TRANSACTIONS

Virginia Business
September 2005

REAL ESTATE SALES
Liberty Property Trust has purchased three class A office buildings containing about 290,000 square feet of space at The Boulders Office Park in Chesterfield County. Tenants in the buildings include Timmons Group, Tredegar and Barber Martin & Associates. Principal Real Estate Group had owned the buildings. The acquisition brings Liberty’s office portfolio to almost a million square feet.

City View One LLC is buying a 24-acre parcel on Bonney Road and Virginia Beach Boulevard in Virginia Beach from Sentara Healthcare. The property will be developed into an apartment community with 350 units, along with 160,000 square feet of office and retail space. The project will be called City View. The developer is Ripley Heatwole Co. Inc. in Virginia Beach. Advantis Real Estate Services Co. handled the transaction.

Merit Medical Systems Inc. of South Jordan, Utah, has purchased a 101,882-square-foot industrial building at 12701 Kingston Ave. in River’s Bend in Chesterfield County where it plans to invest $5 million to open a manufacturing and distribution operation. Thal-himer/Cushman & Wakefield handled the sale from Meadow-ville Associates I LLC for $3.83 million. ERNI Com-ponents had occupied the space.

New Boston Fund, a Boston-based real estate investment, development and management firm, has sold two office buildings totaling 432,000 square feet to a joint venture headed by Lowe Enterprise Investors of Los Angeles. The two class B office buildings assessed at $61 million are a block from each other in Tysons Corner. The transaction includes underground parking and a two-acre parcel that could be developed. Major tenants are SAIC, Indus Corp., GrayHawk Systems Inc. and Sport & Health.

REAL ESTATE LEASES
Poe and Cronk Real Estate Group is the exclusive leasing and management firm for Roanoke’s Wachovia Tower. One of the largest office buildings in Virginia, the tower has 21 floors and 220,000 square feet of space.

NCS Pearson Inc. has leased 123,200 square feet of flex space in Chesterfield County. The Northern Virginia company plans to invest $5.6 million to open a call center at Liberty’s River Bend Center that will provide support for the government’s Medicare hotline. Liberty Property Trust owns the building. Paul Silver and Austin Newman of Thalhimer/Cush-man & Wakefield handled the lease negotiations for Liberty Property Trust.