Commercial real estate round up
- November 30, 2009
A former Circuit City property sells for $5 million. This and other real estate news from around the state.
VIRGINIA BEACH — The Virginia Beach Development Authority has bought a former Circuit City parcel for $5 million. The three-acre property and 38,414-square-foot store is located on South Independence Boulevard, one of the city’s main thoroughfares. Adjacent to the Town Center of Virginia Beach, the property is currently being leased to East Coast Appliances. However, it’s expected to be incorporated into the city’s Central Business District master plan because of its strategic location next to a major retail development. Divaris Real Estate Inc. in Virginia Beach represented the authority in the transaction. Circuit City closed its stores in 2008 after filing for bankruptcy.
FAIRFAX COUNTY — A new Westin Washington Dulles Airport hotel opened last week. The 314-room property is located a mile from the airport at Dulles Corner. It’s one of six new hotels that Westin is opening worldwide in the last six weeks of 2009.
WASHINGTON, D.C. — Jones Lang LaSalle named Mike Ellis director of its mid-Atlantic market. The region includes D.C., Maryland, Virginia, West Virginia and much of Delaware. Ellis was formerly responsible for agency leasing in D.C. He joined the company in 1997.
PRINCE WILLIAM COUNTY — R. W. Murray Co., a private general contracting firm, received the 2009 Best Building Renovation Award of Merit from the Northern Virginia chapter of the NAIOP (Commercial Real Estate Development Association). Murray won for its complete façade renovation of 45360 Severn Way, a 140,000-square-foot, pre-engineered metal building. It added new walls, a storefront entrance and tower to modernize the building to current market standards. Other members of the renovation team included DVA Architects, Altus Realty Partner and ABEL Consulting Engineers, P.A.