Commercial real estate round up, 9/7/10
- September 7, 2010
NORFOLK — Edward Street LLC bought 7 acres of land on International Boulevard for $2.5 million from Park Crescent Associates Limited Partnership. The company plans to build a $20.7 million, 180-unit apartment community to be called Meadowbrook Apartments. Thalhimer handled sale negotiations
SUFFOLK — Ishpi Information Technologies has leased 31,500 square feet of office/warehouse space at Bridgeway Commerce Center in Suffolk. S. L. Nusbaum Realty Co. represented the landlord.
DULLES — Defense contractor Raytheon selected Suffolk Construction to manage two construction projects. The first project is a $17 million build out of Raytheon’s new facility on what was formerly AOL’s Pacific Corporate Park Campus. Raytheon will soon be moving 1,500 employees and its Northern Virginia operations into 600,000 square feet of space among four buildings. The second project includes a 100,000-square-foot build out in Raytheon’s Northwood’s complex, a few miles away from its Dulles hub.
DULLES —H/F Sky Rocket LLC, a local computer gaming firm, purchased the Orbital Sciences Corp. building from developer Crimson Partners for $13.3 million. That translates into about $319 per square foot for the 41,888-square foot building. Located along the Dulles Rt. 28 corridor, it opened in 2008. Calkain Cos. Inc. represented the seller, while Charles R. Hooff Inc. Realtors represented the buyer.
WILLIAMSBURG — The 72-year-old Williamsburg Pottery is getting a facelift. Demolition is expected to begin this month on the local landmark and its collection of outlet-store buildings. The company plans to replace them with a $20 million, 146,800-square-foot retail complex designed to look like an “Old-World” European market. Construction will begin in December with a grand opening planned for April 2012.
RICHMOND — Two companies have renewed leases in the Fairfax Building on Midlothian Turnpike. Jones Lang LaSalle represented landlord Reva Fairfax in a 44,753-square foot renewal with SunTrust Bank and a 30,350 square-foot renewal with Reckitt Benckiser.