Virginia

Marlowe-Apartments_Arlington-Va

ARLINGTON, VA. — Berkadia has secured a $40.6 million loan for the acquisition of Marlowe Apartments, a 162-unit multifamily community located in Arlington. Built in 1987, the property is situated directly across from the newly completed Amazon HQ2, Metropolitan Park. Brian Gould, Miles Drinkwalter and Pat Cunningham of Berkadia arranged the financing on behalf of the buyer, Washington, D.C.-based The FORTIS Cos. Additionally, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia represented the undisclosed seller in the sale to FORTIS. 

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FALLS CHURCH, VA. — Mid-Atlantic development firm Hoffman & Associates has announced new details and branding for an apartment community coming to West Falls, a new mixed-use neighborhood in metro Washington, D.C. Located at W. Falls Station Blvd. in Falls Church, The Alder will feature 400 apartments, ground-level retail space and 26,000 square feet of indoor and outdoor amenities, including a fitness center, library lounge, pet spa, outdoor TV lounge and a resort-style pool. In addition to the eight-story multifamily property, plans for the West Falls neighborhood will include the recently announced Experience Senior Living residence, The Reserve at Falls Church, and more than 120,000 square feet of shops and restaurants. The neighborhood is home to a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.

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WAYNESBORO, VA. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro, about 96 miles west of Richmond. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity.

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RICHMOND, VA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Gayton Crossing, a 160,830-square-foot retail center located at 9782 Gayton Road. in Richmond. Tenants at the property, which was developed in 1981, include Bank of America, Gold’s Gym, Goldfish Swim School, Jos. A. Bank, KidStrong, Starbucks Coffee, Virginia ABC and The UPS Store. Kroger shadow-anchors the center, which is situated on a 15.6-acre site within 15 miles of the University of Richmond and Virginia Commonwealth University. CRC purchased the property with funds from the Continental Realty Opportunistic Retail Fund I LP, a closed-end fund. Jordan Lex, Dean Sands and Danny Naughton of JLL represented the undisclosed seller in the transaction. The sales price was also not disclosed.

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PETERSBURG, VA. — The City of Petersburg has selected Bruce Smith Enterprise and The Cordish Cos. to co-develop a $1.4 billion gaming and entertainment district at the intersection of Wagner Road and I-95 in Petersburg, roughly 24 miles south of Richmond. The Petersburg City Council unanimously approved the joint venture partnership, which responded to a request for proposal (RFP) issued by the city as the preferred development partner on the mixed-use project. Upon completion, Live! Casino & Hotel Virginia will comprise more than 400,000 square feet of gaming, hotel and dining space, as well as 35,000 square feet of meeting and convention space; a 200-room hotel; 1,600 slot machines; 46 table games; a sportsbook; 3,000-seat entertainment venue; and eight food-and-beverage options. The property will be developed, owned and managed by an entity doing business as Petersburg Community Development Investors LLC. According to the developers, the project will create an expected 7,500 new jobs and generate $2.8 billion in economic stimulus within the first 10 years. Projections also include $504 million in tax revenues, including $240 million to the City of Petersburg; $802 million in economic benefits during construction; and $201 million in annual economic benefits each year after opening.

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RICHMOND, VA. — Newmark has arranged the $33.5 million sale of Atlee Station Corporate Campus, an office headquarters campus located along the I-295 beltway in Richmond. Andrew Sandquist, Adam Faulk, J.C. Asensio, Adam Petrillo, Briggs Goldberg, Will Bradley and Mark Williford of Newmark represented the undisclosed seller in the transaction. Constructed in 2006, the property comprises a 165,000-square-foot building and an additional 50-acre land parcel. The property recently underwent extensive renovations that included delivery of fully renovated restrooms and common areas, an onsite cafeteria, outdoor patio seating and a fitness center.

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ARLINGTON, VA. — Monday Properties has obtained two loans totaling $205.5 million for the refinancing for two commercial properties in Arlington, a suburb of Washington, D.C. The assets include a 540,000-square-foot office tower at 1812 N. Moore St. and Shirlington Gateway, a 12-story medical office building. Citi Real Estate Funding Inc. provided the $173 million loan for the office tower and $32.5 million loan for the medical office building, both of which were CMBS loans with five-year terms and fixed interest rates. Monday Properties leased 60,000 square feet of space at 1812 N. Moore over the past six months, bringing it to 90 percent leased. There are an additional 20,000 square feet of deals in the pipeline. Shirlington Gateway was 93 percent leased at the time of financing to healthcare tenants including Anderson Orthopedic Clinic, INOVA and Virginia Hospital Center, which has signage on the building’s exterior.

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NEWPORT BEACH, CALIF. — Newport Beach-based Graystone Capital Advisors has negotiated the $12 million sale of a portfolio of 7-Eleven properties located throughout North Carolina and Virginia. A Texas-based developer sold the portfolio, which comprises seven newly constructed locations. 7-Eleven occupies the properties on 15-year leases. Shannon Bona and Julius Swolsky of Graystone represented the 1031-exchange buyer in the transaction.

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Carr-Old-Town

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt St. in the Old Town neighborhood of Alexandria with plans to convert the property into a 250,000-square-foot multifamily community.  The site, which will be cleared to make way for the new development, is located roughly seven miles south of Washington, D.C., and 1.5 miles south of the former development site for Potomac Yards, a recently cancelled 9 million-square-foot mixed-use project.  The community will rise eight stories and feature 234 units in a variety of configurations, ranging from studio apartments to three-bedroom units. An unspecified number of units will be dedicated to affordable housing. The development will also include below-grade parking, 15,800 square feet of outdoor space, a performing arts venue and 7,000 square feet of ground-floor retail space.  Shared amenities are set to include an outdoor swimming pool and a resident lounge and amenity center. Carr Properties plans to break ground on the development this fall with completion slated for late 2026. The community will target LEED Silver certification.  The development team for the project includes SK+I Architecture and interior design firm Edit Lab by Streetsense, which partnered with Carr on its previous Union …

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GLEN ALLEN, VA. — JLL has arranged the $85.4 million sale of Performance Food Group @ Cardinal North, a 328,335-square-foot cold storage facility in Glen Allen, a suburb of Richmond. Bill Prutting, Pete Pittroff, Craig Childs, Dave Andrews, Josh McArdle and Christopher Dale of JLL represented the seller, Scannell Properties, in the transaction. The team also secured the undisclosed buyer. Situated within one mile from I-95, the property was delivered last year and is fully leased to Richmond-based Performance Food Group. The facility includes 160,000 square feet of refrigerated space, a standalone vehicle maintenance and fueling facility, 32-foot clear heights, 52 dock-high doors and 138 trailer spaces. The 59.3-acre site offers room for two expansions that could potentially increase the square footage of the property by 40 percent, according to JLL.

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