Commercial real estate roundup 3/29
- March 29, 2010
Shopping centers in Virginia are drawing new retail tenants. The leases are a welcome reversal to a downturn in retail activity in 2009, when many stores closed their doors. This and other real estate news from around the state:
FREDERICKSBURG — A restaurant and a new store have opened at Spotsylvania Towne Centre. Bravo! Cucina Italiana is leasing a 9,000-square-foot space in the shopping center’s open-air addition. Crazy 8, a children’s clothing store, opened inside the mall. The shopping center, at the intersection of I-95 and state Route 3, is owned and managed in association with Cafaro. The company, out of Youngstown, Ohio, is one of the country’s largest privately held shopping center developers.
HARRISONBURG — Best Buy is leasing 32,958 square feet of retail space in Harrisonburg Crossing. Other tenants in the shopping center include Home Depot and Barnes and Noble. Divaris Real Estate Inc. represented Best Buy during lease negotiations.
WINCHESTER — Sperry Van Ness’ Winchester office came in No. 4 in 2009 in terms of total sales transaction volume from among 150 locations. According to the commercial real estate brokerage, the Winchester office generated more than $22 million with 22 leasing transactions. Sperry Van Ness Commercial Specialists Inc. opened a Winchester office in 2004.
ROANOKE — Branch Management Co., which owns and leases commercial properties in Roanoke, has purchased a former Kroger grocery store on Orange Avenue for $1 million. Branch plans to redevelop and lease the 39,980-square-foot property. S.L. Nusbaum Co. represented the seller, Kroger Limited Partnership, in the transaction.
ARLINGTON — The Palatine, a 262-unit, high-rise, multi-family housing community, sold for $118 million at a foreclosure auction. The successful bidder was Miami-based Crescent Heights of America, Completed in 2008, the Palatine offers one- two- and three-bedroom units, a rooftop pool, fitness center, parking, and views of the capital’s monuments. The Washington, D. C., office of Holliday Fenoglio Fowler closed the sale.