REBusinessOnline

Virginia

PCCP Provides $39.4M Loan for Office Building in Metro D.C.

MCLEAN, VA. — PCCP LLC has provided a $39.4 million senior loan to Westport Capital Partners LLC for the acquisition and renovation of 2000 Corporate Ridge, a 10-story, 288,000-square-foot office building in the Tysons Corner market of McLean, roughly 10 miles west of Washington, D.C. Westport plans to invest approximately $10 million in renovations, which will include modernizing the lobby, atrium, elevators and bathrooms, as well as adding spec suites. Constructed in 1985, 2000 Corporate..

June 23, 2017

Phillips Realty Capital Secures $36.5M in Financing for Office Building in Richmond

RICHMOND, VA. — Phillips Realty Capital has secured $36.5 million in permanent financing for the Altria Building at Reynolds Crossing located at 6603 W. Broad St. in Richmond. Phillps Realty Capital’s Charles DuBose arranged the financing on behalf of the borrower, Reynolds Development. The 222,057-square-foot, Class B office building was built in 1968 and renovated in 2007. The Altria Building is fully leased to a single credit tenant, Philip Morris USA, which is headquartered at the..

June 21, 2017

Lerner Enterprises Secures $200M Financing for 17-Story Office Tower in Virginia

TYSONS, VA. — Lerner Enterprises has received $200 million in permanent financing for 1775 Tysons Boulevard, a 17-story office tower located in Tysons, Virginia. The developer, Lerner, delivered the property in late 2016. The 476,000-square-foot office tower is LEED Platinum certified, and features a state-of-the-art fitness center, conference center, café, indoor and outdoor social areas, and an onsite Fogo de Chão restaurant. Tenants at the property include EY, DXC Technology and..

June 20, 2017

Finmarc Management Acquires 117,000 SF Shopping Center in Northern Virginia for $20M

MANASSAS, VA. — Finmarc Management Inc. has purchased Festival at Manassas, a 117,000-square-foot shopping center located at 10280-10388 Festival Lane in Manassas, from Katz Properties for $20 million. Bill Kent of CBRE represented Bethesda, Md.-based Finmarc Management in the transaction. The Global Food-anchored center was 97 percent leased at the time of sale. Potbelly Sandwich Works, CiCi’s Pizza, 360 Buffet, Nutritional Wellness Center and Furniture House are among the center’s other..

June 19, 2017

Marcus & Millichap Arranges $10.5M Sale of Mixed-Use Property in Richmond’s Shockhoe Bottom District

RICHMOND, VA. — Marcus & Millichap has brokered the $10.5 million sale of Haxall View, a mixed-use property in Richmond comprising 29 one- and two-bedroom apartments and 24,307 square feet of office and restaurant space. Located at 2101 E. Main St. in Richmond’s Shockhoe Bottom district, the two conjoined buildings are situated on 22,815 square feet at the corner of East Main and South 21st streets. The apartments at the former cigar factory feature exposed brick, private balconies,..

June 14, 2017

Sterling Sells Grocery-Anchored Shopping Center in Metro D.C. for $29.3M

WOODBRIDGE, VA. — Sterling Organization has sold Market at Opitz Crossing, a 157,724-square-foot, grocery-anchored retail center in Woodbridge, a suburb of Washington, D.C., in northern Virginia. Klein Enterprises purchased the asset from Sterling for $29.3 million. Price Rite anchors the center, which is located one mile east of Interstate 95 at the intersection of Jefferson Davis Highway and Opitz Boulevard. Other tenants include Advance Auto Parts, Dollar Tree, Checkers, Subway, BB&T Bank,..

June 9, 2017

Southeastern Arranges $38.7M Sale of Kroger-Anchored Shopping Center in Hampton Roads Area

CHESAPEAKE, VA. — Southeastern has brokered the $38.7 million sale of Greenbrier Square, a 260,602-square-foot shopping center located in Chesapeake, about seven miles south of Norfolk in Virginia’s Hampton Roads area. Principal Real Estate Investors purchased the asset from a regional developer. Anchored by the market’s first Kroger Marketplace, Greenbrier Square was 99 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Five Below, Tuesday Morning..

June 7, 2017

Cordish, City of Norfolk Open Waterside District in Downtown Norfolk

NORFOLK, VA. — The Cordish Cos. and the City of Norfolk have opened Waterside District, a $40 million overhaul and rebranding of the former Waterside Festival Marketplace. The restaurant-heavy development is situated along the Elizabeth River waterfront in downtown Norfolk. Waterside District is anchored by The Market, a 30,000-square-foot food hall designed by Jeffrey Beers International that features local and regional concepts such as Starr Hill, Rappahannock Oyster Co. and Cogan’s..

June 6, 2017

Avison Young Arranges $19.9M Sale of Two Flex Buildings in Metro D.C.

CHANTILLY, VA. — Avison Young has arranged the $19.9 million sale of two flex buildings in Washington, D.C.’s Dulles South industrial submarket totaling 245,888 square feet. Beckham Gumbin Ventures purchased the buildings from CIM Group. Built in 1986, the assets are located within Sullyfield Business Park at 14320 and 14340 Sullyfield Circle in Chantilly, about 30 miles west of Washington, D.C. John Kevill, Chip Ryan, Bert Harrell and Jesse Martin of Avison Young represented CIM Group in..

May 26, 2017

Citizens Bank Leads Financing for Two JBG Cos. Deals in D.C. Area Totaling $90M

WASHINGTON, D.C. — Citizens Bank has led the financing on two deals in the metropolitan Washington, D.C., area with The JBG Cos. totaling $90 million. The financing included the $49 million refinancing of Georgetown Center, two office buildings at 2115 and 2121 Wisconsin Ave. in D.C.’s Georgetown district, and a $41 million loan to finance the Old Centerville, a 171,631-square-foot, H-Mart-anchored shopping center on Braddock Road in Centerville, Va. Citizens was the administrative agent..

May 22, 2017