Commercial real estate roundup, 11/29/10

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RICHMOND — A unnamed company is considering the Richmond market, among others, for a possible 400,000-square-foot headquarters location, according to a recent market report from the Richmond office of CB Richard Ellis. While the identity of the company isn’t known, it’s reportedly looking for 200,000 square feet of office space and 200,000 square feet of warehouse space, with the locations close to each other. 

The company, which is working with a site consultant, also is scouting out Raleigh, Richmond’s frequent competitor for business prospects.

The Richmond metro market currently has at least three office buildings that could meet the size requirement. There are two vacant buildings in Henrico County in the Deep Run area that served as the former headquarters for Circuit City before the company declared bankruptcy and closed its stores in 2009. The Westmark II office building on West Broad Street near the entrance to Innsbrook Corporate Center also fits the bill. MeadWestvaco occupied much of that building, but the company moved out late last year, after building a headquarters in downtown Richmond. 

DRCC Properties LLC, a partnership partially controlled by Henrico County developer Thomas Pruitt, recently purchased the 288,000-square-foot Circuit City headquarters, paying $2.7 million for 58 acres and $3 million for the building. At the time, it said it planned to renovate the property and lease it to one or more tenants. 

VIRGINIA BEACH — Davcon Inc., a mechanical and plumbing contractor,  plans to build a 10,000-square-foot, office/warehouse building with an option to expand to 14,000 square feet, on two acres on London Bridge Road. The company will invest $1.4 million in the construction. By locating in the accident potential zone near NAS Oceana, it qualifies for $62,000 in state investment program funds and a 90 percent rebate of its business license tax. Davcon, in business since 1991, is currently located on Central Drive. 

CHANTILLY — I&G Mission Ridge LLC, owned by LaSalle Investment Management, purchased a two-building complex called Mission Ridge for $40.5 million, or about $130 per square foot, according to the Washington Business Journal. The 312,000-square-foot complex is located at the Westfields Corporate Centre.  Capmark Bank took the empty buildings back this spring under a deed-in-lieu of foreclosure transaction. Then Jones Lang LaSalle Inc. was selected to lease and sell the property.


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