Commercial real estate roundup, 2/21/11
- February 21, 2011
Washington, D. C., continues to lead U. S. markets in commercial pricing recovery while Fairfax County gets a new apartment project. This and other real estate news from around the state:
FAIRFAX COUNTY — The Merrifield area is getting a new apartment project. Arlington-based AvalonBay Communities plans to build a 531-unit community in the Mosaic District project. Under development by Edens & Avant, the 1.9 million- square-foot Mosaic District is designed as a mixed-use town center that will include a Hotel Sierra, Target, organic grocery store and other retailers. It’s located at the corner of Lee Highway and Gallows Road.
ROANOKE — JoAnn Fabric & Crafts has leased 22,980 square feet of space in Towers Shopping Center on Colonial Avenue. Cushman & Wakefield | Thalhimer handled lease negotiations.
HENRICO COUNTY — Richmond Cold Storage sold its 183,000-square foot industrial building on 11.8 acres to Richmond Holdings LLC for $18.2 million. CB Richard Ellis represented the seller.
RICHMOND — The Richmond office of Jones Lang LaSalle recently completed three leasing deals of more than 14,000 square feet. The biggest lease was for Westchester Office Partners LLC for nearly 6,000 square feet on City View Drive in Midlothian.
IN THE HEADLINES
WASHINGTON, D.C., CONTINUES TO LEAD THE WAY — The nation’s capital is the frontrunner among major U. S. markets in leading the commercial real estate pricing recovery, according to CoStar Group Inc. The market ended 2010 with a 5 percent increase in pricing in the fourth quarter, while for the full year it gained 15 percent.
That showing was far better than gains experienced in other major markets. New York saw a 2 percent decline in the fourth quarter while Chicago, San Francisco and Atlanta all saw declines as property values in those markets continued to search for a bottom. However, the Washington, D.C. commercial real estate research company also noted that, by property type, pricing for commercial property sales in the top ten largest markets is recovering much stronger than the general market, with the exception of retail.