Big Dollar Deals
Virginia Business takes a statewide spin to look for major leases, land
sales and building purchases. What are the hot properties in major metro areas?
By Marjolijn Bijlefeld
The dollar value of real estate deals in Northern Virginia
consistently tops listings of the state's biggest leases and sales, driven in large part
by the blazing technology industry. That can't be a surprise to anyone who has been at
least semiconscious during the past few years. But the market seems to be roaring along
statewide.
To gather our report of the largest building sales, land sales and
commercial leases in the state's major metropolitan markets, Virginia Business contacted
the state's 22 largest commercial realty firms and asked them for their top deals. The
results proved to be an apples and oranges mix. Some firms disclosed pieces of information
differently from others. Their reports do provide a snapshot of what's happening
statewide, however.
The deals had to be signed between Oct. 1, 1998, and Oct. 1, 1999. That means some
whoppers, such as The Patent and Trademark Office's potential $1.2 billion-dollar lease in
Alexandria, aren't included.
And there are some deals that defy geographic cubbyholing. For example, Cambridge
Realty handled the deal by American Industrial Properties REIT, AIP/Greenbrier G.P. Inc.
and AIP/Battlefield G.P. Inc., which joined together to purchase the $40 million A&A
Portfolio of seven buildings in Northern Virginia and Hampton Roads. The buildings
encompass a combined 560,832 square feet.
There are obviously many big deals that don't make this list. We went for a statewide
report by listing the top few deals in Northern Virginia, Hampton Roads and the Richmond
region. Otherwise, Northern Virginia deals would have dominated the list. Even with this
approach, some big deals didn't make the cut. For example, Best Buy stores leased 45,100
square feet of retail space in Chesapeake's Greenbrier MarketCenter, a retail facility
that includes tenants such as Target, Barnes & Noble, Harris Teeter, SteinMart and Bed
Bath and Beyond. The $9.1 million deal just missed the cut in that region. Same for the
$8.2 million lease negotiated by Harvey Lindsay Commercial Real Estate for Winn Dixie's
space at Little Creek Square in Norfolk.
What you'll see on the next few pages are the top three deals we could identify in
Northern Virginia to account for the dollar values and greater activity there
the top two in Hampton Roads and the Richmond area plus other deals worthy of note.
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