Five Commercial Sales from Downtown Lynchburg
Collecting and studying market data is a big part of what I do as a commercial real estate broker and appraiser. Given my heavy involvement in Downtown Lynchburg through a variety of different roles, I try to closely track the data coming from that market. Here are five commercial real estate sales from the Downtown Lynchburg market that represent existing buildings purchased for renovation and redevelopment.
Sale #1 - McCraw's Furniture Co. Building, 1210 Main Street, Lynchburg, Virginia
In February 2020, this 17,080-square foot building at 1210 Main Street in Downtown Lynchburg sold for $750,000 ($43.91 per square foot).
Sale #2 - Old City Auditorium, 1112 Main Street, Lynchburg, Virginia
In June 2019, the 24,120-square foot Old City Auditorium property at 1112 Main Street in Downtown Lynchburg sold for $800,000 ($33.17 per square foot). Reportedly, the property is to be renovated for use as a music and event venue. In November 2020, the property was put back up for sale with an asking price of $1,400,000.
Sale #3 - Carter Glass Building, 863 Church Street, Lynchburg, Virginia
In July 2019, the Economic Development Authority of the City of Lynchburg, Virginia sold the three-story, 24,480-square foot Carter Glass Building at 863 Church Street in downtown Lynchburg to a private developer for $500,000 ($20.42 per square foot). A few months later, it was announced that Cloudfit Software would make the property its new headquarters.
The Economic Development Authority originally solicited redevelopment proposals for this property back in 2014. (News & Advance article) The original RFP can still be viewed here on the City of Lynchburg website.
Sale #4 - Former Farmers Seed & Supply, 1304-1306 Main Street & 108 13th Street, Lynchburg, Virginia
In November 2019, the 15,910-square foot former Farmers Feed & Supply property on Main Street in Downtown Lynchburg sold for $950,000 ($59.71 per square foot). This marked the end of a 119-year run downtown for the company.
Sale #5 - Burnett Tire Company Building, 403 Fifth Street, Lynchburg, Virginia
In March 2019, this 7,400-square foot auto body shop in downtown Lynchburg sold for $475,000 ($64.19 per square foot). The building was originally constructed in 1956 for Burnett Tire Company and designed by the architectural firm of Cress & Johnson.
(Note: Everything that is shared here has been gathered from public records and other publicly available sources. No confidential information is shared here. The content above is for informational purposes only, so do not rely on it for any purpose. You get the idea. Think of the information above simply as a jumping off point for more research, study, and conversation about the always interesting commercial real estate market.)
Billy Hansen, MAI is a commercial real estate broker and appraiser serving the Lynchburg, Virginia market with Hansen Realty Advisors, LLC. Email me at billy@hansenrealtyadvisors.com to continue the conversation about commercial real estate.