RICHMOND, VA. — Bridge Investment Group has purchased WestMark Office Park, a 416,311-square-foot, two-building office complex located on a 40-acre campus at 11000 W. Broad St. in Richmond. Bridge purchased the asset with equity partner Mandalay-CRE Venture II from RER/New Boston West Broad LLC for an undisclosed price. Bridge will rebrand the asset SunTrust Center once SunTrust Bank takes occupancy of the entire 211,689-square-foot WestMark One building. WestMark was previously home to..
NORFOLK, VA. — The City Council of Norfolk has unanimously approved IKEA’s plans for a new store, the Swedish retailer’s second location in Virginia. Plans call for a 331,000-square-foot store featuring 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant, as well as 1,200 parking spaces. The new store will be situated on 19 acres at the northwest corner of Interstate 64 and Northampton Boulevard, about eight miles east..
LEESBURG, VA. — Federal Capital Partners and joint venture partner Kettler have sold Fields of Leesburg, a 405-unit garden-style apartment community located at 75 Plaza St. in Leesburg, for $55.3 million. Built in the 1970s, the property participates in a tax credit program that provides affordable residences for renters who qualify. Jeff Kunitz, Brandon Grisham and Jonathan Greenberg of CBRE represented FCP and Kettler in the transaction. The buyer was not disclosed.
ARLINGTON, VA. — Nestle USA, a subsidiary of global food and drink company Nestle S.A., has decided to move its corporate headquarters from Glendale, Calif., to Arlington’s Rosslyn district. The company will invest $39.8 million to relocate to 206,000 square feet of office space at 1812 N. Moore St. beginning in September. The move is expected to create nearly 750 jobs in the metropolitan Washington, D.C., region. As part of the deal, Nestle USA will receive $6 million from the Commonwealth..
ARLINGTON, VA. — Greysteel has arranged the $13.5 million sale of Whispering Oaks, a 49-unit mid-rise apartment community located at 1310 N. Oak St. in Arlington’s Rosslyn neighborhood. Whispering Oaks’ amenities include covered and uncovered parking, a telephone entry system call box, fitness center, laundry facilities, secluded rear patio sitting area and a renovated lobby. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel’s Washington, D.C.,..
ARLINGTON, VA. — New York-based Paramount Group Inc., a publicly traded office REIT, has entered into an agreement to sell Waterview, a 24-story, 647,000-square-foot office building in Arlington's Rosslyn neighborhood, for $460 million. Paramount Group sold the asset to Morgan Stanley Real Estate, according to Washington Business Journal. Situated along the Potomac River, Waterview’s office space is currently 99 percent leased to a single tenant, whose lease expires in January 2028. The..
WINCHESTER, VA. — Navy Federal Credit Union, the world’s largest credit union, has broken ground on its new 180,000-square-foot office building in Winchester. Navy Federal has invested $100 million to expand into the three-story facility, which is expected to be fully operational by the end of 2018. The Winchester facility will house about 1,400 employees, which are currently spread between two different facilities in Virginia’s Frederick County. Vienna, Va.-based Navy Federal has more..
VIRGINIA BEACH, VA. — Wegmans plans to open a new 130,000-square-foot grocery store at Town Center of Virginia Beach. Situated near the intersection of Virginia Beach and Independence boulevards, the store will feature a parking deck in front and a mezzanine level for café seating. Wegmans is expected to create hundreds of jobs and invest millions of dollars in the new store. The Rochester, N.Y.-based grocer currently has 10 other stores in Virginia.
RICHMOND, VA. — Capital Square 1031 has completed the stabilization and sale of Forest Office Park, a 19-building, 710,000-square-foot office campus in Richmond, for $24.1 million. The firm served as a replacement sponsor and manager of NNN Forest Office Park LLC, a tenant-in-common (TIC) ownership. Forest Office Park was under TIC ownership for the past 11 years. Capital Square 1031 assumed sponsorship and management in February 2016, replacing the previous manager after more than a decade,..
RICHMOND, VA. — Riverstone Properties has acquired James Center, three office towers in the heart of Richmond’s central business district, for $108 million. The James Center comprises the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center, all developed in 1985. LNR Property, a subsidiary of Starwood Property Trust, sold the towers free and clear of existing debt. The three buildings include 986,000 square feet of Class A office space, a..