Coldwell Banker Commercial Read & Co. Completes $6m Sale of Forest Hill Shopping Center in Lynchburg, Va.
LYNCHBURG, VA. (Nov. 27, 2024) – Coldwell Banker Commercial Read & Co. is pleased to announce the $6 million sale of Forest Hill Shopping Center at 2820 Linkhorne Drive, a value-add property in the center of Lynchburg. The space encompasses 82,000 sq. ft. on 13 acres.
Rick and Ricky Read represented the seller, Lynchburg Investment Co. Inc. The buyer, Swintstorage Conversion Fund, LLC , intends to convert the large anchor space of the neighborhood shopping center into indoor storage, add some additional storage units outside along with an RV and boat storage area, and rehab the balance of the retail space, according to the Reads.
Coldwell Banker Commercial Read & Co. has represented the seller for more than 20 years as their leasing agent. The Reads were hired to market the shopping center, and just after listing the property, the anchor tenant—a national call center—announced they were buying out of their lease and closing the operation. The Reads said it took about two years after the announcement to find a buyer that wanted to repurpose the center. From contract date until closing, it took a year. The property had to be rezoned, which required neighborhood meetings and working through a six-month rezoning process.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial Read & Co., an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
Media Contact:
Kevin Guhl
Email: kevin.guhl@cbhomeoffice.com
Phone:
973-407-5916
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