Commercial real estate roundup, 3/14/11
- March 14, 2011
CHARLOTTLESVILLE — Specialty grocer Trader Joe’s and a 14-screen IMAX Regal Cinema are coming to this university town with the development of The Shops at Stonefield. Developer Edens & Avant plans to start construction this spring on the $115 million, mixed-use project at the intersection of Hydraulic Road and Route 29. The first phase includes 270,000 square feet of retail, a 135-room hotel and a mix of residential properties. Trader Joe’s plans a 12,500-square-foot store. At total build out, the project will offer 1.2 million square feet of retail and mixed uses. According to Edens & Avant, the development will bring 722 new jobs in retail and hotel management, as well as 1,700 new construction jobs over the life of the project. The company awarded the construction contract to Charlottesville-based Faulconer Construction Co. Formerly known as Albemarle Place, the 64-acre site has changed hands since it was first zoned for commercial development in 2003.
NORFOLK — Harbour Group International announced that one of its affiliates is buying a 2,500-unit portfolio of eight apartment complexes in Hampton Roads for $165.9 million. The seller is the Great Atlantic Management Co. in Virginia Beach. The deal, which translates into about $66,150 per unit, doubles the number of apartments that Harbor Group owns and manages in Hampton Roads. It plans to spend about $11 million renovating the properties.
NORFOLK — American Packing & Crating LLC has leased 14,400 square feet in Laderberg Warehouses on Raby Road. Cushman & Wakefield | Thalhimer handled lease negotiations.
MANASSAS — Black Oak Associates, a Maryland-based real estate development and investment group, has purchased a 93,000-square-foot shopping center for $18.1 million. Hastings Marketplace, at the intersection of Prince William Parkway and Liberia Ave., is about 73 percent leased. Tenants include Harris Teeter Food Market, which has a 56,000-foot store, along with Bank of America and Verizon Wireless. NorthMarq and H&R Retail represented the seller. The Hastings purchase is part of a larger 29-acre project that filed for Chapter 7 bankrupty in 2009 after its construction lender canceled the financing.
ALEXANDRIA — Law firm Buchanan Ingersoll & Rooney PC has extended its lease at King Street Marketplace. A tenant since 1998, the firm leases 57,570 square feet of space in the Class A office building located in the city’s Old Town submarket. Lincoln Property Co. represented the landlord, Invesco Realty Advisors. Newmark Knight Frank represented Buchanan.
CRYSTAL CITY — Boeing, a defense contractor with many clients in the Washington, D. C., area, is moving forward with plans for two new offices. The company says it will begin construction by the end of the year on two buildings overlooking the Potomac River that would house nearly 500 workers and consolidate its Arlington operations. The buildings, offering more than 400,000 square feet, would enable Boeing to exit two buildings it currently leases in Rosslyn. The company hopes to be moved into its new facility by 2014.
NATURAL BRIDGE — Heatex America has leased 39,200 square feet of space in the Natural Bridge Industrial Park. Commonwealth Commercial Partners Inc. in Richmond handled the transaction.
CHESTERFIELD COUNTY — PARI Respiratory Equipment Inc. has leased 20,000 square feet in the Waterford Business Center. Cushman & Wakefield | Thalhimer handled lease negotiations.
PEOPLE — John E. Gardner has joined the commercial sales and leasing department at Waldvogel Commercial Properties Inc. He brings 16 years of experience — the last 12 in construction marketing and business development — to the Roanoke-based firm.
IN THE HEADLINES — ENERGY TO SAVE
Liberty Property Trust continues to improve the energy efficiency of its office buildings in Hampton Roads. The Maryland-based real estate investment trust has received Energy Star certification on four buildings. In 2010, five of its buildings in this market earned the certification, based on the Environmental Protection Agency’s national energy performance rating system for efficiency.