Commercial real estate round up, 5/10/10
- May 10, 2010
CHESTERFIELD COUNTY — A private New York investor purchased a 7-Eleven ground lease in the Midlothian Village Square Shopping Center for $1.9 million. The 1.3-acre property was owned by Village Mill Land Investments LLC. It’s the site of a 7-Eleven Corp. convenience store and gasoline station. According to Thalhimer, which handled sale negotiations, the lease is guaranteed by 7-Eleven Corporate. Seventeen years remain on the existing lease, with renewal options.
WOODBRIDGE — Appliance and electronics retailer hhgregg plans to open a store in Woodbridge this fall. It has leased the site of a former Circuit City store, across the street from Potomac Mills Mall. It also has been signing leasings for other locations in the Washington metropolitan area.
VIRGINIA BEACH — Wells Fargo & Co. plans a foreclosure auction this Wednesday on about 92 home lots and 330 acres of land in Ashville Park, a 452-acre upscale housing development by L.M. Sandler & Sons Inc. The bank announced the foreclosure last week in a legal advertisement in The Virginian-Pilot. Since 2007, only about 20 homes went up in what was planned as a 500-home project.
TYSONS CORNER — Two office buildings owned by the JBG Cos. are reportedly on the market. Tycon 2, an 8-story, 131,947-square-foot, Class B property, and Tycon 3, a 137,283-square-foot Class A office, are both located on Boone Boulevard, near the future site of a new metro station. With more than 26 million square feet of office space, Tysons Corner is Virginia’s largest office market and one of the largest in the country. At the end of 2009, the overall vacancy rate for office buildings at Tysons was about 20 percent.