First Potomac Realty Trust of Bethesda, Md.
bought Gateway Centre in Manassas for $10.3
million. The 99,000-square-foot flex/industrial property,
situated on 13 acres, is 84 percent leased to six tenants. (Business
Wire)
Goodstein Development Corp. of New York unveiled
plans for a multiuse project on East Main Street in
downtown Richmond, Centennial Towers. Consisting of
18-to-22-story, connected twin towers, the property
would encompass space for retail, offices and condos.
The $175 million project is expected to be ready in
2008 or 2009. (Richmond Times-Dispatch)
Harbor Group International, a Norfolk-based
real estate investment firm, bought the BP Tower in
Cleveland, Ohio for $141 million from Equity Office
in Chicago. BP Tower is a 45-story, 1.2 million-square-foot
Class A office tower and is currently 89 percent leased. (Press
release)
Amstar Group LLC of Denver and Davison Hotel
Company of Memphis, Tenn. bought the Hilton
Alexandria Mark Center from Hilton Hotels Corp.
for $93.1 million. The 500-room facility will remain
under the Hilton flag, and a $9.5 million renovation
is planned. (Business Wire)
Marriott International Inc. will
build a 95-room Courtyard Inn and a 72-room TownePlace
Suites in a "campus-style" environment
near Suffolk's Bridgeway Commerce Center. The project
carries a $13 million price tag. (The Virginian-Pilot)
Monument Realty LLC, a Washington, D.C. developer,
will pay Arlington County $25 million and trade
seven acres of land it owns overlooking the Potomac
River for a five-acre parcel south of the land it is
swapping. Monument plans to build a 700,000-square-foot
residential complex while Arlington will develop a
$90 million park and accompanying recreational facilities
on the land it acquires. (The Washington Post)
Lowe Enterprises Investors of Los Angeles leads
a partnership that bought two office buildings in Tysons
Corner from New Boston Fund, a Boston-based real
estate investment company. The two eight-story, Class
B office buildings total 432,000 square feet and are
more than 90 percent leased. (Business Wire)
