ALEXANDRIA, VA-Cherokee Business Center, the 54,000-sf office facility at 5510 Cherokee Ave., gets a new owner in a deal between seller Advance Realty Group and buyer Oekos Management Corp. Advance's involvement in the transaction is twofold--Oekos is a joint venture involving Advance and Citibank.
CLARENDON, VA-The $70-million mixed-use project, 2900 Clarendon, takes a giant leap forward with the County Board of Arlington's recent approval of the proposed site plan. Construction of the office, retail and residential endeavor is to begin in the second quarter of next year.
BETHESDA, MD-Backed by a full day of grand opening festivities, Landover, MD-based supermarket chain Giant Food Inc. debuts a new 61,600-sf store at 7142 Arlington Rd. This full-service grocery store replaces the Giant that was located directly across the street for the last 37 years.
HAMPTON, VA-Development of the 35,221-sf spec office building within the Hampton Roads Center business park reaches completion and readies for leasing as Advantis Real Estate Services Co. becomes the property's exclusive leasing agent. The structure is specially designed for use by high-technology data centers.
WASHINGTON, DC-There's a new hotel in town--well sort of--now that the former Monarch Hotel is under the management of Fairmont Hotels & Resorts and renamed The Fairmont Washington, DC. The renaming and change of management finalizes the hotel's recent change in ownership.
VIRGINIA BEACH, VA-Development of the new 500,000-sf Virginia Beach Convention Center moves closer to realization with the selection of Turner Construction Co. to lead construction of the state-of-the-art project. Upon primary completion in 2005, the facility will cost an estimated $193.5 million.
DULLES, VA-Three new retailers have opened their doors in the 1.4 million-sf Dulles Town Center shopping mall, and another plans a 2003 debut in a 21,000-sf space. The four new stores are located in the newest wing of the three-year-old property.
RESTON, VA-Denver-headquartered Earth imagery provider Space Imaging opens a sales office closer to its government clientele by taking on a 4,000-sf space in the building at 12355 Sunrise Valley Dr. The Fairfax County location gives the company easy access to Washington, DC.
ARLINGTON, VA-Shopping mall and entertainment center REIT the Mills Corp. makes plans to expand its portfolio with the pending acquisition of six shopping malls for a total of $621 million. The deal adds 5.3 million sf to Mills' stable.
BALTIMORE, MD- Prime Retail disposes of three properties accounting for nearly 1 million sf of retail space in deals totaling $132.5 million. Proceeds from the sale of two outlets in Colorado and the center in Puerto Rico will be used to pay down the company's debts.