Commercial real estate round up, 6/14/10
- June 14, 2010
FREDERICKSBURG — July 1 will kick off a weekend-long grand opening celebration to showcase new stores and restaurants at The Village at Towne Centre. The outdoor shopping district is part of a $100 million renovation of Spotsylvania Towne Center, a 1.7 million square-foot-mall, offering more than 120 stores. Among the Village’s 16 new tenants are Cache, Saxon Shoes, Firebirds Wood Fired Grill, Sephora and Arhaus Furniture. The district also includes an entertainment complex, Muvico Village 12, which offers movies, bowling and dining.
FAIRFAX COUNTY — Ntelx Inc. plans to move into more spacious headquarters due to an expansion in government contracting. The freight transportation security company has nearly doubled its staff since 2008. It will relocate from a 5,500-square-foot space in McLean to a 9,400-square-foot office on Old Gallows Road in Vienna.
ARLINGTON — Arlington Ridge, a longstanding shopping center located off Interstate 395 at South Glebe Road and near Reagan National Airport, is getting a facelift. A multimillion renovation will add pedestrian-friendly walkways, outdoor dining and extensive landscaping. Owner Edens & Avant, which purchased the center in 2007, says renovations should be complete by the fall.
RICHMOND — ADC II LLC purchased a 63,000-square-foot industrial property in the Scotts Addition area for $1.4 million. The company plans to develope the 1.8-acre property. Thalhimer handled sale negotiations for seller Mactavish Investment Co.
RICHMOND — Liberty Property Trust’s Richmond office has signed three new leases totaling 38,933 square feet. The biggest deal within its Richmond portfolio was for 29,314 square feet for an office on Cox Road in Glen Allen. Dominion Due Diligence Group plans to move into the space in October.