New Grocers, Redevelopments Invigorate Richmond’s Retail Market

The Richmond retail market continues to be strong. Overall vacancy rates are slightly higher than usual, hovering around 7 percent with negative absorption, due to all types of new products coming online in the first half of 2017. The market is adding millennials at double the pace of any other generation and has been recently named in multiple media outlets as one of the top living destinations for millennials nationwide. With this influx, multifamily development in Richmond is robust,..

October 23, 2017

HFF Arranges $47M Refinancing of Two-Building Office Portfolio in Metro D.C.

RESTON, VA. — HFF has secured $47 million in loans for the refinancing of Reston Metro Center One & Two, a two-building office portfolio in Reston, roughly 20 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF secured the floating-rate loan through AllianceBernstein on behalf of the borrower, a joint venture between Coretrust Capital Partners LLC and Normandy Real Estate Partners. The portfolio totals 185,671 square feet and is located at 12120 and 12180 Sunrise Valley..

October 17, 2017

LifeSpire Breaks Ground on $64M Expansion of Seniors Housing Development in Richmond

RICHMOND, VA. — LifeSpire has broken ground on a $64 million expansion at Lakewood, a continuing care retirement community (CCRC) in Richmond. The project is part of the community’s 40th anniversary celebrations and will take place on the West End campus of the property. The expansion includes the four-story Lakeview Clubhouse, including a new community entrance, 44 apartments, underground parking, walking paths, gardens, fire pits and a waterfall feature. The first floor will include a..

October 16, 2017

Office Users Gravitate to Richmond CBD Following Surge in Out-of-Market Activity

Over the past 12 months, a surge in out-of-market activity has stabilized Richmond’s downtown office market, which had faced a seemingly insurmountable glut of space just last year. For years, Richmond’s Central Business District (CBD) struggled to retain tenants as many sought more affordable locations in the suburbs, while other tenants shed space as they optimized their footprints. However, with a steady flow of high-profile inbound operations into Richmond’s CBD, the momentum has..

October 16, 2017

Richmond Market Entering New Era of Industrial Development

At the mid-year mark, the Richmond industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked — Class A, B and C vacant and investor-owned product with a minimum of 40,000 square feet of total rentable building area (RBA). Class A occupancy decreased slightly from 96 percent at the end of the first quarter to 95 percent at the end of the second quarter, and Class B occupancy has remained steady at 92 percent. The..

October 9, 2017

Passco Acquires New Multifamily Community in Metro D.C. for $112.8M

ALEXANDRIA, VA. — Passco Cos. has acquired The Parker, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C., for $112.8 million. David Nachison of Eastdil Secured represented the seller, a joint venture between AEW Capital Management and MRP Realty, and Passco Cos. in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Irvine, Calif.-based Passco. Constructed in..

October 5, 2017

KLNB Brokers $8.3M Sale of Office Building in Metro D.C.

ALEXANDRIA, VA. — KLNB LLC has brokered the $8.3 million sale of 5904 Richmond Highway, a 78,000-square-foot office building in the Washington, D.C., suburb of Alexandria. Joshua Simon of KLNB represented the buyer, a joint venture between Rock Creek Property Group and Avanti Holdings Group LLC. Simon will also handle the building’s leasing assignment. The newly renovated property is located within walking distance to Huntington Metro Station and Mount Vernon Trail. Suites within the..

October 2, 2017

Noble Investment Group Acquires 142-Room Hotel in Metro D.C.

MCLEAN, VA. — Noble Investment Group has purchased Staybridge Suites Tysons-McLean, a 142-room hotel in downtown McLean, part of the greater Tysons Corner market of Washington, D.C. The seller and sales price were not disclosed. The extended-stay hotel features suites equipped with a full kitchen and flexible work space. In addition, Staybridge Suites features a 24-hour business and fitness center, complimentary breakfast buffet, pool, fire pit and a patio with barbeque grills.

September 27, 2017

Cooper Carry Designs $175M Hilton-Branded Hotel in Downtown Norfolk

NORFOLK, VA. — Atlanta-based architect Cooper Carry has designed Hilton Norfolk at The Main, a $175 million hotel in downtown Norfolk. Located at 100 E. Main St., the 23-story hotel anchors the corner of Granby and Main streets and overlooks the Elizabeth River. The Main features three local, chef-driven restaurants; a rooftop beer garden and lounge; 300 guest rooms; 50,000 square feet of meeting and event space; and amenities including an indoor pool, game room and fitness center. Cooper..

September 25, 2017

Marcus & Millichap Arranges $8.1M Sale of Multifamily Community in Virginia Beach

VIRGINIA BEACH, VA. — Marcus & Millichap has brokered the $8.1 million sale of Hollygreen Apartments, a 96-unit multifamily community located at 3429 Hollygreen Drive in Virginia Beach. Altay Uzun and Justin Ferguson of Marcus & Millichap represented the sellers, private investors who had owned the property since its construction in 1984, in the 1031 exchange. Uzun also procured the undisclosed buyer. The community includes one- and two-bedroom floor plans and features a fitness..

September 25, 2017