CHARLOTTESVILLE, VA. — Cushman & Wakefield | Thalhimer has negotiated the $9.1 million ground lease sale of a single-tenant retail property located in Charlottesville. Wawa occupies the building on a 20-year ground lease, which is situated at the entrance of 5th Street Station, a 400,000-square-foot, Wegmans-anchored power retail center. Catharine Spangler of Thalhimer’s Capital Markets Group brokered the transaction. The buyer and seller requested anonymity.
ARLINGTON, VA. — JBG Smith and general contractor Davis Construction have begun the conversion of 2200 Crystal Drive, an 11-story office building in Arlington spanning 315,000 square feet. Built in 1968 and renovated in 2006, the office building is situated in National Landing, a neighborhood in metropolitan Washington, D.C., that is anchored by Amazon’s HQ2 office. JBG Smith, along with joint venture equity partner Declaration Partners, is repositioning the office building into a 195-unit multifamily community. BNY is providing an undisclosed amount of construction financing for the project. JBG Smith recently sold an adjacent office building, 2100 Crystal Drive, that is being converted to a dual-brand hotel. Additionally, the Arlington County Board recently approved JBG Smith’s conversion of two more office buildings, 1800 and 1901 South Bell Street, into more than 300 residential units.
BOSTON AND NEW YORK CITY — A joint venture between Bain Capital and 11North Partners has acquired five open-air retail centers for approximately $300 million. The properties total roughly 757,000 square feet and are located in Carlsbad, Calif.; Falls Church, Va.; Altamonte Springs, Fla.; and Sugar Land, Texas. The seller was not disclosed. Anchor tenants of the portfolio include Harris Teeter, Trader Joe’s, Walmart, Costco and Equinox, with sales from those anchor stores exceeding $900 per square foot. The portfolio, which was more than 93 percent occupied at the time of sale, also features a mix of food, fitness, medical, service and other necessity-based tenants. “Open-air, grocery-anchored retail continues to demonstrate some of the most compelling risk-adjusted fundamentals in the real estate landscape,” says Brian Harper, founder and managing partner of New York City-based 11North. “These assets align squarely with our strategy of building a portfolio of institutional-quality, open-air centers, anchored by best-in-class necessity and lifestyle tenants that serve as cornerstones of their communities,” adds Martha Kelley, a managing director at Boston-based Bain. The acquisition follows Bain and 11North’s recent capital raise of $1.6 billion that is dedicated to investing in open-air retail throughout the co-owned, 11North platform. Together with …
COLONIAL HEIGHTS, VA. — Lingerfelt has sold Ashton Logistics Park, a 523,047-square-foot industrial facility located in Colonial Heights, a suburb of Richmond. Newmark represented Lingerfelt in the $78.2 million transaction. The buyer requested anonymity. Delivered by Lingerfelt in 2024, Ashton Logistics Park spans 52 acres and features two buildings situated at 1630 and 1660 Ashton Park Drive. The buildings were fully leased at the time of sale with an 8.5-year weighted average lease term (WALT) remaining. The first building is a 437,657-square-foot cross-dock facility that is leased to Article.com, a Vancouver-based direct-to-consumer furniture and home décor brand. The second building is an 85,750-square-foot rear-load facility that is leased to Shepherd Electric Co., a wholesale electric distributor and wholly owned subsidiary of Graybar. The project team included ARCO Design-Build (architect and general contractor) and Townes Site Engineering (civil engineer). Range Commercial Partners manages Ashton Logistics Park, while Colliers handles leasing at the property.
FAIRFAX, VA. — Insight Property Group has broken ground on the redevelopment of the Hunters Branch office property in Fairfax within Northern Virginia. Brian Crivella, Brian Gould, Patrick McGlohn, Bill Gribbin, Yalda Ghamarian, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia arranged equity and construction financing for the $174.6 million project. The lenders, CIBC and Citizens Bank, jointly provided a $107.7 million nonrecourse construction loan. In March, Insight sold a portion of the Hunters Branch property, consisting of two vacant office buildings totaling 400,000 square feet, to Toll Brothers for $17 million. The national homebuilder will develop 76 stacked townhomes on the parcel. Insight will develop the balance of the site into a 452-unit apartment community while preserving 656 parking spaces in the existing garage. Resident amenities will include a fitness center, clubroom, coworking library, private dining space, a pool, outdoor grilling areas, a pet spa and dog park, along with expanded outdoor recreation space tied to the adjacent Hunters Branch Park. The project site is situated a quarter-mile from the Vienna Metro Station. Acquired for $28.9 million in a direct REO (Real Estate-Owned) transaction in November 2024, the original office property was not zoned at the time and …
CHESTER, VA. — Locally based Emerson Cos. and independent developer Philip Roper have delivered The River Apartments, a 201-unit community located at 1350 Meadowville Technology Parkway in Chester. The Class A community is situated near the James River, which runs through downtown Richmond. The property features one-, two- and three-bedroom floorplans ranging in size from 615 to 1,489 square feet. Monthly rental rates range from $1,684 to $2,596, according to Apartments.com. Amenities include a saltwater pool with sundeck, fitness center, grilling stations, landscaped courtyards with fire pits, resident lounge and coworking/conference space. Burke & Herbert Bank provided an undisclosed amount of construction financing to the development team. The design-build team include 2PA (architect), Highmark Engineering (civil engineer), KBS (general contractor), Focus Design (interior designer) and Cite Design (landscape architect). Capital Square Living operates The River Apartments.
ALEXANDRIA, VA. AND NORTH BETHESDA, MD. — Chiron Real Estate has entered into purchase agreements to acquire three senior living communities in the metropolitan Washington, D.C., area. Chiron is acquiring the properties from affiliates of Silverstone Senior Living for an aggregate price of $425 million. The acquisitions mark the REIT’s first entry into the seniors housing sector. Chiron entered into purchase agreements to acquire The Landing Alexandria and The Riviera at Alexandria on May 1 for a total price of $249 million. On May 6, the company entered into a purchase agreement to acquire Pinnacle North Bethesda for roughly $176 million. The Landing Alexandria opened in April 2022 and totals 163 independent living, assisted living and memory care units. As of April 2026, the community was 90 percent occupied. The Riviera Alexandria opened in March of this year. Totaling 129 luxury independent living apartments across 183,000 square feet, the property was roughly 20 percent leased as of April. Pinnacle North Bethesda is currently under development and is scheduled to open in October 2026. Upon completion, the 175-unit community will feature 88 independent living units, 59 assisted living units and 28 memory care units. The property was approximately 30 percent preleased …
CHESAPEAKE, VA. — Berkadia has arranged the sale of Allure at Edinburgh, a newly delivered, 280-unit apartment community located in the Hampton Roads city of Chesapeake. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia represented the seller, Virginia Beach-based Venture Realty Group, in the transaction. Irvine, Calif.-based Passco Co. purchased the property for an undisclosed price. Arlington Properties will manage Allure at Edinburgh, which was delivered in two phases across 2024 and 2025 and consists of three four-story residential buildings. The community offers a mix of one-, two- and three-bedroom floorplans with an average unit size of 973 square feet. Amenities include a saltwater resort-style swimming pool with a sundeck and splash pad, a clubhouse with a cybercafé, multiple resident lounges, a fitness center with yoga and children’s activity rooms, as well as a golf simulator, arcade, video game lounge, screening and media rooms, makers space, photography room, massage and meditation rooms and private conference rooms. Additional amenities include outdoor lounge areas, grilling stations, courtyards, an outdoor gaming park, bike storage, a dog park and pet spa, community-wide Wi-Fi and electric vehicle charging stations.
HERNDON, VA. — Newmark has brokered the approximately $28 million sale of Monument III, a nearly 200,000-square-foot office building located in Herndon, a city in Northern Virginia’s Dulles Technology Corridor. New York City-based Crown Properties purchased the building from Santander Bank. Jud Ryan, James Cassidy and Grant Marley of Newmark represented the seller in the transaction. Joe Donato and Andrew Asbill, also with Newmark, secured acquisition financing for Crown Properties. The buyer has tapped Andy Klaff, Stephen Hoffeditz, Dominic Orcino, Debbie Cross and Wes Evans of Newmark to oversee leasing efforts at Monument III. Upon closing of the sale, the Newmark team extended a 58,977-square-foot lease with anchor tenant Serco Inc. Crown Properties plans to invest in capital improvements at the property, including a new fitness center with locker rooms and showers, a new golf simulator and upgrades to the lounge and café.
RICHMOND, VA. — Berkadia has originated three HUD 223(f) loans for a trio of garden-style apartment communities in Virginia. The deals included an $11.5 million loan for the refinancing of Westlake Apartments in Hardy; a $9.5 million loan for the refinancing of River Retreat Apartments in Covington; and an $11.4 million loan for the refinancing of Madison Apartments in Christiansburg. Amy Gay of Berkadia’s FHA/HUD division originated the loans on behalf of the borrower, Roanoke, Va.-based Fralin Cos.
