Virginia

Sterling Organization Acquires Shopping Center in Metro D.C. for $42.5M

by John Nelson February 15, 2016

MANASSAS, VA. — Sterling Organization has purchased Westgate Shopping Center, a grocery-anchored shopping center located in the Washington, D.C., suburb of Manassas, for $42.5 million. The 171,909-square-foot property is located at the southeast corner of Sudley Road and Lomond Drive, roughly 25 miles west of downtown Washington, D.C. Westgate was 99 percent leased at the time of the sale to tenants such as Giant, CVS/pharmacy, Barnes & Noble, Total Wine, Pier 1 Imports, Panera Bread, Virginia ABC, Baja Fresh and Sleepy’s. Sterling purchased the shopping center through its institutional stabilized fund Sterling United Properties I LP from a subsidiary of Katz Properties.

February 15, 2016

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $42M Sale of Office Tower in Richmond

by John Nelson February 15, 2016

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of Bank of America Center, a 24-story, 513,479-square-foot office tower located at 1111 E. Main St. in downtown Richmond. The sales price and buyer weren’t disclosed, but some media outlets report the sales price was $42 million and the buyer was an undisclosed private investment group made up of principals from Washington, D.C., and New York City. Eric Robinson of Cushman & Wakefield | Thalhimer represented the seller, an institutional investor represented by Cornerstone Real Estate Advisers, in the transaction. The property was 71 percent leased at the time of the sale to tenants such as the Commonwealth of Virginia, Bank of America, Sands Anderson PC, McCandlish Holton and DurretteCrump Law Firm.

February 15, 2016

Office Southeast Virginia

Cushman & Wakefield Brokers $92.5M Sale of Trophy Office Building in Northern Virginia

by John Nelson February 12, 2016

TYSONS CORNER, VA. — Cushman & Wakefield has arranged the $92.5 million sale of Tysons Overlook, a 157,021-square-foot trophy office building in Tysons Corner, a northern Virginia suburb of Washington, D.C. The Pentagon Federal Credit Union purchased the asset from Logistics Management Institute. Built in 2014 within a mile from the new Tysons Corner Metro Station, the office building features a 3,500-square-foot fitness center, business lounge, on-site café and a furnished event terrace. Bill Collins, Paul Collins, Paul Darr, Dale Powell, James Cassidy, Jud Ryan and Drew Flood of Cushman & Wakefield represented the seller in the transaction.

February 12, 2016

Georgia Industrial Southeast Virginia

CenterPoint Properties Buys Industrial Portfolio in Georgia, Virginia

by John Nelson February 12, 2016

SAVANNAH, GA. AND SUFFOLK, VA. — CenterPoint Properties has acquired a 1.1 million-square-foot, three-building industrial portfolio in Savannah and Suffolk. The rail-served portfolio spans 94.4 acres and is situated in close proximity to ports. The two properties in Savannah feature 32-foot clear heights and were fully leased at the time of sale. The properties are located within four miles of the Port of Savannah and feature dual rail service. The Suffolk property is situated near the Port of Virginia and features 32-foot clear heights and trailer storage. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, McDonald Development, in the transaction. This acquisition brings CenterPoint’s East Coast portfolio to 9.4 Million square feet across 65 buildings.

February 12, 2016

Mixed-Use Southeast Virginia

U.S. Navy Awards Hourigan-Sundt JV $36M Contract to Construct Facility in Virginia Beach

by John Nelson February 4, 2016

VIRGINIA BEACH, VA. — The U.S. Naval Facilities Engineering Command in Norfolk has awarded Hourigan-Sundt a $36 million contract to design, construct and renovate an Explosive Ordnance Disposal Consolidated Operations Complex in Virginia Beach. The 150,000 project will be situated within the Joint Expeditionary Base Little Creek-Fort Story. The facility will provide space for operations, logistics, storage and administrative support services. Hourigan-Sundt, a joint venture between Hourigan Construction and Sundt Construction Inc., expects to break ground on the project in mid-2016. Completion is slated for October 2018. Sundt has five other construction projects with the Navy, including the Camp Johnson Bachelor Enlisted Quarters at Camp Lejeune, N.C.

February 4, 2016

Retail Southeast Virginia

Publix Announces Entry into Virginia with Two New Leases

by John Nelson February 3, 2016

BRISTOL AND GLEN ALLEN, VA. — Publix Super Markets Inc. has signed two leases for stores in Virginia, which will be the first two stores in the state for the Lakeland, Fla.-based grocer. Publix has leased 54,000 square feet of space at the northeast corner of Lee Highway and Clear Creek Road in Bristol and 49,000 square feet at the northeast corner of Nuckols and Twin Hickory roads in Glen Allen. Grand opening dates for both locations have yet to be determined, but the Bristol store is tentatively planned to open in the fourth quarter of 2017, and the Glen Allen store will follow in 2018. David Crawford and Kevin South of CBRE|Richmond assisted Publix with market analysis, site selection and leasing for the Glen Allen location. Virginia will mark Publix’s seventh state of operation, and the company is looking ahead to aggressive growth within the state and in its current operating areas of Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.

February 3, 2016

Multifamily Southeast Virginia

Starwood Capital, Milestone Close $1.9B Acquisition of Landmark Apartment Trust

by John Nelson January 28, 2016

RICHMOND, VA. — In a previously announced transaction, Monument Partners LLC, an entity owned by Starwood Capital Group and Milestone Apartments Real Estate Investment Trust, has closed the $1.9 billion acquisition of Richmond-based Landmark Apartment Trust Inc. Landmark is a multifamily REIT with assets located in metropolitan areas throughout the Southern U.S., including Dallas, Atlanta, Orland, Tampa, Charlotte and Nashville. Landmark owns or has an ownership position in approximately 24,000 apartment units and provides management services for an additional 883 units owned by affiliates. Under the terms of the deal, Starwood Global Opportunity Fund X, through a controlled affiliate, will acquire Landmark Apartment Trust’s ownership interest in 19,615 units in 63 apartment communities. Milestone — which will acquire 4,172 units in 15 assets as part of the transaction — will serve as property manager for Starwood’s portion of the portfolio.

January 28, 2016

Multifamily Southeast Virginia

Coldwell Banker Arranges $3.8M Sale of Multifamily Site in Virginia

by John Nelson January 28, 2016

FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $3.8 million sale of an 11-acre multifamily site in Fredericksburg. The parcel is located off Noble Way close to the Wegmans at Celebrate Virginia and the 2.2 million-square-foot Central Park Power Center. The buyer, Hampton at Noble LP, a division of S.L. Nusbaum Realty Co., plans to develop a 128-unit luxury apartment community at the site. The property, known as Valor, will feature one-, two- and three-bedroom units with granite countertops and other high-end finishes. Community amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor grilling area. Hampton at Noble plans to deliver the clubhouse in the fourth quarter and deliver Valor’s first units in the first quarter of 2017. Brian Cunningham of Coldwell Banker Commercial Elite brokered the transaction.

January 28, 2016

Multifamily Southeast Virginia

Capital Square 1031 Buys Apartment Community in Richmond

by John Nelson January 27, 2016

RICHMOND, VA. — Capital Square 1031 has purchased Perry Place Apartments, a 70-unit historic loft-style apartment community located in Richmond. Perry Place is a two-story property located at 815 Perry St. within Richmond’s Manchester Arts District. Units at Perry Place range from studios to three-bedroom apartments with views of the James River and downtown skyline. Community amenities include 24-hour controlled access, an outdoor swimming pool, community roof deck area, fitness center and on-site parking. Originally constructed in 1912 and recently renovated, Perry Place was fully occupied at the time of sale.

January 27, 2016

Maryland Retail Southeast Virginia

Retail Properties of America Buys Two Shopping Centers in Mid-Atlantic for $72.7M

by John Nelson January 25, 2016

FALLS CHURCH, VA. AND HAGERSTOWN, MD. — Retail Properties of America Inc. (RPAI) has acquired a two-property portfolio of shopping centers in the Baltimore-Washington, D.C. corridor for a combined purchase price of $72.7 million. The Oak Brook, Ill.-based shopping center REIT purchased the 138,000-square-foot Merrifield Town Center II in Falls Church for $45.7 million and the 113,000-square-foot Shoppes at Hagerstown in Hagerstown for $27 million. RPAI owns both Merrifield Town Center I and II and plans to redevelop Merrifield II into a mixed-use project that will complement Merrifield I. Shoppes at Hagerstown was 93 percent leased at the time of sale to tenants such as Best Buy, Party City, Dollar Tree, Five Below and Starbucks Coffee.

January 25, 2016

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