Marcus & Millichap Lists Two Retail Power Centers in Virginia

  

COLONIAL HEIGHTS, VA, July 23, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing to market Dimmock Square (middle right photo) and Southgate Square (top left photo), two shopping centers located adjacent to Southpark Mall, an 800,000-square foot enclosed regional mall in Colonial Heights, Va., a submarket within the Richmond, Va. metropolitan statistical area.

The centers are being offered together but offers on the individual assets will be considered. The price is open bid.

Michael Dillon (lower left photo), a vice president investments in Marcus & Millichap’s Chicago O’Hare office, and Michael Early, a vice president investments in the firm’s Southern Virginia office, are representing the seller.

 “It’s rare for investors to have the opportunity to acquire two core power centers located adjacent to a dominant regional mall in a major Mid-Atlantic market,” says Dillon. “The total offering consists of approximately 379,822 square feet of gross leasable area on 36.5 acres.”

Located at 725 Southpark Blvd. in Colonial Heights, the 106,166-square foot Dimmock Square center is anchored by Best Buy, Pier 1, Shoe Carnival, Old Navy and Target, which is not part of the offering.

Southgate Square is located at 44-184 Southgate Square in Colonial Heights. The 273,656-square foot center has 1,265 feet of frontage on Interstate 95 and 1,195 feet of frontage on Southpark Boulevard.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Interstate Hotels & Resorts Forms Joint Venture, Acquires Williamsburg, Va. Hotel

  

 ARLINGTON, VA and WILLIAMSBURG, VA., July 19, 2012—Interstate Hotels & Resorts today announced that it has formed its fourth joint venture with Waramaug Hospitality LLC and a private investment group and acquired the 295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg) (top left photo) for an undisclosed amount.

 The hotel will immediately undergo a $7.5 million comprehensive renovation and convert to the upper upscale DoubleTree by Hilton brand.  Interstate will manage the hotel under a long-term contract.

“We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months,” said Jim Abrahamson (middle right photo), Interstate’s chief executive officer. 

“With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market.”

For a complete copy of the company’s news release, please contact:

Jerry Daly, Chris Daly                                                      

Media                                                                                   

Daly Gray                                                                            

(703) 435-6293                                                                  

jerry@dalygray.com                                                      

 Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

The George Washington Hotel in Winchester, VA Named Wyndham’s Top Hotel

WINCHESTER, VA—The George Washington Hotel (top left photo), A Wyndham Grand Hotel, has been recognized as The Hotel of the Year for 2011 by the Wyndham Hotels and Resorts® brand, the highest honor in the upscale hotel brand’s portfolio. 

The hotel is owned by GW Leasing LLC, located in Winchester, Va., and operated by Marshall Hotels & Resorts, a leading, Maryland-based hotel management and services company.

To be eligible for the prestigious award, a Wyndham Hotels and Resorts property must have demonstrated positive performance and outstanding characteristics in all areas of hospitality, offering excellence in customer service and quality as well as playing an active and positive role in the local community.

“When we took over management of the hotel in 2009, our first priority was to connect with the community,” said David Cavallaro (middle right photo), hotel general manager.  “We have built on that commitment and played a role in helping raise hundreds of thousands of dollars for some 30 local charities last year.” 

The hotel also recently received TripAdvisor’s Certificate of Excellence, based on positive guest comments and ratings.  

Contact:      

Pat Daly, Jerry Daly, media

Daly Gray Public Relations

(703) 435-6293

jerry@dalygray.com

www.marshallhotels.com.

www.wyndham.com

HFF arranges $71.1 million construction loan for development of high-rise multi-housing project in Arlington, VA

WASHINGTON, D.C. – HFF announced  that it has arranged a $71.1 million non-recourse construction loan for the development of The Place (top left rendering), a 17-story, 257-unit, Class A multi-housing project in Arlington, Virginia.

HFF worked exclusively on behalf of Ashton Park Associates III, LLC, an affiliate of the Shooshan Company, to secure the construction financing through a major national bank. 

 The Place is located at 4000 Wilson Boulevard in the Rosslyn-Ballston Corridor of Arlington.  Due for completion in 2013, the planned LEED Silver luxury property will have studio, one- and two-bedroom units with open floor plans and floor-to-ceiling windows offering views of Washington, D.C.

 Community amenities will include a concierge desk, fitness center, club room, private courtyard, movie screen and common area rooftop with plunge pools.  The property will also include 8,500 square feet of ground-floor retail space with outdoor café seating.

Upon completion, The Place will be the residential cornerstone of Founders Square, a 1.2 million-square-foot, mixed-use project with a goal of LEED Gold certification for a Neighborhood Development. 

Founders Square, which will be three-quarters complete by 2013, is planned to be a transit-oriented development convenient to two metro stations and will include hotel, retail, office and multi-housing components centered on open public space.

The HFF team representing the borrowers was led by senior managing director Sue Carras (middle left photo), managing director Walter Coker (top right photo) and director Brian Crivella (lower right photo).

“The loan is representative of the type of financing that is available for the best-in-class asset in a very strong submarket with sponsorship excellence, said Coker.
 

"The loan  was structured to be taken down by one senior lender with no syndication risk, and provide  loan proceeds that allowed our client to maintain 100 percent  equity ownership and maximum flexibility while borrowing at historically low interest rates ,”  

Contact:

SUSAN CARRAS                                                       

HFF Senior Managing Director                             

(202) 533-2500                                                                    

scarras@hfflp.com                                                        

WALTER COKER 
HFF Managing Director
(202) 533-2500
wcoker@hfflp.com

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500   

krmurphy@hfflp.com        

Richmond, VA State of the Office Market Q4 2009

RICHMOND, VA--Fourth quarter highlights of the office market in Richmond, VA presented by Perry H. Moss, (top right photo) CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., are shown below:

Leasing activity


CBD

• Investment and banking firm, BB&T/Scott & Stringfellow leased

140,000 square feet of Class A space at Riverfront Plaza. This

space was formerly occupied by Wachovia Securities and was

transformed into sublet space upon Wachovia’s departure to St.

Louis in their merger with A.G. Edwards.

• Sands Anderson Marks & Miller, a law firm, inked a deal for 38,800

square feet at The Bank of America Tower. They should move in

early in 2010, while vacating a Class B, downtown property.

• Glave and Holmes, an architectural and design firm, signed a lease

for 14,600 square feet in Shockoe Bottom.

Suburban

• Title and closing services firm, Lawyers Title, leased 27,500 square

feet in Innsbrook Office Park in Henrico County.

• Bell Techlogix, an IT consulting firm, inked a renewal of 15,300

square feet in The Arboretum Office Park of Chesterfield County.

• Family law firm, Batzli Wood Stiles, signed a deal for 11,900 square

feet at Westerre Office Park in Henrico County.

Sales activity

Suburban

• 101 West Commerce Road (41,000 square feet, Class B), located in

South Richmond, sold for $4.74 million, or $116 per square foot. The

buyer was 101 West Commerce LLC, while the seller was Thomas

Carter Ryley Inc.

Construction activity

CBD

• MeadWestvaco’s new corporate headquarters is materially complete

along the James River. Foundry Park I will encompass some

330,000 square feet over nine stories of full glass exterior. The

packaging conglomerate will be vacating their West Broad location

upon completion. Recent layoffs have led to the subleasing of certain

floors at Foundry Park. A few employees have started to move in,

however, the full occupancy will not take place until February 2010.

At that time, some 700 employees will occupy the new building.

• The Williams Mullen Center on South 10th Street is also under

development, albeit not as far along as Foundry Park I. The property

is 63.0 percent pre-leased, primarily to law firm Williams Mullen. The

building should be ready next spring. Upon moving into their new

headquarters, Williams Mullen will be vacating 120,000 square feet

at James Center II.
 
 
Contact:   Perry H. Moss, CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., tel +804 200 6463, mobile +804 245 9774, perry.moss@am.jll.com

Richmond, VA Office Highlights Q3 2009

RICHMOND, VA--The silver lining of this office  market is that we have, or more appropriately will over the next six months, hit bottom, reports Perry Moss (top right photo)  of Jones Lang LaSalle Research in Richmond, VA.

 The upward turn will be slow and tenuous, but it will come. Mid-2010 to early 2011 should mark the arrival of true sustainable recovery and optimism. The local and national economies must return to a growth pattern, particularly employment, if commercial real estate is to substantially rebound. After all, the lifeblood of our industry is the employed workforce.

It really is a question of timing. What some consider the worst two-to-three
quarter stretch in the region’s history may finally be waning.

However, we are well into the full throws of the aftershocks. Commercial real estate is a classic lagging industry and this recession
no different.

A top headline, once again, is the virtual disappearance of the sales market. In the past three years, the sales count has fallen from 61 to 44 to 15 respectively.

Volume over the same time period has gone from $684 million to $358 million to $46 million. There remains a strong disconnect between buyers, sellers, and lenders.

Each has a radically different viewpoint on the market than they did just two years ago, which has resulted in a misalignment of goals, objectives and expectations.

The leasing market does not show this kind of falloff. In fact, leasing totals are relatively stable year-over-year for the past three years. The difference is found in the structure of the leases.

The clear trends are towards shorter terms, increased landlord incentives (free rent, TI, etc), and downward pressure on rental rates and escalations. Large block leases are also more scarce.

For a complete copy of the Richmond report, please contact:

Perry Moss, CCIM, +1 804 200 6463, Perry.Moss@am.jll.com

Alicia Moody, +1 804 200 6418, Alicia.Moody@am.jll.com