Virginia

Shooshan Co., Brandywine Realty Trust to Build Mixed-Use High-Rise in Metro D.C.

by John Nelson March 17, 2016

BALLSTON, VA. — The Shooshan Co. and Brandywine Realty Trust plan to build a 22-story mixed-use high-rise project for the final portion of their Liberty Center development at 4040 Wilson Blvd. in Ballston, roughly six miles west of Washington, D.C. The first two floors will house retail space (34,000 square feet), the next eight floors will comprise office space (190,000 square feet) and the top 12 floors will feature 245 residential units. Both the office and residential components will have separate roof terraces. VIDA Fitness has signed a letter of intent to occupy 30,000 square feet at the site between the second floor and the B1 level. Shooshan has already built out the five-level, below-grade parking garage at the site that features 550 car spaces. Liberty Center is a 2.3 million-square-foot, eight-property development within walking distance of the Ballston Metro. At full build-out the development is expected to house 5,000 people.

March 17, 2016

Retail Southeast Virginia

L.L.Bean to Open New Store at Lynnhaven Mall in Virginia Beach

by John Nelson March 16, 2016

VIRGINIA BEACH, VA. — Outdoor retailer L.L.Bean has signed a lease with General Growth Properties Inc. (GGP) to open a new store at Lynnhaven Mall in Virginia Beach. The retailer will open its new 16,700-square-foot store in the spring of this year. Existing retailers at the mall include Altar’d States, Vera Bradley, White House | Black Market, Build-A-Bear Workshop, Victoria’s Secret, Jump Trampoline Park and House of Hoops by Foot Locker. Since 2013, GGP has implemented a multi-million dollar renovation of the mall, including a new food court, two-story Main Street-style court, upgraded amenities, new mall entrance and a new retail and dining component that will include valet parking services. GGP plans to complete the renovations by the fall.

March 16, 2016

Retail Southeast Virginia

CBL Sells Majority Interest in Regional Mall in Virginia to Liberty University for $33.5M

by John Nelson March 15, 2016

LYNCHBURG, VA. — CBL & Associates Properties Inc. has sold a 75 percent interest in River Ridge, a 764,243-square-foot regional mall located in Lynchburg, to Liberty University. CBL received net cash proceeds of $33.5 million for the sale of the majority interest. CBL retains a 25 percent ownership in the asset, and is responsible for leasing and management. The mall’s tenant roster includes Macy’s, Chick-fil-A, Planet Fitness, Regal Cinemas, GNC, Spencer Gifts, JC Penney, Victoria’s Secret, Zales and T.J. Maxx.

March 15, 2016

Market Reports Retail Southeast Southeast Market Reports Virginia

Hampton Roads Gains Attention From National Upscale Retailers

by John Nelson March 14, 2016

Millennials are the largest and fastest-growing retail consumer segment in the nation. In Hampton Roads, this demographic represents 30 percent of a total population in excess of 1.7 million people. This tech-savvy and largely transient group spends approximately $3.4 billion on retail and dining every year in the local economy. It is widely acknowledged that Millennials are changing the retail industry. Developers and retailers alike, faced with rapidly changing spending patterns, more than ever must focus on the shopping, living and working trends of these consumers in order to ensure that future developments meet the needs and expectations of this demographic. The well-established, nationwide trend of shoppers migrating to walkable, mixed-use environments has led to the proliferation of multi-faceted, pedestrian-friendly developments that feature specialty retail as an integral part of a live/work/play theme in a more or less urban setting. Hampton Roads is no exception to this movement. This explains the growth of lifestyle centers in Hampton Roads, as well as the successful repositioning of some traditional malls in the region. The combination of these upscale projects and the purchasing power of the large population base has finally caught the attention of many upscale national retailers that heretofore had considered …

March 14, 2016

Seniors Housing Southeast Virginia

Brandywine Starts Construction of Seniors Housing Community in Mixed-Use Development in Alexandria

by John Nelson March 4, 2016

ALEXANDRIA, VA. — Brandywine Senior Living has started construction on the Cameron Park Development in Alexandria, the first of five seniors housing communities the New Jersey-based developer and operator plans to build near Washington, D.C. The community will consist of 116 suites on six stories with ground-floor retail designed to complement the active lifestyle of the surrounding area. The Brandywine residence will be a part of JBG Cos.’ 722,000-square-foot Cameron Park development on Alexandria’s West End. The development also features 66 townhomes to be developed by PulteGroup Inc. and roughly 300 multifamily units.

March 4, 2016

Victory Point 14200 Park Meadow Drive Chantilly

Office Southeast Virginia

Goldstar Group, CrossHarbor Capital to Buy Office Building in Metro D.C. for $16.4M

by John Nelson March 1, 2016

CHANTILLY, VA. — A joint venture between The Goldstar Group and Boston-based CrossHarbor Capital Partners LLC has purchased a three-story, 150,000-square-foot office building located within Westfields Office Park in Chantilly for $16.4 million. The property, known as Victory Point, is located at 14200 Park Meadow Drive and was 82 percent leased at the time of sale to tenants such as Travelers Insurance. The former owner, Carr Properties, recently invested more than $2 million to renovate the common area lobby, upgrade the building’s physical plant and install a fitness and health center. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the sale. Goldstar Group and CrossHarbor Capital were self-represented in the transaction.

March 1, 2016

Retail Southeast Virginia

Stewart Commercial Brokers $7.8M Sale of Rite Aid in Metro D.C.

by John Nelson March 1, 2016

VIENNA, VA. — Stewart Commercial Realty Services LLC has brokered the $7.8 million sale of a 12,200-square-foot retail property in metro Washington, D.C., that is fully leased to Rite Aid. The store is located at 215 Maple Ave. W. in Vienna. Toby’s Vienna LLC purchased the store from David L. Hunter at a 6 percent cap rate. Terrell Marsh of Stewart Commercial represented the seller in the transaction.

March 1, 2016

Hospitality Southeast Top Stories Virginia Western

Hilton to Spin Off Real Estate into 70-Property Hotel REIT

by Nellie Day February 29, 2016

MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …

February 29, 2016

Retail Southeast 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

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