Commercial real estate round up
- June 19, 2009
• Liberty Property Trust awarded the Norfolk office of GVA Advantis an exclusive listing for a three-building office portfolio of 221,000 square feet in Newport News. The portfolio includes Oxford Plaza, Olympia Place and Lakefront Plaza, Class A buildings with available space.
• The county of Arlington will lease 144,740 square feet of space at Sequoia Plaza as part of a relocation of its Department of Human Services. The move from its current location on Wilson Boulevard is expected by next year. According to the Mclean office of Studley, a tenant advisory firm that represented the county, the new 13-year lease will bring more than $20 million in cost savings over a 10-year period and the opportunity to expand to 370,000 square feet in the three-building office park. Cushman & Wakefield represented landlord Foulger-Pratt Development Inc.
• The Econo Lodge hotel in Wytheville has been sold to Tri-Strength LLC of Roanoke. Mumford Co. represented affiliates of owner Allen Management in the sale. The buyer plans to renovate the 72-year-old property and affiliate the hotel with the Knights Inn franchise, according to a statement from the Wytheville-based Mumford Co.
• The historic, 8,400 square-foot Chamber of Commerce Building on Bank Street in downtown Norfolk has been sold for $1,075,000 to Hurrah Players Inc. The theatre company will use the building as its new headquarters. Thalhimer/Cushman Wakefield handled the sale negotiations.