Ups and downs for commercial real estate
- April 9, 2009
As some retail stores and businesses close in response to the economic downtown, commercial vacancy rates are creeping up across Virginia. Helping to counter that trend, though, are new projects and openings. A short compilation of the week’s real estate news:
Washington, D.C. — The city announced a new 500,000-square-foot development near L’Enfant Plaza. It will work with a team of five local companies to build a new fire station and an 11-story, 307,000-square-foot Class A office project on city land.
Suffolk — April 16 brings the groundbreaking for East Point Plaza. Suffolk businessman Tom Powell is the force behind the $4.1 million, downtown restoration project. He’s working with Commonwealth Architects to readapt a 150-year building into office and retail space, 32 loft apartments and a public plaza and stage.
Chesterfield County — Tennessee-based Regal Entertainment Group holds grand opening festivities, including $1 movies, for its newest cinema complex in Westchester Commons in Midlothian. The theatre offers 16 screens covering 66,000 square feet and more than 3,200 seats. The activities begin April 13. The project is located in the retail area of the new Watkins Centre, a 640-acre mixed-use development.
Virginia Beach — University of Phoenix has opened a new campus. It’s leasing 10,000 square feet of space on Bank Street in the Town Center of Virginia Beach.
Norfolk — GVA Advantis has taken over a new portfolio owned by the BGK Group, totaling just under 320,000 square feet in the Hampton Roads market. As part of the deal, GVA will serve as the exclusive listing agent and property manager for several projects including Main Street Tower, a 186,933-square-foot Class A office building in downtown Norfolk.
Newport News — The city selected Thalhimer/Cushman & Wakefield to provide property management for Rouse Tower, a 153,538-square-foot office on Jefferson Avenue and West Mercury Boulevard.