Commercial real estate roundup, 3/28/11
- March 28, 2011
LEESBURG — Mortgage lender First Home Mortgage Corp. is the newest tenant at the Village at Leesburg. The Baltimore-based company, with more than 30 offices in 18 states, has opened an office in a four-story, Class A office building. About 18 employees will work from the site. Sperry Van Ness/Vaaler Real Estate represented the landlord, and CB Richard Ellis represented the tenant. The Village at Leesburg, a 1.2 million square-foot, mixed-use project, is being developed by a Cypress Equities company and McLean-based Kettler. The Carlyle Group out of Washington, D.C. is the lead equity partner for the project, which plans 150,000 square feet of office, 520,000 square feet of retail, and 335 multi-family residences. So far, 24 specialty retailers, restaurants and other operation are open for business at The Village.
TYSONS CORNER — The world’s largest discount retailer plans to open a 79,000-square-foot store in one of the state’s most upscale business and shopping venues. Wal-Mart wants to put a store at the site of the former Moore Cadillac dealership. It would be part of a mixed-use project under development by JBG Cos. on Leesburg Pike that’s designed for offices, a gym, parking lots and other stores. Final lease negotiations are under way. If the deal comes through, Wal-Mart plans to begin construction this summer so the store can open in 2013 when a new Tysons West Metro station is scheduled to open about a quarter of a mile away.
WASHINGTON, D.C. — West, Lane & Schlager represented five clients, including BMW of North America Inc., in lease transactions in the metro area that totaled more than 27,000 square feet. The largest deal for the Association of Air Medical Services was a 10-year, 5,350-square-foot lease in Alexandria on North Washington Street. The nonprofit, currently located in Alexandria, is moving from its office on King Street.
CRYSTAL CITY — Lowe Enterprises, based in Los Angeles, has announced a $70 million, green redevelopment for a 300,000-square-foot building at 1400 Crystal Drive. The company plans to begin work in early 2012 and says it will pursue certification under LEED guidelines (Leadership in Energy and Environmental Design). The building has views of the Potomac River and is located two blocks from the Crystal City Metro Station.
HENRICO COUNTY — A lease renewal for HD Supply Utilities Ltd. includes a 25,000 square-foot-expansion, with the new lease on Eubank Road totaling 113,827 square feet. CB Richard Ellis handled the transaction for the Orlando-based electric utilities distributor.
HENRICO COUNTY — The Richmond office of CB Richard Ellis reported five other new leases in Henrico County. Among the largest is one for ACS Heritage Inc. for 30,883 square feet on Parham Road and 23,211 square feet for SOH Distribution Co. on Carolina Avenue.
HENRICO COUNTY — Burlington Coat Factory opened a store on March 26, at Virginia Center Commons. The 70,000-square-foot store is the company’s first location in Glen Allen and its seventh store in Virginia. The opening is expected to create 75 sales and management positions.
HENRICO COUNTY — Slurry Pavers Inc. purchased the 42,300-square-foot former Virginia Truck Center property on Nine Mile Road from Virginia Truck Center of Richmond Inc. for $1.1 million. Slurry plans to operate its business from the 1.1-acre site. Cushman & Wakefield | Thalhimer handled sale negotiations.
CHESAPEAKE — Rapid Deployable Systems renewed its lease of 12,456 square feet at Old Greenbrier Road in Chesapeake. Cushman & Wakefield | Thalhimer handled lease negotiations.
WYTHEVILLE — Raga Corp. has purchased a 1.7 acre parcel on Malin Drive near the Interstate I-77/81 corridor. It plans to construct a Holiday Inn Express at the location. First Choice Real Estate of Virginia handled the sale.