1.03 acres
Random Row Books and Ryal’s Furniture—on the corner of Main and Ridge streets.
Owner: Mooney West Main Street, LLC
6. $4.75 million
1200 Stoney Ridge Rd.
34,000 square feet
Formerly Stock Building Supply.
Owner: Stoney Ridge Road, LLC
7. $3.99 million
685 W. Rio Rd. Unit 1
43,450 square feet
The Daily Progress Building.
Owner: Media General Operations
8. $3.6 million
4257 Seminole Trail
96,700 square feet
Badger-Powhatan building, which is currently vacant.
Owner: HMC Holdings, LLC
9. $3.325 million
1565 Avon St. Ext.
41,888 square feet
Warehouse/office space.
Owner: Coyne Delany Company
10. $2.7 million
722 W. Rio Rd.
14,300 square feet
Small shopping center.
Owner: Balmun, LLC
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