Regions Hampton Roads

Hampton Roads office of CB Richard Ellis reports several deals

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It’s been a busy spring for CB Richard Ellis, with the company reporting a lease renewal for a defense contractor, a relocation and expanded space for a Norfolk client and the sale of distressed land in Virginia Beach.

• AMSEC, a full-service supplier to the U. S. Navy and commercial maritime industry, has renewed a 67,615-square-foot industrial lease at the Woodlake Center in Chesapeake.  Pat Mugler and Ashton Williamson of CB Richard Ellis represented the landlord in the transaction. AMSEC’s corporate headquarters is in Virginia Beach.

• Fairbanks Morse Engine, a division of Coltec Inc., has signed a 10-year, 24,657-square-foot lease for a new location in Norfolk. After 26 years in a building on Tidewater Drive, the supplier of propulsion systems wanted to remain close to its U.S. Navy and shipyard clients, but it also needed to expand. The new space, which adds an additional 10,000 square feet of shop space, is located at 981 Scott St.  Ken Benassi of CB Richard Ellis represented the landlord in the transaction. Deborah Stearns of Harvey Lindsey represented Fairbanks Morse Engine.

• The Dragas Cos., the region’s largest homebuilder, bought Renaissance Park, a 133-acre, mixed-use parcel in Virginia Beach, for $20.5 million. Located at South Independence Boulevard and Princess Anne Road, the property — which listed for $25 million — includes 23 acres for a 400-unit apartment community, a 110-acre parcel approved for 680 residences, 200,000 square feet of retail space and land for a 150-room hotel. Renaissance Park was originally a development proposed by L. M. Sandler & Sons Inc. in 2007. It bought the land for $23.5 million. However, Wells Fargo Bank foreclosured on the property in 2010, after Sandler failed to move forward with the project following the 2008 recession and housing bust. Chad Lesley and Patrick Gill of CB Richard Ellis represented the seller.

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