Pipeline: Commercial Real Estate Roundup 9.26.08

Doswell Hospitality LLC delivered the first of three hotels, called the Days Inn at Kings Dominion, in June. Doswell Hospitality sold the property to Sumtinath LLC for $3.2 million. Located at 16220 International St., the Days Inn is a three-story hotel that offers 50 rooms.

The other two hotels are currently under construction. Doswell Hospitality plans to deliver the Country Inn and Suites in January, and the Comfort Suites in June. The Country Inn and Suites will be located at 16250 International St.. The Comfort Suites will be at 16280 International St. Both hotels will be sold to franchisers who will operate them.

W.O. Grubb has purchased 39,000 sf at 2910 Cofer Rd. in Richmond. The sale was completed for $1.5 million, or about $38 per sf. The property is located in the Jeff Davis Corridor Industrial Submarket. W.O. Grubb bought the property from Marble Systems of Fairfax LLC. The facility was built in 1986 and features five loading docks, a 20-foot clear height and CSX rail service.

W.O. Grubb provides crane rental and steel erection services to Virginia, Maryland and surrounding states. They are based and headquartered in Richmond.
Contact: Bill Grubb, President
804-271-9471

Porter Realty reports the following transaction:

Wilfong Court LLC has purchased 24,000 sf at 12141 Wilfong Court in Richmond. The sale was completed for $2.65 million. The property is located in the Oak Lane Business Center and is being bought as an investment. The site is leased to Wesco Distribution Inc., a subsidiary of Wesco International Inc., a Fortune 500 company. The building is a mixed use office and distribution center. The property was built in 2007, and Wesco has a 10-year lease agreement that extends to August, 2017. Wesco is headquartered in Pittsburgh, PA.
Contact (for Wesco): Roy W. Haley, CEO
412-454-2200

Thalhimer reports the following transaction:

Basilis, LLC has purchased 1,000 sf at 3107 W. Cary St. in Richmond. The sale was completed for $325,000. The property is the former home of Carytown Seafood. Basilis plans to open a Greek bakery at the property.

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