Real estate transactions

for Virginia Business
June 2007

SALES

Fairfax — Carr Properties has acquired Gatewood Plaza in Fairfax for $16.9 million. The Class B, five-story office building has 88,000 square feet and includes a two-story parking garage. The property is about 95 percent leased to 17 tenants. The purchase increases Carr’s portfolio of office properties in the Fairfax Center/City sub-market to more than 372,000 square feet.

James City County — Mid-Eastern Co. LLC of Chesapeake purchased 22.8 acres of industrial land in James City County for $1 million. The company plans to build a new regional sales and service facility for Caterpillar Inc. It will be adjacent to a Wal-Mart distribution center off Interstate 64 at 1601 Greenmount Parkway. Sperry Van Ness represented the seller, Greenmount Associates LLC, and GVA Advantis represented the buyer.

Williamsburg — Maryland-based
Prime Retail LP bought an 80-room Comfort Inn on Richmond Road for $4.4 million. The company plans to tear the hotel down for an expansion of its stores. The three-acre property is near Colonial Williamsburg and Busch Gardens. The seller was Tejas Corp. of Williamsburg.

DEVELOPMENT

Louisa County — Utah commercial real estate developer Land Capital Group plans a million-square-foot, mixed-use development off State Route 15 and Interstate 64 in Louisa County. The 119-acre Merchant’s Walk project will include 650,000 square feet of retail, 250,000 square feet of Class A office and 150,000 square feet of convention and hospitality services. The project plans to employ “green” building concepts, such as the use of recycled building materials, solar panels, and a green roof system. The Louisa County Board of Supervisors approved zoning for the development, scheduled to open by August 2008.