Commercial real estate roundup, 5/3/10
- May 3, 2010
ARLINGTON — The Ritz Carlton, Pentagon City, kicks off a 20-year anniversary celebration on Wednesday. It continues through December with special events at the hotel, which refurbished its 366 rooms in 2007. In the past two decades, the Pentagon City area has evolved from open fields and warehouses into a commercial and retail destination with the Fashion Centre — 170 retailers and restaurants — the MCI Building and offices housing many defense agencies and contractors.
CARROLL COUNTY — Olde Mill is getting a facelift. Owner Norris Mill is spending $12 million to make renovations to the 850-acre Blue Ridge Mountain resort community in Laurel Fork, about an hour from Virginia Tech. Norris is redesigning the dining and tavern facilities, the outdoor tennis, pool and recreational area and Olde Mill’s golf course.
RICHMOND — Crosland Investment Services, based out in Charlotte, N.C., has retained Thalhimer’s Richmond office as the exclusive representative for Rutlands Commons. The 110,000-square-foot regional retail center in Hanover County is anchored by a Kroger grocery store. Other tenants include Call Federal Credit Union and Marty’s Café.
RICHMOND — Commonwealth Commercial Partners Inc. has formed a new division, Commonwealth Land, to specialize in the sales and brokerage of rural and urban land. The managing partner is William G. Barnett. One of the division’s marketing tools is the Commonwealth Land Rural Market Report, a database of land transactions that dates back to the 1970s.
RESTON — Calkain Cos. brokered the $1.9 million sale of a 5,805-square-foot office condominium. The unit, leased to a medical practice, was sold to a private, 1031-exchange buyer who was seeking a passive investment. The property is located within Lorton Station Town Center, a new mixed-use development, and was on the market less then two weeks, according to Calkain.