| Major Transactions from Around the State
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Virginia
Business
December 2004
REAL
ESTATE SALES
Harbor Group International LLC of Norfolk
has purchased the 26-story Dominion Tower in downtown
Norfolk and its parking garage for $53.3 million. The
property contains 403,276 square feet of Class A space
and a 1,255-space garage. The seller was New Life Towers
of Nashville, Tenn. Built in 1987, the tower is 85 percent
occupied with major tenants including Wachovia Bank,
KPMG and Merrill Lynch. With a location off Waterside
Drive and near Interstate 264, the building offers unobstructed
views of the Elizabeth River and the Norfolk skyline.
The acquisition increases HGI’s foothold in the
burgeoning downtown Norfolk office market.
The St. Joe Co., based in Jacksonville,
Fla., has purchased the Overlook I and II Class A office
buildings in the Innsbrook Corporate Center in Richmond.
The acquisition of the 128,667 square feet of space
was described by the company as part of an ongoing capital
redeployment program. Invesco Real Estate of Dallas
was the seller. Overlook I is 100 percent leased to
seven tenants, and Overlook II has been completely occupied
by Capital One. Advantis/GVA, a subsidiary of St. Joe,
will lease and manage the properties.
Mills
Corp., an Arlington-based retail developer,
is buying half of Lakeforest Mall in Gaithersburg, Md.,
and eight other malls around the country in a billion-dollar
deal that gives it a portfolio of shopping centers the
company plans to redevelop. Mills Corp. is best known
for building malls, including Potomac Mills and Arundel
Mills, which combine big-box retailers and extensive
entertainment options. The company expects to invest
$200 million to $300 million in the nine malls over
the next several years.
REAL
ESTATE LEASES
Transwestern Commercial Services, one
of the largest privately held, full-service commercial
real estate firms in the country, has been awarded the
leasing assignment for 4401 Wilson Boulevard in Ballston.
The 11-story, Class A building contains 250,000 square
feet of office space and is near the Ballston Metro
station and Ballston Common Mall, as well as Interstate
66. It contains a 10,000-square-foot conference center
that seats 500, on-site food service and a fitness facility.
Transwestern in Vienna is leasing the project.
LAND
SALES
Bristol Development LLC has purchased
three city blocks in the Ghent area of Norfolk where
it plans to develop luxury multifamily housing. The
4.6 acres were assembled through several transactions
at a total cost of $4.2 million. Thalhimer/Cushman &
Wakefield represented Bristol. The Bristol at Ghent
will consist of 268 luxury, mid-rise apartments with
private parking, and another 84 luxury condominiums.
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