Commercial Real Estate Transactions

Virginia Business
September 2007

Downtown Norfolk gets a new hotel
Construction is scheduled to begin this fall on downtown Norfolk’s first extended-stay hotel. Chesapeake-based LTD Management Co. will develop and manage a 160-room Residence Inn by Marriott. With a location near one of the proposed access points for the Norfolk Light Rail Transit, the hotel is expected to draw tourists and executives. It will be built on property acquired from the city. The hotel site borders Duke Street to the west and Boush Street to the east. The architectural firm for the project is John Nehmer & Associates of Rockville, Md. HVS Compass of Rockville will handle interior design.

Norfolk’s $232 million light-rail project, currently in the design phase, would extend seven miles from Eastern Virginia Medical Center through downtown to the I-264 corridor at Newtown Road. The exclusive leasing agent for the new office space is Larsen Commercial Real Estate Services Inc. of Reston.

Chester apartment project gets construction financing
Capmark Finance Inc. is providing $38.5 million in construction financing for White Oak Apartments, a 322-unit multifamily project in Chester. The loan has a 5.52 percent fixed rate and a 40-year term and amortization. The 34-acre project is located at 12600 Chestnut Hill Road. Fourteen buildings will offer one-, two- and three-bedroom apartments with average rents of $834, $1,043 and $1,255 a month, respectively. The first units should be available in fall 2008 and will offer amenities such as a clubhouse, garages and on-site, climate-controlled storage units.

Kroger supermarket will anchor new retail center in Hanover County
The Kroger Co. has agreed to put a 74,000-square-foot supermarket in the Rutlands Commons retail development going up near the Interstate 295/Route 310 interchange in Hanover County. Charlotte, N.C.-based developer Crosland LLC says the supermarket, which will include a pharmacy, will anchor the 20-acre retail center. Other tenants will include specialty shops, restaurants and a financial institution. The retail center is located at the entrance of a 200-acre, 575-home, planned community being developed by HHHunt.

Liberty Property Trust signs new tenants
The Richmond office of Liberty Property Trust, a Pennsylvania-based real estate investment trust, has signed 10 warehouse leases totaling 673,087 square feet for its Richmond portfolio of warehouse space. Six of the tenants are new. Among this group, Jungheinrich, a Germany-based producer of industrial trucks, is leasing the largest amount of space, 110,000 square feet at Eastport IV on Eastport Boulevard.