Virginia

Washington REIT Closes $244.8M Purchase of Riverside Apartments in Alexandria

by John Nelson May 31, 2016

ALEXANDRIA, VA. — Washington REIT has closed the previously announced $244.8 million acquisition of Riverside Apartments, a 1,222-unit multifamily property in Alexandria. The property was 98 percent occupied at the time of sale. Comprising three 15-story concrete buildings on approximately 28 acres, Riverside Apartments features a clubhouse with a leasing center and management office, two-story fitness center, exercise studio, social room, outdoor pool with lap pool and an outdoor theater. Washington REIT owns a portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, as well as land held for development. The 55 properties consist of 25 office properties, 16 retail centers and 14 multifamily properties.

May 31, 2016

Industrial Southeast Virginia

St. John Properties Breaks Ground on Two Spec Industrial Buildings in Virginia

by John Nelson May 27, 2016

ASHBURN, VA. — St. John Properties Inc. has begun construction on two speculative industrial facilities totaling 90,000 square feet in Ashburn. Designed to LEED Gold standards, the brick and glass buildings will feature frontage on Loudoun County Parkway and 18-foot clear heights. The properties represent the first phase of development for Ashburn Crossing, an 81-acre mixed-use development situated five miles south of Washington-Dulles International Airport. On full build-out, Ashburn Crossing will span more than 1 million square feet.

May 27, 2016

Mixed-Use Southeast Virginia

Armada Hoffler to Develop $32M Mixed-Use Project in Town Center of Virginia Beach

by John Nelson May 20, 2016

VIRGINA BEACH, VA. — Armada Hoffler Properties Inc. plans to develop a $32 million mixed-use project within the 17-block Town Center of Virginia Beach. The project is part of an ongoing public-private partnership with Armada Hoffler and the city of Virginia Beach. The development will include 33,000 square feet of street-level retail space, 5,000 square feet of restaurant space and 120 luxury apartment homes. In addition, Zeiders American Dream Theater will invest roughly $8 million in a 17,000-square-foot performing arts theater, and the city of Virginia Beach will invest roughly $3 million in public infrastructure including an open-air public plaza on the second level and a pedestrian bridge connecting the development to an adjacent parking garage. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the project. Armada Hoffler expects to break ground in the second half of the year.

May 20, 2016

Towne Place at Greenbrier Hampton Roads Chesapeake

Retail Southeast Virginia

Lingerfelt CommonWealth Buys Retail Center in Hampton Roads for $15.5M

by John Nelson May 19, 2016

CHESAPEAKE, VA. — Lingerfelt CommonWealth Realty Partners LLC has purchased Towne Place at Greenbrier, a 76,827-square-foot lifestyle retail center located in Chesapeake, a city within the Hampton Roads region. Built in 2007, the property was 94.7 percent leased at the time of sale to tenants such as Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill and Surf Rider Restaurant. Commonwealth Commercial Partners, Lingerfelt’s property management affiliate, will handle property management of the retail center, and S.L. Nusbaum will handle leasing and marketing.

May 19, 2016

Mixed-Use Multifamily Retail Southeast Top Stories Virginia

Regency Centers, AvalonBay Acquire Market Common Clarendon Mixed-Use Property in Arlington for $406M

by Katie Sloan May 17, 2016

ARLINGTON, VA. — A joint venture between Regency Centers Corp. (NYSE: REG) and AvalonBay Communities Inc. (NYSE: AVB) has acquired Market Common Clarendon, a mixed-use development located in Arlington, for $406 million. The project, located approximately five miles from Washington, D.C., consists of 300 Class A apartments and 300,000 square feet of retail space anchored by Whole Foods Market, Apple, Crate & Barrel, The Container Store, Pottery Barn and Williams-Sonoma. The asset also features an adjacent vacant building for future development. Arlington County records show that TIAA-CREF bought the properties for a little more than $166 million in 2002, according to the Washington Business Journal. AvalonBay will acquire all of the residential components, while Regency will acquire the retail and all remaining components. To reach the $406 million purchase price, AvalonBay contributed $120.3 million and Regency contributed $285.7 million. “Market Common Clarendon is a seasoned and cycle-tested 10-acre urban shopping center,” says Barry Argalas, senior vice president of national transactions for Regency Centers. “The combination of a dense, affluent and highly educated customer base, along with the convenient access to the Clarendon metro station, all contribute to the success of the retailers.” Regency Centers’ stock price closed at $78.27 per share …

May 17, 2016

Healthcare Southeast Virginia

Gyrodyne Sells Fairfax Medical Center to JAG Associates for $14M

by John Nelson May 10, 2016

FAIRFAX, VA. — Gyrodyne LLC has sold Fairfax Medical Center, a two-building, 57,621-square-foot medical office complex in Fairfax. JAG Associates LLC purchased the property for $14 million. Gyrodyne’s predecessor, Gyrodyne Co. of America Inc., purchased the property in 2009 for $12.9 million.

May 10, 2016

Fredericksburg Jefferson Building 150 Riverside Parkway

Loans Office Southeast Virginia

NorthPoint Capital Funding Arranges $8.3M Loan for Office Building in Virginia

by John Nelson May 6, 2016

FREDERICKSBURG, VA. — NorthPoint Capital Funding Inc. has arranged an $8.3 million loan to refinance The Jefferson Building, a 73,000-square-foot office building in Fredericksburg. Built in 2005, the three-story property is located at 150 Riverside Parkway and was 90 percent leased at the time of financing. Mark Perkowski of NorthPoint Capital Funding arranged the long-term, fixed-rate loan with a 25-year amortization schedule through Kansas City Life Insurance Co. According to NorthPoint Capital Funding, the loan represents 72 percent of The Jefferson Building’s value.

May 6, 2016

Retail Southeast Virginia

Armada Hoffler Acquires 220,000 SF Retail Center in Metro Richmond

by John Nelson May 4, 2016

COLONIAL HEIGHTS, VA. — Armada Hoffler Properties Inc. has closed on the acquisition of Southgate Square, a 220,000-square-foot retail center located in Colonial Heights, roughly 23 miles south of Richmond. The center was fully leased at the time of sale to tenants such as Burlington Coat Factory, Michaels, Staples, PetSmart, Sleepy’s and Jo-Ann Fabric and Craft Stores. Southgate Square is located in close proximity to Southpark Mall, a Walmart Supercenter and Dimmock Square, a 100,000-square-foot retail center that Armada Hoffler purchased in 2014. The Virginia Beach, Va.-based REIT purchased Southgate Square in exchange for approximately $21.1 million of debt and the issuance of roughly 1.6 million units of limited partnership interest in Armada Hoffler’s operating partnership.

May 4, 2016

Loans Office Southeast Virginia

NXT Capital Provides $22.3M Loan for 184,000 SF Office Building in Metro D.C.

by John Nelson May 4, 2016

HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.

May 4, 2016

Healthcare Southeast Virginia

Marcus & Millichap Brokers $5.4M Sale of Medical Office Building in Metro Richmond

by John Nelson May 3, 2016

MIDLOTHIAN, VA. — Marcus & Millichap has arranged the $5.4 million sale of Tower Medical, a 20,028-square-foot medical office building located at 13520-13540 Hull St. in the Midlothian suburb of Richmond. Tower Medical’s tenants include Bon Secours Health Systems and Sheltering Arms Hospital. Chandler Pace of Marcus & Millichap led the team in representing the seller, the original developer that built the asset in 2005, and securing the buyer, a 1031 investor based in Washington, D.C. The Marcus & Millichap team included Robert Filley, Christopher Chadwick, Dawson Rinder, Josh Feldman and Ian Ruel.

May 3, 2016

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