Commercial real estate round up, 10/4/10
- October 4, 2010
ROSSLYN — Some call it bold, and others term it risky, but New York-based Monday Properties plans to break ground Oct. 14 on a speculative, 30-story skyscraper in Rosslyn. The developer hasn’t signed on tenants yet, nor has it obtained bank financing. Instead, Monday and its majority partner, the estate of Lehman Brothers Holdings Inc., will spend $30 million in cash to begin construction on the $300 million project. Located at 1812 N. Moore, it will offer expansive views of the Mall. The project had been on hold for about two years because of the economy. However, Monday Properties — which already has a portfolio of buildings in Rosslyn that are doing well — decided to proceed. Rosslyn has one of the lowest office vacancy rates in the Washington, D. C. region, and there isn’t much new space on the market.
MCLEAN — Insight Property Group LLC bought the 214-unit Vine Place apartment community near Interstate 95 and the Quantico Marine Base for $15.6 million. Insight plans to upgrade the project, completed in 1997, with new amenities, landscaping, signage and building entrances. Vine Place is the 5th acquisition for Insight since the Northern Virginia company formed in October 2009.
ALBEMARLE COUNTY — The Charlottesville area is getting a major new retail project: a 14-screen theater with IMAX. Regal Entertainment Group plans to build the project at Albemarle Place, a 65-acre, 2-million square-foot town center under development near the intersection of Hydraulic Road and U.S. 29. Columbia, S.C.-based Edens & Avant is the developer for Albemarle Place.
CHESTERFIELD COUNTY — West End Orthopedic Clinic Inc. has leased two spaces of 34,212 square feet in Ortho Virginia, a new medical office under construction in Boulders Office Park. CJW Medical Center also is leasing two spaces of 30,218 square feet in the building. Thalhimer handled both lease transactions.
RICHMOND — Rotary Corp. is leasing 36,336 square feet of space at 1915 Ruffin Mill Rd. The Glennville,Ga.-based company is a major supplier of outdoor power equipment. The lease was handled by CB Richard Ellis.
ASHLAND — Capital Hotel is now under the management of Hospitality Receiver, LLC, an affiliate of Virginia-Beach based Afton Hospitality Management. It was retained by a regional lender following the property’s recent foreclosure. The 121-room property, built in 1989, formerly operated under the Comfort Inn and Motel 6 franchises. It’s located off I-95 near Randolph-Macon College.