Commercial real estate round up, 11/8/10
- November 8, 2010
HARRISONBURG — Cottonwood Commercial reports an upswing in sales, brokering six deals worth $5 million during the past 45 days. The largest transaction was the sale of the 44,450 square-foot Tyco Electronics Corp. manufacturing building in Mt. Sidney to Railside Industries Inc. for $1.7 million. In another transaction, CVS purchased 2.1 acres on South High Street and South Avenue from local private owners for $1.3 million. The company plans to develop a store at the location.
FALLS CHURCH — Northrop Grumman has closed on the purchase of its new corporate headquarters building in Falls Church. The defense giant, which is relocating from Los Angeles, bought a 14-story, 334,000 square-foot building in Fairview Park for $101.3 million. from a joint venture partnership involving two institutional investors advised by ING Clarion Partners LLC. ING bought the building from Verizon in 2007 for $105 million. Northrop plans to open its new headquarters next summer.
WASHINGTON, D.C. — Chef Bobby Flay will open his first burger restaurant in the metro area. He signed a lease for 3,800 square feet for a Bobby’s Burger Palace at 2121 K. St. NW. The location is expected to open by spring. Flay has five other locations around the country. Papadopoulos Properties handled Flay’s lease negotiations.
PRINCE WILLIAM COUNTY — Contractor R. W. Murray Co. is gearing up for a Nov. 17 groundbreaking on the rebuilding of the Prince William Ice Center in Woodbridge. The13-year-center collapsed last February under the weight of heavy snow. The new 70,000-square-foot facility will offer an Olympic-size rink, a pro shop, Wifi in public spaces and rooms for private parties. The project should be complete by next summer.
CHESAPEAKE — LPI Technical Services, which provides ship repair and modernization services, renewed its lease of 36,300 square feet of space on Corporate Lane. Thalhimer handled lease negotiations.
HENRICO COUNTY— Bon Secours leased 31,377 square feet in a build-to-suit project on Forest Avenue. The multi-tenant building has other medical clients. C.B. Richard Ellis handled lease negotiations.
CHESTERFIELD COUNTY — Pre Holding Inc, a provider of inhalation equipment and therapy for patients with respiratory diseases, renewed a 20,000-square-foot lease on Oakland Boulevard. Thalhimer handled lease negotiations.
MECHANICSVILLE — Morgan Property Group LLC is developing a new Walgreens drugstore at the southeast corner of Mechanicsville Turnpike and Lee Davis Road. This is the 17th Walgreens the company has developed in Virginia through its affiliate, Mechanicsville Tpk Realty LLC. The 14,470-square-foot store is scheduled to open in the third quarter of 2011. Jones Realty and Construction Co. represented MPG in the land acquisition.