Commercial real estate roundup, 3/7/11
- March 7, 2011
HENRICO COUNTY — Fountains, fish and conference rooms are some of the amenities at the new headquarters of Cushman & Wakefield | Thalhimer. The company’s 25,000-square-foot, two-story office on West Broad Street offers three conference rooms and a training room with a large white board. Plasma televisions throughout and commissioned paintings of Virginia landscapes add to the ambiance of the new home of Virginia’s second-largest commercial real estate firm. About 125 employees work at the headquarters, and it’s not unusual to see some of them feeding the fish in the outdoor ponds that flank the building’s entrance. Thalhimer has five other offices in Virginia and recently expanded into North Carolina with an office in Charlotte. In 2010, the company reported an office sales volume of $64.3 million and office-leasing volume of $164.8 million for a total transactional volume of more than $229.2 million.
HENRICO COUNTY — Coplay Building Products Co., a garage door manufacturer, renewed a lease for 14,415 square feet of space on Glen Alden Drive. CB Richard Ellis handled the transaction.
WASHINGTON, D. C. — Dune Real Estate Partners joined forces with Pantzer Properties Inc. to buy eight apartment buildings in the Washington area for $460 million, according to GlobeSt.com. The joint-venture transaction represents the largest multifamily property sale since 2008 outside of New York.
WASHINGTON, D. C. — REITS continue to invest in prime properties in the nation’s capital. The latest deal involves Norcross, Ga.-based Wells Real Estate Investment Trust II Inc. It has entered into an agreement to purchase the two Market Square Buildings, offering 679,710 square feet of space, for $615 million. This translates into about $905 per square foot. Located on Pennsylvania Aveue NW, the offices were built in 1990. The D.C. office of Eastdil Secured represented the seller, an affiliate of Boston-based Beacon Capital Partners.
ARLINGTON — Sapient Corp. has relocated its office in Courthouse Tower as part of an expansion. The company signed a 42,128-square-foot lease for the fourth and fifth floors of the building, located on North Courthouse Road. An original tenant in the building since 2000, it used to occupy only one floor. UGL Services – Equis Operations and Richards Barry Joyce & Partners LLC represented Sapient.
FAIRFAX COUNTY — Philadelphia -based Saladworks is expanding in Virginia. The fresh-tossed salad franchise will open two new locations in Fairfax and Loudoun counties in early 2012. It also has signed an agreement with a new franchisee for two locations in Virginia Beach. The company operates more than 100 franchise locations in 11 states.
FREDERICKSBURG — Insight Property Group LLC of McLean has purchased the 200-unit Townsend Square Apartment community for $18.2 million. This represents the third multi-family project Insight has bought in the region in less than a year. Insight has hired S. L. Nusbaum Realty Co. to manage Townsend Square.
VIRGINIA BEACH — Illinois-based Inland Diversified Real Estate Trust Inc. has agreed to purchase a fee simple interest in Landstown Commons Shopping Center for $91.2 million in cash. The shopping center, owned by The Goodman Co. and managed by Divaris Real Estate Inc., is 94.4 percent leased with 62 tenants. It’s located at the intersection of Princess Anne and Dam Neck Roads, about three miles away from Oceana Naval Station.
WILLIAMSBURG — McDonald Garden Center has leased 29,232 square feet of retail space at James York Plaza. S. L. Nusbaum Realty Co. represented the landlord.
IN THE HEADLINES — Alexandria has a new plan for its waterfront that includes more access to the water, a public arts walk, improvement to the Torpedo Factory Arts Center, new restaurants and a boutique hotel overlooking the Potomac River.