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Merchants Capital Arranges $97.8M in Financing for Affordable Housing Project in Newport News, Virginia

Abby Cox — Mon, 12 Oct 2026 13:35:20 +0000

NEWPORT NEWS, VA. — Merchants Capital has arranged $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit affordable housing property located in Newport News. Merchants Capital secured a $62.8 million HUD 221(d)(4) loan and $35 million in equity bridge loans provided by Merchants Bank, an affiliate of Merchants Capital. Stuart Gardens’ capital stack also includes low-income housing tax credit (LIHTC) equity, federal and state historic tax credits and Green and Resilient Retrofit Program (GRRP) financing via HUD for energy efficient improvements. The current owner and developer, Vitus Group, is leading the rehabilitation of the property, which will include exterior improvements like a new playground, connections to an adjacent park and walking path, and fresh roofing, siding and exterior doors and windows. In-unit repairs will include the replacement of existing flooring, updated appliances, new kitchen cabinetry and updated bathrooms. Stuart Gardens comprises 109 two-story buildings. All residential units are reserved for families earning 60 percent of the area median income (AMI) under a Section 8 Housing Assistance Payment (HAP) contract. Built in 1941 by the Defense Homes Corp. during World War II, the property has been designated as a historic property by the Virginia Board of Historic Resources. Upon…

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Fairstead Tops Out $120M Samuel Madden Homes Redevelopment Project in Old Town Alexandria, Virginia

Abby Cox — Mon, 12 Oct 2026 13:33:31 +0000

ALEXANDRIA, VA. — A public-private partnership between Fairstead, Harkins, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has topped out the $120 million redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. Upon completion, the six-story, 295,000-square-foot mixed-use project will feature 207 affordable housing residences reserved for families earning between 30 and 80 percent of the area median income (AMI). As part of the building initiative, the project includes efforts to record and preserve the stories of current and former residents, with a goal of capturing at least 10 oral histories. Key archaeological findings will be showcased in brochures and interpretive signage across the community. Planned for completion in 2027, the project will feature community gathering spaces, a new neighborhood food hub operated by ALIVE!, as well as other amenities designed to support residents and the broader Alexandria community like a new creative studio for podcast recording, a game room with free high-speed internet access, an interior courtyard and energy- and water-efficient design strategies developed in partnership with the Virginia Center for Housing Research at Virginia Tech.

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Cushman & Wakefield Brokers $89M Sale of Two-Property Seniors Housing Portfolio in Mid-Atlantic

Abby Cox — Fri, 09 Oct 2026 13:47:05 +0000

GREAT FALLS, VA. AND QUEENSTOWN, MD. — Cushman & Wakefield has brokered the $89 million sale of two assisted living and memory care facilities in Virginia and Maryland. The portfolio includes The Residence at Colvin Run, a 62-unit community built in 2022 and located at 1131 Walker Road in Great Falls, and Queenstown Landing, a 68-unit community built in 2021 and located at 120 Shoreway Drive in Queenstown. The facilities were 94 percent occupied at the time of sale. Joshua Jandris, Brett Gardner, Robert Bracci and Evan Jakobsze of Cushman & Wakefield represented the sellers — Buvermo Investments, SHA Capital, Verity Commercial and INDIE — in the transaction. The buyer, Westlake Village, Calif.-based LTC Properties, retained IntegraCare to operate the properties.

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JLL Arranges Sale of 10-Story Office Building in Northern Virginia’s Tysons Region

John Nelson — Thu, 08 Oct 2026 14:25:32 +0000

MCLEAN, VA. — JLL has arranged the sale of a 10-story, Class A office building located at 8270 Greensboro Drive in McLean, part of Northern Virginia’s Tysons submarket. Andrew Weir, Kevin Byrd, Jim Meisel, Dave Baker and Trey Ramsey of JLL represented the seller, Nuveen Real Estate, in the transaction. Onward Investors purchased the 166,393-square-foot office building for an undisclosed price. Built in 1999 and renovated in 2021, 8270 Greensboro Drive was 96 percent leased at the time of sale to 13 tenants. Amenities include a redesigned lobby and elevator entrance, tenant lounge and kitchenette with a 100-person indoor/outdoor conference center, furnished outdoor patio, renovated common corridors and a restaurant on the ground level.

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Walker & Dunlop Arranges $86.5M Refinancing of New Apartment Community in Richmond

John Nelson — Wed, 07 Oct 2026 15:07:43 +0000

RICHMOND, VA. — Walker & Dunlop has arranged an $86.5 million loan for the refinancing of Chasen, a new 352-unit apartment community located in the Scott’s Addition neighborhood of Richmond. Alexandra Huffman, Justin Nelson, Andrew Tapley, P.J. Feichtmeier, Eric Norris and Jared Diedrich of Walker & Dunlop arranged the variable-rate, interest-only bridge financing through a private credit lender on behalf of the borrower, locally based Capital Square. Fully delivered earlier this year, Chasen offers studio, one-, two- and three-bedroom residences, along with more than 5,000 square feet of ground-floor retail space. Amenities include a resort-style pool, fitness center, rooftop terrace, club room with a golf simulator, whiskey lounge, coworking center, dog wash station and courtyards.

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Victoria Industrial Acquires Seven-Building Portfolio in Northern Virginia for $75M

John Nelson — Tue, 29 Sep 2026 14:07:08 +0000

STERLING, HERNDON AND CHANTILLY, VA. — Victoria Industrial Properties, a real estate investment firm based in New Jersey, has acquired a seven-building industrial and flex portfolio in Northern Virginia’s Dulles Corridor for $75 million. Klein Enterprises sold the 308,656-square-foot portfolio to Victoria Industrial, which acquired the assets in partnership with Lincoln Equities Group. The portfolio represents the first acquisition for Victoria Industrial. Thomas Didio, Jason Lundy, Max Custer, Evan Parker, Craig Childs, Nazario Paragano and John Cumming of JLL arranged acquisition financing and helped facilitate an equity investment from InterVest Capital Partners. The portfolio, located in Sterling, Herndon and Chantilly, was 90 percent leased at the time of sale to tenants including Honeywell, Inova Health, Artis, Nightwing and Capital Electric.

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Rockpoint Purchases 1 MSF Industrial Campus in Chester, Virginia

John Nelson — Tue, 29 Sep 2026 14:03:39 +0000

CHESTER, VA. — Boston-based Rockpoint, along with affiliate firm Rockpoint Industrial, has acquired Richmond Trade Center, a 1 million-square-foot industrial campus in Chester, a southern suburb of Richmond. The seller and sales price were not disclosed. Rockhill, an affiliate of Rockpoint, will manage the five-building property. Built in 2015, the 119-acre campus comprises four cross-dock warehouses and one light industrial building.

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Richmond Retail Continues to Shine as Leasing, Investment Activity Remain Strong

John Nelson — Mon, 28 Sep 2026 11:45:00 +0000

Richmond’s retail market continues to be one of the bright spots in commercial real estate, and it’s not difficult to understand why. While many markets across the country are still working through elevated vacancies and changing consumer habits, Richmond continues to benefit from steady population growth, a diverse economy and a retail inventory that remains remarkably full. Retailers continue to expand here. Investors continue to buy here. And perhaps most importantly, consumers continue to support both national brands and local businesses in a meaningful way. The result is a market that feels healthy, active and well-positioned for future growth. Quality space is hard to find If there’s one thing everyone in can agree on today, it’s that quality retail space is increasingly difficult to find in Richmond. Vacancy throughout the region remains exceptionally low, particularly in established corridors, hovering at around 3.6 percent in the second quarter. Areas like Short Pump, Midlothian and many neighborhood shopping center locations continue to operate with very little available inventory, creating a competitive environment for retailers looking to enter the market or expand existing operations. This has caused rents to continue to trend upward, leaving the landlord with the upper hand. The interesting part…

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Newmark Negotiates $97.5M Sale of Medical Office Campus in Fairfax, Virginia

John Nelson — Thu, 24 Sep 2026 12:28:00 +0000

FAIRFAX, VA. — Newmark has negotiated the $97.5 million sale of Willow Oaks Medical Campus, a two-building medical office property located at 8260 and 8280 Willow Oaks Corporate Drive in Fairfax, a city in Northern Virginia. Locally based Inova Health System acquired the property from Stockdale Capital Partners. Ben Appel, Jay Miele, Justin Shepherd, John Nero, Michael Greeley and Ron Ott of Newmark represented the seller in the transaction. Newmark’s Jud Ryan and James Cassidy supported the transaction. The buildings each span approximately 188,000 square feet and have undergone multimillion-dollar capital investment initiatives into tenant spaces, common areas and amenities in recent years. Willow Oaks is located immediately adjacent to Inova’s flagship 923-bed hospital campus and is anchored by the locally based health system, as well as multiple third-party medical users.

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Pembroke Realty Provides Updates on $300M Mall Redevelopment in Virginia Beach

John Nelson — Wed, 23 Sep 2026 12:55:27 +0000

VIRGINIA BEACH, VA. — Pembroke Realty Group has provided updates on the $300 million redevelopment of Pembroke Mall, a regional shopping mall in Virginia Beach that dates back to 1966. The project, renamed Pembroke Square, will comprise The Pembroke, a 284-unit luxury apartment community set to break ground in the coming months, and Tempo by Hilton, a 163-room hotel that is underway. Two additional phases are in pre-development, while approximately 26,000 square feet of retail space is expected to come on line through 2028. Existing components at Pembroke Square include Aviva Pembroke, a 153-unit senior living community that opened in December 2024, and existing shops and restaurants including Bath & Body Works, Kohl’s, Latitude Climbing + Fitness, Nordstrom Rack, Old Navy, REI Co-Op, Target, The Fresh Market and Walgreens. Delivery dates for The Pembroke and Tempo by Hilton were not released.

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Richmond Multifamily Market Moves Up Investors’ Target Lists

John Nelson — Mon, 21 Sep 2026 11:53:00 +0000

For years, Richmond occupied an interesting position in the Mid-Atlantic multifamily landscape: large enough to attract institutional capital, but often overshadowed by bigger markets such as Washington, D.C., and Northern Virginia. That is changing. Richmond has moved considerably higher on investors’ target lists over the past several years, initially propelled by the migration patterns that emerged during the pandemic. People flocked to Richmond for its relatively affordable housing and quality of life. While that migration isn’t occurring at COVID-era levels today, those fundamentals remain. Increasingly, investors are recognizing that Richmond offers something particularly valuable in the current environment: attractive yield in a market where pricing has not necessarily caught up with the underlying fundamentals. Fundamentals hold up Richmond’s multifamily market is absorbing a meaningful amount of new supply while continuing to generate rent growth. Effective rents reached $1,658 at midyear, representing 4.1 percent growth, while occupancy stood at approximately 94 percent, according to Pyxis. The market absorbed 2,733 units over the previous 12 months, according to research from CoStar Group. Those numbers are particularly noteworthy given the recent construction cycle. Nearly 7,000 units were completed during the past 12 months. Another 5,736 are expected during the coming year, according to…

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JE Richards Signs 935,000 SF Industrial Lease in Stafford, Virginia

John Nelson — Wed, 16 Sep 2026 14:39:57 +0000

STAFFORD, VA. — JE Richards, an electrical components manufacturer serving the data center industry, has signed a full-building lease at Capitol Logistics 95, a nearly 935,000-square-foot industrial building in Stafford. The property is located at 211 Centreport Parkway near I-95. John Dettleff led the JLL team representing the landlord, Flint Development, in the lease negotiations. Michael DiMeglio and Michael Isen of NAI Michael represented JE Richards, which plans to employ roughly 500 staffers at the facility at full capacity.

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Piedmont Realty Trust Acquires Office Building in Arlington, Virginia for $56.3M

John Nelson — Tue, 15 Sep 2026 13:37:18 +0000

ARLINGTON, VA. — Piedmont Realty Trust Inc. has purchased a 188,014-square-foot office building located at 4075 Wilson Blvd. in Arlington’s Ballston submarket. A partnership between Rithm Capital Corp., GreenBarn Investment Group and FarmViewVentures sold the property for $56.3 million. Jud Ryan, James Cassidy and Grant Marley of Newmark represented the sellers in the transaction. Rithm, GreenBarn and FarmView purchased the office property in September 2024 and invested approximately $6 million in capital improvements, which helped generate more than 90,000 square feet of new leasing activity. Office tenants at 4075 Wilson include Nalej Corp., KnowBe4, Systems Planning & Analysis and OpenText Public Sector. The ground-level retail space is fully leased to Sweetgreen, Grazie Nonna, Van Leeuwen Ice Cream and Pinnacle Bank.

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Nordstrom Rack to Open 30,000 SF Store at Westpark Shopping Center in Metro Richmond

Abby Cox — Fri, 11 Sep 2026 13:12:08 +0000

GLEN ALLEN, VA. — Nordstrom Inc. will open a new 30,000-square-foot Nordstrom Rack store at Westpark Shopping Center, a 179,973-square-foot retail power center located at 9645 Broad St. in Glen Allen, a northern Richmond suburb in Henrico County. The new store will backfill the former Painted Tree Boutiques store at the center. Other tenants at Westpark include Planet Fitness, Chicken Salad Chick, GolfTec, The Tile Shop and Crumbl Cookie. James Ashby IV and Annie O’Connor Brosius of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord, InvenTrust Properties, an Illinois-based real estate investment trust (REIT) that purchased the property in 2015.

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Aggregate Acquires Industrial, Retail Portfolio in Northern Virginia for $58M

John Nelson — Thu, 03 Sep 2026 13:29:58 +0000

FAIRFAX, VA. — Fairfax-based Aggregate Real Estate Investors has purchased an 11-building retail and industrial portfolio in Northern Virginia from Clarke-Hook Corp. for $58 million. The portfolio comprises:

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Newmark Negotiates $26M Sale of Office Tower in Norfolk, Virginia

Abby Cox — Mon, 31 Aug 2026 13:23:07 +0000

NORFOLK, VA. — Newmark has negotiated the $26 million sale of 150 West Main Street, a 233,772-square-foot trophy office tower located in downtown Norfolk’s Waterside District. Kawa Capital Management was the buyer. Mark Williford, Will Bradley and Evan Wells of Newmark represented the seller, Gate Petroleum Co., in the transaction. Constructed in 2002, the 21-story tower’s onsite amenities include 24-hour security service, attached parking, a 2,000-square-foot multi-purpose meeting room, a full-service restaurant and a ground-level bank.

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Bonaventure Begins Construction on $93.3M Apartment Development in Metro Richmond

John Nelson — Thu, 27 Aug 2026 14:42:50 +0000

CHESTER, VA. — Bonaventure has begun construction on Attain at Swift Creek, a $93.3 million multifamily development located at 6805 Greenyard Road in Chester, a southern suburb of Richmond in Chesterfield County. The Alexandria, Va.-based developer obtained a $79.9 million HUD 221(d)(4) construction loan for the project. Walker & Dunlop originated the 40-year, fixed-rate loan on behalf of Bonaventure, which will finance the balance of the development costs via its balance sheet while searching for a long-term equity partner. Situated on a 31-acre site adjacent to a Kroger Marketplace-anchored shopping center, Attain at Swift Creek will feature a mix of one-, two- and three-bedroom apartments averaging 1,058 square feet in size. The project team includes KBS Inc. (general contractor), RBA Architects and Timmons Group (civil engineer). Bonaventure will name a property manager for the community at a later date.

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Cooking Oil Importer Signs 100,002 SF Industrial Lease in Chesapeake, Virginia

John Nelson — Tue, 25 Aug 2026 14:01:09 +0000

CHESAPEAKE, VA. — Ciuti International LLC, a specialty cooking oil importer and packager, has signed a 100,002-square-foot industrial lease at Diamond Hill III, a facility located at 1960 Diamond Hill Road in Chesapeake. Situated about six miles south of the Port of Virginia, the property will house the first Virginia operation for Ciuti. Brett Sain of Cushman & Wakefield | Thalhimer represented the tenant in the lease negotiations. Christine Kaempfe, Ellis Colthorpe and Geoff Poston, also with Thalhimer, represented the undisclosed landlord.

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Richmond Industrial Real Estate: A Market Maturing Into Its Next Phase

John Nelson — Mon, 24 Aug 2026 11:50:00 +0000

Richmond’s industrial real estate market has changed considerably over the past several years. What was once a relatively quiet Mid-Atlantic logistics market became one of the country’s most competitive industrial markets during the pandemic. Record leasing activity, limited availability and rapidly rising rents attracted developers and institutional capital from across the country. Today, the market is more balanced — and, in my opinion, healthier. The fundamentals remain strong, but the days of putting a sign on a warehouse and watching tenants compete for the space are behind us. For owners, developers and investors, success in Richmond’s industrial market now requires a much closer look at location, building functionality, basis and tenant demand. The numbers tell the story. Richmond entered the second half of 2026 with an industrial vacancy rate of approximately 5.5 percent, according to CBRE, while the market posted positive net absorption of 136,000 square feet during the second quarter. Average asking rents reached $8.86 per square foot, up 2.4 percent from the prior quarter. At the same time, the development pipeline has grown to approximately 12.6 million square feet under construction, of which approximately 3.9 million are speculative projects. That amount of new supply deserves attention. Richmond has…

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Finmarc Purchases Twin Office Towers in Northern Virginia for $77.5M

John Nelson — Thu, 20 Aug 2026 13:38:33 +0000

MCLEAN, VA. — Bethesda, Md.-based Finmarc Management Inc. has completed its $77.5 million purchase of Highline at Greensboro, an office campus in Northern Virginia’s Tysons Corner submarket comprising twin 10-story office buildings. The two properties are located at 8401 and 8405 Greensboro Drive in McLean and total approximately 460,000 square feet. The office campus was 70 percent leased at the time of sale to tenants including Mortgage One Solutions, TEGNA, ASC Ortho Management Co., The MIL Corp., Rappaport Management Co. and Body Contour Centers. Cliff Mendelson of Metropolis Capital Advisors arranged an undisclosed amount of acquisition financing for Finmarc. Paul Collins and Kevin Sidney of Cushman & Wakefield represented the seller, Los Angeles-based CIM Group, in the transaction. CIM Group recently completed a $16 million capital improvement program at Highline at Greensboro. Finmarc has tapped Josh Masi and Paige Barger of Cushman & Wakefield to handle the leasing assignment at the office campus.

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