Commercial real estate round up
- July 17, 2009
A Newport News hotel brokerage company is finding buyers for mid-price range hotels. A look at this and other deals from around the state:
SALES — Mumford Co in Newport News has completed the sale of 17 hotel properties in 11 states. Plus, it has another 11 deals on the table expected to close by September. Most of the deals are in the mid-market, under $5 million dollar range. Recent sales include properties under the Days Inn, Quality Inn and Country Hearth brands. “We are seeing properties move in the lower end of the mid-market … While credit markets remain tight, local and regional banks are still financing these transactions for experienced buyers, “ Ed James, a principal for Mumford, said in a statement.
WestGroup is selling 142 acres of its land at Tysons Corner to McLean investment group, Pence-Friedel. The sale signals the exit of veteran real estate executive Gerald Halpin and his company from a major redevelopment project at Tysons that includes the extension of the Metrorail and the construction of four new stations in the area. Terms of the deal were not disclosed. WestGroup is the largest landowner at Tysons, and has been a major force in its development.
LEASES — The Richmond office of Liberty Property Trust recently renewed three warehouse leases, including a 128,500-square-foot lease in Fredericksburg for The Simmons Manufacturing Co.
HOTEL — Westfields Marriott, a four-star convention hotel in Chantilly, celebrated its 20th anniversary. Opened in 1989, the hotel underwent a $10 million renovation in 2008 that revamped ballrooms, added 40,000 square feet of meeting space and refurbished guest rooms with modern technologies.