RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shopping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safeway-anchored property for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village’s tenant roster includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.
WOODBRIDGE, VA. — Federal Capital Partners (FCP) has purchased Windsor at Potomac Vista, a three-story, garden-style apartment community located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from an undisclosed seller for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Potomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two playgrounds. Apartment interiors feature full-size washers and dryers, laminate hardwood floors, new cabinets and countertops, walk-in closets and breakfast bars. Walter Coker and Brian Crivella of HFF represented the seller in the transaction.
VIRGINIA BEACH, VA. — Greystone has provided a $33.3 million construction loan for The Choices at Holland Windsor, a 252-unit apartment community in Virginia Beach. The property will comprise seven buildings located at the intersection of Holland Road and Windsor Oaks. Donny Rosenberg of Greystone arranged the HUD 221(d)(4) loan, the company’s first new construction transaction to utilize HUD’s 2016 MAP Guide standards for a lower mortgage insurance premium (MIP) threshold based on green and energy efficiency multifamily housing requirements. The design also satisfies EarthCraft Multifamily Certification, a green standard recognized by HUD. The Choices will feature Energy Star appliances, interior and exterior LED lighting and construction materials made from recycled products.
VIRGINIA BEACH, VA. — New York Life Real Estate Investors has provided a $57 million loan for Encore Apartments and the 4525 Main Street office building located within the Town Center development in Virginia Beach. The mixed-use property includes 286 apartments units, 212,000 square feet of office space and 26,000 square feet of ground-level retail space. Geoff McVeigh of Berkadia arranged the five-year, fixed-rate loan on behalf of the borrower, Armada Hoffler Properties, a publicly traded REIT and the developer of Town Center.
CHARLOTTESVILLE, VA. — SunTrust Bank has provided a $25.8 million construction loan to Carr City Centers for the development of a new hotel located at 1106 W. Main St. in downtown Charlottesville. The new 150-room, boutique hotel is set to be part of the Marriott Autograph Collection. The property will be located next to the University of Virginia’s main campus and adjacent to the University Medical Center. The hotel will feature an upscale restaurant, fitness center, business center and 3,000 square feet of meeting space. The general contractor, Donohoe Construction Co., plans to break ground in the third quarter with a scheduled opening in the fourth quarter of 2017. Donohoe Hospitality Services will manage the hotel’s day-to-day operations on behalf of the ownership, a joint venture between Carr City Centers and Donohoe.
CHANTILLY, VA. — 22 Capital Partners has announced plans to build the $500 million Gramercy District, a “smart city” mixed-use project in Chantilly, just outside of Washington, D.C. The 2.5-million-square-foot development will include apartments, retail, hotels, offices, outdoor plazas and public spaces. Phase I of Gramercy District will include a 268-unit apartment building, 25,800 square feet of ground-floor retail space and 25,000 square feet of open plaza space for pop-up retail stores. The project will eventually include a 250-room hotel and two office buildings. Trinity Group Construction and the Tishman Construction unit of AECOM will build the project, which DVA Architects will design. Greystar will provide pre-construction consulting and property management services. The four firms join existing development partners, including Bowman Consulting Group, McGuire Woods, Benton Potter & Murdock, Microsoft, the Center for Innovative Technology and the George Washington University. This announcement follows the formation of 22 CityLink, a technology company developing the “smart city” platform that will be used for the development of Gramercy District. — Nellie Day
ARLINGTON, VA. — Aareal Capital Corp. has provided the $97 million refinancing of Sequoia Plaza, a three-building, Class A office complex totaling 369,215 square feet in Arlington. Located at 2100, 2110 and 2120 Washington Blvd., the asset is situated on a 5.8-acre site directly across the Potomac River from Washington, D.C. The property was 83 percent leased at the time of financing to tenants such as Arlington County, which leases more than 75 percent of the space and operates its School Board and Department of Human Services branches from the property. Cary Abod and Robert Carey of HFF arranged the three-year, floating-rate loan through Aareal Capital on behalf of the borrower, Foulger Pratt.
JACKSON, MISS. — Newk’s Eatery, a fast-casual restaurant chain based in Jackson, has signed a 10-unit development agreement in Virginia with Red Alpha Holding LLC, a long-time Five Guys Burgers & Fries multi-unit operator. The northern Virginia-based operator will open 10 locations in Fairfax and Arlington counties over the next six years. Red Alpha will open the first location next year, marking the chain’s entry into Virginia. Now in its 12th year of business, Newk’s Eatery serves made-from-scratch sandwiches, salads, soups and pizzas. Red Alpha Holding is the third multi-unit franchisee to sign with Newk’s Eatery in 2016. Combined, the new franchisees will open more than 30 new restaurants in the next four years, consistent with the company’s goal to reach 200 units by 2019.
PRINCE GEORGE, VA. — The Hollingsworth Cos. has designed and constructed the 190,462-square-foot expansion of a manufacturing facility within SouthPoint Business Park in Prince George. Hollingsworth completed the expansion of the aluminum remelt facility occupied by Service Center Metals (SCM). In addition to the expansion, SCM will invest in additional equipment at the facility and expand the current workforce by 35 employees.
WOODBRIDGE, VA. — Marcus & Millichap has arranged the $8.9 million sale of Woodbridge Square, a 42,881-square-foot shopping center located on 5.1 acres at 13179-13291 Occoquan Road in Woodbridge, roughly 20 miles outside of Washington, D.C. Built in 1990, the property was fully leased at the time of sale to 17 tenants including Dollar General, La Despensa, Top Nails and Teresa Jewelry. Dean Zang of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor based in Washington state. Zang and Marcus & Millichap’s TZD Retail team secured the buyer, a private limited liability company completing a 1031 exchange. Infinity Realty represented the buyer in the transaction. Bryn Merrey of Marcus & Millichap’s Mid-Atlantic offices was the broker of record for the transaction.
