Virginia

Apple Hospitality REIT Agrees to Acquire Apple REIT Ten for $1.3 Billion

by Christina Cannon April 15, 2016

RICHMOND, VA. — Apple Hospitality REIT Inc. (NYSE: APLE) has agreed to acquire Apple REIT Ten Inc. for $1.3 billion. The merger will create one of the largest select-service hospitality REITs in the industry with a combined 234 hotels and 30,017 rooms. The hotels are located in 94 MSAs across 33 states. The company, which will retain the Apple Hospitality REIT name and ticker symbol, will have an enterprise value of approximately $5.7 billion, according to the companies. Apple Ten, a non-traded REIT, was built and is managed by the same team that currently manages the publicly traded Apple Hospitality REIT. The $1.3 billion transaction value is comprised of $94 million in cash, roughly 49.1 million Apple Hospitality common shares issued to Apple Ten shareholders, and the assumption of approximately $239 million in debt. The merger agreement provides Apple Ten with a 45-day window to solicit alternative proposals from third parties. The termination fee for Apple Ten is $5 million if the company decides to pull out of the agreement within the 45-day window. Following that grace period, Apple Ten will have to pay $25 million to negate the merger with Apple Hospitality. The grace period ends on May 28. …

April 15, 2016

Valley View Dick’s Sporting Goods Roanoke

Retail Southeast Virginia

H&R Retail Brokers Sale of 81,789 SF Shopping Center in Roanoke

by John Nelson April 14, 2016

ROANOKE, VA. — H&R Retail has arranged the sale of Valley View, an 81,789-square-foot shopping center located at 1123 Valley View Blvd. in Roanoke, for an undisclosed price. The center was fully leased at the time of sale to tenants including hhgregg and Dick’s Sporting Goods. Michael Gorsage and Kate Howarth of H&R Retail represented the seller, Valley View SC LLC, in the transaction. David Andrews of The Shopping Center Group represented the buyer, Southeast Holdings LLC.

April 14, 2016

2nd & Charles Tuckernuck Square 9004 W. Broad Street Richmond

Retail Southeast Virginia

CBRE | Richmond Arranges 36,125 SF Lease for 2nd & Charles

by John Nelson April 14, 2016

RICHMOND, VA. — CBRE | Richmond has arranged a 36,125-square-foot lease for a new 2nd & Charles store in Richmond. The new and used goods retailer will replace a former Babies “R” Us store at the Tuckernuck Square shopping center located at 9004 W. Broad St. 2nd & Charles specializes in trading used books, audio books, CDs, DVDs, video game systems, vinyl records and accessories. Brand new merchandise is also available for purchase along with musical instruments and autographed books. According to CBRE | Richmond, each 2nd & Charles store typically has more than 500,000 items and three miles of shelf space. The new store will be the retailer’s second location in the greater Richmond area and third in Virginia. Rob Black, Robby Brownfield and Chris Doyle of CBRE | Richmond represented 2nd & Charles in the transaction.

April 14, 2016

Fifth Street Place Apartments Charlottesville

Multifamily Southeast Virginia

Dominion Realty Partners to Develop Apartment Community in Charlottesville

by John Nelson April 7, 2016

CHARLOTTESVILLE, VA. — Dominion Realty Partners plans to develop Fifth Street Place Apartments, a 200-unit, Class A community located at the intersection of I-64 and 5th Street in Charlottesville. The property will be situated adjacent to Red Light Management’s new 465,000-square-foot retail center that will be anchored by Wegmans. Community amenities will include an upscale clubroom with Wi-Fi access, fitness center, coffee bar, business center and a large swimming pool. This is Dominion Realty’s first development in Charlottesville. Citizens Bank of Charlotte provided construction financing for the project. The design team, which includes architect Rule Joy Trammell & Rubio and general contractor VCC, plans to deliver Fifth Street Place in spring 2017.

April 7, 2016

Office Southeast Virginia

Gramercy Property Trust Sells Northern Virginia Office Campus for $145.5M

by John Nelson April 1, 2016

STERLING, VA. — Gramercy Property Trust, an office and industrial REIT, has closed on the $145.5 million sale of Pacific Corporate Park, a four-building office campus in Sterling. The New York-based REIT’s disposition strategy has led to the firm selling approximately $646.3 million of single- and multi-tenant office assets since the plan was announced in 2015. In December 2015, Gramercy finalized its merger with Chambers Street Properties, creating an office and industrial REIT with an enterprise value of $6 billion.

April 1, 2016

Alabama Retail Southeast Virginia

PREIT Sells Three Non-Core Malls in Alabama, Virginia for $66M

by John Nelson March 31, 2016

PHILADELPHIA — Philadelphia-based PREIT has sold three non-core malls in Alabama and Virginia for $66 million. The malls include Gadsden Mall in Gadsden, Ala.; Wiregrass Commons Mall in Dothan, Ala.; and New River Valley Mall in Christianburg, Va. All three malls are anchored Belk and JC Penney. As part of its disposition strategy, PREIT has sold 13 non-core malls since November 2012, as well as a few retail power centers and land parcels, for roughly $600 million in gross proceeds. Average gross rents for the 13 malls sold were $28.82 per square foot, nearly 50 percent lower than PREIT’s portfolio average of $54.56 per square foot, excluding non-core malls. Average non-anchor occupancy for the 13 malls at the time of sale was 82.1 percent, which compares to a portfolio average of 92.9 percent at the end of 2015, excluding non-core malls.

March 31, 2016

Retail Southeast Virginia

JCR Cos. Purchases Shopping Center in Metro D.C. for $22.6M

by John Nelson March 25, 2016

MANASSAS, VA. — The JCR Cos. has acquired Signal Hill Shopping Center, a 105,781-square-foot, grocery-anchored shopping center in Manassas, for $22.6 million. JCR Cos. purchased the property from Regency Centers in an off-market transaction. Sandy Spring Bank provided acquisition financing. Signal Hill’s tenant roster includes Shoppers Food Warehouse, GameStop, Glory Days Grill, Panera Bread, and Chick-fil-A. JCR Cos. has sold the Chick-fil-A pad to an undisclosed buyer for $2.3 million in another off-market transaction. Signal Hill is the seventh shopping center acquisition for JCR Cos. since 2012 and its 20th transaction since the firm was founded in 2009.

March 25, 2016

Multifamily Southeast Virginia

Passco Cos. Acquires The Shelby in Metro D.C. for $69.5M

by John Nelson March 18, 2016

ALEXANDRIA, VA. — Passco Cos. LLC has purchased The Shelby, a 240-unit, Class A apartment community located at 6200 N. Kings Highway in Alexandria, for $69.5 million. Built in 2014, the property features 100 pieces of original art from more than 40 locally commissioned artists. A little more than 57 percent of The Shelby’s current residents are under the age of 30, according to Passco Cos. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco. Ryan Ogden of ARA Newmark represented both Passco and the seller, Insight Properties.

March 18, 2016

Mixed-Use Southeast 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

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