Commercial Real Estate | Inbrief
- March 27, 2009
PEOPLE — Benjamin A. Comm has joined Cassidy & Pinkard Colliers in Washington, D.C., as director of property management. The company is responsible for more than 21 million square feet of commercial real estate in the Washington and Baltimore metropolitan areas. Before joining Cassiday & Pinkard, Comm worked at Jones Lang LaSalle as a managing director and regional manager for property management.
NEW DIVISION — Divaris Real Estate Inc., based in Virginia Beach, has started a division to offer services in asset repositioning and monetization services. The subsidiary will work with owners, lenders, investors and loan servicers of troubled commercial real estate. Divaris operates offices in Chesapeake, Newport News, Richmond, Charlotte, N.C., and Rockville, Md.
FINANCING — Armada Hoffler announced the completion of $52 million in financing for construction of the Williams Mullen Center, a 15-story office tower project in downtown Richmond. The Williams Mullen law firm plans to be the building’s anchor tenant. Regions Capital Markets, a subsidiary of Regions Financial Corp. based in Alabama, served as the lead arranger on the financing with a bank group consisting of Regions, Citizens Bank and Raymond James Bank.
LEASES — Hilton Hotels Corp. is moving its corporate headquarters to Park Place II at Tysons Corner in Fairfax County. The company signed a 10-year-lease to occupy about a third of the space at the 11-story, 323,000-square-foot building. Built by B. F. Saul Real Estate Investment Trust in 2008, Park Place II is LEED gold certified, one of the highest designations for environmentally-friendly design. Cushman & Wakefield is leasing the space. Jones Lang LaSalle represented Hilton in the transaction.
U.S. Auto Parks Network Inc. has located its East Coast distribution center in Chesapeake. The automotive parts retailer, based in Carson, Calif., is leasing 72,558 square feet at the Indian River Distribution Center. Thalhimer/Cushman & Wakefield represented the landlord, Ashley Capital LLC.
SALES — Wheeler Interests of Virginia Beach acquired Port Crossing Shopping Center in Harrisonburg for $7.5 million. The 56,960-square-foot center is anchored by a Food Lion grocery store and located close to Interstate 81.
Atlantic Diving Supply purchased Lynnwood Plaza in Oceana West Corporate Office Park as its new global headquarters. The Virginia Beach-based defense contractor paid $7.8 million for the 82,000-square-foot Class A building. It plans to occupy about half of the space and will lease the rest. CB Richard Ellis managed the real estate transaction.
RETAIL — Neiman Marcus has opened a Last Call store at Potomac Mills shopping center near Woodbridge. The 35,000-square-foot store offers a consolidation of marked-down merchandise from Neiman Marcus stores and catalogs and Bergdorf Goodman stores.