REBusinessOnline

S.L. Nusbaum Brokers Sale of Former Macy’s Store at Metro Richmond Mall, Buyers Plan New Sports Complex

GLEN ALLEN, VA. — S.L. Nusbaum has brokered the sale of a 109,813-square-foot former Macy’s within Virginia Commons Mall in for $2 million. The buyers, VCC Partners LLC and Shamin VCC LLC, plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. The mall, which is home to tenants including Burlington, JCPenney, Bath & Body Works, …

Hair Salon Retailer Ratner Cos. to Close More Than 80 Salons

VIENNA, VA. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10 percent. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords …

Harbor Group Acquires 36-Property Multifamily Portfolio for $1.85B

NORFOLK, VA. — Harbor Group International LLC (HGI), a privately owned real estate investment and management firm based in Norfolk, has acquired a 36-property multifamily portfolio for $1.85 billion. The portfolio comprises 13,243 units, most highly concentrated in the Dallas/Fort Worth and Denver markets. The remaining properties are located in Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City. The properties average 350 units each, …

Gables Residential Opens Transit-Oriented Apartment Community in Arlington, Virginia

ARLINGTON, VA. — Gables Residential has opened Gables Pointe 14, a 370-unit apartment community in the Fort Myer Heights neighborhood of Arlington. KTGY Architecture + Planning designed the LEED Silver-certified complex, which features Art Deco elements. Located at 1351 N. Rolfe St. near Route 50, the development comprises a six-story mid-rise building and a 12-story high-rise building. The urban-infill development is located on a 2.2-acre, triangular-shaped site that is within walking …

Meridian Group Acquires Office Building in Northern Virginia for $113.2M

ARLINGTON, VA. — Bethesda, Md.-based Meridian Group has purchased 1525 Wilson Blvd., a 12-story office building in the Rossyln neighborhood of Arlington. The Washington Business Journal reports that EQ Office, which is owned by The Blackstone Group Inc., sold the property for $113.2 million. The 318,729-square-foot building sits above a newly renovated Safeway grocery store and is LEED Gold certified. The building is located less one mile from Rosslyn Metro station and offers access to U.S. …

Hana to Open 39,000 SF Coworking Space in JBG Smith’s National Landing in Arlington, Virginia

ARLINGTON, VA. — Hana, a coworking office operator and subsidiary of Los Angeles-based CBRE Group Inc., will lease 39,000 square feet of space within JBG Smith Properties’ National Landing development, home of Amazon’s future HQ2 campus. Hana will occupy 2451 Crystal Drive, an 11-story, nearly 400,000-square-foot office building in Arlington. The National Landing location, five miles south of Washington, D.C., will be one of Hana’s six announced offices in the United States and United …

NKF Brokers $19.2M Sale of Office Portfolio in Stafford, Virginia

STAFFORD, VA. — Newmark Knight Frank (NKF) has arranged the $19.2 million sale of Stafford Commerce Center and Stafford Commerce Park in Stafford, 11 miles southeast of Quantico. The six-building portfolio totals 272,000 square feet of office space, as well as 18 acres of land. NKF’s Larry FitzGerald and Cole Spalding represented the seller, Hudson Advisors LP, in the transaction. The buyer is Next Tier Real Estate Investors. Built between 2001 and 2006, the portfolio is situated …

Divaris Brokers $21.8M Sale of Colonnades West Shopping Center Near Richmond

GLEN ALLEN, VA. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street …

Penzance Purchases 169-Unit Mixed-Use Building in Metro D.C.

HERNDON, VA. — Washington D.C.-based Penzance Management LLC has purchased The Mark, a 169-unit mixed-use apartment community in Herndon, a Washington, D.C., suburb in Northern Virginia. Jeff Kim and Allen Manesh of Ideal Realty Group (IRG) represented Penzance in the off-market transaction. Located at 2323 Dulles Station Blvd., The Mark is situated in the Dulles Technology Corridor and within walking distance of the future Innovation Center Metro Station. The Mark features more than 15,000 …

PRP Plans $81M Office-to-Residential Conversion in Alexandria, Virginia

ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial …

Conferences