Commercial real estate roundup
- September 8, 2009
Advance Auto Parts is expanding its corporate headquarters in Roanoke. A look at this project and other transactions around the state:
Roanoke — The Fortune 500 automotive parts retailer is investing $4.5 million to expand its headquarters at Crossroads Corporate Business Center. After completing the project, the company will close another Advance office and transfer the staff to the expanded location, creating a 900-person office.
Washington, D.C. — Office buildings are still selling in the nation’s capital. In one of the region’s largest investment sales this year, New Jersey-based Vornado Realty Trust reports the sale of 1999 K St. NW for $207.8 million, or $830 per square foot. The company says the price is among the highest ever paid in the D.C. market. Vornado identified the buyer only as an international investor. The 250,000-square-foot building, under construction at 20th and K Streets, is 100 percent pre-leased by the law firm of Mayer Brown LLP. It was designed by Helmut Jahn to achieve gold certification under the LEED program (Leadership in Energy Efficiency Design). Vornado will manage the property for the new owner.
Richmond — FirstService Real Estate Advisors is opening a new office in Richmond as part of its Global Workplace Solutions division. Vance Spilman, Andrew Ferguson and Muscoe Garnett, formerly with GVA Advantis’ Richmond office before it closed in July, have been hired to run the office and work with regional and national clients.
Norfolk — Freight Liquidators has leased 20,695 square feet of retail space at the JANAF Shopping Center. Michael Gurley of S. L. Naubaum Realty Co. represented the landlord in the transaction.