Virginia

Gantry Secures $59.6M in Acquisition Financing for Three Multifamily Communities in Florida, Virginia

by John Nelson April 9, 2025

TALLAHASSEE, FLA. AND NEWPORT NEWS, VA. — Gantry has secured three loans totaling $59.6 million for the acquisition of three apartment communities in Florida and Virginia. The properties, which total 249 units, include Sanctuary Apartments and Serenity Court Apartments in Tallahassee and Jimmy Apartments in Newport News. All three properties were acquired out of receivership and funded for repositioning, improvements and new leasing programs. Mark Reichter and Alec Frook of Gantry’s Kansas City production office arranged the loans through one of the firm’s life company lenders on behalf of the borrower, a private real estate investor. The bridge loans include upfront interest-only terms followed by 30-year amortization schedules and include capital expenditure funds. Gantry will service the loans.

April 9, 2025

Loans Maryland Restaurant Retail Southeast Virginia

MMCC Arranges $17M Refinancing for Retail Portfolio in Metro D.C.

by John Nelson April 9, 2025

SILVER SPRING, MD. AND FAIRFAX, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17 million loan for the refinancing of a nine-property retail portfolio located in the Washington, D.C. suburbs of Silver Spring, Md., and Fairfax, Va. The properties — which total roughly 71,000 square feet — include multi-tenant retail strip centers, single-tenant retail properties and single-tenant restaurants. Jared Cassidy of MMCC’s D.C. office secured the five-year loan through a local bank. The financing carries a 12-month adjustable rate, 25-year amortization schedule and a 55 percent loan-to-value ratio.

April 9, 2025

Development Industrial Southeast Virginia

LS GreenLink Closes on Land Acquisition in Chesapeake, Virginia for New $681M Power Cable Manufacturing Facility

by John Nelson April 1, 2025

CHESAPEAKE, VA. — LS GreenLink USA Inc., a subsidiary of LS Cable & System Ltd., has closed on the purchase of 96.6 acres in the Hampton Roads city of Chesapeake. Situated along the Elizabeth River near the Port of Virginia, the site will house a new submarine power cable manufacturing facility spanning 750,000 square feet and a 660-foot VCV (vertical continuous vulcanization) tower that is expected to be the tallest structure in the state upon completion. LS GreenLink plans for the new facility to involve more than $681 million in investment and to be fully operational by early 2028. The company will manufacture insulated power cables at the facility that will be used to connect offshore wind farms, such as the Coastal Virginia Offshore Wind (CVOW) project underway off the coast of nearby Virginia Beach. Construction on the new manufacturing facility, which was announced last year, will take place this month. LS GreenLink plans to use roughly half of the newly acquired site for the manufacturing facility and VCV tower, reserving the remaining land for future phases of development. Woods Rogers Vandeventer Black PLC and JLL represented the seller, International Bio-Energy Virginia Real Estate LLC, in the land sale. K&L …

April 1, 2025

Acquisitions Retail Southeast Virginia

Legacy Realty Group Brokers Sale of Cain Creek Shopping Center in Danville, Virginia

by John Nelson March 31, 2025

DANVILLE, VA. — Legacy Realty Group Advisors has brokered the sale of Cain Creek Shopping Center, a 59,410-square-foot retail property located at 1461 S. Boston Road in Danville, a city near the Virginia-North Carolina border. Food Lion anchors the center. Additional tenants at the property feature a mix of stores, restaurants and businesses, including Family Dollar, Danville Dental, Fabulous Beauty Supply and Isabel’s Pizza Pasta & Subs. Jacob Baruch of Legacy Realty Group Advisors represented both the buyer and seller, an affiliate of Fayetteville, Ark.-based Core Equity Partners, in the off-market transaction. The sales price was not disclosed.

March 31, 2025

Acquisitions Affordable Housing Seniors Housing Southeast Virginia

Greysteel Brokers $5.9M Sale of Affordable Seniors Housing Community in Berryville, Virginia

by John Nelson March 26, 2025

BERRYVILLE, VA. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The Wentwood Cos., in the transaction. Community Housing Partners was the buyer. Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and a salon.

March 26, 2025

Acquisitions New York Northeast Retail Southeast Top Stories Virginia

Dollar Tree to Sell Family Dollar Business to Private Equity Firms for $1B

by Kristin Harlow March 26, 2025

CHESAPEAKE, VA. AND NEW YORK CITY — Dollar Tree Inc. (NASDAQ: DLTR) has agreed to sell the Family Dollar business segment to Brigade Capital Management LP and Macellum Capital Management LLC for $1 billion. The sales price represents a fraction of the $8.5 billion that Dollar Tree paid for the discount brand in 2015. Family Dollar will remain headquartered in Chesapeake. Family Dollar, which caters to low-income customers with its roughly 8,000 U.S. stores, has struggled in recent years. In March 2024, Dollar Tree unveiled plans to close approximately 970 underperforming Family Dollar stores. After a review of potential alternatives for the Family Dollar business segment, the Dollar Tree leadership team and board of directors determined that a sale of Family Dollar to Brigade and Macellum best unlocks value for Dollar Tree shareholders and positions Family Dollar for future success. “This is a major milestone in our multi-year transformation journey to help us fully achieve our potential,” says Mike Creedon, CEO of Dollar Tree. “We will continue to grow and optimize our Dollar Tree business to maximize value for Dollar Tree associates, customers and shareholders with an enhanced focus on compelling initiatives, including our expanded assortment, significant planned new store …

March 26, 2025

Affordable Housing Development Seniors Housing Southeast Virginia

True Ground Housing Breaks Ground on $64M Affordable Seniors Housing Community in Metro DC

by John Nelson March 21, 2025

CHANTILLY, VA. — True Ground Housing Partners has broken ground on a $64 million affordable seniors housing community in Chantilly, roughly 30 miles outside Washington, D.C. Dubbed Avonlea Senior, the development will be situated within the Avonlea Town Center master-planned community developed by Peterson Cos. The project team includes general contractor Bozzuto Construction, Advanced Project Management (APM), Grimm + Parker Architects, Moya Design Partners, Allen + Shariff Corp. and civil engineer Urban Ltd. Upon completion, the community will comprise 137 units for residents age 55 and older. The property will also feature a wellness suite, business center and two community rooms. Completion of the project is slated for summer 2026. Financing for the development includes low-income housing tax credits (LIHTC) from Virginia Housing; more than $6 million from Loudoun County’s affordable multifamily housing loan program; $7.5 million from Amazon REACH; $1.4 million in Virginia Housing Trust Fund financing; and $4 million from Virginia’s Housing Innovations in Energy Efficiency (HIEE) program. Additionally, Truist has purchased approximately $29 million in tax credit equity. Formerly Arlington Partnership for Affordable Housing, True Ground Housing Partners is a nonprofit affordable housing developer.

March 21, 2025

Acquisitions Industrial Southeast Virginia

JLL Income Property Trust Purchases Richmond Distribution Center for $40.7M

by John Nelson March 19, 2025

RICHMOND, VA. — Chicago-based JLL Income Property Trust has purchased a 280,000-square-foot distribution center in Richmond for $40.7 million. The Class A property was delivered in 2022 and features a 200-foot truck court, 32-foot clear heights, truck storage spaces and cold storage areas. The property has direct access to I-895 and is located within two miles of Richmond International Airport and eight miles from I-95. Two unnamed, global tenants occupy the facility with a weighted average lease term (WALT) of 8.4 years.

March 19, 2025

Acquisitions Multifamily Southeast Virginia

Bonaventure Buys 250-Unit Solace Apartments in Virginia Beach

by John Nelson March 18, 2025

VIRGINIA BEACH, VA. — Alexandria, Va.-based Bonaventure has purchased Solace Apartments, a 250-unit multifamily community located at 400 S. Military Highway in Virginia Beach. The acquisition was made as an UPREIT transaction, an investment strategy where property owners contribute real estate to a REIT’s operating partnership in exchange for ownership interest in that partnership. Robert Prodan served as a contributor with Bonaventure’s REIT, Bonaventure Multifamily Income Trust (BMIT), in the UPREIT acquisition. The seller and sales price were not disclosed. Built in 2014, Solace features one- and two-bedroom apartments, as well as a pool, fitness center, grilling stations and a community clubhouse.

March 18, 2025

Acquisitions Retail Southeast Virginia

SRS Brokers $10M Sale of Flagship Commons Retail Center in Ashburn, Virginia

by John Nelson March 6, 2025

ASHBURN, VA. — SRS Real Estate Partners has brokered the $10 million sale of Flagship Commons, a 13,316-square-foot retail strip center located at 44795 Dulles Overlook Drive in Ashburn. Delivered in 2022 near a Topgolf and iFly, the center features an endcap Dunkin’ restaurant and drive-thru. Other tenants at Flagship Commons include Five Guys, The Big Screen Store, Club Champion and Finn Thai. Andrew Fallon, Philip Wellde Jr. and Rick Fernandez of SRS represented the developer/seller in the transaction. John Marshall Bank provided acquisition financing on behalf of the buyer, a private investment firm based in Northern Virginia that purchased the retail center as part of a 1031 exchange.

March 6, 2025

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