Friday, April 19, 2024
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Virginia

Mason-at-Van-Dorn-Alexandria
AcquisitionsLoansMultifamilySoutheastTop StoriesVirginia

Berkadia Provides $157M Acquisition Loan for Mason at Van Dorn Apartments in Alexandria, Virginia

by Taylor Williams

ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, located just south of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports that the amount exceeded $200 million. The borrower and purchaser was a partnership between South Florida-based Shoreham Capital and Bridge Investment Group. The seller was Los Angeles-based investment firm CIM Group, which acquired the property in late 2017 and implemented various capital improvements during the course of its ownership. Mason at Van Dorn consists of 14 four- and five-story buildings on 30 acres at 140 S. Van Dorn St. The site is adjacent to WestEnd Alexandria, a 4 million-square-foot mixed-use destination that is a redevelopment of the former Landmark Mall. The 52-acre development will also be the future home of the Inova Alexandria Hospital Campus, which will employ more than 2,000 people. Originally built in 1972, Mason at Van Dorn offers studio, one- and two-bedroom apartments with an average size of 761 square feet. Amenities include two pools, a fitness center, tennis courts, courtyards, a business center, outdoor grilling and dining stations, game room, movie theater and a …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCompany NewsHospitalitySoutheastTennesseeVirginia

Hilton to Acquire Graduate Hotels for $210M

by John Nelson

MCLEAN, VA. — Hilton plans to acquire Graduate Hotels, a hospitality brand with hotels in college towns such as Ann Arbor, Mich., and Chapel Hill, N.C. The brand was founded in 2014 and has grown to include hotels across the country, as well as in Oxford and Cambridge, United Kingdom. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed pipeline Graduate Hotels, and become responsible for the brand’s future development and growth. Adventurous Journey Capital Partners (AJ Capital) will remain the owner of the more than 35 operating and pipeline Graduate properties, each of which will be operated under long-term Hilton franchise agreements. Hilton expects the deal to close in the second quarter, subject to customary closing conditions.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMixed-UseSoutheastVirginia

HHHunt, GrayCo to Develop 334-Acre Master-Planned Community in Metro Richmond

by John Nelson

MIDLOTHIAN, VA. — A joint venture between HHHunt Cos. and GrayCo will soon develop The Aire at Westchester, a 334-acre master-planned community located at the intersection of the Midlothian Turnpike and State Route 288 in suburban Richmond’s Chesterfield County. The property will house 2,200 residential units and 180,000 square feet of commercial space upon completion. David Smith of Cushman & Wakefield | Thalhimer represented GrayCo, which is the landowner, in the joint venture arrangement. HHHunt is the managing partner of the ownership group. HHHunt and GrayCo plan to break ground on Phase I of The Aire at Westchester in the spring.

Continue Reading
FacebookTwitterLinkedinEmail
GeorgiaLoansNorth CarolinaOfficeSoutheastVirginia

Walker & Dunlop Arranges $108M CMBS Financing for Sun Belt Office Portfolio

by John Nelson

NEW YORK CITY — Walker & Dunlop has arranged a $108 million CMBS loan for a four-property office portfolio located across the Sun Belt. The properties span nearly 1 million square feet and are located in Alpharetta, Ga.; Plano, Texas; Raleigh, N.C.; and Falls Church, Va. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop’s New York City office arranged the financing through Goldman Sachs and Argentic. The borrowers are affiliates of Vero Capital and Prime Finance. The recapitalization allows the borrowers to have $20 million of available capital for leasing costs and capital improvements for the portfolio.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMultifamilySoutheastVirginia

Standard Communities Breaks Ground on 240-Unit Affordable Housing Development in Woodbridge, Virginia

by John Nelson

WOODBRIDGE, VA. — Standard Communities has broken ground on Jefferson Plaza Apartments, a 240-unit affordable housing community located at 1305 Jefferson Plaza in Woodbridge, a city in Northern Virginia’s Prince William County. The development, which is capitalized at approximately $67.5 million, was funded from sources including Virginia Housing, Freddie Mac and Hudson Housing Capital. All units at Jefferson Plaza will be income-restricted to households earning 60 percent of the area median income. Amenities will include 354 parking spaces for residents, a 3,000-square-foot club room, coworking space, fitness center, bike storage, playground and recreational area, green space and a dog park.

Continue Reading
FacebookTwitterLinkedinEmail
Belmont-Logistics_Woodbridge-Va
DevelopmentIndustrialProperty TypeSoutheastTop StoriesVirginia

IDI Breaks Ground on $110M Belmont Logistics Campus Near Washington, D.C. 

by Hayden Spiess

WOODBRIDGE, VA. — The IDI Group Cos. (IDI) and its development partners have broken ground on Belmont Logistics, a $110 million industrial campus located in Woodbridge, roughly 25 miles southwest of Washington, D.C. According to the developer, the project marks the only new industrial project along Northern Virginia’s I-95 corridor so far this year.  Upon completion, the development will feature three tilt-up concrete buildings totaling 416,000 square feet situated on 36.6 acres. Additionally, the development will include 540 car parking spaces, 40 trailer parking spaces and 55,000 square feet of additional storage space.  Belmont Logistics will be developed in two phases, with the first phase comprising a 110,000-square-foot warehouse on 9.5 acres. Completion of the first phase is scheduled for the end of this year. Delivery of the campus in its entirety is scheduled for 2026.  Offering connectivity to I-95, the location is situated roughly 30 miles from Dulles International Airport and 20 miles from Reagan National Airport.  In addition to IDI, the joint venture developing the campus includes landowners ACD Precast LLC and the Carosi family. RW Murray is the general contractor for the project, which MGMA designed. Keystone National Group is providing an undisclosed amount of financing for …

Continue Reading
FacebookTwitterLinkedinEmail
RetailSoutheastTop StoriesVirginia

Dollar Tree to Close 1,000 Stores Nationwide

by Kristin Harlow

CHESAPEAKE, VA. — In its fourth-quarter fiscal 2023 results released today, Dollar Tree Inc. (NASDAQ: DLTR) announced that it plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known for catering to low-income customers predominately in cities. Dollar Tree, which focuses more on middle-income shoppers in suburbs, bought Family Dollar in 2015 for $8.5 billion. While Family Dollar has struggled, rival Dollar General has opened about 1,000 stores per year, making it the fastest-growing retailer in the United States, according to CNN. Dollar General’s portfolio totals around 18,000 stores. For the quarter that ended Feb. 3, Dollar Tree reported a net loss of $1.71 billion compared with a profit of $452.2 million during the same period last year. Part of the loss is attributed to “a comprehensive …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentSelf-StorageSoutheastVirginia

Madison Capital, BCDC Break Ground on Five-Story Self-Storage Property in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Partners and Batson-Cook Development Co. (BCDC) has broken ground on Go Store It Self Storage Charlottesville, a five-story self-storage facility. The 704-unit property will be located at the intersection of Rio Road West and Seminole Trail, about three miles north of the University of Virginia. The 92,585-square-foot facility will feature climate-controlled units, interior loading areas and 24/7 security. Project partners include general contractor BenCo Construction, architect JMN Architecture and civil engineer Shimp Engineering. United Bank is providing construction financing to Madison Capital and BCDC, which expect to deliver Go Store It Self Storage Charlottesville in early 2025.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentLoansMixed-UseMultifamilySoutheastVirginia

Kennedy Wilson Provides $96M Construction Loan for Office-to-Residential Conversion Project in Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, a mixed-use project in Alexandria. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield arranged the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans include the redevelopment of three existing office buildings to feature 169 multifamily residential units, 65 condominiums and 7,000 square feet of commercial space. The property is situated with direct access to the Mount Vernon Trail and features views of the Potomac River.  Construction is scheduled to begin immediately, with completion expected in 2026.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialSoutheastVirginia

Lovett Industrial, Heitman Acquire 720,000 SF Industrial Park in Norfolk

by John Nelson

NORFOLK, VA. — Houston-based Lovett Industrial and Chicago-based Heitman LLC have acquired Diamond Hill Distribution Center, a four-building industrial park in Norfolk spanning 720,000 square feet. The seller and sales price were not disclosed. Cushman & Wakefield brokered the transaction, and John Alascio of Cushman & Wakefield arranged an undisclosed amount of acquisition financing through Voya Financial on behalf of the buyers. Located on State Route 168 with adjacent access to I-64 and I-464, Diamond Hill is situated near Chesapeake and Virginia Beach, as well as the Port of Virginia’s Norfolk International Terminal and Virginia International Gateway port terminals. The park’s four buildings all have rail spurs that are activable for Norfolk Southern’s main line. The property was fully leased at the time of sale to four tenants and features a combined 96 loading positions, additional trailer parking, over 520 auto parking stalls and 27- to 29-foot clear heights. Lovett Industrial and Heitman have tapped Charles Dickinson of Harvey Lindsey Commercial Real Estate to lease and market Diamond Hill.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts