Transactions

Virginia Business
March 2007

Richmond — Cloverleaf Mall has a new owner. Charlotte-based Crosland LLC, in partnership with Chesterfield County, will redevelop the site into a mixed-use development called Chippenham Place. Crosland bought the mall for $9.2 million and plans to replace it with 200,000 square feet of commercial space and more than 500 residences in a range of prices. The old mall — whose last anchor store closed in 2003 — will be razed. The Kroger grocery store chain has signed a letter of intent to be an anchor tenant at Chippenham Place. Construction is scheduled to begin in 2008.

Hampton — A federal real estate investor purchased two class A office buildings in Hampton for $28.5 million. FAP-Hampton Roads LLC, an affiliate of Boston-based Federal Acquisition Partners, purchased the properties in the Hampton Roads Research Quad. The 160,000 square feet of office space is leased by two government agencies, the National Institute of Aerospace and the U.S. Air Force.

Pulaski — Wal-Mart Stores Inc. has purchased 25 acres of land from The Spring Creek VA Real Estate Trust for $3.6 million and plans to build a super center on the site. The Richmond office of Thalhimer/Cushman & Wakefield handled the negotiations for Wal-Mart.

Virginia Beach — It’s official. The tallest building in Virginia is the new Westin Virginia Beach Town Center Hotel and Residences. The building’s 38th floor was topped off last month. The hotel/condominium project, located in Virginia Beach’s Town Center development, should be ready by this fall. Seventy-five percent of the Westin’s 119 condominiums have been sold at prices ranging from $400,000 to $4 million. The hotel will offer 236 rooms.