Virginia

Merck Breaks Ground on $3B Pharmaceutical Manufacturing Plant in Elkton, Virginia

by John Nelson October 21, 2025

ELKTON, VA. — Merck has broken ground on the Center of Excellence for Pharmaceutical Manufacturing, a $3 billion pharmaceutical manufacturing facility in Elkton. The 400,000-square-foot property will support more than 500 full-time jobs and 8,000 construction jobs, according to Merck. The facility will feature manufacturing and testing space for Merck’s active pharmaceutical ingredient and drug product divisions. In addition to the Elkton plant, Merck has announced nearly $6 billion in manufacturing investments in North Carolina, Delaware and Kansas, as well as $3.5 billion for its Rahway, N.J., headquarters.

October 21, 2025

Leasing Activity Office Southeast Virginia

Divaris Arranges 24,476 SF Office Lease Renewal in Downtown Norfolk

by John Nelson October 21, 2025

NORFOLK, VA. — Divaris Real Estate has arranged a 24,476-square-foot office lease renewal in downtown Norfolk for Wall, Einhorn & Chernitzer PC (WEC). The locally owned accounting and advisory firm has been a tenant in downtown Norfolk for more than three decades. WEC will continue to occupy the 12th floor of the office building at 150 W. Main St. Michael Divaris of Divaris Real Estate represented WEC in the lease transaction. Persifor Frazer of Colliers represented the undisclosed landlord.

October 21, 2025

Development Loans Mixed-Use Multifamily Retail Southeast Virginia

FCP Provides $47.1M Construction Financing for Mixed-Use Redevelopment Project in Arlington, Virginia

by John Nelson October 14, 2025

ARLINGTON, VA. — FCP has provided $47.1 million in construction financing for a two-tower mixed-use development located at 685 N. Glebe Road in Arlington, a suburb of Washington, D.C. The site was formerly home to a Macy’s department store in the city’s Ballston neighborhood. The borrower, a partnership between Insight Property Group and PGIM Real Estate, is developing two 16-story residential towers called Mira and Ador that will total 553 apartments and sit atop a 40,000-square-foot grocery store. Amenities will include a shared rooftop pool and sundeck and a variety of outdoor amenities, including dog parks and entertainment areas. Resident parking will be underground, with grocery store customers accessing a separate parking deck with a dedicated entrance. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia arranged the preferred equity investment on behalf of the development team. Michael Zelin, Marshall Scallan and Bindi Shah of Cushman & Wakefield arranged the senior loan through Northwestern Mutual. Bill Collins, Paul Norman and Shaun Weinberg of Cushman & Wakefield arranged the land sale.

October 14, 2025

Acquisitions Arkansas Florida Georgia Industrial North Carolina Self-Storage South Carolina Southeast Virginia

Harrison Street, Morningstar Properties Acquire 21-Property Self-Storage Portfolio

by Abby Cox October 13, 2025

CHICAGO AND MATTHEWS, N.C. — A joint venture between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties has acquired a portfolio of 21 self-storage properties totaling morning than 10,800 units. The properties are located in Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with 71 percent of the assets situated in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte and Atlanta. The portfolio was 90 percent leased at the time of sale and spans more than 1.3 million rentable square feet. Morningstar will continue operating and managing the portfolio. The seller was not disclosed. Harrison Street and Morningstar previously completed 41 self-storage investments across five Sun Belt states.

October 13, 2025

Acquisitions Industrial Leasing Activity Southeast Virginia

Cushman & Wakefield | Thalhimer Negotiates $11.6M Sale of Distribution Facility in Salem, Virginia

by Abby Cox October 13, 2025

SALEM, VA. — Cushman & Wakefield | Thalhimer has negotiated the $11.6 million sale of a 170,000-square-foot distribution facility located in Salem. ReaderLink Distribution Services LLC, the country’s largest book distributor to mass merchandisers and other non-bookstore outlets, fully occupies the facility and has been a tenant at the site for 25 years. Bo McKown of Thalhimer’s Capital Markets Group represented the undisclosed buyer in the transaction. Davis Stoneburner of Thalhimer’s Industrial Services Group will lead leasing efforts for the new ownership.

October 13, 2025

Data Centers Industrial Loans Southeast Virginia

Penzance Receives $100M Construction Loan for Northern Viriginia Data Center

by Abby Cox October 13, 2025

CHANTILLY, VA. — Penzance has received a $100 million construction loan for the development of Chantilly Premier, a 241,000-square-foot data center in Chantilly, roughly 34 miles west of Washington, D.C. Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield arranged the loan through QuadReal Property Group on behalf Penzance. Penzance recently broke ground on the fully preleased center, which is situated on 12 acres of a 79-acre site, located adjacent to the Chantilly Auto Park, according to the Washington Business Journal. An affiliate of Penzance originally acquired the vacant parcel in August 2022. Chantilly Premier is slated for completion by mid-2027.

October 13, 2025

Hospitality Loans Southeast Virginia

MMCC Arranges $9M Refinancing for 354-Room Hotel in Norfolk, Virginia

by Abby Cox October 13, 2025

NORFOLK, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9 million in refinancing for Wyndham Garden Norfolk Downtown, a 354-room hotel located near Norfolk International Airport. Robert Bhat of MMCC’s Miami office secured the loan with a global investment bank on behalf of the borrower, an unnamed private client. The five-year, non-recourse loan includes a 7 percent interest rate and was structured with an interest-only term. Wyndham Garden Norfolk Downtown features amenities such as a seasonal swimming pool, fitness center, guest laundry facilities, an ATM, bar and business center.

October 13, 2025

Loans Mixed-Use Multifamily Retail Southeast Virginia

Berkadia Arranges $84.1M Refinancing for Meridian at Eisenhower Apartment Tower in Alexandria, Virginia

by John Nelson October 9, 2025

ALEXANDRIA, VA. — Berkadia has arranged an $84.1 million loan for the refinancing of Meridian at Eisenhower, a 369-unit residential high-rise located at 2351 Eisenhower Ave. in Alexandria, a suburb of Washington, D.C. Patrick McGlohn, Patrick Cunningham, Brian Gould, Hunter Wood and Natalie Hershey of Berkadia arranged the 10-year loan on behalf of the borrower, Paradigm Development Co. LLC. The direct lender was not disclosed. Meridian at Eisenhower was 93 percent occupied at the time of the loan closing. Built in 2007, the high-rise offers studio, one- and two-bedroom floorplans ranging in size from 605 to 1,220 square feet. Fifteen units are reserved for households earning 60 percent of the area median income (AMI). Amenities include a rooftop swimming pool and sundeck, fitness center with cardio theater, top-floor clubroom with billiards, a landscaped courtyard and grill area, storage units, package service and 444 parking spaces. The property also includes three street-level retail spaces totaling 10,200 square feet housing tenants including Orangetheory Fitness and Xfinity.

October 9, 2025

Industrial Loans Southeast Virginia

JLL Secures $81.9M Refinancing for New Industrial Facility in Winchester, Virginia

by John Nelson October 9, 2025

WINCHESTER, VA. — JLL has secured an $81.9 million loan for the refinancing of One Logistics Park Building 2, a 1 million-square-foot industrial facility located at 1251 Coverstone Drive in Winchester, a city in the northern tip of Virginia near the borders of Maryland, Pennsylvania and West Virginia. The property sits along I-81 less than 14 miles from the 161-acre Virginia Inland Port in Front Royal, Va. The borrower, The Meridian Group, delivered One Logistics Park Building 2 earlier this year and recently secured a lease with an unnamed crane, rigging and hauling service provider. Rob Carey, Chris Hew, Gus Caiola and Patrick Wu arranged the construction take-out loan through an entity managed by Argentic Investment Management LLC. The industrial building features 40-foot clear heights, 753 car parking spaces, 177 loading dock positions, 269 trailer parking spaces, 8,000 amps of power, LED lighting and tilt-up concrete walls with textured paint finishes. The building also features 33 dock positions, 67 additional manual dock doors and 77 knockout positions available for future tenant customization.

October 9, 2025

Acquisitions Seniors Housing Southeast Virginia

Clarion Completes First Seniors Housing Acquisition, Buys 103-Unit Community in Metro Richmond

by John Nelson October 9, 2025

MECHANICSVILLE, VA. — Investment firm Clarion Partners has acquired Sancerre at Atlee Station in Mechanicsville, marking the first seniors housing acquisition for the New York City-based company. NexCore Group sold the property for an undisclosed price. Experience Senior Living, a subsidiary of NexCore, will continue to operate the community. Opened in September 2023, Sancerre at Atlee Station totals 103 units, with independent living, assisted living and memory care options available for residents. BWE investment Sales, an affiliate of BWE, facilitated the transaction.

October 9, 2025

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