Commercial real estate round up 6/28/10
- June 28, 2010
FAIRFAX COUNTY — Edens & Avant has started work on Mosaic, a $150 million, mixed-use redevelopment at the intersection of Interstate 66 and I-495 in the Merrifield area. The Washington, D.C.-based developer is tearing down a multiplex cinema to prepare for the 1.9 million-square-foot project. It will replace the theatre with a pedestrian-friendly town center that includes a new cinema, grocery store, townhouses and office space. The first phase of 600,000 square feet is two-thirds leased by companies that include Target and Mom’s Organic Market.
WASHINGTON, D. C. — Northwestern Mutual has purchased Two Constitution Square for $305 million, or about $518 per square feet, according to CoStar Group Inc. The sellers were Bethesda-based StonebridgeCarras and Walton Street of Chicago. The 12-story, 589,000-square-foot office building will be fully occupied by the U.S. Department of Justice. The agency will move into the building in late fall after the project is completed this summer. It’s located in Constitution Square Business Park in the NoMa (north of Massachusetts) district.
NORFOLK — S.L. Nusbaum Realty Co. has moved its headquarters to downtown’s newest office building. The company left its space at the Bank of America building to relocate into 43,436 square feet of space at the new Wells Fargo Center. Nusbaum is the developer, property manager and leasing agent for the project, which opened in early June. The center adds about 285,000 square feet of office space and 14,000 square feet of retail to the market. Other tenants at the $170 million, 22-story office building include law firm Willcox & Savage, which is leasing 42,000 square feet on the top two floors, and Wells Fargo. The bank is leasing 42,000 square feet and plans to consolidate local banking operations there.
RICHMOND — Thalhimer, a member of the Cushman & Wakefield Alliance, has extended its reach in North Carolina with an acquisition by its development subsidiary. TGM Realty Investors, Inc. bought River Haven Apartments from River Haven Investments LLC for $4.4 million. River Haven is a 10-year-old, 112-unit property in Raleigh. This marks the third apartment complex Thalhimer has bought in North Carolina. With the acquisition, TGM Realty Investor’s multifamily portfolio consists of 1,500 units in Virginia, North Carolina and South Carolina. Altogether, the subsidiary owns more than 425,000 square feet of retail, office and light industrial space.
HENRICO COUNTY — Cavalier renewed its lease for 13,000 square feet of office space at the Innsbrook Corporate Centre in Glen Allen. Highwoods Properties Inc. brokered the transaction.