Virginia Archives - REBusinessOnline

TA Realty Sells Two Hyperscale Data Centers Totaling 745,000 SF in Northern Virginia

Abby Cox — Fri, 06 Feb 2026 14:25:13 +0000

LEESBURG, VA. — TA Realty, in collaboration with its data center development arm TA Digital Group, has sold two hyperscale data centers totaling 745,000 square feet in Leesburg, a city in Northern Virginia’s Loudoun County. The two facilities are the first completed buildings of a planned five-building, 450-megawatt (mW) hyperscale data center campus. The buyer and additional terms of the sale were not disclosed. The campus is set to be leased to a single, unnamed global cloud provider, according to Data Center Dynamics.

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JLL Income Property Trust Sells 319-Unit Apartment Community in Metro D.C.

John Nelson — Thu, 05 Feb 2026 14:59:48 +0000

MCLEAN, VA. — JLL Income Property Trust, alongside investment partner LCOR, has sold Kingston at McLean Crossing, a 319-unit apartment community located at 7480 Birdwood Ave. in McLean, about 12 miles west of Washington, D.C. The Chicago-based REIT originally acquired the 15-story property in 2021, three years after the property was delivered. The buyer is Pantzer Properties, a multifamily owner-operator based in New York City, according to Apartments.com. Brian Crivella, Yalda Ghamarian, Bill Gribbin and Jack Canepa of Berkadia represented the seller in the transaction. The sales price was not disclosed. Pantzer has rebranded Kingston at McLean Crossing to The Point at McLean. Units come in studio to three-bedroom layouts ranging in size from 569 to 1,932 square feet. Amenities include a pool, fitness center, concierge, conference rooms, spa, EV charging stations and a playground. The property was 96 percent occupied at the time of sale.

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Capstone Development, University of Virginia to Break Ground on 780-Bed Residence Hall

John Nelson — Wed, 04 Feb 2026 14:56:31 +0000

CHARLOTTESVILLE, VA. — The University of Virginia has selected Capstone Development Partners for a 780-bed residence hall project on the university’s campus in Charlottesville. The development will include three buildings spanning 310,000 square feet at the corner of Copeley and Ivy roads. The project will offer apartment-style units for upperclassmen alongside a 19,000-square-foot dining and retail component. Capstone will serve as a fee developer responsible for the design and construction of the project, which is being financed by the university and is scheduled for completion in fall 2027. The development team also includes Elkus Manfredi Architects, Hoar Construction and Hourigan.

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KLNB Negotiates $28.5M Sale of Warehouse in Sterling, Virginia

John Nelson — Wed, 04 Feb 2026 14:54:35 +0000

STERLING, VA. — KLNB has negotiated the $28.5 million sale of an 83,330-square-foot warehouse located at 45190 Ocean Court in Sterling, about 29 miles west of Washington, D.C. Ryan Goeller, Chase Stewart, Jeff Tarae and Tyler Cumberland of KLNB represented the buyer, JK Land Holdings, in the off-market transaction. The seller was an entity doing business as Sterling Davis Properties LLC. The current tenant, Belfort Furniture, plans to vacate the property in June. JK Land has tapped KLNB to market and lease the property going forward.

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Cresa Arranges $12M Sale of Office Building in Vienna, Virginia

John Nelson — Tue, 27 Jan 2026 14:08:14 +0000

VIENNA, VA. — Cresa has arranged the $12 million sale of a vacant, 100,000-square-foot office building located at 901 Follin Lane in Vienna, about 17 miles west of Washington, D.C. Navy Federal Credit Union acquired the property from Zalco Commercial. Gene Sachs, Rich Rhodes and Dan Silverman of Cresa represented Navy Federal in the transaction. The property is situated on 9.1 acres across the street from Navy Federal’s headquarters and will be utilized for the time being as a parking lot. Future plans for the office building and surrounding land were not disclosed. The property has sat vacant for the past six years after being leased to an unnamed federal government tenant.

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Crescent, Rockefeller to Develop 530-Unit Apartment Community in Arlington, Virginia

Abby Cox — Mon, 26 Jan 2026 13:04:00 +0000

ARLINGTON, VA. — A joint venture between Crescent Communities and Rockefeller Group has closed on the land acquisition for NOVEL Arlington, a 530-unit apartment community located in Arlington, approximately five miles from downtown Washington, D.C. Situated on about 5.5 acres along South Glebe Road, NOVEL Arlington will include 493 multifamily residences and 37 townhomes across studio, one-, two- and three-bedroom floorplans, including both market-rate and affordable units. Designed around the concept of the “power to play,” the complex will feature 20,000 square feet of amenities such as a golf lounge with a full-swing simulator; clubroom with indoor-outdoor connectivity; private dining and watch-party room; courtyard with firepits, game zones and landscaping; rooftop resort-style swimming pool with cabanas; fitness center, solo fitness studio, sauna and recovery spaces; coworking nooks and social lounges; a record listening lounge; pet retreat and pet spa; resident market; and a privately programmed courtyard and public-private park with walking trails. The joint venture secured equity financing from Shimizu Realty Development and Mitsubishi Estate New York, a U.S. affiliate of Tokyo-based Mitsubishi Estate Co. Additionally, Sumitomo Mitsui Trust Bank, Limited New York Branch (SMTB) provided construction financing for the development. Other project partners include Bohler D.C. (civil engineer), Hord…

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Berkeley Capital Arranges $102M Sale of Virginia Beach Shopping Center

John Nelson — Thu, 22 Jan 2026 14:32:40 +0000

VIRGINIA BEACH, VA. — Berkeley Capital Advisors has arranged the $102 million sale of Landstown Commons Shopping Center, a 408,851-square-foot, open-air retail center located in Virginia Beach. Kohl’s, Ross Dress for Less, Best Buy, Old Navy and Ulta Beauty anchor the center. Other tenants include Bath & Body Works, Carter’s, Burlington, Five Below, Dollar Tree and PetSmart. Rob Carter of Berkeley Capital Advisors represented the seller, Rye, N.Y.-based Acadia Realty Trust, in the transaction. Moritt Hock & Hamroff represented the buyer, an affiliate of Yale Realty Services. Additionally, The Bank of Montreal provided $73.4 million in acquisition financing for the deal.

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Berkadia Arranges Sale of 396-Unit Apartment Community in Newport News, Virginia

Abby Cox — Fri, 16 Jan 2026 16:27:38 +0000

NEWPORT NEWS, VA. — Berkadia has arranged the sale of Compass at City Center, a 396-unit, garden-style apartment community located in Newport News. Drew White, Carter Wood and Cole Carns of Berkadia represented the sellers, C-III Capital Partners and Drucker + Falk, in the transaction. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey, also with Berkadia, secured an acquisition loan on behalf of the buyer, a joint venture between Penzance and Kettler. The sales price and loan amount were not disclosed. Originally built in 1985, Compass at City Center comprises 33 three-story buildings across a 25-acre site. The complex offers a mix of one-, two- and three-bedroom floorplans, averaging about 1,000 square feet in size. Amenities include a resident lounge and clubhouse, sun deck and fire pits, fitness center, swimming pool, playground, barbecue and outdoor dining areas and a dog park.

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LV Collective, Harrison Street to Break Ground on 862-Bed Student Housing Development Near Virginia Tech

John Nelson — Tue, 13 Jan 2026 15:21:36 +0000

BLACKSBURG, VA. — A joint venture between LV Collective and Harrison Street Asset Management is set to break ground on Rambler, an 862-bed student housing development located near the Virginia Tech campus in Blacksburg. The eight-story community will span 577,671 square feet and offer 247 apartments and townhomes in studio, one-, two-, three-, four- and five-bedroom configurations. Shared amenities will include a ground-level coffee shop; coworking space with private study rooms; a multi-sport simulator; clubroom and social lounge; fitness center with a yoga and flex studio; wellness lounge with a sauna and cold plunge; and an outdoor pool deck with a hot tub. Site work began in December with completion scheduled for fall 2028. The development team for the project includes Brinkmann, Niles Bolton, Variant Collaborative, Ironwood and Foresight. DLA Piper provided legal counsel for the development.

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Newmark Arranges $203M Sale of 1.4 MSF Industrial Portfolio Across Maryland, Virginia

Abby Cox — Fri, 09 Jan 2026 13:38:11 +0000

BALTIMORE — Newmark has arranged the sale of a 1.4 million-square-foot Mid-Atlantic micro-bay industrial portfolio for $203 million. The portfolio includes 50 individual buildings and 600 tenants in the Baltimore-Washington corridor and Northern Virginia. Current tenants focus on local and regional distribution, light industrial, service-oriented and last-mile logistics uses. Ben McCarty, Cris Abramson, Nicholas Signor, Henry Pleszkoch and Sam Slater of Newmark arranged the transaction on behalf of an unnamed group of private sellers. Silverman Group was the buyer.

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Matan Cos. Signs DPR Construction to 203,000 SF Industrial Lease in Ashland, Virginia

Abby Cox — Tue, 06 Jan 2026 15:17:47 +0000

ASHLAND, VA. — Matan Cos. has fully leased the final phase of Northlake II, a four-building, 548,000-square-foot industrial park located along the I-95 corridor in Ashland, a suburb of Richmond. DPR Construction will fully occupy Building D, which totals 203,000 square feet. Completion of Building D is slated for the spring. Gareth Jones, Chris Avellana and Charlie Polk of JLL represented Matan Cos., while Savills and CBRE represented DPR in the lease negotiations. Phase I of Northlake II comprises buildings A, B and C and was delivered and leased in early 2024.

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Tariffs Are Moving the Needle for Manufacturing, Distribution Demand on the I-85 Industrial Corridor

John Nelson — Tue, 23 Dec 2025 12:31:00 +0000

More than seven months have passed since Liberation Day, where the Trump administration declared a sweeping package of tariffs for foreign trade partners and specific commodities, including steel and aluminum. Since the announcement in early April, there has been a boon in the amount of multibillion-dollar advanced manufacturing, life sciences, semiconductor and data center investment announcements around the country, with the markets along the I-85 Industrial Corridor being no exception. To name a few: Toyota has recently begun production at its $13.9 billion battery plant in Liberty, N.C.; Rivian broke ground on its $5 billion electric vehicle plant near Social Circle, Ga.; JetZero is planning to create 14,500 jobs for an aerospace manufacturing facility in Greensboro, N.C.; Eli Lilly is developing a $5 billion pharmaceutical manufacturing facility in the Richmond suburb of Goochland County, Va.; and Google is developing a trio of data centers in metro Richmond’s Chesterfield County. “We have incredible momentum bringing business back into the United States, which is going to drive industrial growth, particularly in the Southeast,” says Jim Anthony, CEO and founder of APG Companies. “We’re not unionized, we have lower taxes, fewer regulations and lower cost of energy, which is huge factor in site…

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Greenberg Gibbons Breaks Ground on $500M Midtown64 Mixed-Use Project in Richmond

Kristin Harlow — Wed, 17 Dec 2025 13:00:00 +0000

RICHMOND, VA. — Greenberg Gibbons has broken ground on Midtown64, a more than $500 million mixed-use development comprising 46 acres in Henrico County, located just outside downtown Richmond. Shamin Hotels is a joint venture partner for the project, which is being built on the former Genworth Financial headquarters campus. The personal finance firm signed a 175,000-square-foot office lease in late 2022 to move its headquarters to the SunTrust Business Center in the Richmond suburb of Glen Allen, Va. Located at the intersection of West Broad Street and I-64, Midtown64 will span 2 million square feet with up to 130,000 square feet of upscale retail, restaurant and entertainment space. Anchor tenants will include a grocery store and new-to-market fitness concept. The project will also include up to 300,000 square feet of Class A office space, an apartment community with nearly 1,000 units, 194 townhomes built by homebuilder Lennar and a 226-room, dual-branded hotel featuring Tempo by Hilton. Greenberg Gibbons says the development will feature contemporary architecture, landscaped plazas and convenient parking within a walkable environment. “Midtown64 builds on our track record of revitalizing properties into thriving mixed-use destinations, while marking an exciting expansion of our portfolio in Virginia,” says Brian Gibbons,…

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Shamin Hotels Breaks Ground on $160M Hilton-Branded Hotel, Conference Center in Richmond

Abby Cox — Mon, 15 Dec 2025 14:53:18 +0000

RICHMOND, VA. — Virginia’s largest hotel owner and operator Shamin Hotels has broken ground on Hilton Richmond The Mondelle, a 270-room full-service hotel and conference center located in Chesterfield County. The $160 million project will anchor Springline at District 60, a $1 billion mixed-use development underway at the intersection of Midlothian Turnpike and Chippenham Parkway. The Mondelle will feature more than 30,000 square feet of meeting space, including a 12,600-square-foot grand ballroom. The 11-story hotel will also include a signature restaurant with outdoor dining, a second-floor indoor/outdoor executive meeting center with a biergarten, a rooftop restaurant and cocktail bar, as well as an infinity pool. Truist Bank provided construction and bond financing for the project, which represents the first full-service hotel and conference center to be constructed in the Richmond market since 2009.

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Berkadia Negotiates Sale of 295-Unit Apartment Community in Norfolk

John Nelson — Tue, 09 Dec 2025 14:49:24 +0000

NORFOLK, VA. — Berkadia has negotiated the sale of Livano Norfolk, a 295-unit apartment community located at 6163 Kempsville Circle in Norfolk. The buyer, Kushner, has rebranded the property as District 757. The seller, LIV Development, delivered the property in 2024. Drew White, Carter Wood and Cole Carns of Berkadia’s Richmond office represented the seller in the transaction. Laura Cathlina and Anna Burns of Berkadia’s Chicago office arranged a Fannie Mae loan for the buyer. The sales price and loan amount were not disclosed. District 757 was 96 percent occupied at the time of sale. The property offers a mix of studios, one-, two- and three-bedroom residences ranging in size from 614 to 1,645 square feet. Amenities include a 12,000-square-foot clubhouse with an entertainment kitchen, lounge areas and gaming spaces, as well as a year-round resort-style pool with sundeck, sky lounge, coworking suites with private offices, business center, EV charging stations and a 24-hour fitness center.

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CFG Provides $253.2M Bridge Loan for Skilled Nursing Portfolio in Maryland, Virginia

Abby Cox — Fri, 05 Dec 2025 14:24:54 +0000

BALTIMORE — Capital Funding Group (CFG) has provided a $253.2 million bridge loan for the refinancing of a skilled nursing portfolio. The portfolio includes six facilities in Maryland and one in Virginia. Together, the properties total 1,050 beds. Craig Casagrande, Scott Robinson and Catherine Mansel of Baltimore-based CFG originated the financing for the undisclosed borrower.

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CBRE Arranges Sale of 3 MSF Industrial Portfolio Across Eight States for ACRE

Abby Cox — Fri, 05 Dec 2025 12:41:00 +0000

NEW YORK CITY — CBRE has arranged the sale of a 20-property last-mile distribution and light-manufacturing industrial portfolio across eight states. New York City-based Ares Commercial Real Estate Corp. (NYSE: ACRE) acquired the portfolio, which spans more than 3 million square feet. Brian Fiumara led CBRE’s National Partners team in marketing the portfolio and representing the undisclosed seller in the transaction. The CBRE team also procured the buyer. The properties include: The industrial portfolio consists of well-maintained industrial buildings ranging in size from 16,000 to 500,000 square feet, while average occupancy across the properties currently sits at 95 percent. “The acquisition by Ares allows the company to expand its existing portfolio with a critical mass of light industrial and well-located last-mile assets in major population centers with access to key distribution infrastructure,” says Fiumara. ACRE is a real estate investment trust (REIT) managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares Management Corp., which manages approximately $596 billion of assets. ACRE’s stock price closed on Thursday, Dec. 4 at $5.15 per share, down from $6.98 a year ago, a nearly 26 percent decline. — Abby Cox

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Richmond’s Industrial Market Is an Institutional Capital Darling

John Nelson — Thu, 04 Dec 2025 19:11:52 +0000

The Richmond industrial market has been undergoing a dramatic transformation that reads like a case study in strategic positioning and timing. Over the past decade, this “regional market” has become a U.S. powerhouse, boasting all the ingredients to attract, maintain and organically grow supply-chain focused global occupiers and institutional capital investment. Richmond’s strategic advantages include its prime location on I-95 — equidistant to both metropolitan D.C. and the Port of Virginia — attractive labor demographics, disciplined development and strong demand from Fortune 100 occupiers. Additionally, the surging data center hyperscalers and their suppliers have further catalyzed growth in the market. The result? Richmond now features one of the lowest U.S. vacancy rates, sustained year-over-year rent growth, a feeding frenzy of institutional capital routinely producing 10 to 15 bids and lender quotes per property that have fundamentally reshaped who owns, develops and finances industrial real estate in the market. From regional player to national stage Over the past decade, Richmond experienced a 68 percent increase in institutional investors and lenders, growing from 47 participants in 2015 to nearly 80 unique institutions that have invested in and loaned on Richmond industrial assets, with 50 cents of every dollar invested in Richmond coming from…

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Northstar REIS Arranges $44.5M Sale of Student Housing Community Near James Madison University

John Nelson — Thu, 04 Dec 2025 15:29:49 +0000

HARRISONBURG, VA. — Northstar REIS has arranged the $44.5 million sale of Squire Hill Apartments, a 504-bed student housing community located at 1443 Devon Lane near the James Madison University campus in Harrisonburg. Jack Stead of Northstar REIS represented the buyer, North Beacon Capital, and the seller, The Michaels Organization, in the transaction. Squire Hill offers 189 units in one-, two-, three- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, resort-style pool and hot tub, study area, picnic pavilion, coffee bar, clubhouse, conference space and a dog park.

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Berkadia Arranges Construction Financing for $144M Apartment Development in Richmond

John Nelson — Tue, 02 Dec 2025 13:04:00 +0000

RICHMOND, VA. — Berkadia has arranged construction financing for a new $144 million multifamily development located at 3200 W. Moore St. in Richmond. The financing comprises a senior construction loan from TD Bank and an equity investment from Red Cove Capital. Brian Crivella, Brian Gould, Bill Gribbin, Yalda Ghamarian, Hunter Wood, Drew White, Carter Wood and Cole Carns of Berkadia arranged the financing on behalf of the borrower, a joint venture between Hoffman & Associates and DeBartolo Development LLC. Situated in the Scott’s Addition neighborhood of Richmond, the property will feature 366 apartments and 18,000 square feet of retail space on the ground level. The community will feature 10,000 square feet of amenities, including multiple courtyards and terraces and a pool deck, as well as lounge, dining and event spaces. Demolition on the project began last month.

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