Commercial real estate roundup, 3/1/10
- March 1, 2010
NORFOLK — US Development plans to purchase the historic Savoy Hotel for an undisclosed price. This is the second building the Columbia, S.C. company has focused on in downtown Norfolk. US purchased the 100-year-old Navy YMCA in December. David Bryant, president of US Development, says the company has a contract to buy the eight-story Savoy on Granby Street, which was built in 1906. The deal is in keeping with its business model, he adds. US development typically acquires historic buildings in central business districts of mid- to large-size Southeastern cities. The company plans to develop both sites into mixed-use projects with street-level retail and apartments. Bryant says he likes Norfolk because it’s a vibrant city. “It has light rail moving in, port expansion, and there’s an alternative energy venture that’s just been announced for the former Ford Motor Co. property.” He’s also interested in Richmond. “We’ve been looking at a couple of projects there.”
VIRGINIA BEACH — JEMD Realty LLC and JEMD Race Coast LLC bought several Race Coast and Speed Zone gasoline stations, convenience stores, retail strip centers and related properties at four locations in Hampton Roads. The independent Virginia-based gasoline/convenience store operator currently operates 7 stations in Virginia and New Jersey. The law firm of Kaufman & Canoles served as counsel on the transactions.
HAYMARKET — Construction has begun on the first of two office buildings in The Village at Heathcote, a mixed-use development in Prince George County. Landservices Inc. is building an 80,000-square-foot office on a site at the interchange of Interstate 66 and Route 15 where Disney once planned a history-themed park. Appian Realty Advisors is marketing the space, available for lease or purchase. The second office building will be 60,000 square feet. Smaller sites in front of the buildings have been leased to BB&T Bank and a Miniland day care center.
WASHINGTON, D.C. — The intellectual property law firm of Novak Druce & Quigg is relocating its D. C. office in May to larger quarters. The company has signed a 26,317-square-foot sublease from another law firm so it can move into a new 255,000-square-foot Class A building near Union Station. Studley represented the law firm in the transaction; Cassidy & Pinkard Colliers represented the sub-landlord, law firm Jones Day.
CHESTERFIELD COUNTY — WJI Properties LLC purchased the Balzer Building on Branchway Road for $643,000. It plans to occupy a portion of the 7,040-square-foot building. The Richmond office of Thalhimer handled sale negotiations.