Commercial real estate roundup, 9/13/10
- September 13, 2010
Circuit City’s vacant headquarters in Richmond gets a new local owner while ground leases continue to sell in Northern Virginia. This and other real estate news from around the state:
RICHMOND — According to sources, local developer Tommy Pruitt of Pruitt Cos. has purchased the former Circuit City headquarters in Deep Run Office Park. The building and 58-acre site on which its sits were separately owned and required two transactions. Doing business as DRCC Properties LLC, Pruitt purchased the land for $2.75 million in August and closed on the 300,000 square-foot office building last week. The building sat vacant for a little more than a year following a bankruptcy filing by Circuit City. After sprucing it up, Pruitt Cos. plans to market the property as a Class A office to single and multiple tenants. The family-owned company has developed other major projects in Richmond, including Short Pump Town Center and The Shops at White Oak Village. Thalhimer handled sale negotiations.
HENRICO COUNTY — Out-of-state investors teamed up to secure a $20.5 million acquisition loan for Short Pump Station. The 85,720-square foot, retail center located in the Short Pump section of western Henrico offers the only Trader Joe’s specialty grocery store in the Richmond area. Boston-based Colliers Meredith & Grew represented the borrower, AmCap Richmond LLC, an institutional joint venture between AmCap Inc. and a real estate investment fund managed by BayNorth Capital, also of Boston. According to Citybizlist, AmCap Richmond LLC bought the center from S.J. Collins Enterprises, a Georgia-based retail development company. Built in 2008, it was 94 percent leased at closing with national and/or credit tenants, including Petco and New Balance.
WILLIAMSBURG — Northwestern Mutual Financial Network, The Virginia Peninsula Group, has moved into a new 8,000-square-foot office. The firm occupies the second floor of the building, located just down the road from its previous location on Ironbound Road. Burnett Construction served as the general contractor.
NEWPORT NEWS — O’Reilly Automotive Inc. bought land on Jefferson Avenue for $550,000 from Kingsridge Investment LLC. The buyer plans to develop the site into an auto parts store. Thalhimer handled sale negotiations.
RESTON — Calkain Cos. found a buyer for a Walgreen’s ground lease in Loudoun County. According to Calkain, a national real estate investment brokerage, a local buyer was completing a 1031 tax exchange for a family trust, and paid $5.1 million for the real estate occupied by Walgreens.
WASHINGTON, D.C — More office buildings continue to go on the market. Brookfield Properties Group and Vornado/Charles E. Smith have both put buildings up for sale, following what has been a strong spring and summer for investment sales. Jones Lang LaSalle’s Washington office recently reported nearly $500 million in office, retail and land sales in the area during the first half of 2010.