Commercial real estate roundup, 11/22/10
- November 22, 2010
WASHINGTON, D.C. — Wal-Mart plans to open four locations in the city by late 2012. The retail giant says the initiative will create 400 construction jobs, 1,200 store jobs and improve access to fresh, affordable groceries for people in urban areas. The stores will range in size from 80,000 to 120,000 square feet. Three sites in mixed-use developments already have been selected and will not require zoning appeals. KLNB Retail is representing Wal-Mart in the D.C. market.
TYSONS CORNER — A massive lease for a government agency won best real estate lease transaction in this year’s Best of NAIOP Northern Virginia awards program. Last week’s event drew 650 people who came to see awards presented in 19 categories. The best tenant lease was a 523,482-square-foot deal signed by the Defense Intelligence Agency for space at Boston Properties Patriots Park in Reston Town Center. The government agency plans to fill the entire two-tower property by 2013. Team members on the deal included Boston Properties, Gensler, Bovia Weidlinger and TOLK.
HERNDON — Deltek Systems and CA, Inc. renewed leases totaling more than 200,000 square feet at an office building owned by Brandywine Realty Trust. Deltek currently leases space in three Brandywine properties but decided to relocate to a single location at 2291 Wood Oak Dr. Under a new 10-year lease, it will occupy 157,911 square feet by the fourth quarter of 2011. CA renewed a 10-year lease for 70,051 square feet in the same building as Deltek.
STAFFORD — Patricio Enterprises Inc., plans to move its headquarters to the Quantico Corporate Center. Construction will start next year on a 30,000-square-foot office building for the defense contractor. It will house about 50 of the company’s 180 employees, when it opens in late 2011. The Quantico Corporate Center in Stafford County, located close to the south gate of Quantico Marine Corps Base, will eventually include 1 million square feet of Class A office space. It’s being developed by the Silver Cos. of Fredericksburg.
RICHMOND — Apple REIT Nine, Inc. has entered into purchase agreements to buy four hotels for $65 million, including a 107-room Virginia Residence Inn in Manassas, according to CityBizList. Earlier this month, The Richmond-based real estate investment trust closed on a 16-hotel portfolio of Marriott and Hilton Garden Inn properties for $291 million.
RICHMOND — Liberty Property Trust signed five new leases in its Richmond portfolio, totaling nearly 30,000 square feet. The largest deal was an 18,000 square-foot lease for Insulation Distributors Inc. at Liberty’s Fairgrounds Distribution Center. Grubb & Ellis/ Harrison & Bates represented Insulation Distributors.
RICHMOND —The Williams Mullen Center, the city’s newest high-rise, is nearly filled with the signing of several new leases. Cherry, Bekaert & Holland CPA took 21,004 square feet of space, Agincourt Capital Management is leasing 6,630 square feet and La Parisienne LLC plans to open a French bakery café on the building’s ground level in early 2011. Thalhimer handled lease negotiations.
HENRICO COUNTY — National Delivery Systems Inc. leased 78,232 square feet of space in Interport Business Center. Thalhimer handled lease negotiations.
VIRGINIA BEACH — Divaris Real Estate Inc. reports several new leases totaling nearly 40,000 square feet. The largest lease was for Vanasse Hangan Brustlin Inc. which is taking 15,618 square feet of office space in Two Columbus Center at the Town Center of Virginia Beach. The Massachusetts-based land development, transportation and environmental consulting company is relocating and expanding its offices from One Columbus Center next door, following a recent merger with Landmark.
VIRGINIA BEACH —Two multi-tenant office properties sold recently for more than $4.6 million. Miller Store LLC bought a 40,000-square-foot office warehouse known as the Miller Store Road Complex for $2.9 million. It’s located in Airport Industrial park near Norfolk International Airport. The seller was Airport West LLC. In the second deal, Robin Hood Road LLC bought a three-story office on Robin Hood Road near I-62 and I-264 for $1.7 million. The seller was Spenco L.P. John Lee & Associates represented the buyers in both of the investment sales. The new owners plan to upgrade the properties.