THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Monday, May 20, 1996 TAG: 9605180196
SECTION: BUSINESS WEEKLY PAGE: 05 EDITION: FINAL
TYPE: SMALL BUSINESS
SOURCE: BY JUANITA RAISOR, BUSINESS WEEKLY
LENGTH: Short : 48 lines
The property occupied by Raytheon Service Corp. on Bayside Road in Virginia Beach has been sold to Monmouth Real Estate Investment Corp. of Eatontown, N.J.
Monmouth said it purchased the 67,926-square-foot industrial building from Essex Properties Associates, a limited partnership in Virginia Beach, for $2.5 million and was financed by a $1.5 million mortgage with Life Savings Bank.
Rosemarie Faccone, investor relations with Monmouth, said the property will continue to be managed by Cronheim Management Co. in Chatham, N.J.
Monmouth is a real estate investment trust specializing in net leased industrial properties. The company's present equity portfolio consists of 13 industrial properties and one shopping center in New Jersey, New York, Mississippi, Missouri, Massachusetts, Iowa, North Carolina, Kansas, Pennsylvania and Virginia.
The investment trust said it is seeking additional properties, and intends to expand its portfolio by $15 million over the next two years.
Virginia Beach also picked up another investment firm in its city, with the help of Forward Hampton Roads.
Portfolio Recovery Associates, an investment firm that specializes in the purchase and recovery of portfolios of distressed debt, has opened at Pembroke II, Suite 340, 287 Independence Blvd. in Virginia Beach.
The new firm has a staff of eight but hopes to hire 50 to 100 employees over the next twelve months in telemarketing, customer service or sales positions.
Steve Fredrickson is president, Andy Holmes is vice president of operations, Jim Keown is vice president of technology, and Kevin Stevenson is general manager and controller.
All four people were previously with Household Recovery Service in Virginia Beach.
Also, Trinet Trust, owner of the 300-unit luxury complex Chesapeake Bay Apartments in Newport News, was sold last month to Washington, D.C.-based Chesapeake Bay LLC for $11.6 million.
The complex, consisting primarily of one-bedroom apartments, is located off Jefferson Avenue. by CNB