REBusinessOnline

Northern Virginia Region to Join Rest of State in Reopening This Week

RICHMOND, VA. — Virginia Gov. Ralph Northam is expected to announce today that the Northern Virginia region will join the rest of the state in the Phase I reopening plan beginning Thursday, May 28. In a press release May 14, the governor said the state would begin to reopen May 15, although Northern Virginia leaders could delay that timeline for their respective municipalities if they felt it necessary due to a higher volume of COVID-19 cases. On Monday, 10 Northern Virginia officials, which …

Southeast, Virginia

PointOne Holdings, NRP Group to Develop 390-Unit Multifamily Community in Northern Virginia

TYSONS CORNER, VA. — PointOne Holdings and NRP Group will develop Highland District, a planned 390-unit multifamily community in Tysons Corner. Communal amenities at the five-story property will include a clubroom, gaming rooms, working areas, doorman, infinity edge pool, yoga lawns, outdoor activity areas, outdoor grilling areas, package concierge service and a fitness center with separate spin and cardio studios. NRP Group will serve as general contractor and property manager. A timeline …

Development, Multifamily, Southeast, Virginia

M&T Realty Capital Provides $51.2M Refinancing Loan for Apartment Complex in Northern Virginia

DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, …

Loans, Multifamily, Southeast, Virginia

Virginia on Track to Begin Phase I of Retail Reopenings on Friday, Says Gov. Northam

RICHMOND, VA. — Virginia Gov. Ralph Northam says the state is still on track to begin “Virginia Forward,” the state’s Phase I plan for reopening stores, restaurants and select businesses and organizations starting Friday, May 15. Northam said in a press release Tuesday, however, that Northern Virginia localities are able to delay reopenings to Thursday, May 28 if they feel it is unsafe to reopen Friday. The new guidelines outline more relaxed restrictions, including upping the …

Retail, Southeast, Virginia

Colliers Negotiates 38,400 SF Office Lease for City of Richmond

RICHMOND, VA. — Colliers International has negotiated a 38,400-square-foot office lease for the City of Richmond to relocate its Office of the General Registrar. The property is situated at 2134 W. Laburnum Ave., five miles northwest from downtown Richmond. The office is adjacent to where Interstates 195 and 64 merge. The previous office is located at 900 E. Broad St. in downtown Richmond. Harrison Hall and Will Bradley of Colliers represented the landlord, DAR Enterprises LLC, in the …

Leasing Activity, Office, Southeast, Virginia

IPA Brokers $19.3M Sale of Medical Office Building in Northern Virginia

DUMFRIES, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $19.3 million sale of Dumfries Health Center, a 99,718-square-foot, single-tenant medical office building in Dumfries. The property is fully leased to Spectrum Healthcare Resources. The building was delivered in 2009 at 3700 Fettler Park Drive, two miles north of downtown Dumfries and adjacent to Interstate 95. The previous owner, known as 3700 Fettler Park LLC, recently implemented …

Acquisitions, Healthcare, Office, Southeast, Virginia

Extended Stay America Opens 92-Room Hotel Near Richmond

COLONIAL HEIGHTS, VA. — Extended Stay America Inc. has opened Extended Stay America-Colonial Heights, a 92-room hotel in Colonial Heights. Each room features kitchens with full-size refrigerators, microwave ovens, cooktops, platform beds with storage space beneath, recliners and high-speed Wi-Fi. Amenities include a fitness center, laundry room and a lobby. Kara Hospitality is managing the property. The new building is located at 441 Charles H Dimmock Parkway, 23 miles south of downtown …

Development, Hospitality, Southeast, Virginia

Amazon Executive Says Company is ‘Beginning to Scale’ at HQ2 Campus in Northern Virginia

ARLINGTON, VA. — Amazon (Nasdaq: AMZN) is “beginning to scale” at its HQ2 campus underway in Arlington, according to Jay Carney, the company's senior vice president of global corporate affairs. During a weekly webinar series conducted by Walker & Dunlop, Carney said the corporate campus, dubbed Met Park, is under construction and that the company is hiring in earnest, though he said it will “take some time” to reach the previously announced 25,000 goal. Carney, who was the former …

Company News, Development, Mixed-Use, Office, Southeast, Virginia

Hilton Hotels Teams Up with Lysol, Mayo Clinic to Launch ‘CleanStay’ Program

MCLEAN, VA. — As COVID-19 continues to sweep across the United States, Hilton Hotels has teamed up with Lysol and Mayo Clinic to implement its new Hilton CleanStay with Lysol Protection program this summer. The new initiative aims to “provide guests with assurance and peace of mind” when they visit a Hilton property. RB, Lysol’s parent company, will work with the McLean-based hotel chain to launch a cleaning system in an effort to keep guests safe and healthy. Experts from Mayo …

Company News, Hospitality, Southeast, Virginia

Hunt Real Estate Provides $12.7M Refinancing Loan for Multifamily Community in Stuarts Draft, Virginia

STUARTS DRAFT, VA. — Hunt Real Estate Capital has provided a $12.7 million Fannie Mae refinancing loan for Brittany Knoll Apartments in Stuarts Draft. The 153-unit property comprises 14 three-story buildings that were built between 1998 and 2000. The borrower, Brittany Knoll LLC, built the property and has self-managed it since. The loan has a 10-year term with a 30-year amortization schedule. The interest rate was not disclosed, although Maria Zubillaga of Hunt Real Estate said the new rate …

Loans, Multifamily, ORIX, Southeast, Virginia
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