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DevelopmentSoutheastStudent HousingVirginia

Up Campus Student Living to Break Ground on 641-Bed Student Housing Development Near University of Virginia

by John Nelson

CHARLOTTESVILLE, VA. — Up Campus Student Living is set to break ground on Blume on Ivy, a 641-bed student housing development located near the University of Virginia campus in Charlottesville. The community will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a resort-style pool; rooftop entertainment deck with a jumbotron, cabanas, grills and fire pits; a game day lounge; golf simulator; and a boutique health-and-wellness center with private cross-training studios and a sauna. The project is scheduled for completion in fall 2027. TSB Capital Advisors arranged construction financing for the development, which was provided by Fifth Third Bank with additional participation from First Citizens Bank.

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AcquisitionsDevelopmentOfficeSelf-StorageSoutheastVirginia

Cresa Secures Sale of 30,000 SF Vacant Office Building in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — Cresa has secured the sale of the Portsmouth Building, a vacant 30,000-square-foot office building located at 3138 10th St. N in Arlington. BRB Development Group paid approximately $200 per square foot for the property, with plans to demolish the building to make way for a new self-storage development. Gene Sachs, Jonathan Harms and Natalie Gosnell of Cresa represented the seller, America’s Credit Unions (ACU), in the transaction. ACU is a merger of the Credit Union National Association (CUNA) with National Association of Federally-Insured Credit Unions (NAFCU). ACU consolidated the two companies into new office space at 99 M St. SE in the metro’s Navy Yard submarket.

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AcquisitionsMultifamilySoutheastVirginia

KLNB Arranges $56.8M Sale of Multifamily Community in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — KLNB Multifamily Capital Markets Group has arranged the $56.8 million sale of Barracks West Apartments & Townhomes, a 324-unit apartment community in Charlottesville. Rawles Wilcox and Jared Emery of KLNB represented the seller, Willow Creek Partners, in the transaction. The buyer, Northern Virginia-based West End Capital Group, plans to renovate the common area amenities and living spaces with new package lockers, grilling stations, a pet park and clubhouse. Situated just three miles from Charlottesville’s downtown district, Barracks West features a mix of one-, two- and three-bedroom traditional and townhome-style residences spanning 459 to 1,176 square feet. Current amenities at the property include a swimming pool, picnic and park areas, fitness center and a playground.

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DevelopmentIndustrialSoutheastVirginia

Brinkmann, Crescent Communities Break Ground on 331,000 SF Industrial Project in Rockville, Virginia

by John Nelson

ROCKVILLE, VA. — A partnership between Brinkmann Constructors and Crescent Communities has broken ground on Axial Rockville 64, a 331,000-square-foot industrial project located just under two miles from I-64 and Va. Highway 288 in Rockville. The project is situated on 29 acres and will feature two rear-load buildings that measure 154,100 square feet and 181,220 square feet. Additionally, the development will include 301 auto parking spaces, 53 trailer parking spaces, 81 dock-high doors and expansive truck courts. DMA Architecture PLLC is the project architect.

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Leasing ActivityMixed-UseOfficeSoutheastVirginia

Comstock Signs Insurance Firm to 32,000 SF Office Lease at Reston Station in Northern Virginia

by John Nelson

RESTON, VA. — Comstock Holding Cos. Inc. has signed FM Global, an international commercial property insurance and loss prevention firm, to a 32,000-square-foot office lease in Northern Virginia. The tenant will occupy space at 1906 Reston Metro Plaza, an office building within the 90-acre Reston Station mixed-use development. FM Global is joining other Reston Station tenants including Google, ICF International and Spotify. Last month, Comstock signed CARFAX to lease 87,000 square feet at 1906 Reston Metro Plaza, which will serve as the automobile history reporting platform’s corporate headquarters.

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AcquisitionsHealthcareOfficeSoutheastVirginia

KLNB Negotiates $7.9M Sale of Medical Office Building in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. — KLNB has negotiated the $7.9 million sale of a multi-tenant medical office building in Fairfax, 14 miles outside Washington, D.C. Joe Friedman and Josh Norwitz of KLNB represented the seller and procured the buyer in the transaction. Both parties were not disclosed. Totaling 54,085 square feet, the property was 40 percent leased at the time of sale by medical tenants including sports rehab, post-op rehab, dentistry and behavioral health groups. Located at 8500 Executive Park Ave., the property is situated in a medical office cluster near major healthcare facilities such as Children’s National Hospital and Inova Fairfax Hospital.

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AcquisitionsLoansMultifamilySoutheastVirginia

IPA Secures $165.9M Acquisition Financing for 678-Unit Apartment Community in Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $165.9 million in acquisition financing for Town Square at Mark Center, a 678-unit apartment and townhome community located at 1459 N. Beauregard St. in Alexandria, about nine miles south of Washington, D.C. The borrower, Boston-based DSF Group, purchased the community from an undisclosed seller. IPA’s Los Angeles office arranged the financing, which was underwritten at a 70 percent loan-to-value ratio with a 35-year amortization schedule. Built in 1996, Town Square at Mark Center was 98 percent occupied at the time of financing.

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AcquisitionsIndustrialSoutheastVirginia

Lingerfelt Sells 239,448 SF Port 801 Industrial Facility in Colonial Heights, Virginia

by John Nelson

COLONIAL HEIGHTS, VA. — Lingerfelt has sold Port 801, a 239,448-square-foot industrial facility located at 801 Port Walthall Drive in Colonial Heights, a suburb of Richmond. The buyer and sales price were not disclosed. JLL represented Lingerfelt, which delivered Port 801 in 2022, in the sale. The property was fully leased at the time of sale to two investment-grade tenants. Last fall, Lingerfelt executed a 106,376-square-foot lease with PECO Pallet at Port 801.

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DevelopmentLoansMultifamilySoutheastTop StoriesVirginia

Carr Forms Joint Venture with Barings to Build $131M Multifamily Project in Alexandria, Virginia

by Kristin Harlow

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project to transform a former office building into multifamily units in Alexandria, roughly seven miles south of Washington, D.C. The partnership subsequently received an $84 million construction loan from real estate investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The development site, located adjacent to Montgomery Park in the city’s Old Town Alexandria neighborhood, formerly housed a vacant office building. The eight-story, 250,000-square-foot project will feature 237 apartment units in studio, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool and a resident lounge/amenity center, as well as a performing arts venue leased to CityDance. About one-third of the units will offer views of the Potomac River. Carr acquired the project site (formerly 901 N. Pitt St.) in spring 2024. Construction has commenced, and a groundbreaking ceremony is scheduled for next month. The project is slated for completion by late 2026. “We look forward to partnering with Carr Properties on this exciting residential investment that we believe will benefit from several tailwinds, including the region’s strong …

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AcquisitionsRetailSoutheastVirginia

Marcus & Millichap Brokers Sale of New Retail Property in Abingdon, Virginia Leased to Firestone

by John Nelson

ABINGDON, VA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built retail property in Abingdon, a city in southwest Virginia near the Tennessee border. Firestone occupies the 6,262-square-foot retail property on a 15-year triple-net lease. A developer based in Ohio sold the property to an out-of-state 1031 buyer for an undisclosed price. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller in the transaction. Located on a 1.5-acre site at 127 Cook St., the Firestone property serves as an outparcel to a Food City grocery store off I-81. The Taylor-McMinn Retail Group is marketing two other retail properties in the Southeast leased to Firestone, a retail automobile maintenance concept owned by Nashville-based tire manufacturing giant Bridgestone Americas Inc. “We continue to see increased demand and aggressive pricing for Bridgestone assets due to the strong credit, limited supply and growing buyer pool,” says McMinn. “Bridgestone assets continue to command aggressive pricing due to the long-term, triple-net leases backed by investment-grade credit.”

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