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Cole Pays $81M for New Amazon Facility in Chesterfield County

21 Aug 2013, 7:34 pm

By Adrian Maties, Associate Editor

Just 10 months after opening last October, Amazon’s 1 million-square-foot fulfillment center in Chesterfield County has been acquired by an affiliate of Cole Real Estate Investments in an $81.3 million deal.

According to a filing with the Securities and Exchange Commission, Cole Corporate Income Trust Inc. paid $81.25 million for the property in a deal that closed on July 31. Completed at a cost of $85 million, the asset is located off of Interstate 295 in Meadowville Technology Park.

On the same day, Cole closed on the $69 million acquisition of an Amazon warehouse in Murfreesboro, Tenn. USAA Real Estate Co. was the seller of both properties, which are leased to Amazon through September 2027.

Cole has been on a Virginia buying spree of late. Its recent pickups include Hancock Village, a 153,853-square-foot shopping center in Chesterfield County acquired for $27.5 million, and The Shops at White Oak Village, a retail center in eastern Henrico County for which Cole paid $68 million.

In 2011, Amazon announced its plans to invest $135 million and open distribution centers in Chesterfield and Dinwiddie counties, creating over 1,350 jobs. It was the biggest job-creating business expansion program in the state since 2004. Earlier this year, the Greater Richmond Association for Commercial Real Estate also named the Chesterfield County facility its 2012 project of the year.

Photo credits: Google Maps.

Virginia Beach M-F Assets Command $73M for Harbor Group International

7 Aug 2013, 11:30 pm

By Adrian Maties, Associate Editor

Harbor Group International, L.L.C. has sold two apartment communities in Virginia Beach this summer. The properties total 730 units and commanded a combined $72.5 million.

Affiliates of Norfolk-based HGI sold the Chase Arbor apartment community in June to Los Angeles-based JRK Property Holdings, a subsidiary of JRK Investors. ARA’s Drew White and Mike Marshall, and Richmond-based broker Wink Ewing, represented the seller.

Virginia Business reported that the property traded for $44 million. HGI paid $35.35 million for Chase Arbor in 2011, when the Norfolk-based company acquired it as part of a nine-property, $166 million deal.

Constructed in 1983, the 430-unit Chase Harbor community is located at the intersection of South Independence Blvd. and South Plaza near Virginia Beach Town Center. Amenities include a swimming pool, tennis courts, clubhouse with a tanning bed, fitness center, dog park, and a volleyball court. The property was 94% occupied at the time of the sale.

In July, HGI announced the sale of the 300-unit Pembroke Lake apartment community to the Breeden Co, for $28.5 million. Pembroke Lake was acquired by HGI last year for $24.6 million and was part of the portfolio that included Chase Arbor.

“HGI was uniquely positioned to acquire the property as part of a large portfolio transaction and make the necessary upgrades to capitalize on its potential in a strong market,” said T. Richard Litton, Jr., the company’s president. “We are pleased with the property’s performance and the value it provided for our investors.”

Located near the intersection of Independence Blvd. and Pembroke Blvd./N. Witchduck Road, Pembroke Lake is close to the area’s major retail and employment centers and Virginia Beach’s downtown. At the time of the sale, the property was 96% occupied.

Photo: Google Maps.

Redskins Open $10M Training Center in Richmond

18 Jul 2013, 10:07 pm

By Adrian Maties, Associate Editor

The Bon Secours Washington Redskins Training Center opened July 8 in a ceremony highlighted by speeches from dignitaries—Gov. Bob McDonnell, Richmond Mayor Dwight Jones and former star quarterback Joe Theismann—along with performances by skydivers, Richmond’s all-city high school marching band and Elliott Yamin of “American Idol” fame. Opening festivities concluded, city officials are counting on the $10 million facility to serve as an economic engine.

Part of an economic development deal between the city and Bon Secours, the complex is expected to bring $40 million in investment investment to Richmond and create several hundred jobs. Its website states that approximately 100,000 fans are expected to visit the center each year, with 60% of them traveling to Richmond from an average 100-mile radius.

Located on a 17-acre site behind the Science Museum of Virginia, the training center includes two full-sized football fields, a practice field, a gymnasium and locker rooms, as well as improved amenities for fans. The public has access to a 2.5 acre park with a trail for running and walking, a 500-seat amphitheater, a children’s music garden, and a water wall.

The Redskins will spend three weeks at the training center each summer for at least the next eight years. For the rest of the year, it will be available for a variety of activities. The Richmond Economic Development Authority serves as the facility’s manager.

Photo: http://redskinsrva.bonsecours.com

Shamin Acquires 237-Key Holiday Inn in Richmond, Rebrands It as DoubleTree

4 Jul 2013, 12:01 am

 By Adrian Maties, Associate Editor

Shamin Hotels has added another property to its portfolio. On July 1, the Chester-based company closed on the acquisition of Holiday Inn Koger Conference Center. Following its acquisition, the property was rebranded the DoubleTree by Hilton Richmond-Midlothian.

Chester-based Shamin acquired the property from Midlothian Hotel Associates, a company controlled by developer Vernon Laprade, who opened the hotel in 1987. The purchase price was not disclosed but Chesterfield County records place the property’s value at about $13 million.

Located on a 5.3-acre site at 1021 Koger Center Blvd., the DoubleTree by Hilton Richmond-Midlothian is the largest hotel in Chesterfield County. It is undergoing a $6.5 million upgrade that is expected to be completed by the end of the year.

The hotel features more than 26,000 square feet of flexible meeting space, a business center, and two ballrooms capable of seating up to 1,100 people. Other amenities include a fitness center, same-day dry cleaning, complimentary shuttle service within a five-mile radius, a full-service restaurant, and free Wi-Fi.

Richmond International Airport is located 18 miles from the hotel and Chesterfield County Airport is within 11 miles. A variety of restaurants and attractions are nearby.

Chester-based Shamin Hotels owns 38 properties comprising 4,000 guest rooms and 70,000 square feet of meeting space; 28 of those assets are located in the Richmond area.

Photo: Doubletree by Hilton

Gumenick Unveils Name for West End Project: Libbie Mill

24 May 2013, 4:10 pm

By Adrian Maties, Associate Editor

Construction of Gumenick Properties’ 80-acre development in Richmond’s West End is still months away from the starting line, but the developer has unveiled a new name for its mixed-used project. Previously known by the working name Staples Mill Road, the 80-acre project will be called Libbie Mill.

Picking a permanent brand name for the property, located between Libbie Ave. and Staples Mill Road, gained new urgency from Southern Season’s recent commitment to build a gourmet food store on the site and Henrico County’s plans to open a new library. “Gumenick Properties chose Libbie Mill because we believe it best reflects the spirit and aspirations of this new community,” said Wayne A. Chasen, president of Gumenick Properties, in a statement.

“The ‘Libbie Mill’ name draws on local history and symbolically unites Libbie Avenue and Staples Mill Road, which will be tied together by this neighborhood. This title also expresses our desire to create a place that links old and new, combining modern convenience with the warmth and grace traditionally associated with Richmond living,” Chasen added.

At full buildout, which is expected to take at least 10 years, Libbie Mill will deliver 994 for-sale homes and 1,096 apartments. It also calls for almost 150,000 square feet of retail space and about 50,000 square feet of office space. Planning is under way for the first phase, which will include retail, office space, luxury apartments and the library.

Barry Hofheimer and Robby Brownfield of CBRE Group Inc.’s Richmond office will lead the retail leasing for the project and Scott Durham and Malcolm Randolph will handle leasing for the office component. Southern Season, Libbie Mill’s first commercial tenant, plans a fall construction start for a 53,000-square foot gourmet food store, full-service restaurant and cooking school. A mid-2014 opening is planned. Henrico County’s new library is scheduled to open in 2016 near a two-acre lake on land donated by Guemnick. The three-story facility, which will replace Dumbarton Library, will encompass 50,000 to 60,000 square feet.

Rendering: Gumenick Properties

USAA to Leave Norfolk, Move 500 Employees to Chesapeake

8 May 2013, 7:36 pm

By Adrian Maties, Associate Editor

USAA plans to relocate more than 500 employees from its current office in Norfolk to Chesapeake by December. The San Antonio-based financial services company will move from its mid-Atlantic regional office at 5800 Northampton Blvd. to Battlefield Technology Center II in Chesapeake, according to Inside Business. USAA employees will provide claims support for 9.6 million clients at the company’s new location.

Located at 520 Independence Parkway in Chesapeake, USAA’s future home is an 81,478-square-foot building that was completed in 1998. The company’s new space will be about 10 percent larger than the 73,000 square feet it now occupies at The Concourse at Northampton, a 319,444-square-foot, four-story building lowned by USAA Real Estate Co., a USAA affiliate. Battlefield Technology Center II is less than 10 miles from Downtown Norfolk and 14 miles from Norfolk International Airport.

Another Concourse at Northampton tenant, Amerigroup Corp, is in expansion mode. The healthcare insurance company signed a long-term lease at the building last year and by spring 2015, it plans to more than triple its workforce there from 500 to 1,600.

According to CBRE Group Inc., the office vacancy rate in the Hampton Roads area increased to 16.9% during the fourth quarter of 2012 as the market recorded 106,780 square feet of negative absorption.

The best-performing submarket at year’s end was Central Norfolk, thanks in large part to leasing activity at the USAA building, which accounted for much of the submarket’s 256,246 square feet of absorption.

Charts courtesy of CBRE Group Inc.

HDL Launches 95 KSF Phase 2 of HQ Expansion in Richmond

18 Apr 2013, 3:42 pm

By Adrian Maties, Associate Editor

Health Diagnostic Laboratory, Inc.started construction this week on the second phase of its $100 million headquarters expansion in Richmond’s Virginia BioTechnology Research Park. Phase 1 of the project was completed in February.

Located at the corner of East Jackson and North Fifth streets and bordered to the southeast by Navy Hill Drive, the second phase will provide 95,000 square feet of office and wet laboratory space and will house 400  employees. To make way for thenew building, a two-story facility used by HDL to house its sales support, client services, and technology teams will be demolished. Completion is scheduled for April 2014.

The new building will be linked to the expansion’s 112,000-square-foot, six-story first phase. That facility, which houses 650 employees, is located at the corner of East Jackson and North Fifth streets on the former site of HDL’s now-demolished BioTech 3 building. Also on the campus is HDL’s 76,000-square-foot, three-story original headquarters, dubbed BioTech 8.

Fulton Bank, StellarOne and Xenith Bank will provide financing for the $25 million Phase II. All told, HDL’s new headquarters will be a 283,000-square-foot complex with a rooftop park and green space, a 24/7 gym for employees. Its atrium will contain spiral slides connecting the sixth, fifth, and fourth floors

“It is our mission to prevent and reverse heart disease and related diseases, and this real estate expansion is allowing us to do so as a team in a values-based, innovative environment in downtown Richmond,” Tonya Mallory, HDL, Inc.’s president & CEO, said.

Photo: HDL, Inc.

Patricio Enterprises Leases 427,000 SF; Virginia Beach Properties Hit the Market

4 Apr 2013, 11:29 pm

By Adrian Maties, Associate Editor

In one of the year’s largest local industrial leases, Patricio Enterprises, a diversified business solutions firm and federal contractor based in Stafford, has leased 427,115 square feet at 2705 Commerce Road in Richmond from Alleghany Warehouse Co.  CBRE Inc.’s Richmond office brokered the transaction.

Located just north of Commerce Road and Bells Road, the facility offers 2.6 million square feet of industrial warehouse space. “Patricio approached us about a sizable warehouse requirement linked to a government contract. We were able to come to terms and structure a lease agreement in a very short period of time,” commented said Rob Dirom, a CBRE first vice president. Dirom and Joseph Marchetti III of represented Alleghany.

In other industrial news, General Foam Plastics has named Binswanger and John Lee & Associates, Inc. as the exclusive agents for the sale of two industrial properties in Virginia Beach.

The 200,000-square-foot, single-story buildings are situated on 32 acres in the Oceana Business Park at 1440 London Bridge Road. Completed in 1995, the buildings feature 6-inch-thick reinforced concrete floors; clear ceiling heights of 25 feet, 6 inches; metal halide lighting; and parking for approximately 200 vehicles. Interstate 264 is four miles south of the property, while Norfolk International Airport and the Port of Virginia complex are  approximately 15 miles west.

Photo credits: Google Maps.

Armada Hoffler Kicks Off $89M Mixed-Use Tower in Virginia Beach

21 Mar 2013, 2:52 pm

By Adrian Maties, Associate Editor

Armada Hoffler broke ground last weekon the $89 million 794,000-square-foot Main Street Tower at Virginia Beach Town Center.
Located between Main and Columbus streets, the project will be Town Center’s fifth phase.

Nine floors of the 14-story complex will be offices. Main Street Tower will also feature 18,000 square feet of ground-floor retail, 288 apartments and a 950-car parking garage.

The project’s financing package includes $70.4 million of private investment, an $18 million contribution from the city and $1 million in local grant funding for additional infrastructure.

Norfolk-based Clark Nexsen PC is designing the tower and plans to relocate its headquarters to the building from Norfolk, along with 350 of its 550 employees. The firm of Cox Kliewer is designing the apartments. Armada Hoffler plans to complete the office tower in July 2014 and open the multi-family portion that fall.

Gov. Bob McDonnell and Virginia Beach Mayor Will Sessoms spoke at the ceremony, along with Tom Winborne, CEO of Clark Nexsen, and Armada Hoffler’s president & CEO, Lou Haddad.

Photo: Clark Nexsen

Gold Key/PHR, Norfolk Strike Deal for $126M Hotel, Convention Center Complex

8 Mar 2013, 10:22 pm

By Adrian Maties, Associate Editor

Taking a step toward fulfilling a decade-old quest, Norfolk city officials announced a deal March 1 to build a $126 million hotel, conference center and parking facility downtown.

As part of a public/private partnership, Gold Key/PHR Hotels & Resorts will build a 300-key upscale hotel, a 50,000-square-foot conference center and 600-space parking structure at the corner of Main and Granby Streets, on a site the city spent around $16 million to clear.

Gold Key/PHR & Resorts will finance the $64 million cost of the hotel. The city will pay for the $42.5 million conference center using revenue from the Public Amenities Fund, which levies a 1 percent tax on meals and lodging. Officials say that the fund generates enough money to cover the debt service on the conference center without additional sources of financing. Revenue from the city’s parking fund will cover the $19.5 million cost of the parking structure.

“This is an important moment for Norfolk,” commented Mayor Paul D. Fraim. “The hotel and conference center project follows closely on the heels of Waterside’s revitalization. These companion projects add $150 million of new development, more than a thousand new jobs and will grow and diversify our economy.”

Bruce Thompson, CEO of Gold Key/PHR Hotels & Resorts, said that SLS HOTEL in Los Angeles, W Hotels, the Delano Miami, The Hudson in New York City and other properties will provide inspiration for the hotel’s design.

Rendering courtesy of the City of Norfolk.

Redskins Moving to $10M Richmond Training Center in July

20 Feb 2013, 11:50 pm

By Adrian Maties, Associate Editor

The Washington Redskins may have come up short in their quest for a Super Bowl title this past season, but the team and its fans still have something to look forward to: a new summer home. In July, the pro football team will leave behind its training facility in Ashburn for a  $10 million complex in Richmond.

Richmond city leaders, representatives of Bon Secours Virginia Health System and team officials joined other dignitaries on Feb. 14 to break ground on the Bon Secours Washington Redskins Training Center. Those attending included Gov. Bob McDonnell, Mayor Dwight C. Jones, Bon Secours CEO Peter Bernard and Bruce Allen, executive vice president & general manager of the National Football League franchise.

Located on a 17-acre site behind the Science Museum of Virginia, the facility will include two full-sized football fields, a practice field, a gymnasium and locker rooms, as well as improved amenities for fans.

Part of an economic development deal between the city and Bon Secours, the complex will bring $40 million investment and several hundred jobs to Richmond. The project team includes Hourigan Construction, 3North and the Timmons Group.

The Redskins are committed to spend three weeks at the training center for a minimum of eight years. One hundred thousand fans are expected to visit the complex, which backers say will inject $8.5 million into the local economy.

Photo credits: www.redskins.com

Clayco Details Plan for $110M Richmond Office Tower

6 Feb 2013, 4:05 pm

By Adrian Maties, Associate Editor

Clayco expects to start work late this spring on Gateway Plaza, a $110 million office tower in the heart of Richmond’s business district, the Chicago-based developer confirmed Jan. 30. Initial plans call for a 15-story, 261,000 square-foot building located on the current site of a 1.1-acre parking lot at 8th and 9th Streets and Canal St.

The property would also include more than 10,000 square feet of first-floor retail space and 520 parking spaces. Clayco is considering the possibility of adding six more stories. The project will be a candidate for LEED Gold certification.

If approved by city officials, Gateway Plaza would be Clayco’s next major project in Virginia, following Amazon’s recently completed 1.1 million square-foot distribution center in Dinwiddie County.

Gateway Plaza will be anchored by McGuireWoods LLP and McGuireWoods Consulting LLC. The law firm plans a 2015 move-in and will occupy 217,000 square feet and a conference center on the top floor. Colliers International is the leasing agent for the property.

In its announcement, Clayco cited studies showing that Gateway Plaza will offer significant benefits:

  • 812 construction jobs, paying a total of more than $50.7 million in wages.
  • 1,653 jobs, including more than 630 at McGuireWoods.
  • $117 million in tax revenues over the next 30 years.

“We believe that Gateway Plaza will be an attractive and successful addition to downtown Richmond. It will set a new standard for office buildings in Central Virginia and demonstrates a commitment to the city’s economic growth and vitality,” commented Bob Clark, Clayco’s chairman and chief executive officer.

“It also represents the continuation of our involvement in Virginia projects, including the recently completed 1.1 million square-foot distribution center for Amazon.com. in Dinwiddie County,”  Clark added.

Rendering: www.gatewayplazarichmond.com
Chart courtesy of CBRE Inc.


Crosland Southeast Unveils $60M M-F Project at Stoneridge

25 Jan 2013, 3:45 pm

By Adrian Maties, Associate Editor

As 2013 gets out of the starting gate, the demand for apartments in the Richmond metropolitan area is showing no signs of a slowdown, and developers are rushing in to meet the need.

Crosland Southeast announced plans Jan. 22 to build a 600-unit complex
on the site of the former Cloverleaf Mall in Chesterfield, Virginia Business reported. The $60 million project will be part of Stonebridge, the 400,000-square-foot mixed-use development Crosland Southeast is developing on an 83-acre site at Midlothian Turnpike and Chippenham Parkway next to the Kroger marketplace.

The urban-style complex will offer studio, one-bedroom and two-bedroom apartments, plus 27,000 square feet of retail space. Charlotte, N.C.-based Crosland, which is teaming up with Boyd Homes of Virginia Beach, expects to have the first units ready for occupancy by mid-2014.

Multi-family developers plan adaptive-reuse projects for several other vintage properties. Richmond BizSense reported that the former Seaboard Bag Co. factory at Moore and Belleville Streets is in line for a $10 million makeover. The developer, Jerry Peters, wants to transform the property into a 94-unit complex dubbed Monroe Street Apartments.

Peters’ plan calls for 79 one-bedroom and 15 two-bedroom apartments in the one-story, 81,000-square-foot building. Walter Parks is the architect and Monument Companies L.L.C.’s construction affiliate will serve as general contractor.

Also in the works is the redevelopment of the 84-year-old Central National Bank building at 219 East Broad St., which has been vacant for nearly 10 years. Douglas Development Corp. wants to turn the vacant 240,000-square-foot tower into a 200-unit residential property. The Washington, D.C.-based developer, which bought the property for $5.3 million in 2005, plans to start work this year. Although details are incomplete, Douglas expects to invest about $20 million in the project.

Rendering of Stonebridge courtesy of Crosland Southeast.

Landmark Virginia Beach Hotel Hits the Market in Family Feud

9 Jan 2013, 10:05 pm

By Adrian Maties, Associate Editor

 The Cavalier Hotel, a Virginia Beach landmark that has hosted presidents and celebrities, is fon the block. According to Virginia Beach city records, the property is assessed at $34.25 million. However, court records show it is worth around $41 million, reported the Virginian-Pilot. Doug Henkel, Tom Ives, Lew Miller, Andy Wimsatt and Kym Halsted of CBRE Inc.’s hotels group are marketing the property.

The Cavalier property occupies a 21-acre tract and includes two hotels. Open since 1927, the seven-story Cavalier on the Hill offers 110 guest rooms. Its counterpart, the 282-key Cavalier Oceanfront, opened in 1970 directly across Atlantic Ave. Between them, the two facilities provide more than 50,000 square feet of meeting and function space and feature indoor and outdoor pools, tennis courts, a fitness center, and a below-ground parking garage. An owner/manager residence, employee housing and automobile repair garage are also located on the property. Presidents Calvin Coolidge, Herbert Hoover, Harry Truman, Dwight Eisenhower, John Kennedy, Lyndon Johnson, and Richard Nixon have all been guests.

According to the Virginian-Pilot, the court-ordered sale will help resolve a battle among the heirs of Gene Dixon Sr., the late mining magnate, who purchased the Cavalier in 1960. Dixon made a fortune mining the mineral kyanite in Buckingham County.

In a dispute over company profits, Dixon’s grandchildren, who own 42 percent of the family business, the Disthene Group, sued their uncle and cousin, the majority owners. A Faifax County judge ruled in favor of Dixon’s grandchildren and ordered the sale of the family assets to. In addition to the Cavalier complex, a kyanite mine and 30,000 acres of timberland are also for sale.

Photo credits: www.cavalierhotel.com

Sheraton Norfolk Waterside Heads to Auction Block Dec. 20

12 Dec 2012, 5:02 pm

By Adrian Maties, Associate Editor

The Sheraton Norfolk Waterside Hotel, long regarded as one of the city’s top hospitality assets, is headed for a Dec. 20 foreclosure sale, according to a legal notice published Dec. 6 in the Virginian-Pilot.

Phf li Norfolk L.L.C. had previously acquired the 468-key, 10-story hotel for $40 million in Oct. 2006 from Norfolk Hospitality L.L.C. Since then, the property’s value has dropped as low as $31.4 million in 2011, according to city records. In July, the hotel was assessed at $32.1 million.

Property assets listed in the legal notice amount to $197 million. The hotel’s furniture, furnishings, machinery and equipment will also be sold.

Located at 777 Waterside Drive on a 3.4-acre parcel close to the Elizabeth River, the 10-story, 323,520-square-foot property was built in 1976. More than half of the hotel’s guest rooms offer a private balcony with a harbor view. Amenities include 35,000 square feet of meeting and event space, an outdoor pool, health club, lounge and the City Dock Restaurant.

Adjacent to the hotel, the Cordish Cos. plans a $38 million makeover of the Waterside Festival Marketplace into a new entertainment/restaurant venue, Inside Business reports. The Sheraton Norfolk Waterside is near Norfolk Naval Base, Norfolk City Hall, the Norfolk Convention Center, museums and universities.

A public auction is scheduled for Dec. 20 at 1 p.m. at the Norfolk Circuit Courthouse on St. Paul’s Blvd. Prospective bidders may be required to put up a $100,000 deposit. The property will continue to operate during the ownership transition.

Photo credit: www.sheratonnorfolkwaterside.com

Rolls-Royce Plans $136M Plant on Prince George Campus

28 Nov 2012, 11:16 pm

By Adrian Maties, Associate Editor

Rolls-Royce, the global power systems company, has revealed plans to build a $136 million advanced manufacturing facility at Rolls-Royce Crosspointe in Prince George County.

Dubbed the Advanced Airfoil Machining Facility, the 90,000-square-foot plant will produce turbine blades and nozzle guide vanes for engines like the Trent 900, Trent 1000 and Trent XWB. Those components are used on commercial aircraft, including the Boeing 787 Dreamliner, Airbus 380 and Airbus 350. Rolls-Royce expects to complete the new facility by the end of next year and start production in late 2014.

 Crosspointe, Rolls-Royce’s 1,000-acre manufacturing and research campus located just south of Richmond, is also the home of the firm’s Rotatives manufacturing facility, which opened in May 2011, and the recently opened Commonwealth Center for Advanced Manufacturing. A joint effort of government, university and business dedicated to advanced manufacturing research and technology, the Commonwealth Center is regarded by its sponsors as the only institution of its kind in North America.

 ”Rolls-Royce is making significant investments in the United States and around the world to ensure we have the capacity to deliver on our promises to customers.” said James M. Guyette, chairman, president & CEO of Rolls-Royce North America. “With a mixture of manufacturing and research facilities, Crosspointe is a center of excellence for precision engineered, high tech components. The expansion will help attract suppliers to Crosspointe, creating an advanced manufacturing hub in Prince George County and driving job creation.”

Photo credit: Rolls-Royce

Furniture Mart Leaves Lynnhaven, Takes 40 KSF at Regency Hilltop

9 Nov 2012, 5:54 pm

By Adrian Maties, Associate Editor

Furniture Mart has leased 40,000 square feet of retail space at the Regency Hilltop Shopping Center in Virginia Beach. The discount retailer was previously located at a 57,000-square-foot space at Lynnhaven Mall in Virginia Beach.

Located at 1932 Laskin Rd., the 236,549-square-foot center (pictured) is home to such tenants as Food Lion, Kelly’s Tavern, Dollar Tree, Navy Federal Credit Union and Ollie’s Bargain Outlet. Rents range from $10 to $15 per square foot. Michael Gurley, senior vice president at S.L. Nusbaum Realty Co., represented the landlord.

In other retail news, Phoenix-based Cole Real Estate Investments has named The Shopping Center Group the exclusive leasing advisor for The Shops at White Oak Village. Cole acquired four-year-old property for $68 million from Forest City Enterprises Inc., in October.

Located at Interstate 64 and South Laburnum Avenue in eastern Henrico County, the Shops at White Oak Village is 96 percent leased and is anchored by JCPenney, Martin’s grocery, PetSmart, Michael’s and OfficeMax.

Photo: http://www.slnusbaum.com/


Excel Trust Pays $161M for Retail and M-F space at West Broad Village

29 Oct 2012, 5:08 am

By Adrian Maties, Associate Editor

In a $161 million deal, San Diego-based Excel Trust Inc. has acquired West Broad Village in Richmond. Excel also acquired five retail centers in Orlando from Unicorp National Development for a total investment of $263 million, Virginia Business reports

Excel bought approximately 386,000 square feet of retail and commercial space at the  mixed-use development on West Broad St., which Unicorp developed in 2008.

In addition, Excel purchased the Flats at West Broad Village, a 339-unit apartment complex.  Not included in the sale were several other assets , including town houses, an Aloft hotel or the ACAC Fitness & Wellness Center that is now under construction.

According to Excel, the retail portion of the property is approximately 80% leased. Major tenants include Whole Foods, HomeGoods, REI, Wells Fargo, First Market Bank, Dave & Busters, Mimi’s Cafe, Kona Grill and Bonefish Grill. Excel also said the apartments are 98% leased.

The five retail centers in central Florida are all approximately 96% leased and comprise about 319,264 square feet. They include such major tenants as Walgreen’s, CVS, Fifth Third, Regions Bank, Fleming’s, Cantina Laredo, Big Fin Seafood Restaurant, Jos. A Bank, and Ruth’s Chris Steakhouse.

Since its initial public offering two years ago, Excel has acquired assets valued at about $1.1 billion, reported Gary Sabin, the company’s chairman and  CEO.

It’s been a busy week for the Richmond retail market. In a $68 million deal, The Shops at White Oak Village has been acquired by Phoenix-based Cole Real Estate Investments.


Photo credits: www.westbroadvillage.com.


New Kroger Store Launches $250M Hampton Roads Push

12 Oct 2012, 7:08 pm

By Adrian Maties, Associate Editor

Kroger Co. broke ground Oct. 4 on a $25 million project in Virginia Beach that will be the grocery chain’s first Marketplace-brand store in the Hampton Roads region and the second in the state.

Scheduled for completion next summer, the property will be the first of 10 Marketplace stores that Kroger plans to open in the Hampton Roads area over the next five years at an estimated total cost of $250 million, the the Daily Press reported.

 Located on the former Holland Rd. site of a Super Kmart, the 124,000-square-foot store will include traditional grocery offerings as well as 30,000 square feet of space for non-grocery items. It will also be Kroger’s largest Hampton Roads store.

The Virginia Beach store will follow a Marketplace scheduled to open this December in Richmond. Also in the works is a $20 million, 120,000-square-foot Marketplace on the former site of the I.C. Norcom High School property in Portsmouth. If the developers complete land acquisition and the entitlement process on schedule, the Portsmouth store could be finished by the first quarter of 2014.

Photo: www.krogerrealestate.com/


Portsmouth Judicial Center Opens Under Budget, Ahead of Schedule

27 Sep 2012, 3:35 pm

By Adrian Maties, Associate Editor

Portsmouth Judicial Center officially opened for business  Monday after two years of construction. Completed on time and under budget, the $78 million complex brings together three major courts—Circuit, General District and Juvenile and Domestic Relations—under one roof.

Located at 415 Port Centre Parkway in Portsmouth, the 207,000-square-foot, three-story-tall facility was built to replace a 42-year-old courthouse and civic center complex on Crawford Street. That facility was plagued by leaks and asbestos. The new complex provides 12 courtrooms and jury rooms that are larger than those at its predecessor. Also on the premises are offices for the sheriff and Commonwealth Attorney.

Improved security elements include separate hallways for transporting inmates and dedicated entrances for judges. Other features include Terrazzo tile floors, glass walls and a lobby with a 30-foot-tall ceiling. The new complex also houses a century’s worth of public records.

Virginia Beach-based HBA, the facility’s architect, has previously designed high-profile projects like the new Churchland public library and the expansion of the Children’s Museum of Virginia. Officials are eyeing redevelopment options for the site of the old courthouse and civic center complex, which is slated for demolition.

Image courtesy of Google.