NORFOLK, VA–A Boston-based REIT has acquired The ADP Building for $57 million. The 288,662-square foot building is located at Two Commercial Place in Downtown Norfolk's waterfront district and is 100% leased to credit tenant ADP. Cushman & Wakefield | Thalhimer's Capital Markets Group represented the owner, City Walk Two, in the sale of The ADP Building, which the company acquired in 2016 when it was empty. Since then ADP has invested over $32 million in establishing The ADP Building as its Small Business Headquarters in Norfolk, and City Walk Two invested another $16.5 million in capital improvements after acquiring the asset in 2016. A Boston-based REIT acquired the asset.

RICHMOND–Midas of Richmond purchased the former North American Transmission building, a 15,795-square foot retail space located at 1208-1216 North Blvd. Read Goode and Cheryle Toy of Virginia Beach, Va.-headquartered Divaris Real Estate represented the seller in the sale. DRE also leased 4,511 square feet of office space in Tobacco Row to Seven Hills Wellness. The building is located at 2310 East Cary St. DRE's Brett McNamee and Ali Newton represented the landlord in the negotiations.

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NEWS & NOTABLES

SALISBURY, MD–SVN-Miller Commercial Real Estate was awarded the Medium Business of the Year award at the Salisbury Area Chamber of Commerce 97th Annual Awards Banquet. The Medium Business of the Year award is presented to a firm with a staff of six to fifty, and has a substantiated record as an established business. SVN-Miller employs approximately 40 people including 25 independent contractors and 14 staff members. It has five offices located in Salisbury, MD, Seaford, DE, Onley, VA, Easton, MD and Bethesda, MD.

NORFOLK, VA–The Harbor Group announced the promotion of four employees to senior regional managers. They are Michelle Campbell, Amanda Stoeber, Sheila Sehlhorst and April Weand.

DEAL TRACKER

NORFOLK, VA–A Boston-based REIT has acquired The ADP Building for $57 million. The 288,662-square foot building is located at Two Commercial Place in Downtown Norfolk's waterfront district and is 100% leased to credit tenant ADP. Cushman & Wakefield | Thalhimer's Capital Markets Group represented the owner, City Walk Two, in the sale of The ADP Building, which the company acquired in 2016 when it was empty. Since then ADP has invested over $32 million in establishing The ADP Building as its Small Business Headquarters in Norfolk, and City Walk Two invested another $16.5 million in capital improvements after acquiring the asset in 2016. A Boston-based REIT acquired the asset.