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A Massachusetts company has purchased a 22-acre urban mixed-use community in Innsbrook.
Northland acquired the North End development (located adjacent to I-295, Nuckols Road and Lake Brook Drive) Sept. 1 from Highwoods Properties. It is the company’s first acquisition in Metro Richmond.
Highwoods Properties also owns about 12 additional acres adjacent to the site, where it plans to develop more than 315,000 square feet of Class A office space as part of the 34-acre overall mixed-use development. The acreage included in the sale to Northland allow for as many as 700 multifamily units, a 150-room hotel, and 55,000 square feet of retail or restaurant space.
“Highwoods is thrilled to partner with Northland to bring the vision of the North End to fruition,” said Highwoods Senior Vice President and Richmond Market Leader Jane DuFrane. “As the largest Landlord in the Innsbrook Corporate Center, providing walkable retail, hospitality, and residential components to our North End mixed-use development not only reinforces Innsbrook’s address-of-choice reputation but it will catalyze future development as well. Highwoods is in the work placemaking business and with Northland’s proven record and plans for adding shops, restaurants, and residential uses to the master plan will attract the best and brightest to live, work and play in Innsbrook for years to come.”
Northland is based in Newton, Massachusetts. Sale negotiations were handled by Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with David Baird and Michael Denise of Cushman & Wakefield’s Baltimore land development team.
"We are extremely excited to be working with both Highwoods and Hist:Re Partners as high-quality and like-minded collaborators in the Richmond market to realize this site's full potential," said Santo Dettore, associate vice president of development at Northland. "This generational opportunity in a high-growth market represents the next step for the Northland’s development platform, leveraging our wide-ranging experience in mixed-use design, place-making, and large-scale master planned development."
