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Valen
Leasing ActivityMultifamilySoutheastVirginia

JBG Smith Launches Leasing at 355-Unit Valen Multifamily Community in Arlington, Virginia

by Abby Cox

ARLINGTON, VA. — JBG Smith has launched leasing at Valen, a 355-unit multifamily community located at 2050 S. Bell St. within the National Landing neighborhood of Arlington. New York City-based KPF designed the project. The 25-story tower offers studio, one-, two- and three-bedroom floorplans ranging in size from 524 square feet to 1,279 square feet, as well as 15,000 square feet of ground floor retail space. Monthly rental rates at Valen range from $2,250 to $5,820, according to Apartments.com. Amenities at the property include a rooftop swimming pool and lounge, fitness center, 24-hour concierge services, coworking facilities, community gathering spaces and a pet spa with a grooming station. Residents also have access to garage bike storage and electric vehicle charging stations. JBG Smith plans to achieve LEED Gold certification at Valen. Valen’s adjacent sister property, The Zoe, opened for leasing in December 2024 and includes 420 rental apartments.

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Data CentersDevelopmentSoutheastVirginia

EdgeCore to Invest $17B for New Data Center Campus in Central Virginia

by John Nelson

LOUISA COUNTY, VA. — EdgeCore Digital Infrastructure has announced plans to invest $17 billion for a new data center campus at Shannon Hill Regional Business Park in Central Virginia’s Louisa County. The new 697-acre campus will be situated near I-64 between Charlottesville and Richmond. The data center campus will span 3.9 million square feet and support more than 1.1 gigawatts of power. The Louisa County Industrial Development Authority and the Virginia Economic Development Partnership assisted EdgeCore in its site selection. Rappahannock Electric Cooperative and affiliate Hyperscale Energy will provide energy to the new campus. The construction timeline for the new development was not released. EdgeCore operates hyperscale data centers in Ashburn and Culpepper, Va., as well as Silicon Valley, greater Phoenix and Reno, Nev.

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AcquisitionsLoansSoutheastVirginia

Atlantic Union Bank Closes Sale of $2B of Commercial Real Estate Loans to Blackstone

by John Nelson

RICHMOND, VA. AND NEW YORK CITY — Atlantic Union Bank has closed the sale of approximately $2 billion of the banks’ commercial real estate loans to vehicles affiliated with Blackstone Real Estate Debt Strategies. Atlantic Union acquired the loan portfolio during its merger proceedings with Sandy Spring Bank, which closed on April 1, 2025. Atlantic Union intends to use the proceeds from the loan sale to pay down certain high-cost deposits and other high-cost funds, as well as to add to its securities portfolio. Blackstone Real Estate has acquired $20 billion of commercial real estate loan portfolios in the past 24 months, including from Signature Bank and German lender Deutsche Pfandbriefbank (PBB).

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DevelopmentLoansMixed-UseMultifamilyRestaurantRetailSoutheastVirginia

PREIT Obtains $150M Loan to Recapitalize Springfield Town Center in Northern Virginia

by John Nelson

SPRINGFIELD, VA. — PREIT has closed on a $150 million loan for Springfield Town Center, a mixed-use redevelopment of the former Springfield Mall in Northern Virginia. The property includes more than 1 million square feet of retail space, including a 32,000-square-foot LEGO Discovery Center that opened in 2023. Other tenants include Build-A-Bear, Burger King, Chuy’s, Dave & Buster’s, Dick’s Sporting Goods, Finish Line, Five Below, H&M, Hot Topic, JC Penney, LA Fitness, Macy’s, Maggiano’s, Nordstrom Rack, Regal Cinema, Sephora, Toys “R” Us and Target, among others. Springfield Town Center will also include a 460-unit apartment community that is underway, along with a hotel and public park. The property will also house another 400 apartments that are in the planning stages and expanded parking that will have skybridge connectivity between the development’s various components. Goldman Sachs and Barclays Bank were the lead lenders for the five-year loan, which features interest-only payments and a fixed interest rate of 7.1 percent. With the new financing, PREIT expects to realize more than $5.1 million in annual interest savings.

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AcquisitionsOfficeSoutheastVirginia

JBG Smith Acquires 15-Acre Office Campus in Tysons, Virginia

by John Nelson

TYSONS, VA. — JBG Smith has acquired Tysons Dulles Plaza, a 15-acre office campus in the Washington, D.C., suburb of Tysons. The seller and sales price were not disclosed, but Washington Business Journal reports the property traded for $42.3 million. The three-building campus spans approximately 500,000 square feet of office space and includes 1,553 parking spaces. The property is within walking distance of Silver Line’s Spring Hill Metro station and adjacent to Dulles Toll Road. JBG Smith intends to re-entitle and redevelop one of the three office buildings for residential use, and the other two buildings will be enhanced to remain in long-term operation for office tenants. The timeline for the redevelopment of Tysons Dulles Plaza was not released.

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RoadOne IntermodaLogistics
DevelopmentIndustrialSoutheastVirginia

IRG Completes 227,500 SF Warehouse in Suffolk, Virginia for RoadOne IntermodaLogistics

by Abby Cox

SUFFOLK, VA. — Los Angeles-based Industrial Realty Group (IRG) has completed a 227,500-square-foot warehouse and transload facility in Suffolk for RoadOne IntermodaLogistics, an intermodal and logistics user based in Massachusetts. Located near the Port of Virigina, the project features 99 dock doors, 17 acres of trailer space and more than 1,000 stalls for trailer parking. The site is also fully fenced, protected by video surveillance and equipped with electric forklifts and yard jockeys.

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LoansRetailSoutheastVirginia

Cushman & Wakefield Secures $28.7M in Bridge Financing for Manassas Mall in Northern Virginia

by Abby Cox

MANASSAS, VA. — Cushman & Wakefield has secured $28.7 million in bridge financing for Manassas Mall, a 941,574-square-foot shopping mall located in Manassas, roughly 31 miles southwest of Washington, D.C. Miami-based Lionheart Capital was the borrower. Robert Kaplan and Mark Rutherford of Cushman & Wakefield’s Miami office, along with Michael Zelin, Bindi Shah and Ryan McMahon of the firm’s Washington, D.C. office, represented Lionheart Capital in the transaction. Originally developed in 1972, Manassas Mall was expanded in 1988 and renovated in 2016. The mall features more than 80 retailers, including Macy’s, JCPenney, Sears, Target, Walmart, H&M, American Eagle Outfitters and Old Navy, as well as a movie theater and arcade. Lionheart Capital has owned Manassas Mall since 2020. Spinoso Real Estate Group manages the mall.

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AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield | Thalhimer Negotiates $6.4M Sale of Metro Richmond Retail Center

by John Nelson

GLEN ALLEN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the $6.4 million sale of Virginia Center Station, a 24,400-square-foot retail center located at 1070 Virginia Center Parkway in Glen Allen, a northern suburb of Richmond in Henrico County. Built in 2006, the unanchored shopping center was fully leased at the time of sale to seven tenants, including Chipotle Mexican Grill, Mattress Firm and Q BBQ. The retail center is situated on 4.9 acres within the larger Virginia Center Station retail development and adjacent to the redevelopment of Virginia Center Commons mall. Catharine Spangler, James Ashby IV and Annie O’Connor of Thalhimer represented the seller, an entity doing business as HDJR Central LLC & HDJR Central II LLC, in the transaction. The buyer was an entity doing business as Threelo LLC.

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The View at 777
AcquisitionsMultifamilySoutheastVirginia

Cushman & Wakefield | Thalhimer Arranges $8.9M Sale of The View at 777 Apartments in Salem, Virginia

by Abby Cox

SALEM, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $8.9 million sale of The View at 777, a 72-unit multifamily community located in Salem. Situated at 777 Roanoke Blvd., the complex offers one-, two- and three-bedroom floorplans ranging in size from 579 square feet to 979 square feet. Resident amenities at the property include a playground, grill, picnic area and a dog park. Clay Taylor of Thalhimer, in conjunction with Jorge Rosa and Anthony Liberto of Cushman & Wakefield’s Mid-Atlantic Advisory team, represented the seller, an entity doing business as Caroline Forest LLC, in the transaction. The buyer was an entity doing business as 777 Salem LLC.

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AcquisitionsRetailSoutheastVirginia

ShopOne, Joint Venture Partners Purchase Food Lion-Anchored Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — ShopOne Centers REIT Inc., along with joint venture partners Pantheon and an unnamed institutional investment firm, has purchased Staples Mill Plaza, a 70,147-square-foot shopping center located at 9117 Staples Mill Road in Richmond. Regional grocer Food Lion has anchored the center since 1986. Staples Mill Plaza was 94.3 percent leased at the time of sale to tenants including Subway, Pizza Hut and Hair Cuttery. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, Washington, D.C.-based Stavins & Axelrod Properties Inc., in the transaction. Richard Thalhimer, who has leased the property for over 20 years along with Annie O’Connor with Thalhimer’s retail leasing team, also assisted in the sale. This acquisition marks ShopOne’s second property in Virginia and its first in the Richmond metro area. The sales price was not disclosed.

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