Commercial real estate roundup
- January 4, 2010
Virginia Beach — To serve a growing network of 1,800 franchisees, Liberty Tax Service has doubled the size of its corporate headquarters. The company is moving into a new building adjacent to its current location at 1716 Corporate Landing Parkway. The facility provides 30,000 more square feet of office space for corporate staff and houses an online tax product division, eSmartTax. A total of 400 employees will work at the two buildings.
Restaurant Depot, a New York-based restaurant food and equipment wholesaler, will open a location in Virginia Beach. The company recently closed on a seven-acre site with an 89,000-square-foot building on Virginia Beach Boulevard for $6 million. It plans to invest another $3 million in capital improvements. The property, marketed by CB Richard Ellis, should be open for business by the third quarter and will hire 38 employees. Restaurant Depot has one other Virginia location in Alexandria.
Chesapeake — Kings Pointe Associates has purchased nearly 40 acres of land in the city’s Western Branch section for the development of two luxury residential condominium communities. Kings Point is a division of the 40-year-old Dragas Cos., a multi-family developer based in Virginia Beach. S. L. Nusbaum Realty Co. in Norfolk represented the seller, James & Vernice King LLC. Kings Point plans to build two communities of 400 homes on the site.
Richmond — Cedar Broad Associates LLC plans to build a 204-unit, multi-family project on a two-acre site at 18th and East Broad Streets. The company purchased the site from BAT Properties for $3.2 million. Thalhimer Inc. handled sale negotiations.
Fredericksburg — hhgregg has moved into the Fredericksburg market with a location at Central Park. It’s leasing a former 33,179-square-foot Circuit City building. Thalhimer handled lease negotiations for landlord, Kimco Realty Corp.