Commercial real estate roundup, 4/4/11
- April 4, 2011
NEWPORT NEWS — Virginia Company Bank is relocating its corporate headquarters and Newport News banking office to City Center at Oyster Point, just a short distance away from its current location. The local bank, founded in 2005, has purchased a corner land parcel and the first floor commercial space of The Point at City Center Building. It plans to move the corporate offices by late summer into 13,000 square feet of space and the banking office by March 2012. Virginia company also has offices in Hampton, and Williamsburg. Harvey Lindsay Commercial Real Estate handled the transaction.
SUFFOLK —American Condenser has signed a 49,600-square-foot lease at Northgate Logistics Center. Harvey Lindsay Commercial Real Estate handled the transaction.
HENRICO COUNTY — SnagAJob.com, an online job search company, is expanding. The company has signed a lease for a new headquarters building in the Innsbrook Corporate Center that will double the size of its space as it ramps up staffing. SnagAJob plans to move from its current location on Cox Road in the Innsbrook corporate park to its new office on Lakebrook Drive in January 2012. It will occupy the entire 67,000 square-foot building. Highwoods Properties handled the transaction.
HENRICO COUNTY — Forward Air Solutions signed a 47,858-square-foot lease in a building at Airport Distribution Center, the Richmond area’s newest industrial park. The company joins MeadWestvaco in the 115,957 square-foot building, the first of four planned by developer Graham & Co. Porter Realty Co. Inc. in Richmond is marketing the new distribution center development that eventually will have four buildings of more than 700,000 square feet. Graham & Co. handled lease negotiations.
RICHMOND — Carolina Linen Management Inc. leased 37,616 square feet in a building on West Leigh Street. CB Richard Ellis handled the transaction.
RICHMOND — Maryland Financial Realty bought the 143,000-square-foot Verizon building on Nansemond Street in Carytown for $5 million. It plans to redevelop the site. CB Richard Ellis represented Verizon in the sale.
RICHMOND — Cushman & Wakefield | Thalhimer has been selected by The Nordheimer Cos. for the leasing and property management of two Richmond properties: the 31-unit Altamont Apartments in the Scotts Addition area and a 22,000-square-foot office building on Summit Avenue, also in Scotts Addition. Major tenants include Virginia Trucking and Sound Studio.
CHANTILLY — Wal-Mart Stores Inc. bought the north hall of the Dulles Expo & Conference Center from the Pence Group for $14 million and plans to put a store there, according to The Washington Post. The one-story building is located off Route 28 near Washington-Dulles International Airport. Wal-Mart is expanding in the Washington, D.C., metro area and also plans a store for Tysons Corner.
HERNDON —MicroPact is relocating to a bigger office on Worldgate Drive where it will occupy the top floor of a Class A property. Newmark Knight Frank represented MicroPact in the 20,845-square-foot lease. The data tracking software company will leave its current site on nearby Corporate Park Drive, where it currently occupies 14,000 square feet.
FAIRFAX COUNTY — Falcon Nest LLP has purchased one of the last, large undeveloped sites in the Westfields Corporate Center. The company paid Seven Hills Corp. $4.6 million for a 21.6-acre tract on Route 28. It plans to build up to 400,000 square feet of office. Jones Lang LaSalle represented the seller.
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 http://www.virginiabusiness.com/index.php/site/CRE_Form/