Industries Commercial Real Estate

Virginia’s top deals of 2011

The ‘almost impossible’ didn’t stop these projects

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Print this page Stories by Paula C. Squires

Creative developers, brokers and builders see promise where others see problems. In this year’s collection of winning projects from across Virginia, what stood out was a willingness to take on a challenge, be it the renovation of a deteriorating historic landmark in downtown Roanoke, the purchase of a vacant headquarters of a former Fortune 500 company in Richmond or the construction of a massive 2.4 million-square-foot office campus in Springfield.

As the editorial staff of Virginia Business reviewed submissions for the top deals,  and nominated a few of our own,  we picked up on some trends: It’s still hard to obtain financing on some projects, the realignment of military facilities is reshaping the commercial landscape in Springfield, and below-market prices are pulling investors from the sidelines. 

Altogether, we selected six winning deals: Best Office Project, Best Historic Renovation, Best Public/Private Project, and Best Retail, Sales and Distressed Property Transactions.  Assisting in the judging were Robert Taylor and David Downs with the Virginia Commonwealth University Real Estate Center and John Lombard with the E.V. Williams Center for Real Estate and Economic Development at Old Dominion University.

In the words of one developer, even when “everything was almost impossible,” these pros found a way to move their deals forward. 

Best Office Project -  NGA Campus East, Fort Belvoir, Springfield

Best Real Estate Transaction: Retail - Ten store rollout for Buffalo Wild Wings, Hampton Roads

Best Public/Private Project - Stonebridge (site of former Cloverleaf Mall), 7201 Midlothian Turnpike, Chesterfield County

Best Historic Rehabilitation - Patrick Henry Hotel, 617 S. Jefferson St., Roanoke

Best Real Estate Transaction: Sale - Lingerfelt Development acquisition of Liberty Plaza portfolio, Henrico County

Best Real Estate Transaction: Distressed Property - Deep Run III, 9954 Mayland Drive, Henrico County

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