Tuesday, January 21, 2025
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DevelopmentMultifamilySoutheastVirginia

ZOM Living Completes 491-Unit National Landing Multifamily Complex in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — ZOM Living has completed construction on Hazel & Azure at National Landing, a 491-unit luxury multifamily complex in Arlington. Balfour Beatty was the general contractor on the project, and bKL Architecture served as the project architect. Situated at 3030 & 3130 S. Potomac Ave., the development comprises two towers — the 15-story Hazel and11-story Azure — as well as 8,900 square feet of ground-floor retail space. Urban Boxing will occupy 4,709 square feet in the Hazel tower, Coffee Republic will occupy 2,006 square feet in Azure and a third tenant will comprise the remaining 2,201 square feet of retail space in the Azure tower. Monthly rental rates at Hazel range from $2,180 to $7,010, and Azure’s rents range from $2,294 to $8,805, according to Apartments.com. Units come in townhome, studio, one-, two- and three-bedroom floor plans that range in size from 516 to 1,852 square feet. Amenities include a rooftop pool, outdoor deck and grilling area, clubroom, fireplace, fitness and wellness spa, yoga room, coworking spaces, a self-serve resident market and a pet spa for dogs. The complex also offers concierge and white glove package delivery services and electric vehicle charging stations.

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Data CentersDevelopmentLoansSoutheastVirginia

JLL Arranges $1.2B to Fund Construction of Four Northern Virginia Data Center Projects for BlackChamber

by John Nelson

WASHINGTON, D.C. — JLL’s Capital Markets group has arranged more than $1.2 billion over the course of 2024 to fund the construction of four data center campuses in Northern Virginia. Jamie Leachman and Drake Greer of JLL worked on behalf of the borrower, The BlackChamber Group, to arrange the funds. The direct lenders and the locations of the four campuses were not disclosed, but JLL mentioned the capital sources included bank balance sheet financing and private credit vehicles backed by insurance company funds. BlackChamber expects the new facilities to yield more than 740 megawatts of power capacity upon completion. The construction timeline for the new projects was also not released. Including these new facilities, BlackChamber’s Northern Virginia data center portfolio will comprise eight campuses offering nearly 1.5 gigawatts of power capacity across 6 million square feet of data center space.

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AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 412-Unit Hanover Tysons Apartments in Northern Virginia

by John Nelson

TYSONS, VA. — Berkadia has brokered the sale of Hanover Tysons, a 412-unit multifamily community located at 1500 Westbranch Drive in Tysons, about 15 miles west of Washington, D.C. Chicago-based Mesirow Financial purchased the property from Hanover Co. and PCCP for an undisclosed price. The buyer has rebranded the community as The Jones at Tysons. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia represented the sellers in the transaction. Situated adjacent to Tysons Galleria and Tysons Corner Center, the apartment community features studio, one-, two- and three-bedroom floor plans, as well as a resort-style pool, greenspace courtyard, fitness center, resident clubhouse and a theater room.

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AcquisitionsRetailSoutheastVirginia

Wafra Sells Trader Joe’s-Anchored Shopping Center in Metro Richmond for $55M

by John Nelson

SHORT PUMP, VA. — Wafra Inc. has sold Short Pump Station, a 91,369-square-foot shopping center in Short Pump, located roughly 10 miles northwest of Richmond. Nuveen Real Estate acquired the property for nearly $55 million, making the center the investor’s second acquisition in the Richmond metro area. Situated on 147 acres, the retail development is anchored by Trader Joe’s. Other tenants at the property include Ulta Beauty and Petco. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented Wafra in the transaction. The New York City-based investor has owned Short Pump Station since acquiring it from a joint venture affiliate of AmCap in 2021. Nuveen has retained Cushman & Wakefield | Thalhimer to lease and manage the shopping center.

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DevelopmentIndustrialSoutheastVirginia

Lingerfelt, SCOA Form Joint Venture for 347,760 SF Industrial Project Near Richmond

by John Nelson

PRINCE GEORGE, VA. — Lingerfelt has formed a joint venture with SCOA Real Estate Partners, a wholly owned subsidiary of Sumitomo Corp., for the development of a 347,760-square-foot industrial facility in Prince George. Situated at the confluence of I-295, I-95 and Route 460 on Richmond’s south side, the development is dubbed TriPoint Distribution Center. The project broke ground last September and is set for completion this August. The joint venture has selected CBRE to lease and market the development, which ARCO is constructing on behalf of ownership.

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DevelopmentLeasing ActivityRetailSoutheastVirginia

Whole Foods to Open 45,000 SF Grocery Store in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Whole Foods Market plans to open a new 45,000-square-foot grocery store at 103 E. Broad St. in Falls Church, about nine miles west of Washington, D.C. The new store is set to open on Feb. 7 and will replace an existing Whole Foods store at 7511 Leesburg Pike in Falls Church that has operated for more than 25 years. The new store’s product assortment features more than 700 local items from the D.C., Maryland and Virginia (DMV) region. The landlord of the new Whole Foods was not disclosed, but multiple media outlets report the store will anchor the Broad & Washington mixed-use development by Insight Property Group. The new store will be situated on the ground level of a 334-unit apartment building that opened last August.

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AcquisitionsHealthcareOfficeSoutheastVirginia

KLNB Brokers $9.2M Sale of Medical Office Building in Chantilly, Virginia

by John Nelson

CHANTILLY, VA. — KLNB’s capital markets team has brokered the $9.2 million sale of a 21,540-square-foot medical office building located at 24801 Pinebrook Road in Chantilly, about 34 miles west of Washington, D.C. Seattle-based Elliott Bay Capital Trust purchased the facility, which was fully leased to Inova Health System at the time of sale. Joe Friedman and Josh Norwitz of KLNB represented the seller in the transaction. Friedman also represented the previous owner when it purchased the property in 2008.

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AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 742-Unit River Lofts at Tobacco Row Multifamily Portfolio in Richmond

by John Nelson

RICHMOND, VA. — Berkadia has brokered the sale of The River Lofts at Tobacco Row, a five-property apartment portfolio off Carey Street in Richmond’s Shockoe Bottom neighborhood. The communities include Cameron Kinney (259 units), American Cigar Lofts (174 units), Consolidated Carolina Lofts (166 units), Lucky Strike Lofts (131 units) and Cutters Ridge Townhomes (12 units). Four of the five properties were converted from historic tobacco facilities between 1991 and 2008. The buyer, Boston-based West Shore, purchased the portfolio. Drew White, Carter Wood and Cole Carns of Berkadia brokered the transaction. Additionally, Robert Falese, Jake Adoni and Kris Kadar of Berkadia arranged an undisclosed amount of acquisition on behalf of West Shore. The direct lender was also not disclosed. The seller and sales price were not disclosed as well, but local media outlet RichmondBizSense reported that Brookfield Properties sold the portfolio for more than $100 million. The seller had previously purchased the properties as part of an $11 billion deal in 2018 from the original redeveloper, Cleveland-based Forest City.

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Leasing ActivityMixed-UseOfficeSoutheastVirginia

CARFAX Signs 87,000 SF Office Lease at Metro DC’s Reston Station for New Corporate Headquarters

by John Nelson

RESTON, VA. — CARFAX, an automobile history reporting platform based in Centreville, Va., has signed an 87,000-square-foot office lease at Reston Station, a mixed-use development about 20 miles west of Washington, D.C. CARFAX will occupy three floors of the office building at 1906 Reston Metro Plaza, which will serve as the company’s new corporate headquarters. The landlord, Comstock Holding Cos. Inc., says CARFAX plans to move into its new space by the end of the year. Reston Station spans 90 acres near the Wiehle-Reston East Station on Metro’s Silver Line features more than 500 residential units, shops, restaurants and offices for companies including Google, ICF International and Spotify.

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IndustrialLoansSelf-StorageSoutheastVirginia

Cohen Investment Group Obtains $51.5M Financing for Industrial Complex in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Cohen Investment Group has obtained a $51.5 million financing package for the refinancing of Castleton Commerce Center, a 470,618-square-foot industrial complex in Virginia Beach. Eastern Union arranged the financing through Bank of America, which refinanced a $58.2 million bridge loan that Eastern Union originated when Cohen Investment Group purchased the property in 2021. Castleton Commerce Center features 409 self-storage units, 375 warehouse units totaling nearly 330,000 rentable square feet and 190 boat and RV parking spaces.

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