VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of 524 Viking Drive, a 150,640-square-foot industrial facility located in Virginia Beach. Selko Real Estate Ventures LLC purchased the property from Hermes Abrasives for $13.5 million. Geoff Poston and Brett Sain of Thalhimer represented the buyer in the transaction.
ARLINGTON, VA. — Revenue per available room (RevPAR) was revised downward in the final performance projections for the U.S. hospitality sector in 2025, according to the latest forecast from CoStar Group and Tourism Economics, an Oxford Economics company. RevPAR is projected to finish the year at a decline of 0.4 percent (or negative 40 basis points) compared to a year ago. This would result in the first total-year decline since 2020 and only the second since 2009, both of which were years with major macroeconomic disruptions with the COVID-19 pandemic and Great Financial Crisis, respectively. CoStar and Tourism Economics also lowered occupancy projections to end the year at 62.3 percent, a decline from 63.1 percent at year-end 2024, while average daily rate (ADR) was held steady at +0.8 percent for the year. For 2026, occupancy is projected to decline by another 30 basis points, while ADR and RevPAR are projected to trend positive by 90 and 50 basis points, respectively (see chart). “We expect little change in the macroeconomic environment as unemployment and prices continue to rise,” says Amanda Hite, president of STR, a hospitality research firm owned by CoStar. “As a result, our hotel performance outlook for the remainder of …
NEW YORK CITY — Morgan Stanley Real Estate Investing (MSREI) and Global Student Accommodation (GSA) have acquired a portfolio of eight student housing assets in Tier 1 U.S. university markets from a joint venture between a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Landmark Properties. The transaction is valued at more than $1 billion. The properties are located across seven states and offer a mix of cottage-style, high-rise and mid-rise formats. The 6,200-bed portfolio is nearly fully leased. Global student housing operator Yugo will manage and rebrand the newly acquired assets. The assets in the sold portfolio include: The acquisition marks the partnership’s entrance into new markets in Virginia, Georgia and Pennsylvania, while expanding its presence in Texas, Florida, Oregon and North Carolina. Through its partnership, MSREI and GSA now own nearly 24,000 student housing beds across 50 properties in 23 states. “This acquisition is testament to the depth of our global teams, our access to unique opportunities and the strength of our institutional relationships in the United States and globally. An off-market portfolio of this size and quality is rare, and demonstrates our experience and expertise in the student housing market,” says Nicholas Porter, CEO at …
BRISTOW, VA. — An affiliate of e-commerce giant Amazon, Amazon Data Services, has acquired a site in Prince William County for a future data center campus. The firm acquired the undeveloped site near Devlin Road and I-66 in Bristow for $700 million, according to Washington Business Journal. CoStar Group reports that Stanley Martin Homes, a Reston, Va.-based homebuilder, sold the 188-acre site to Amazon and that Eastdil Secured represented the land seller in the deal. Washington Business Journal reports that the Prince William Board of County Supervisors rezoned the site for data center development in November 2023 and has since been in a legal dispute, with the Court of Appeals of Virginia recently upholding the county’s original rezoning decision.
VIRGINIA BEACH, VA. — Affiliates of Norfolk, Va.-based Harbor Group International (HGI) have acquired Reflections at Virginia Beach for $86 million. The 480-unit, garden-style property was built in 1986 and spans 19 two- and three-story buildings across 30 acres. Units are offered as one- and two-bedroom floorplans. The seller was not disclosed. A $7 million renovation was recently completed at Reflections at Virginia Beach, updating amenities including a clubhouse, outdoor pool, 24-hour fitness center, business center with meeting rooms and outdoor grilling stations.
STAFFORD COUNTY, VA. — Vantage Data Centers will invest $2 billion to develop a 929,000-square-foot data center campus in Stafford County, which is situated near Fredericksburg, Va., and approximately 40 miles south of Washington, D.C. The new 192-megawatt (MW) campus, dubbed VA4, is situated just roughly 54 miles from Vantage’s three existing Virginia campuses in Northern Virginia’s “Data Center Alley” and brings the company’s statewide capacity to 782 MW with a combined investment of approximately $8 billion. Development of the new campus is expected to create 1,100 construction jobs and at least 50 permanent operations jobs. The first building at VA4 is scheduled to open in late 2027. VA4 will be built to achieve LEED Silver certification, in alignment with Vantage’s “sustainable by design” blueprint. The center will also utilize a closed-loop chilled water system that minimizes the need for large volumes of water. Additionally, VA4 will feature liquid-to-liquid cooling with coolant distribution unit (CDU) equipment, which can handle 100 percent of critical IT workloads.
CHESTER, VA. — Cushman & Wakefield | Thalhimer has negotiated the $8.9 million sale of The Shoppes at River Forest, a 30,070-square-foot, unanchored retail center located along Iron Bridge Road in Chester. Catharine Spangler of Thalhimer’s Capital Markets Group represented the seller, Prudent Growth Partners, in the transaction. Originally constructed in 2007 on roughly 3.7 acres, the property was 95 percent leased at the time of sale to 12 tenants including GameStop, Sweet Frog, State Farm and the U.S. Marine Corps.
RICHMOND, VA. — Cushman & Wakefield has arranged the sale and financing of Eastport Industrial Park, a nearly 1.1 million-square-foot industrial portfolio in Richmond. Rockpoint purchased the property from Equus Capital Partners for $142 million. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield, alongside Eric Robison and Bo Mckown of Cushman & Wakefield | Thalhimer, represented the seller in the transaction. John Alascio, T.J. Sullivan, Chris Meloni and Michael Zelin, also with Cushman & Wakefield, arranged acquisition financing through an unnamed global alternative investment firm on behalf of Rockpoint. Situated near the Richmond International Airport, Eastport Industrial Park comprises eight buildings with 25-foot clear heights, 182 loading positions and modern infrastructure to support a diverse tenant base. The property was 97 percent leased to 19 tenants at the time of sale.
CHANTILLY, VA. — IKEA U.S. has announced plans to open a nearly 110,000-square-foot store in Chantilly, making it the Swedish retailer’s third location in Virginia. Set to open in spring 2026, the new store will be located at 4320 Chantilly Shopping Center Drive, about 28 miles west of Washington, D.C. IKEA says that the store will feature its popular fully furnished room settings and display more than 7,700 products, with more than 4,400 products available for immediate takeaway, including home furnishing accessories and approximately 500 smaller furniture items. The store will also offer free in-store pick-up for online orders, as well as its famous in-store restaurant and a central planning area where shoppers can get design consultation from an IKEA staff member. In addition to the Chantilly store, the retailer recently announced a new 93,000-square-foot IKEA store coming to Webster, Texas, as well as its second store coming to Manhattan.
COLONIAL HEIGHTS, VA. — Charlotte-based Crescent Communities has sold AXIAL Gateway 95, an industrial property located at 16401 Walthall Industrial Parkway in Colonial Heights, a city near Richmond in Chesterfield County. The property spans more than 500,000 square feet and was fully leased at the time of sale to Hillphoenix, a subsidiary of Dover Food Retail and a leading manufacturer of commercial refrigeration systems. JLL represented Crescent Communities in the sale. LaSalle Investment Management purchased the asset for an undisclosed price. Hillphoenix’s investment at AXIAL Gateway 95 is expected to add more than 320 new jobs to the region. Financial partners for AXIAL Gateway 95 included Kyuden Urban Development America LLC, the U.S. subsidiary of Kyushu Electric Power Co. Inc. (equity) and Santander Bank (lender). The design-build team included DMA Architecture (architect), Timmons Group (civil engineer), KBD Group (general contractor) and JLL (leasing agent and capital markets advisor).
