Hampton Roads (No longer used)
Patricio Enterprises Leases 427,000 SF; Virginia Beach Properties Hit the Market
Patricio Enterprises, a defense contractor based in Stafford County, has leased 427,115 square feet of industrial space at 2705 Commerce Road in Richmond from Alleghany Warehouse Company, Inc. The deal represents one of the largest industrial leases of the year. CBRE’s Richmond office brokered the transaction.
Armada Hoffler Kicks Off $89M Mixed-Use Tower in Virginia Beach
Armada Hoffler, one of the Mid-Atlantic Region’s dominant, full-service real estate and construction organizations, broke ground last week on the new 794,000 square foot Main Street Tower, in Virginia Beach. The groundbreaking ceremony featured Virginia Governor Robert F. McDonnell and Virginia Beach Mayor Will Sessoms. Tom Winborne, CEO of Clark Nexsen, and Lou Haddad, President and CEO of Armada Hoffler, also spoke about the project.
Gold Key/PHR, Norfolk Strike Deal for $126M Hotel, Convention Center Complex
The city of Norfolk has announced last Friday it has reached an agreement with Gold Key/PHR Hotels & Resorts to build a new hotel, conference center and parking facility downtown. The total cost of the project is estimated at $126 million.
Landmark Virginia Beach Hotel Hits the Market in Family Feud
The Cavalier Hotel, a Virginia Beach landmark, is for sale. CBRE | Hotels has been retained to market the historic hotel that was once visited by presidents and movie stars. According to Virginia Beach city records, the property is assessed at $34.25 million. However, court records show it is worth around $41 million.
The Cavalier complex sits on 21.2 acres of land and includes two hotels, the Cavalier on the Hill and the Cavalier Oceanfront, and a conference center. It provides more than 50,000 square feet of meeting and function space and features such facilities as indoor and outdoor pools, outdoor tennis courts, a fitness center, and a below-ground parking garage. An owner/manager residence, employee housing and automobile repair garage are also located on the property.
Sheraton Norfolk Waterside Heads to Auction Block Dec. 20
The Sheraton Norfolk Waterside Hotel, one of Norfolk’s most prestigious lodgings, will be auctioned off on December 20.
New Kroger Store Launches $250M Hampton Roads Push
Kroger Co. broke ground Oct. 4 on a $25 million project in Virginia Beach that will be the grocery chain’s first Marketplace-brand store in the Hampton Roads region and the second in the state.
Portsmouth Judicial Center Opens Under Budget, Ahead of Schedule
Portsmouth Judicial Center officially opened for business Monday after two years of construction. Completed on time and under budget, the $78 million complex brings together three major courts—Circuit, General District and Juvenile and Domestic Relations—under one roof.
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