REBusinessOnline

JLL Negotiates $35.2M Sale of Five-Property Retail Portfolio in Metro Richmond

RICHMOND, VA. — JLL has negotiated the $35.2 million sale of five retail buildings leased to Wawa in metro Richmond. The five properties are located at 6001 Iron Bridge Road in Richmond; 8800 Brook Road in Glen Allen; 3840 N. Bailey Bridge Road in Midlothian; and 600 E. Hundred Road and 11021 Iron Bridge Road in Chester. Each property was built between 2000 and 2001, and Wawa recently executed 20-year lease extensions at each property. Marc Mandel, Steve Schrenk, Jordan Lex and Chris Hew of …

SRS Arranges $1.8M Sale of Property Triple-Net Leased to Chick-fil-A in Fredericksburg, Virginia

FREDERICKSBURG, VA. — SRS Real Estate Partners has arranged the $1.8 million sale of a property triple-net leased to Chick-fil-A in Fredericksburg. Chick-fil-A has occupied the 3,781-square-foot property for 20 years and recently extended its corporate-guaranteed lease for another five years. The asset is situated at 4220 Plank Road, five miles west of downtown Fredericksburg. Andrew Fallon and Rick Fernandez of SRS represented the undisclosed seller in the transaction. The buyer was also not …

Government Contractor KBR Signs 12,723 SF Office Lease in Northern Virginia

FAIRFAX, VA. — Government contractor KBR Inc. has signed a 10-year, 12,723-square-foot office lease at 2677 Prosperity Ave. in Fairfax. The seven-story, 166,266-square-foot building is situated 15 miles west of downtown Washington, D.C. Andy Klaff and Dominic Orcio of Newmark Knight Frank (NKF) represented the landlord, a joint venture between Office Properties Income Trust and Coakley Prosperity of Virginia LLC, in the transaction. Samuel Heiber and Tom Birnbach of Cresa represented the …

Family Insight PC Signs 9,926 SF Office Lease in Richmond

RICHMOND, VA. — Family Insight PC, an organization that helps treat mental health and substance use disorders, has signed a 9,926-square-foot lease within One Paragon Place in Richmond. The building is located at 6800 Paragon Place, eight miles northwest of downtown Richmond. The landlord is Map Ground Lease Owner LLC. John Jay Schwartz of The Man with Square Feet represented the tenant in the

Wells Fargo Provides $385M Refinancing Loan for Multifamily Portfolio in Metro D.C.

WASHINGTON, D.C. — Wells Fargo has provided $385 million in financing for a 1,255-unit, three-property multifamily portfolio in metro Washington, D.C. The borrower, JBG Smith, received the three separate Freddie Mac loans. The properties in the portfolio are The Bartlett and 220 20th Street in Northern Virginia’s National Landing submarket and 1221 Van St. in D.C. JBG Smith developed 1221 Van Street in 2018 and acquired the other two properties in 2017. The Bethesda, Md.-based company …

FCP Sells Multifamily Community in Northern Virginia for $81.5M

WOODBRIDGE, VA. — FCP has sold Potomac Vista Apartments, a 408-unit multifamily community in Woodbridge. Jair Lynch Realty Partners and Nuveen acquired the property for $81.5 million. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, business center and a clubhouse. The three-story property was originally built in 1987. FCP acquired Potomac Vista in August 2016. The community is located at 14101 Kristin Court, 25 …

CBRE Provides $161.5M Freddie Mac Loan for Refinancing of Apartments Near Washington, D.C.

ARLINGTON, VA. — CBRE has arranged a $161.5 million Freddie Mac loan for the refinancing of Crystal House, an 825-unit apartment community in Arlington, just south of Washington, D.C.Crystal House is located in the Crystal City neighborhood near Ronald Reagan Washington National Airport and the site of Amazon’s future second headquarters. The property was originally built in 1965 and renovated in 2017.Crystal House offers studio, one-, two- and three-bedroom units that are furnished …

Development Group to Build New Earth Fare Grocery Store in Christianburg, Virginia

CHRISTIANBURG, VA. — A group of developers will build a new prototype of the specialty grocer in Christianburg. Walt Rector, founding principal of Flagstaff, Ariz.-based Bromont Investments, and investment partner Chris Carlsen, are leading the development of the Earth Fare, which will be located within  Christianburg Marketplace. The new store will feature a smaller footprint than previous Earth Fare stores. Fletcher, N.C.-based Earth Fare closed all of its 46 stores and filed for …

Direct Mail Solutions Acquires Industrial Building in Richmond for $9.4M

RICHMOND, VA. — Richmond-based Direct Mail Solutions has acquired a 229,829-square-foot industrial building in Richmond for $9.4 million. The property features ESFR sprinklers and 38-foot clear heights. The property spans 23.8 acres and is located at 4650 Oakleys Lane, seven miles east of downtown Richmond. Cliff Porter and Robert Porter III of Porter Realty Co. Inc. represented the seller, 4650 Oakleys Lane LLC, in the

AGC Survey: 329 Metro Areas Added Construction Jobs in May

ARLINGTON, VA. — Construction employment increased in 329 metros across the country between April and May, according to a survey conducted by the Associated General Contractors of America (AGC). The Arlington-based organization tracks 358 metros across the country. The Seattle-Bellevue-Everett, Wash., area led the way, adding 28,600 jobs, or a 44 percent uptick, as COVID-19 restrictions eased nationwide. New York City added 25,000 jobs (31 percent) and Pittsburgh added 22,000 (60 percent). …

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