Reynolds Crossing owners sell medical office building ahead of mixed-use redevelopment

The medical office building stands north of the Walmart at Reynolds Crossing. (Mike Platania photo)

As it plots a long-term mixed-use transformation of its namesake Reynolds Crossing campus, the Reynolds family has unloaded a piece of that overall property. 

Reynolds Development recently sold the medical office building at 6900 Forest Ave. for $17 million, Henrico County records show. 

The buyer was Remedy Medical Properties, a Chicago-based firm that owns and manages over 33 million square feet of medical office properties throughout the country. It’s the company’s first deal in the Richmond area. 

The Forest Avenue building is nearly 66,000 square feet, about 70 percent of which is leased to tenants like Virginia Physicians, Virginia Urology and Bon Secours. 

The building stands three stories at the northwest corner of Reynolds Crossing, where the Reynolds are planning a transformation of much of the 58-acre area to replace many of the surface parking lots with residential and mixed-use buildings, some potentially reaching 12 stories. 

The recently sold office building and the three acres on which it stands are not part of the footprint for the broader Reynolds Crossing redevelopment plan. The Reynolds’ proposal was approved by the county last fall but no visible construction is underway. 

Neither Reynolds Development nor Remedy Medical Properties responded to requests seeking comment about the sale. 

The sale closed in late November. Henrico County most recently assessed the property at $16.5 million. The office building joins the neighboring Walmart Supercenter to the south as the only pieces of Reynolds Crossing that Reynolds Development does not own. 

Colliers International’s Malcolm Randolph, John Carpin and Catherine Walker have been tapped by Remedy to lease the nearly 20,000 available square feet in the building. Randolph said in a statement that in the next few months Remedy plans to renovate the lobby and vacant suites in the building. 

Another sizable mixed-used redevelopment is in the works across Broad Street at the former Genworth Financial campus. 

Baltimore developer Greenberg Gibbons recently filed preliminary plans to turn the 45-acre former corporate headquarters into a mixed-use center with over 1,100 residential units, hundreds of hotel rooms and over 500,000 square feet of commercial space. 

The post Reynolds Crossing owners sell medical office building ahead of mixed-use redevelopment appeared first on Richmond BizSense.