Virginia
Businesses in the News
Real
Estate
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the Record is
compiled from company releases, business
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Virginia Business Magazine
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John
C. Camper leads a development group that
plans to convert Richmond’s downtown landmark
hotel, The Hotel John Marshall, into
luxury apartments with the possibility of becoming
condominium units in five years. Plans call
for an athletic club and restaurant to be included
in the $40-45 million project. Members of the
development team include Commonwealth Architects,
Hourigan Construction Corp., and Drucker
& Falk. (7/23/04, Richmond Times-Dispatch)
Science Applications International
Corp., a San Diego-based defense contractor,
leased 23,000 square feet of space at Suffolk’s
Bridgeway Technology Center II to consolidate
its combat simulation technology in order to
better serve the Joint Forces Command’s Suffolk
operation. The 85-employee office is to open
in October. (7/23/04, The Virginian-Pilot)
Bill Neff Enterprises,
a Virginia-based investment firm, bought a one-story,
214,050-square-foot building located on 149
acres in Lofton for $2.2 million. The site was
the former site of the sheet metal fabrication
operations of Lofton Corp. (7/14/04,
Business Wire)
Monmouth Capital Corp.,
a New Jersey real estate trust firm, purchased
a 60,000-square-foot industrial building in
Richmond for $4.1 million from NP Richmond
Realty. The property is leased to Carrier
Sales & Distribution. (7/12/04, PRNewswire)
Northrop Grumman Newport
News, a subsidiary of Los Angeles-based
Northrop Grumman, signed a 10-year lease for
101,000 square feet of space at NetCenter in
Hampton. Originally a shopping mall, NetCenter
is under redevelopment as a 700,000-square-foot
high tech office complex. Northrop Grumman will
use about one-quarter of the space to house
its information technology infrastructure, and
the remainder to service a $303.5 million contract
with the Navy for future aircraft carrier development.
(6/25/04, Press release)
Sytex Inc., an information
technology division of The Sytex Group, Doylestown,
Pa., leased 11,713 square feet in Chesapeake’s
Greenbrier Circle Corporate Center under
a 10-year lease. Increased growth by the company
necessitated additional office space. (6/29/04, Press release)
New Boston Fund, a Boston-based
real estate investment firm, sold The Ellipse
in Arlington to Miller Global Properties of
Denver. Sale price was not disclosed on the
nine-story, 197,400-square-foot office building.
(7/7/04, Business Wire)
The St. Joe Company,
a Jacksonville, Fla.-based real estate investment
firm, bought Overlook I & II in Henrico
County’s Innsbrook Office Park. The two class-A
office buildings, totaling 128,667 square feet,
are 100 percent leased. (6/28/2004, Press
release)
CarrAmerica Realty Corp.,
a Washington, D.C. real estate company, bought
Commonwealth Tower in Rosslyn for $131.2 million.
The 15-story, Class A building totals 344,533
square feet, including 11,00 square feet of
retail space. (6/28/2004, PRNewswire)
Best Buy Stores, a Minnesota-based
retailer of consumer electronic products, leased
30,744 square feet of retail space at Crossroads
Shopping Center in Chesapeake. (6/25/2004,
Press release)
