Virginia

L5 Investments, BH Equities Acquire Apartment Community in Richmond for $22.9M

by John Nelson July 5, 2016

RICHMOND, VA. — A partnership between L5 Investments and BH Equities has purchased Aspen Station Apartments, a 232-unit multifamily community located at 1500 Forest Run Drive near I-95 in Richmond, for $22.9 million. Built in 1980, the garden-style property features a swimming pool, clubhouse with a business center, lighted tennis and basketball courts, car wash and vacuum station and picnic areas with grill stations. Each unit features a full-size washer and dryer and a private balcony or patio. L5 Investments and BH Equities plan to invest $2.6 million in capital improvements such as remodeling amenities, upgrading unit interiors and landscaping. BH Management Services, BH Equities’ property management division, will manage Aspen Station. Laura Cathlina of Berkadia Commercial Mortgage arranged acquisition financing on behalf of the new ownership. Wink Ewing of ARA Newmark represented both the buyer and the undisclosed seller in the transaction.

July 5, 2016

Hospitality Southeast Virginia

Carey Watermark Acquires Le Meridien Arlington Hotel in Metro D.C.

by John Nelson June 30, 2016

ARLINGTON, VA. — Carey Watermark Investors 2 Inc., a non-traded hospitality REIT, has purchased the Le Meridien Arlington, a 154-room hotel in Arlington’s Rosslyn submarket. The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units. Le Meridien Arlington’s amenities include 4,800 square feet of indoor meeting space, 4,500 square feet of outdoor meeting space, a bar/lounge, full-service restaurant, fitness center and a business center. Built in 2008, the hotel was converted to Starwood Hotels & Resorts’ Le Méridien brand in 2012. A $3 million soft goods renovation of the guestrooms and meeting spaces is currently underway. The hotel will continue to be managed by HEI Hotels & Resorts.

June 30, 2016

Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $12.5M Sale of Shopping Center in Virginia

by John Nelson June 30, 2016

CULPEPER, VA. — Cushman & Wakefield | Thalhimer has arranged the $12.5 million sale of Centre at Culpeper, a 72,878-square-foot shopping center anchored by Aldi. The property is located at 15131-15193 Montanus Drive. Built in 2006, the center was 79 percent leased at the time of sale to tenants such as Starbucks, Five Guys Burgers & Fries and Rent-A-Center. Eric Robison, Berkley Mitchell and Sharon Schmidt of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.

June 30, 2016

Office Southeast Top Stories Virginia

The Meridian Group Acquires International Place Office Building Near D.C. for $106.5M

by Nellie Day June 27, 2016

ROSSLYN, VA. — The Meridian Group has acquired International Place, a 293,539-square-foot office building in Rosslyn, for $106.5 million. Beacon Capital Partners sold the building, which is located at 1735 N. Lynn St. in an area of Northern Virginia that sits directly across the Potomac River from Georgetown. International Place is across from the Rosslyn Metro station, which contains Blue, Orange and Silver lines and is only one stop away from Washington, D.C. The Pentagon, Reagan National Airport, Tysons and Dulles International Airport are also in close proximity. The LEED-Gold certified building’s amenities include a new ground-floor, 4,376-square-foot fitness center, conference facility and management office. International Place also has “the largest potential for balconies and outdoor space in the Rosslyn-Ballston Corridor,” according to the buyer. The building overlooks the Jefferson Memorial, Memorial Bridge and Potomac River. It also features a centralized location near JBG Cos.’ newly constructed Central Place Development. This project features a 17,000-square-foot public plaza, a 377-unit residential tower and 45,000 square feet of ground-level retail. Bill Collins, Paul Collins, Drew Flood and Shaun Weinberg of Cushman & Wakefield represented the seller in this transaction. — Nellie Day

June 27, 2016

Retail Southeast Virginia

Simon Breaks Ground on Norfolk Premium Outlets

by John Nelson June 8, 2016

NORFOLK, VA. — Simon Property Group has begun construction on Norfolk Premium Outlets, a 332,000-square-foot outlet mall located at I-64 and Northampton Boulevard in Norfolk. Set to open in summer 2017, the property will feature 85 designer and name-brand retailers, as well as a Market Hall with multiple dining options. Simon expects the new outlet mall to create 500 full-time construction jobs and 800 full- and part-time jobs upon completion. Norfolk Premium Outlets will serve the Norfolk, Virginia Beach, Chesapeake and Hampton Roads markets in Virginia.

June 8, 2016

Office Southeast Virginia

Insite Properties to Develop 120,000 SF Office Building, Parking Structure in Charlottesville

by John Nelson June 6, 2016

CHARLOTTESVILLE, VA. — Charlotte-based Insite Properties plans to develop a 120,000-square-foot office building above a 200-space parking garage at 323 Second St. S.E. in historic Charlottesville. Charlotte-based BB+M Architecture designed the nine-story property, which will feature four levels of parking and five levels of office space. The asset will be located within two blocks of the Downtown Mall. Insite Properties has named John Pritzlaff of Cushman & Wakefield the leasing representative for the office building.

June 6, 2016

Retail Southeast Virginia

CBRE | Richmond Brokers $5.9M Sale of Midlothian Station Shopping Center

by John Nelson June 3, 2016

MIDLOTHIAN, VA. — CBRE | Richmond has brokered the $5.9 million sale of Midlothian Station, a 67,246-square-foot shopping center located at 13531-13579 Midlothian Turnpike in Midlothian. The Butz Family purchased the property, which was 91 percent leased at the time of sale to tenants such as YouFit Health Club, Ace Hardware, Taylor’s Do It Center and Coalfield Antiques. Will Bradley of CBRE | Richmond, along with Kris Knepper of CBRE | Hampton Roads, represented the seller in the transaction. Martin Blum and Andrew Ferguson of Colliers International represented the Butz Family.

June 3, 2016

Fiat Chrysler Automobiles Stonewall Industrial Park Winchester

Industrial Southeast Virginia

Equus to Develop 400,400 SF Distribution Facility for Fiat Chrysler in Virginia

by John Nelson June 2, 2016

WINCHESTER, VA. — Equus Capital Partners Ltd. has entered into a build-to-suit lease agreement with Fiat Chrysler Automobiles for the development of a 400,400-square-foot warehouse and distribution facility within Stonewall Industrial Park in Winchester. The facility will create more than 70 new jobs in the region. The industrial park is located along the I-81 Corridor in Frederick County, approximately 75 miles west of Washington, D.C. The property will be a Mid-Atlantic parts distribution center for Fiat Chrysler’s parts, service and customer care organization. Jarred Testa and Michael Walsh of Cushman & Wakefield’s Baltimore office represented Fiat Chrysler in the lease deal. The Class A facility will feature 32-foot clear heights, T5 interior lighting, concrete floors, 50- by 50-foot column spacing and an ESFR sprinkler system. BPG Development Co. LP, Equus’ development operating arm, will oversee development and construction. Equus plans to complete construction by the end of November 2016.

June 2, 2016

Hospitality Loans Southeast Virginia

PMZ Realty Capital Closes $38M Refinancing of Hotel Portfolio in Virginia

by John Nelson June 2, 2016

NEW YORK — New York-based PMZ Realty Capital LLC has closed a $38 million loan to refinance a four-property hotel portfolio in Virginia. The properties include the 136-room Aloft Chesapeake, 148-room Fairfield Inn & Suites by Marriott Williamsburg, 131-room SpringHill Suites by Marriott and the 121-room Residence Inn by Marriott Chesapeake Greenbrier. The undisclosed borrower will use the proceeds to retire existing debt on the four hotels and help recapitalize the company for future development and acquisition opportunities.

June 2, 2016

Retail Southeast Virginia

Car Pool Car Wash in Richmond Sells for $3.6M in Sale-Leaseback Transaction

by John Nelson June 1, 2016

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $3.6 million sale of a Car Pool Car Wash located at 11950 W. Broad St. in Richmond’s Short Pump district. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the undisclosed buyer in the sale-leaseback transaction with the seller and tenant, Car Pool LLC.

June 1, 2016

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