Virginia
Businesses in the News
Real
Estate
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Armada Hoffler,
the Virginia Beach-based developer, announced
the third phase of Virginia Beach’s Town Center
project. A 30- to 32-story tower — the tallest
in Hampton Roads — will feature a 215-room Westin
Hotel and 104 luxury condominiums. The project
is scheduled to open in 2007. (The Virginian-Pilot)
Applied Management
Engineering, Virginia Beach, provider of facility engineering and consulting services,
signed a lease
for 19,784 square feet of Class A office in
Virginia Beach’s Reflections Office Park. The
building is owned by Liberty Property Trust.
(Press release)
First Potomac Realty,
a Bethesda, Md., real estate investment trust,
bought Norfolk Commerce Park II in Norfolk and
Crossways II in Chesapeake, in an $18.5 million
transaction. The two properties total 213,000
square feet. The company also purchased a 124,000-square-foot
industrial property in Haymarket for $10.8 million.
(Business Wire)
LeClair Ryan, a Richmond
law firm, leased 68,550 square feet of space
in the Riverfront Towers building on East Byrd
Street in Richmond. The firm intends to move
its corporate headquarters from its Eighth and
Main Street location and occupy three floors
of the Riverfront property. (Press release)
KSI Services Inc., a
Vienna real estate developer, announced plans
to build the first hotel and conference center
in Prince William County. The $50 million project
will include a 272,000-square foot facility
with 234 rooms, conference accommodations, recreation
areas and an 18-hole, Jack Nicholas-designed
golf course. (The Washington Post)
The city of Portsmouth
purchased the waterfront Holiday Inn Olde Towne
Portsmouth for $6.7 million with the intention
of redeveloping the 3.6-acre downtown site.
The purchase ends the city’s dispute with the
hotel’s owners over missed debt payments. Under
a licensing agreement, the city will continue
to operate the 219-room hotel as a Holiday Inn
franchise until November 2008. (The Virginian-Pilot)
Wal-Mart has purchased an
18.5-acre site from the Alpod Co. in
South Hill, Va.. The retailer plans to open
a 184,000-square foot supercenter on the site
near the I-85 interchange. Virginia-beach based
Divaris Real Estate Inc. represented Wal-Mart
in the transaction. (Press release)
Great Atlantic Management
of Virginia Beach sold a 110,000-square-foot
office building at 2600 Washington Ave. in Newport
News to Ziff Properties, a Charleston, S.C.
real estate investment firm, for $5.3 million.
The building is fully leased. (Press release,
9/28/04)
Liberty Property Limited
Partnership bought Innsbrook Commons
in the Innsbrook Corporate Center for $7.6 million
from Innsbrook Commons LC. The 60,000-square-foot
Class A office building is 100 percent leased.
(Press release, 8/30/04)
