REBusinessOnline

Generation Income Acquires Two Office Buildings in Norfolk for $18.9M

NORFOLK, VA. — Generation Income Properties Inc. has acquired two office buildings totaling 106,621 square feet in Norfolk for $18.9 million. The portfolio included a 71,774-square-foot building occupied by a general services administration and international shipping company Maersk. The other property is a 34,847-square-foot office building fully leased to PRA Group. Scott Adams, Pat Mugler, Gray Randolph and Will Bradley of Colliers represented the seller, Virginia Beach-based Robinson …

Branch Properties Buys Two Grocery-Anchored Shopping Centers in Florida, Virginia for $47M

PUNTA GORDA, FLA. AND WILLIAMSBURG, VA. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to …

SunTrust Originates $30.9M Fannie Mae Refinancing for Seniors Housing Community in Lynchburg, Virginia

LYNCHBURG, VA. — SunTrust Banks Inc. has provided $30.9 million in Fannie Mae financing for Liberty Ridge, a 171-unit independent living and assisted living seniors community in Lynchburg. The borrower is Runk & Pratt, a family-owned operator of seniors housing communities in the Lynchburg market. The loan will refinance the acquisition loan that Runk & Pratt used to buy the property in 2016. Liberty Ridge was originally constructed in 2014. Joshua Hausfeld of SunTrust CRE Seniors …

Retail Demand in Richmond Strengthens as Vacancy Nears Lowest Level This Cycle

Virginia’s capital city added more jobs in 2018 than in 2017 and 2016 combined. The addition of 11,000 jobs in 12 months aided a 7 percent population growth since 2010 and a median household income increase of $10,000 since 2016. With only 2.9 percent unemployed, residents now have more disposable income to shop. Richmond’s rapid growth brought vacancies to the lowest they’ve been in almost 15 years. At 4.7 percent, vacancy is near the cycle’s lowest trough of 4.5 percent in late …

Sachs, Blackfin Purchase Mixed-Use Property Near Amazon HQ2 for $70M

FALLS CHURCH, VA. — Sachs Cos. and Blackfin Real Estate Investors have purchased Loren Falls Church, a mixed-use property in Falls Church, for $70 million. Loren Falls Church comprises 185 multifamily units and 13,577 square feet of retail space. The property was built in 2017 and was 97 percent occupied at the time of sale. Communal amenities for residents include a swimming pool, fitness center, outdoor lounge, living room lounge and a community kitchen. Retail tenants include Orangetheory …

JLL Negotiates $141M Sale of Transit-Oriented Apartment Community in Northern Virginia

ASHBURN, VA. — JLL has negotiated the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment complex in Ashburn. The property is situated at 21827 High Rock Terrace, less than one mile from the Ashburn Metro Station and 30 miles west of downtown Washington, D.C. The community offers one-, two- and three-bedroom floor plans averaging 1,001 square feet. Forty of the units are designated affordable housing. Communal amenities include two swimming pools, an outdoor …

Industrial Construction Activity Remains Robust in Greater Richmond Area

At the mid-year mark, the greater Richmond area industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked (Class A, B, C vacant and investor-owned product with a minimum of 40,000 square feet total RBA). Class A occupancy increased slightly from 89 percent at the end of the first quarter to 91 percent at the end of the second quarter, and the majority of the Class A vacancy is attributed to a vacancy approaching 800,000 …

Finmarc Management Purchases Research & Development Campus in Northern Virginia for $26.1M

ASHBURN, VA. — Finmarc Management Inc. has purchased an office building and adjacent industrial facility in Ashburn for $26.1 million. The 190,000 square feet of research and development space serves as Telos Corp.’s headquarters. Telos provides information technology solutions and services to the military, intelligence and civilian agencies of the federal government and NATO allies. The property consists of a three-story, 110,000-square-foot office building and a single-story, …

Bristol Development Opens 301-Unit Multifamily Complex in Richmond

RICHMOND, VA. — Bristol Development Group has opened Canopy at Ginter, a 301-unit multifamily complex in Richmond. Canopy at Ginter offers 112 one-bedroom floor plans, 186 two-bedroom floor plans and three three-bedrooms plans ranging in size from 629 square feet to 1,623 square feet. Additionally, several units feature attached garages. Communal amenities include a clubhouse with a kitchen, saltwater swimming pool, bike storage, pet spa, fitness and yoga studio, outdoor pool table, Wi-Fi …

Hamilton Zanze Acquires 248-Unit Multifamily Community in Northern Virginia

ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was …

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