VIRGINIA BEACH, VA. — Brasco Bay Corp. has sold the 10,000-square-foot Monarch Plaza, an office property located at 3701 Pacific Ave. in Virginia Beach, to Hank Elling for $1.5 million. Ted Levin of Cushman & Wakefield/Thalhimer's Glen Allen, Va., office represented the seller in the transaction.
Southeast
ORANGE PARK, FLA. — Charles Perry Partners, Inc.'s (CPPI) St. Augustine, Fla., office has completed a 13,168-square-foot expansion of the Orange Park Medical Center's Emergency Department, located at 2001 Kingsley Ave. in Orange Park. Also included in the construction was a new ambulance entrance with a 2,890-square-foot exterior canopy and a new heli-pad. The development is part of a $9 million construction management contract between CPPI and Hospital Corp. of America.Thomas, Miller & Partners designed the property. A second phase has started and is slated for completion by mid-2012.
WASHINGTON, D.C. — Wells Fargo & Co. has closed $41 million in financing for the 160-unit, Phase III of Mayfair Mansions III, an affordable housing community located at 3753 Jay St. NE in Washington, D.C. Wells Fargo provided the borrower, MM Property, with equity investments in Low-Income Housing Tax Credits, Federal Historic Tax Credits, two letters of credit for tax-exempt bonds, and a Freddie Mac Forward Commitment for the credit enhancement of long-term tax-exempt bonds and market bonds.
ALEXANDRIA, VA. — Washington Real Estate Investment Trust (WRIT) and Trammell Crow Co. have formed a joint venture to develop a $95 million, 270-unit high-rise apartment community, located at the intersection of First and Fayette Streets in Old Town Alexandria. Construction on the 15-story tower is expected to begin in the fourth quarter of 2012, with completion slated for the fourth quarter of 2014.
OLIVE BRANCH, MISS. — A 14,750-square-foot Walgreens, located at 7030 Hacks Cross Rd. in Olive Branch, has sold for $5.17 million. Walgreens is on a 25-year net lease. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the buyer, a private individual in a 1031 exchange, in the transaction. The seller was a Tennessee-based private company.
SMYRNA, TENN. — Marcus & Millichap has arranged the $3.32 million sale of the 16,275-square-foot Shoppes at Movie Row, a strip center located at 900 Grammer Ln. in Smyrna. Joseph Massa of Marcus & Millichap's Nashville, Tenn., office represented the seller, McMinnville, Tenn.-based Investment Partners, in the transaction and procured the undisclosed buyer.
RICHMOND, VA. — A 9,100-square-foot Dollar General, located at 3301 Jefferson Davis Hwy. in Richmond, has been sold for $1.34 million. Andrew Fallon of Calkain Cos.' Bethesda, Md., office represented the seller, the developer, in the transaction. Vienna, Va.-based Long & Foster Commercial represented the buyer.
ARLINGTON, VA. — The National Association of Chain Drug Stores (NACDS) has signed a 21,605-square-foot lease at the 108,000-square-foot 1776 Wilson Boulevard, located in Arlington. The company will relocate to the building, which is currently under construction, in October 2012. Skanska USA is developing the property, which is slated for completion in the summer of 2012. Richard Rome and Alexandra Hunihan of Studley's Washington, D.C., office represented the tenant in the lease transaction. Michael Altman, Spencer Stouffer and Avi Fisher of Cassidy Turley's Vienna, Va., office represented the landlord.
I am pleased with this quarter’s findings, not ecstatic, but pleased. After adding more than 200,000 square feet of office space to the market in the last two quarters, I am happy to announce that we have absorbed nearly 60,000 square feet this quarter. This is the first decrease in the amount of office space since the fourth quarter of 2010. This was due in large part to the sale of the CH2M Hill building along Williston Road, which accounted for 31,000 square feet of the 60,000 square feet in this report. Nationally, we saw the largest absorption of office space since third quarter 2007 (12 million square feet). Office fundamentals have improved locally. Vacancies are decreasing, there are fewer concessions, rates are stable, and lease terms are increasing. Regarding concessions, for those being asked for by tenants, landlords are replying with a demand for longer-term leases. The good news is that tenants are agreeing to them, hopefully because they see a brighter future in their own business. In terms of vacancies, there is a notable difference in showing and lease activity, perhaps because there is less uncertainty in the business world. This is further evidenced by the longer-term deals …
WASHINGTON, D.C. — Washington, D.C.-based Penzance has purchased the 200,000-square-foot Watergate, an office building located at 2600 Virginia Ave. NW in Washington, D.C.The 12-story building is located in the Watergate office and residential complex. Eastdil Secured's Washington, D.C., office represented the undisclosed seller in the transaction.