Commercial real estate roundup, 4/19/10

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RICHMOND — Ironworks Consulting, a management, IT and Web consulting firm, signed a lease for 34,962 square feet at Highwoods One in the Innsbrook Corporate Center in Glen Allen.  The new space represents a relocation for the Richmond-based company. Jones Lang LaSalle represented Ironworks during the lease transaction while the Richmond office of Highwoods Properties represented the building’s owner, Highwoods Properties Inc.

FAIRFAX — Balfour Beatty Construction is designing and building a 216,700-square-foot student housing complex at George Mason University’s Fairfax campus. The $47.5 million contract award for the 609-bed Northwest Housing Complex includes two buildings of up to seven stories each. Construction begins this month. Balfour Beatty, an international infrastructure group based out of London, also is building the Mason Inn Conference Center and Hotel on GMU’s Fairfax campus. That project should be finished by July.

PORTSMOUTH — PFR Properties II, LLC purchased a 76,000-square-foot industrial building on eight acres from Radva Corp. for $1.6 million. After the facility is renovated, it will be the new corporate headquarters for Special Events Entertainment and Rentals. Thalhimer handled sale negotiations.

ROANOKE — Poe & Cronk Real Estate Group has formed a new division to handle distressed real estate sales. It joins other real estate companies across Virginia that have established separate divisions to coordinate work that comes when a building’s owner can no longer make loan payments. Nationally, the number of troubled commercial assets increased 145 percent this month to 9,659 properties, compared with 3,929 properties in April 2009, according to Real Capital Analytics, a research consulting firm. In Virginia, there were 158 troubled properties valued at $3.2 billion in April, with no comparable data available for 2009.

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