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News & Announcements

Recent Sold/Leased Announcements

POE & CRONK RELEASES 34th ANNUAL OFFICE MARKET SURVEY

ROANOKE, VA. (February 22nd 2021)— Poe & Cronk Real Estate Group today released the results of its 34th Annual Office Market Survey, reporting an encouraging increase in the overall Roanoke Valley office market occupancy rate during 2020.  The region’s office occupancy rate increased by 1% in one of the most challenging years in recent memory to end the year at a stable 88%.

According to Matt Huff, President of Poe & Cronk, “Office occupancy rates in our market are remaining healthy. Roanoke looks to benefit from the economic effects of 2020.  We have an outdoor based community with a low cost of living and a low cost of doing business. This helped keep demand strong for both commercial and residential real estate.  2021 is showing increased momentum and there are a significant number of ‘pent-up demand’ projects that are moving forward.”

While office users may not be currently using all of their office space, most are not ready to permanently commit to never needing it again.  Offices and flexible workforces will look different moving forward, but each will be utilized. Employers and employees both are trending towards a return to the office in 2021.  Most employers recognize that the best ideas and fastest execution happen with in-person collaboration.  Employees are generally looking forward to a return to a delineation between professional and home life.

Evidence of stability in Roanoke’s economy can be found in the Southern Business District’s success in attracting new suburban tenants. The SBD saw occupancy growth from 85% to 88% in 2020, the largest increase in several years.

Poe & Cronk developed Roanoke’s original office market survey in 1987 and has conducted it annually using consistent criteria and methods of reporting.  The survey incorporates data covering non-governmental office buildings measuring 10,000 square feet or more.

 

Poe & Cronk Property Sales & Leasing

Poe & Cronk Announces Sale of Retail Site in Lynchburg

LYNCHBURG, VA – Poe & Cronk Real Estate Group today announced the sale of a high traffic retail site on Timberlake Road across from Brookville High School. The 2-acre parcel located at 20061 Timberlake Road at the traffic light corner …

POE & CRONK ANNOUNCES SALE 19+ ACRES and 102,000 SF HIGH-TECH INDUSTRIAL BUILDING

CHRISTIANSBURG, VA.— Poe & Cronk Real Estate Group announced the sale of the former Dish Network call center in Christiansburg, Virginia. The sale consisted of a 101,500 SF industrial facility located on 19+ acres in Falling Branch Corporate Park …

Poe & Cronk Announces Sale of Fully Leased Multi-Tenant Flex Industrial Property

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of a 30,000 SF multi-tenant flex industrial property located at 1715 Granby Street NE, Roanoke, VA. The property sold for $1,350,000 or $45 per square foot. The …

Poe & Cronk Brokers $1.1 Million sale of Multi-Family Complex in Bedford

BEDFORD, VA – Poe & Cronk Real Estate Group announced today that they have successfully negotiated the sale of a 24-unit Multi-Family complex located at 889 Short Street in Bedford, VA. The Buyer, Lobo Investment Group based out of Los …

POE & CRONK NAMES NEW REAL ESTATE AGENT

ROANOKE, VA – Carmen Elliott has joined Poe & Cronk Real Estate Group where she will specialize in the sale and leasing of commercial and industrial real estate.  Carmen is a native of Western Virginia and an MBA graduate of …

Poe & Cronk Announces Sale of Industrial Building

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of a 4,800 SF Flex Warehouse Building located at 1636 9th Street, Roanoke, VA. The property sold for $327,000. Thom Hubard, CCIM represented the Seller in …

Poe & Cronk Announces Sale of Former Ragazzi’s Restaurant on Electric Road

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of the former Ragazzi’s Restaurant located at 3843 Electric Road, Roanoke, VA. The 0.92 acre property sold for $1,163,750 to a developer who will redevelop the site …

Poe & Cronk Announces Sale of Office/Warehouse Facility

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of a 78,664 SF Industrial Building located at 3304 Aerial Way Drive, Roanoke, VA. The property was vacant and sold to an investor for $1,225,000. Adam Hardy, …

Poe & Cronk Announces Sale of Multi-Family Property in Lynchburg

LYNCHBURG, VA – Poe & Cronk Real Estate Group today announced the sale of a 24-unit multi-family property located at 302 Capstone Drive in Lynchburg, Virginia.  The property is located in the vibrant Cornerstone Mixed-Use Community which includes apartments, townhouses, …

Poe & Cronk Announces Sale of Former El Rodeo

SALEM, VA – Poe & Cronk Real Estate Group today announced the sale of El Rodeo Mexican Restaurant. This 4,600 SF Retail Building is located at 260 Wildwood Road, Salem, Virginia. The property sold for $580,000. Thom Hubard, CCIM represented …

Poe & Cronk Announces Sale of Former Yellow Cab Facility

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of the property formerly known as Yellow Cab which includes 4,200 sf of office and 2,400 sf of high ceiling shop area. The ±1.69 acre parcel located …

POE & CRONK ANNOUNCES SALE OF 17 ACRES IN AIRPORT DISTRICT

ROANOKE, VA — Poe & Cronk Real Estate Group today announced the sale of 17 Acres of undeveloped commercial land to the Roanoke Regional Airport Commission. The total Purchase Price was $2,255,000. The sale comprised of three individual parcels; 3.7 …

Poe & Cronk Announces Lease for Rockbridge County DMV

LEXINGTON, VA – Poe & Cronk Real Estate Group today announced they have successfully negotiated a long-term lease with the Department of Motor Vehicles (DMV) at Stonewall Square Shopping Center in Lexington, VA. The lease for the DMV’s new Rockbridge …

Poe & Cronk Announces New Long Term Lease with Largest Healthcare Company in the World

ROANOKE, VA (March 2020) – Poe & Cronk Real Estate Group today announced they have successfully negotiated and signed a long-term lease with UnitedHealth Group (NYSE: UNH) at Valley Court Business Center on Thirlane Road in Roanoke.  UnitedHealth Group is …

Poe & Cronk Announces Sale of Long-Term Net Lease Goodwill Retail Store

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of 3206 Electric Road. Roanoke, VA. This 11,060 SF retail building is located on the busy corner of Electric Rd and Brambleton Avenue and is the home …

Poe & Cronk Announces Sale of 15-Unit Condominium Multi-Family Complex in Christiansburg

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of a 15 – unit condominium complex located on Haymaker Street in Christiansburg, VA. The Buyer purchased the property for $1,600,000 as part of a 1031 Tax …

POE & CRONK RELEASES 33rd ANNUAL OFFICE MARKET SURVEY

CLICK HERE TO DOWNLOAD ROANOKE, VA. (March 4th 2020)— Poe & Cronk Real Estate Group today released the results of its 33rd Annual Office Market Survey, reporting a stable overall office market with the Roanoke Valley office …

Matthew Huff Named President of Poe & Cronk Real Estate Group, Inc.

Roanoke, VA – January 22, 2020 – Poe & Cronk Real Estate Group is pleased to announce the promotion of Matt Huff, CCIM as the company’s new President. Mr. Huff previously served as the Executive Vice President/COO of Poe & …

Poe & Cronk Announces Sale of Springwood Park Retail Center

ROANOKE, VA – Poe & Cronk Real Estate Group today announced the sale of Springwood Park Retail Center located at 3214 Electric Rd Roanoke, VA. Springwood Park is a 19,200SF mixed use – retail/office building located on the busy corner …