Commercial real estate roundup, 10/18/10
- October 18, 2010
It was a busy week for the industrial sector, with companies buying and leasing space. Plus, Washington, D.C., tops the country for highest office rents. This and other real estate news from around the state:
HENRICO COUNTY — Zeller+Gmelin Corp. bought the 83,247 square-foot ICL building at 4801 Audubon Drive. for $4.4 million. The German-based maker of UV printing products is moving its area headquarters from Richmond to the county. Grubb & Ellis/Harrison & Bates represented the seller, Independent Container Line Limited.
RICHMOND — Swedish Match North America Inc. is moving its area headquarters from the Boulders Office Park in Chesterfield County to downtown Richmond. The company, a distribution and manufacturing division of Swedish Match, which manufactures snuff and other tobacco products, has leased 25,163 square feet in Two James Center. CB Richard Ellis represented the tenant and Thalhimer represented the landlord.
CHESAPEAKE — Kinder Morgan Energy Partners L.P. bought the former Eagle Allied property from Southern Concrete Products LLC. The 42-acre Money Point Terminal on the site can handle about 250,000 tons of material annually including pumice, aggregate and sand. Houston-based KMP, a pipeline transportation and energy storage company, owns about 180 terminals in North America. Thalhimer handed sale negotiations.
NORFOLK — Defense contractor URS Federal Technical Services Inc. has renewed its lease of 23,116 square feet at 4565 Progress Road in Norfolk.
WASHINGTON, D.C. — Cassidy Turley reports that the Washington metro market overtook New York for the highest office rents in the U.S. during the third quarter. The average rent quote reached $49.96 per square foot, or $1.43 per-square foot higher than the Big Apple. Nationally, office rents fell 1.8 percent during the third quarter, and vacancy remained flat at 16.8 percent.
FALLS CHURCH — Zuckerman Gravely Development bought the new 87,000-square-feet building housing BJ’s Wholesale Club for $26.5 million, or about $305 per square foot. The seller was JBG Rosenfeld Retail. The 8.4-acre site on Wilson Boulevard has a 20-year ground lease with BJ’s, a warehouse chain retailer. The store was built this year and celebrated a grand opening earlier this month.
LEESBURG — Two new retailers have signed leases at the Village of Leesburg, a 1.2 million square-foot mixed use development off Virginia Route 7. The Dandelion Patch, a stationary and gifts store, and Finnegan’s Sports Bar and Grill, are among more than 20 tenants joining the lineup at the four-story project. Dallas-based Cypress Equities is developing the commercial portion, which will include 520,090 square feet of retail and specialty uses and 150,000 square feet of office.