Commercial real estate roundup, 2/28/11
- February 28, 2011
Optimism seems to be blooming like spring flowers with several new projects in the pipeline in Loudoun and Stafford Counties and Virginia Beach. This and other real estate news from around the state:
LOUDOUN COUNTY — Miller and Smith, a private, McLean-based developer, is teaming up with a Japanese company to build One Loudoun, a 358-acre mixed-use project. It’s designed to include 1,040 residential homes, 702,000 square feet of retail, a luxury hotel and movie theatre, 3 million square feet of office space, a community center and 150 acres of public land and walking trails. This is the first investment in the U.S. by Sekisui House Ltd., a public company based in Osaka. The partnership moves ahead a project that originally got under way in 2007. More than $30 million in infrastructure already has been completed. Construction will begin immediately on South Village, a 60-acre tract designated for 168 single-family homes, 146 town homes, 39,000 square feet of retail and 124,000 square feet of office. Site work also will get under way on Loudoun Downtown, a 100-acre parcel. One Loudoun also is the future home of World Trade Center Dulles Airport, a nonprofit membership group of the larger World Trade Centers Association, that would assist foreign companies locating in the region.
STERLING — The U. S. General Services Administration signed a 10-year lease for 69,695 square feet of space in an industrial building in Mercure Business Park. McShea & Co. Inc. represented the landlord, The Acacia Group.
TYSONS CORNER — First Potomac Realty Trust of Bethesda, Md., continues to invest in the Washington, D.C., market. The real estate investment trust acquired three buildings with a total of 240,309 square feet for $33.8 million. Two of them, Cedar Hill I and III, are located in Tysons Corner. These three-story office buildings offer 102,632 square feet and are fully leased. Liberty bought them for $22.8 million.
STAFFORD COUNTY — The Silver Cos. plans to start construction this spring on a new office building at the Quantico Corporate Center. The Class-A, 140,000-square-foot project will offer four stories. QinetiQ North America, a government contractor, has signed a lease for 70,252 square feet and plans to occupy the first two floors and a portion of the third. About 300 employees are expected to move to the new building when it opens in June 2012. Jones Lang LaSalle Brokerage Inc. represented the tenant in the transaction.
STAFFORD COUNTY — Divaris Real Estate, Inc. , based in Virginia Beach, has been appointed as the exclusive leasing firm for Spring Knoll Plaza, a 55,098-square-foot shopping center located at U. S. Route 17 and Plantation Road. Its commercial neighbors include Geico’s regional office and Giant Foods.
VIRGINIA BEACH — JTM Development Corp. has revamped its plans for a development near the oceanfront. After making a deal to buy an additional piece of land, the company is going with a larger mixed-use development of about 53,000 square feet at the corner of Laskin and Birdneck
Roads. The $10 million project will include a 44,500-square-foot, three-story building with retail on the first floor and offices above. A separate 8,500-square-foot building will house a restaurant. The Seasons at Birdneck Point is scheduled to be complete by June 2012. Two real estate firms, Cushman & Wakefield | Thalhimer and Harvey Lindsay Commercial Real Estate, will market the project.
VIRGINIA BEACH — Divaris Real Estate Inc. is representing several properties for leasing in Hampton Roads. The largest of the projects is the 197,169-square-foot Willow Oaks Shopping Center in Hampton. The company’s Peninsula office in Newport News also is handling leasing Midway Shopping Center in Hampton, Francisco Village Shopping Center in Newport News and Mill Dam Crossing and Kemps Corner Shops in Virginia Beach.
VIRGINIA BEACH — Eimskip, USA, Iceland Steamship Inc. leased an additional 22,600 square feet of office and warehouse space in the Airport Industrial Park on Baker Road. The company now occupies the entire 38,600-square-foot building. Cushman & Wakefield | Thalhimer handled lease negotiations.
HAMPTON — Copeland Investment Properties LLC bought a 18,525-square-foot warehouse on two acres from Industry Rotary Land Trust for $762,000 as an investment. Orange Cab Co. has leased 8,250 square feet of the space. Cushman & Wakefield | Thalhimer handled the sale negotiations.
HENRICO COUNTY — Bonefish Grill restaurant is coming to West Broad Village in Short Pump. The seafood restaurant chain completed a lease for a free-standing restaurant at a main entrance to the mixed-used development with frontage on Broad Street. The company currently has only one other location in the Richmond metro area, off Hull Street in Chesterfield County.
Cushman & Wakefield | Thalhimer represented Bonefish Grill in the negotiations.
IN THE HEADLINES — The U. S. Small Business Administration’s new commercial refinance program starts today. It’s designed to help small businesses facing balloon payments on properties due by December 31, 2012. The small business owner must provide 10 percent of the equity (which could be drawn from the existing asset valuation), the SBA conduit will provide 40 percent and a bank or a third-party lender would need to provide at least half of the remaining equity. Borrowers current on loans could refinance up to 90 percent of the current appraised property value, or 100 percent of the outstanding mortgage, whatever is lower. The program expires on Sept. 27, 2012.