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AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

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AcquisitionsRetailSoutheastVirginia

Colliers Negotiates $8.6M Sale of Lynnhaven Square Retail Center in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Colliers has negotiated the $8.6 million sale of Lynnhaven Square, a two-property retail center located at 2077-2085 Lynnhaven Parkway in Virginia Beach. Jeff Fritz and Jay O’Donnell of Colliers represented the undisclosed seller, a tenancy in common (TIC) entity, in the transaction. The undisclosed buyer has tapped George Fox of Colliers to provide leasing advisory services at Lynnhaven Square, which was fully leased at the time of sale to tenants including Wingstop, Cold Stone Creamery, Virginia ABC, Coastal Vision and The UPS Store. Situated on 2.4 acres, the property is part of Salem Crossing, a larger 450,000-square-foot retail development.

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Munters Build-to-Suit Phase II
DevelopmentIndustrialSoutheastVirginia

Graham & Co. Breaks Ground on 200,000 SF Build-to-Suit Industrial Facility in Roanoke, Virginia

by Abby Cox

ROANOKE, VA. — Alabama-based Graham & Co. has broken ground on a 200,000-square-foot industrial facility in Roanoke for Munters, a Swedish global climate solutions provider. Graham & Co. is serving as the developer for the build-to-suit project, while ARCO Design/Build will serve as general contractor. Additionally, Graham Capital will provide equity and source financing for the project. The development — dubbed Munters Build-to-Suit Phase II — will act as the sister building to Munters’ existing 365,000-square-foot facility, which was completed in 2020. Munters has signed a long-term lease for the new facility, which will be expandable up to 278,000 square feet.

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One Rosslyn
Company NewsDevelopmentMixed-UseSoutheastTop StoriesVirginia

Penzance Receives Approval for 970,000 SF Mixed-Use Development in Arlington, Virginia

by Abby Cox

ARLINGTON, VA. — Penzance, a locally based commercial real estate development and management firm, has received approval from Arlington County for a proposed three-tower, luxury mixed-use development in Arlington’s Rosslyn district. Dubbed One Rosslyn, the new development will deliver more than 970,000 square feet of rental apartments, for-sale residential condominiums and retail space along Gateway Park, which will replace the current Rosslyn Gateway office buildings. Upon completion, One Rosslyn will deliver a total of 845 residential units. Penzance is developing the project in partnership with Boston-based investment manager The Baupost Group. STUDIOS Architecture and Hickok Cole collaborated to design the three-tower composition. One Rosslyn’s south tower will stand the tallest at 300 feet, while delivering 461 residences across 434,000 square feet. The northwest apartment tower, which is the second tallest building, will span 356,000 square feet and include 311 rental units. Lastly, the project’s northeast tower will offer 73 for-sale condominiums across 195,000 square feet. Residents will also have access to a private, 30,000-square-foot landscaped terrace overlooking Gateway Park. Additionally, the ground level will provide more than 14,000 square feet of curated retail space along all four blocks of the property. Designed to enhance walkability and encourage multimodal transportation, public spaces …

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DevelopmentMultifamilyOfficeSoutheastVirginia

Penzance Receives Approval for Office-to-Residential Conversion Project in Northern Virginia

by John Nelson

ARLINGTON, VA. — Penzance has received approval from Arlington County for the proposed redevelopment of Ballston One, an office building located at 4601 N. Fairfax Drive in Arlington’s Ballston neighborhood. The approved plan will convert the existing seven-story office building into a new residential community totaling 328 multifamily units comprising studio, one- and two-bedroom apartments, as well as 13 two-story loft homes. The project will include the adaptive reuse of Ballston One’s underground parking garage. Penzance is targeting LEED Gold certification for the redevelopment, which will include new bird-friendly glass, dark-sky compliant lighting and a green roof, as well as 130 bicycle parking spaces and 65 electric vehicle-ready parking spaces. Planned amenities will include a landscaped courtyard with a pool, outdoor kitchen and lounge areas, as well as a rooftop terrace with grills and social spaces. Indoor amenities will include a fitness center, yoga studio, golf simulator, coworking lounge, makerspace, club room, playroom and 24/7 concierge service. As part of the agreement with Arlington County, Penzance is contributing approximately $3.2 million toward the county’s affordable housing program.

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DevelopmentHealthcareSoutheastVirginia

Partnership Breaks Ground on 87,790 SF Medical Office Building in Midlothian, Virginia

by John Nelson

MIDLOTHIAN, VA. — A partnership between Remedy Medical Properties, Kayne Anderson Real Estate and Bon Secours has broken ground on a new three-story, 87,790-square-foot medical office building (MOB) in Midlothian, a suburb of Richmond. The healthcare property will sit on a 7.8-acre site on the campus of Bon Secours St. Francis Medical Center. The new MOB will feature an 11,193-square-foot ambulatory surgery center that Compass Surgical Partners will operate. The design-build team for the new facility includes architect PSH Plus, general contractor Kjellstrom & Lee and civil engineer Timmons. The development team expects to complete the project in late 2026.

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AcquisitionsOfficeSoutheastVirginia

Cushman & Wakefield | Thalhimer Brokers $8.2M Sale of Virginia Beach Office Building

by John Nelson

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the $8.2 million sale of a 61,528-square-foot office building located at 555 S. Independence Blvd. in Virginia Beach. Clark Simpson and Erik Conradi of Thalhimer’s Capital Markets Group, along with Christine Kaempfe of Thalhimer’s Office Services team, represented the seller, an entity doing business as 5555 S Independence LLC, in the transaction. The buyer was RetroAIM Properties LLC, an abatement, insulation and demolition services firm that will use the Virginia Beach property as its new corporate headquarters.

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AcquisitionsRetailSoutheastVirginia

Lucky Strike Entertainment Buys 58 Existing Bowling Alleys for $306M

by John Nelson

RICHMOND, VA. — Richmond-based Lucky Strike Entertainment, operator of bowling alleys and entertainment venues that formerly operated as Bowlero, has purchased 58 of its existing locations for $306 million. The deal aims to reduce annual rent obligations, while eliminating the risk of future lease inflation, say company representatives. Lucky Strike will continue to operate each of the locations after the deal closes. The transaction was financed through a $230 million bridge facility under Lucky Strike’s revolving credit line, as well as cash on hand. Spanning 16 states, the 58-property portfolio includes locations in California, Illinois, Georgia, Arizona and Colorado, as well as 11 other states.

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DevelopmentLeasing ActivityRetailSoutheastVirginia

Whole Foods to Open 46,711 SF Store in Reston, Virginia

by John Nelson

RESTON, VA. — Whole Foods Market plans to open a new 46,711-square-foot grocery store at 1861 Fountain Drive in Reston on Wednesday, Aug. 6. The new store will be adjacent to Reston Town Center and is a relocation of an existing Whole Foods store at 11660 Plaza America Drive, which has served the Reston community since 1996. The new store is nearly double the square footage of the original store and will feature expanded café seating and a full-service coffee bar, among other departments. The new Whole Foods is backfilling a former Best Buy store that closed in 2020 within Spectrum at Reston Town Center, according to FFX Now. Lerner Enterprises owns and manages the 270,000-square-foot shopping center, whose tenants include Harris Teeter, The Container Store, Barnes & Noble and Cava.

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Valen
Leasing ActivityMultifamilySoutheastVirginia

JBG Smith Launches Leasing at 355-Unit Valen Multifamily Community in Arlington, Virginia

by Abby Cox

ARLINGTON, VA. — JBG Smith has launched leasing at Valen, a 355-unit multifamily community located at 2050 S. Bell St. within the National Landing neighborhood of Arlington. New York City-based KPF designed the project. The 25-story tower offers studio, one-, two- and three-bedroom floorplans ranging in size from 524 square feet to 1,279 square feet, as well as 15,000 square feet of ground floor retail space. Monthly rental rates at Valen range from $2,250 to $5,820, according to Apartments.com. Amenities at the property include a rooftop swimming pool and lounge, fitness center, 24-hour concierge services, coworking facilities, community gathering spaces and a pet spa with a grooming station. Residents also have access to garage bike storage and electric vehicle charging stations. JBG Smith plans to achieve LEED Gold certification at Valen. Valen’s adjacent sister property, The Zoe, opened for leasing in December 2024 and includes 420 rental apartments.

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