Commercial real estate roundup, 9/27/10
- September 27, 2010
The health care industry continues to boost real estate markets around Virginia. Hospitals are leasing space and building new facilities. On the sales side, one skilled nursing facility portfolio recently fetched $45 million. This and other real estate news from around the state:
SPOTSYLVANIA — Spotsylvania Regional Medical Center has been named Health Care Project of the Year by Mid-Atlantic Construction Magazine. The June opening of the 279,000-square-foot hospital created 500 news jobs. R.J. Griffin & Co. of Brentwood, Tenn., served as the general contractor. The annual competition recognizes construction and design excellence in Delaware, Maryland, Pennsylvania, Virginia and Washington, D.C.The project will be featured in an upcoming issue and entered into a national competition.
CHARLOTTESVILLE — Grubb & Ellis Healthcare REIT II Inc. has acquired a seven-building portfolio of skilled nursing facilities in Virginia for $45 million. The 230,200-square-foot, 563-bed portfolio was built between 1989 and 2004. “Skilled nursing facilities in general are of great interest to us because there is a fairly constrained supply, and they cater to a rapidly growing segment of our population,” Danny Prosky, president and COO of Grubb & Ellis Healthcare REIT, said in a statement. The REIT financed the purchase with a $26.8 million loan from KeyBank, $12.9 million in borrowing from a line of credit with Bank of America, cash on hand and proceeds from its offering. The acquisition includes The Laurels of Charlottesville, Maple Grove Health Care Center in Lebanon and The Laurels of Willow Creek in Midlothian.
HENRICO COUNTY — Bon Secours Richmond Health System has signed two leases for more than 100,000 square feet at Windsor Business Park, a popular destination for training programs. The leases are for 72,890 square feet and 34,929 square feet. CB Richard Ellis handled the transaction.
HENRICO COUNTY — Kathrein Inc., a manufacturer of professional antenna and filter systems for communications and broadcasting, has leased 26,000 square feet at Eastport IV. The Oregon-based company, new to the Richmond market, plans to begin operations in the fourth quarter. Porter Realty Co. Inc. handled negotiations for Kathrein.
FREDERICKSBURG — M&M Auto Parts Inc. bought an 11-acre, 150,000 square-foot industrial property from Insteel Wire Products Co. for $2.5 million. M&M plans to use the building to expand its Stafford County operation. Thalhimer handled sale negotiations.
RICHMOND — Parmenter Realty Partners in Miami has named Transwestern as the exclusive leasing agent for two of downtown Richmond’s major office buildings. The Atlanta and Washington, D.C., offices of Transwestern will manage SunTrust Center, a 458,229-square foot, class A building, and the Mutual Building, a 132,434-square-foot property. Both buildings are located on Main Street, in the heart of the city’s financial district.
RICHMOND — NeighborCare Inc. renewed its lease of 22,600 square foot at Windsor Business Park VII. Thalhimer handled lease negotiations.
ROANOKE — Two downtown restaurant owners plan to open a second location in the ground level of the former Patrick Henry Hotel when it reopens next year. Eric DiLauro and Mike Caudill, who own Table 50 on Market Street, became one of the first tenants to sign a lease at the 85-year-old, landmark property. A local nonprofit, Foundation for Roanoke Valley, also signed a lease for office space. The property is being renovated into a mixed-use development with apartments, office and retail space.