REBusinessOnline

Ashley Capital Buys 798,786 SF Distribution Center in Richmond from Ace Hardware

RICHMOND, VA. — Ashley Capital has acquired 7000 Hardware Drive, a 798,786-square-foot vacant distribution center in Richmond from Ace Hardware Corp. Ashley Capital plans to immediately begin updating the property to include installing a new roof, replacing all 84 dock doors, replacing the lights with high-efficiency LED fixtures, removing an internal mezzanine and painting the interior and exterior. Ashley Capital will rebrand the property as Virginia Gateway Logistics Center. Evan Magrill …

Washington Property Acquires Land in Northern Virginia, Plans 700-Unit Multifamily Community

TYSONS, VA. — Washington Property Co. (WPC) has acquired 5.2 acres of land in Tysons with plans to construct a 700-unit Solaire-branded multifamily community. An undisclosed global private equity firm sold the land to WPC for $21 million, according to someone with knowledge of the transaction. John Sheridan of CBRE represented the seller in the transaction. The parcel is part of the 19-acre Arbor Row neighborhood, a mixed-use development situated on Westpark Drive, 15 miles west of downtown …

M&T Realty Capital Provides $16.1M Green Acquisition Loan for Townhome Community in Richmond

RICHMOND, VA. — M&T Realty Capital Corp. has provided a $16.1 million Freddie Mac acquisition loan for Berkeley & Warwick Place, a 265-unit townhome community in Richmond. The borrower, Walde Enterprises, plans to improve the property’s energy and water usage as part of Freddie Mac’s Optigo Green Up program. Details of the improvement plan were not disclosed. The 10-year loan is structured with three years of interest-only payments and a 30-year amortization schedule. Berkeley …

KLNB Brokers $9.7M Sale of Shopping Center in Northern Virginia

LEESBURG, VA. — KLNB has brokered the $9.7 million sale of a portion of Shenandoah Square Shopping Center in Leesburg. The two parcels included in the sale are located at 932 and 952 Edward Ferry Road NE and total 29,480 square feet. Tenants include Sherwin Williams, Cosmo Prof, Jenny Craig, Domino’s and Regional Finance. Shenandoah Square also includes a Walmart, Exxon gas station, Taco Bell, IHOP and 83,240 square feet of office space. The shopping center is situated 37 miles northwest of …

Berkadia Provides $22.6M HUD Construction Loan for Multifamily Community in Fishersville, Virginia

FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 …

Divaris Real Estate Acquires Six Properties Totaling 232,057 SF in Hampton Roads

VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has acquired six properties totaling 232,057 square feet in Hampton Roads. The acquisitions include shopping centers Las Gaviotas Shopping Center, a 90,505-square-foot, Food Lion-anchored property in Chesapeake; and Cypress Run, a 25,000-square-foot, Kroger shadow-anchored property in Smithfield. The two office buildings are the 76,024-square-foot Northampton Executive Center and the 10,000-square-foot 2125 McComas Way, both in Virginia Beach. …

KeyBank Provides $50.2M Refinancing Loan for Multifamily Complex in Fredericksburg, Virginia

FREDERICKSBURG, VA. — KeyBank Real Estate Capital has provided a $50.2 million Fannie Mae refinancing loan for Silver Collection at Celebrate, a 278-unit apartment community in Fredericksburg. The borrower, Meridian Capital Group, is using the refinancing to take out the balance sheet loan that KeyBank provided a year ago, which took out a previous construction loan. The new capital KeyBank provided is to repay the sponsor. Silver Collection at Celebrate comprises 12 three-story buildings and …

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; …

Park Hotels & Resorts Sells Three Assets in Southeast, New Jersey for $166M

TYSONS, VA. — Park Hotels & Resorts Inc. has sold three assets for a total of $166 million, or $151,000 per room. The sold hotels include the 507-room Hilton Atlanta Airport; the 317-room Hilton New Orleans Airport; and the 274-room Embassy Suites Parsippany in Parsippany, N.J. The three properties had a combined $109 million RevPAR in 2018, which was 37 percent less than Tysons-based Park Hotels’ 2018 portfolio average. The buyer(s) was not

Equus Capital Acquires 1.8 MSF Industrial Portfolio, 500 Acres in Hampton Roads

PHILADELPHIA — An affiliate Philadelphia-based Equus Capital Partners has acquired a five-property industrial portfolio and 500 acres of developable land in Virginia’s Hampton Roads region. The five buildings total nearly 1.8 million square feet. Three of the buildings, 1006, 1010 and 1020 CenterPoint Drive in Suffolk, were developed between 2011 and 2017 as build-to-suits. The buildings are fully leased and the original tenants remain. The portfolio also includes 3516 S. Military Highway …

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