Commercial real estate roundup, 8/23/10

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Print this page by Paula C. Squires

A $4.5 million renovation updates one of Springfield Mall’s anchor stores while an accounting firm doubles its office space in Winchester. 

FAIRFAX COUNTY — The renovation of the 37-year-old Springfield Mall continues with the first major project unveiled Friday. Anchor tenant JCPenney showed off a $4.5 million update with a grand reopening of its 207,000-square-foot store.  Enhancements include a Sephora beauty boutique, wider aisles, new carpet and tile, and an updated customer-service center. Vornado Realty Trust bought the 1.4 million-square-foot mall in 2005 and is remodeling stores as part of an overhaul designed to transform the site into a mixed-use retail, office and hotel space.  According to Trepp LLC, a New-York based research and analytic company, special servicers for two portions of Vornado’s $163 million mall loan are pursuing receivership or foreclosure after workout discussions did produce payback agreements.

WINCHESTER — Yount, Hyde & Barbour is doubling its office space with the purchase of a $1.1 million building in the city’s historic district. The accounting firm is remodeling a 15,000-square-foot building that will house human resources and a new training center. Employees plan to move in by December. The firm already has its headquarters in Winchester on Cameron Street and will close a second building there when the new space is ready. The company also has offices in Richmond, Leesburg, Middleburg and Culpeper.

WASHINGTON, D.C.  Construction is under way on an expansion of the Cato Institute’s headquarters building. The project includes demolishing the National Medical Association building next door, which Cato acquired last year. The project will double the nonprofit public-policy research foundation’s space and add a 200-seat auditorium, fitness center and library.  Akridge is managing the project, and Clark Construction is the general contractor.

HENRICO COUNTY — Regal Cinemas and Gold’s Gym have renewed leases at Gold’s Gym Plaza retail center. Regal is leasing 53,220 square feet of space and Gold’s Gym has 26,663 square feet. Gold’s Gym also signed a new lease for 37,000 square feet at the Town Center at Aquia in Stafford County. In both deals, Thalhimer handled lease negotiations.

HENRICO COUNTY — Wells Fargo Bank has renewed a long-term lease for 44,325 square feet of flex space in a Liberty Property Trust building on Gaskins Road. CB Richard Ellis represented the bank during lease negotiations.

NORFOLK — Land’ N’ Sea Distributing Inc. has renewed a 37,573-square-foot lease on Azalea Garden Road. Thalhimer handled lease negotiations.

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