| Major Transactions From Around the State
Virginia Business
September 2004
REAL ESTATE SALES
Aquia
Commerce Center I and II, a two-building office complex
in Stafford County, will be sold to First Potomac Realty
Trust, a Bethesda-based real estate investment trust,
for $11.1 million. The center is 100 percent leased
to the federal government.
CarrAmerica
Realty Corp. of Washington, D.C., has acquired Commonwealth
Tower in Rosslyn, Va., for $131.2 million. The 344,533-square-foot,
15-story, Class-A building includes 11,000 square feet
of retail space, a fitness center and a four-story parking
garage. The company will lease and manage the building
located off Wilson Boulevard.
Divaris Real Estate, Virginia Beach, represented PHL-OPCO
(an entity of BetaWest Ltd.) in the sale of Oceana Place.
The three-story, Class-A building was purchased for
$6.7 million by HRPT Properties Trust, a Maryland real
estate investment trust. The 75,369-square-foot building
is 90 percent leased with tenants including Hayes Seay
Mattern & Mattern and L. M. Sandler & Sons.
Thalhimer/Cushman
& Wake-field, Newport News, handled the recent sale
of the Nippon Express buildings in Oakland Industrial
Park for $5.8 million to Continental Pickett’s
Line, LLC. The two warehouse distribution facilities
offer 170,0000 square feet. Continental will lease one
of the buildings back to its original owner, Nippon
Express USA.
REAL
ESTATE LEASES
bayMountain, a managed hosting and colocation provider,
has moved from its existing center in downtown Richmond
into 15,000 square feet of space at a data center in
the northern part of the city. The center offers high-speed
Internet connections, a generator and technological
safeguards. Advantis/GVA in Richmond represented bayMountain
in lease negotiations.
MMM
Design Group, an architecture, engineering and planning
firm in Norfolk, is relocating its corporate office
to 300 East Main Street. The company is leasing 22,277-square
feet of office space in the 14-story tower.
Northrop Grumman Newport News signed a 10-year lease
for 101,000 square feet of space at NetCenter in Hampton.
It will use about a quarter of the space to house its
information technology structure and the remaining space
to service a $303 million contract with the U.S. Navy
for future aircraft carrier development.
LAND
SALES
Wal-Mart Real Estate Business Trust purchased 29.8 acres
in Spotsylvania County from Southpoint II, LLC for the
development of a 207,000-square-foot super center. The
trust paid $4.5 million for the land, which will be
part of the Southpoint II retail development. The project
is scheduled to open in the spring of 2005. Thalhimer/Cushman
& Wakefield in Richmond handled sale negotiations
for Wal-Mart.
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