The Bernstein Companies, a Washington,
D.C. real estate development firm, bought the Campus
Commons in Reston for $40.5 million from the insurance
services firm USAA that occupied the buildings until
its move to Norfolk in 2002. The 238,231-square-foot
complex is half-occupied. (Press release)
The Breeden Co., a Virginia Beach
development company, purchased Emerald Point apartments
for $63 million in the largest apartment housing transaction
in Hampton Roads history. The 863-unit complex is three
miles from the Oceanfront and was completed in 1972.
(The Virginian-Pilot)
Buchanan Partners, a Gaithersburg,
Md. developer, bought 11 acres at Innovation@Prince
William business park for construction of three single-story
speculative flex/office space buildings totaling 125,000
square feet. (Press release)
Harbor Group International LLC,
a Norfolk-based real estate investment company, acquired
the 400,346-square foot Mercantile Bank & Trust
building in Baltimore, Md. for $51.2 million. The 22-story
facility is 100% occupied and enhances the firm’s presence
in Baltimore where it has purchased several other properties.
(Press release)
James Madison University agreed
to buy the site of Rockingham Memorial Hospital
once the hospital builds a new medical facility and
moves by 2009. The hospital complex, consisting of nine
buildings and two parking decks, sits adjacent to the
JMU campus. The 15.8-acre site carries a $50.6 million
price tag, $40 million of which will be included in
upcoming amendments to the state budget. The university
will pay the remaining difference. (Daily News Record)
