Virginia
Businesses in the News
Real
Estate
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Mills Corp.,
an Arlington real estate developer agreed to
purchase a 50 percent interest in nine mall
properties across the country for $1 billion.
The other half of the portfolio belongs to General
Motors Asset Management, but Mills will manage
the properties. The company expects to invest
$200 million to $300 million on expansion and
renovation of the properties over the next few
years. (8/18/04, The Washington Post)
Chesterfield County bought
Cloverleaf Mall from the Canadian Imperial
Bank of Commerce in a $6.1 million deal. The
county is targeting the largely vacant property
for redevelopment. The rejection of a competing
offer from Faith Alive International Ministries,
triggered complaints and raised the possibility
of legal action to block the county’s purchase.
(8/13/04, Richmond Times-Dispatch)
Marathon Development Group,
a Norfolk-based real estate development group,
plans to build a 400-condominium project housed
in two high-rise towers in downtown Norfolk.
The $100 million project would provide living
units that would sell for between $250,000 and
$400,00, as well as 17,000 square feet of retail
space. The first phase of the project, a 25-story
tower may be completed by 2007. (7/30/04,
The Virginian-Pilot)
WVS Cos. and Snell
Construction Corp., real estate developers
based in Northern Virginia, bought the 50-acre
Village of Rocketts Landing project from Rockets
Landing, a Richmond investment group. The project
envisions a $250 million development of offices,
residences and retail establishments along a
mile-long stretch of the James River. The first
residences in the project may be ready in 2006.
(7/30/04, Richmond Times-Dispatch)
ASCEND Therapeutics,
a Herndon pharmaceutical research company, leased
additional office space in Herndon, doubling
its office space to 6,200 square feet in preparation
for Phase 3 clinical trials of TamoGel, a treatment
for breast pain. The company also increased
its staff from 11 to 20 employees. (8/2/04,
Press release)
Indus Corp., a Vienna-based
IT services provider, signed a seven-year lease
for a 32,000-square-foot headquarters facility
in Tysons Corner. The new offices will house
150 employees and allow room for growth. (7/29/04,
PRNewswire)
