Industries Commercial Real Estate

Commercial real estate roundup, 3/21/11

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A Blacksburg advertising agency is spending $10 million to build a new corporate headquarters, while Northern Virginia sees activity in the hotel/conference market. This and other real estate news from around the state:

BLACKSBURG — Modea, an advertising agency based in Blacksburg, plans to expand its operations in Montgomery County with a new $10 million corporate headquarters. The company has agreed to purchase 6 acres of the old Blacksburg Middle School property for $2.4 million. It also plans to build a 100,000-square-foot, sustainable building as part of an expansion expected to generate 200 new jobs.

TYSONS CORNER —  Mesa West Capital has put up a $50 million loan for the JBG Cos. purchase of the Sheraton Premiere, a 443-room upscale hotel 10 minutes from Washington Dulles International Airport. Leading the transaction was a team from Jones Lang LaSalle. The loan follows JBG Cos. December acquisition of the property from Felcor Lodging Trust.  JBG plans to use the money to renovate the property, built in 1985.

ARLINGTON —  Real Capital Analytics reports that Tishman Speyer Properties has signed a contract to acquire a 380,199-square-foot building in Rosslyn for about $200 million, or about $500 per square foot. The seller is Beacon Capital Partners LLC.

ARLINGTON — The JBG Cos. is expanding its footprint in the popular Rosslyn-Ballston corridor with the construction of a 10-story, 316,000-square-foot Class A office and retail complex at 800 North Glebe. An underground parking garage is already complete as construction continues on the project, expected to be finished by March 2012. The site, at the corner of Glebe Road and Wilson Boulevard, is the former home of Bob Peck Chevrolet.

PRINCE WILLIAM COUNTY —  A new hotel and conference center is coming to the National Museum of the Marine Corps. The Marine Corps Foundation, which oversees the museum, has announced that it will begin seeking a developer and hotel operator.

MERRIFIELD — The federal government continues to ink deals in Northern Virginia. The General Services Administration recently signed three leases totaling more than 100,000 square feet. The largest lease was for 70,000 square feet at a building on Gatehouse Road in Merrifield. The other two leases were for space at Potomac Gateway in Arlington. 

LEESBURG — The Village at Leesburg is getting a Firebirds Wood Fired Grill restaurant.  The chain, which has 17 locations across the country, has signed a lease for retail space in the Village, a 1.2 million-square-foot, mixed-use project near the intersection of Virginia Route 7 and Crosstrail Boulevard.

RICHMOND — Cushman & Wakefield expanded its alliance with Richmond-based Thalhimer in the mid-Atlantic with a new office in Raleigh.  The Raleigh office is the second North Carolina office opening in 2011, following the January opening of an office in Charlotte. Joining Thalhimer’s brokerage group in Raleigh as a senior vice president is Elliott G. Honeycutt II. He has 25 years of experience serving clients in the Research Triangle office market.

RICHMOND — Westpark Shopping Center has a new owner. Dallas-based Westdale Real Estate Investment and Management, bought the 176,973-square-foot, grocery-anchored shopping center for $23.3 million. According to CityBiz, the seller was a commingled fund managed by J.P. Morgan Investment Management Inc. The center, located on West Broad Street in Glen Allen, is about 74 percent leased with a Martin’s grocery store as one of its tenants.

HANOVER COUNTY — Showcase Woodworking Ltd. sold its 115,000-square-foot office/warehouse facility in Ashland for $2.2 million to Christen and Anne Nelson.  Porter Realty Co. represented the seller.  The property will be the new home of the Peggs Co.

Virginia’s best brokers and deals: Call for nominations

In July, Virginia Business will profile the state’s top commercial real estate deals of 2010.  Our stories will focus on the deals and people who made them happen in seven categories: Best Office Project, Best Retail Project, Best Industrial Project, Best Mixed-Use Project, Best Historic Rehabilitation, Best Sustainable Project (all categories) and Best Overall 2010 Deal of the Year (all categories). 

Only deals that closed during 2010 can be nominated. Submissions will be judged by the editorial staff of Virginia Business in conjunction with the Virginia Real Estate Center at Virginia Commonwealth University and E. V. Williams Center for Real Estate and Economic Development at Old Dominion University.

You can access the online entry form at


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