Virginia

Phillips Realty Capital Arranges $90M Loan for Mixed-Use Project in Metro D.C.

by John Nelson December 12, 2016

FALLS CHURCH, VA. — Phillips Realty Capital has arranged a $90 million permanent loan for West Broad Residences, a newly built seven-story mixed-use complex in Falls Church, roughly nine miles west of Washington, D.C. Developed by Rushmark Properties, the property features 285 residential units, a 60,000-square-foot Harris Teeter grocery store, 2,250 square feet of ancillary retail space and an underground parking garage. West Broad’s apartments began leasing in January and the Harris Teeter opened in July. Stephen Shaw Jr., John Sieber Jr. and Emily Beeler of Phillips Realty Capital arranged the financing on behalf of Rushmark Properties.

December 12, 2016

North Carolina Retail Southeast Virginia

Armada Hoffler Acquires Two Retail Properties in Metro Charlotte, Virginia Beach

by John Nelson December 8, 2016

DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.

December 8, 2016

Industrial Southeast Virginia

GID Investment Advisors Sells Windsor Business Park in Richmond for $33.3M

by John Nelson December 6, 2016

RICHMOND, VA. — Boston-based GID Investment Advisors has sold Windsor Business Park, a 341,960-square-foot, six-building industrial park located on a 62-acre tract at 8550-8570 Magellan Parkway in Richmond. Bethesda, Md.-based Fernau LeBlanc and co-investor John B. Levy & Co. Inc. purchased the asset from GID for $33.3 million. John B. Levy & Co. was the debt advisor and placed the majority of the equity through its affiliate Pickwick Capital. Eric Robison, Evan Magrill and Dean Meyer of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Windsor Business Park was 97.5 percent leased at the time of sale to tenants such as Bon Secours Health System, CVS and GPM Investments.

December 6, 2016

Retail Southeast Virginia

S2 Capital Partners Buys Shopping Center in Metro Richmond for $12M

by John Nelson December 5, 2016

CHESTERFIELD, VA. — S2 Capital Partners LLC has purchased Stonebridge Shopping Center, an 8.1-acre retail property located at 7000 Tim Price Way in Chesterfield, a suburb of Richmond. S2 Capital Partners purchased the center from an affiliate of Crosland Southeast, Stonebridge’s original developer, for $12 million. Berkeley Capital Advisors represented the seller in the transaction. Stonebridge was 95 percent leased at the time of sale to tenants such as Firestone, Krispy Kreme, Mattress Firm, Virginia ABC, Subway and Qdoba. The center is shadow-anchored by a 123,600-square-foot Kroger Marketplace and a Kroger Fuel Center. S2 Capital Partners plans to construct an additional 15,600 square feet of multi-tenant retail space on the site’s two pad sites, bringing the total footprint of the shopping center to 67,416 square feet.

December 5, 2016

University Hospital, Charlottesville, Va.

Healthcare Southeast Top Stories Virginia

Skanska USA to Renovate, Expand University Hospital in Virginia for $142M

by Jeff Shaw December 1, 2016

CHARLOTTESVILLE, VA. — Skanska USA, a division of the Sweden-based construction company, has been chosen for a $142 million renovation and expansion of University Hospital, located on the University of Virginia campus in Charlottesville. The main part of the expansion will be a 425,000-square-foot, 15-story tower on a plot adjacent to the current hospital, a helipad that is no longer in use. The expansion includes a new emergency department, surgical suites, a six-story inpatient section and expanded ancillary services. The project also includes 95,000 square feet of renovations to the existing buildings, including new drop-off and entry points for the ambulances. The project will be completed in phases. The tower is scheduled to open in the fourth quarter of 2019, and the renovations are scheduled for completion in the fourth quarter of 2020. The hospital is part of the University of Virginia Health System. International architecture firm Perkins+Will designed the project. — Jeff Shaw

December 1, 2016

Southeast Virginia

Carter Validus Mission Critical REIT II Buys Two Data Centers in Metro D.C. for $85M

by John Nelson November 29, 2016

MCLEAN, VA. — Carter Validus Mission Critical REIT II Inc., a Tampa-based REIT focused on owning data centers and healthcare properties, has purchased two data centers in McLean, a city in Northern Virginia roughly 10 miles outside of Washington, D.C. The REIT purchased the facilities from an undisclosed seller for $85 million. The acquisition includes a two-story, 65,794-square-foot colocation data center that was 94.9 percent leased at the time of sale. The asset’s major tenant is an undisclosed global telecommunications company. The other property is a three-story, 62,002-square-foot colocation data center that was fully leased at the time of sale. The facility’s major tenant is PAETEC Communications LLC, a Windstream company.

November 29, 2016

Hospitality Southeast Virginia

Donohoe/CORFAC Arranges $7.3M Sale of Holiday Inn Valley View in Roanoke

by John Nelson November 28, 2016

ROANOKE, VA. — Donohoe Real Estate Services/CORFAC International has arranged the $7.3 million sale of Holiday Inn Valley View, a 153-room hotel in Roanoke. Originally built in the 1980s as a Sheraton, the hotel is situated on 10 acres near the Roanoke-Blacksburg Regional Airport. The buyer, Roanoke Airport Hotel Partners LLC, plans to make renovations and brand updates to the hotel, which will continue to operate as a Holiday Inn. Bill Moyer and Charlotte Seale of Donohoe Real Estate Services/CORFAC International represented the seller, and Seale procured the buyer. Donohoe Real Estate Services/CORFAC International is a member of Hotels Brokers International.

November 28, 2016

Office Southeast Virginia

BH Properties Sells Office Building in Metro Richmond for $8.3M

by John Nelson November 21, 2016

GLEN ALLEN, VA. — BH Properties has sold the Owens & Minor office building to Real Estate Value Advisors for $8.3 million. The 62,941-square-foot property is located at 4800 Cox Road in Glen Allen, a suburb of Richmond. The building was 98 percent leased at the time of sale to three tenants: The Winebow Group, Covington Travel and Free Agents Marketing. Eric Robison, Mark Douglas and Mac Wilson of Cushman & Wakefield | Thalhimer brokered the transaction.

November 21, 2016

Retail Southeast Virginia

Lidl Purchases Third Land Site in Fredericksburg for New Grocery Store

by John Nelson November 18, 2016

FREDERICKSBURG, VA. — Lidl, a German grocery retailer that has been expanding recently in Virginia, has purchased 6.3 acres of land on Warrenton Road in Fredericksburg for $2.6 million. Lidl plans to develop a new grocery store at the site, which is situated near the Stafford Lakes Super Walmart. The site is the third parcel that the grocer has purchased in the greater Fredericksburg area and roughly the 20th in the state. The other two Fredericksburg stores are underway at 5455 Plank Road and 10110 Southpoint Parkway. Brian Cunningham of Coldwell Banker Commercial Elite represented the former land owner in the sale, and the firm’s Jonathan Gardner assisted Lidl in the site selection process and negotiating the transaction. Lidl is also underway on its $125 million, 1 million-square-foot distribution facility at 6120 Smith Station Road, which is expected to create 200 local jobs.

November 18, 2016

Loans Seniors Housing Southeast Virginia

CBRE Arranges $7.4M Acquisition Loan for Seniors Housing Community in Virginia

by John Nelson November 18, 2016

WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.

November 18, 2016

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