BETHESDA, MD. — Walker & Dunlop Inc. has closed a portfolio of acquisition loans totaling $401.9 million for three multifamily properties in northern Virginia’s Fairfax County. The assets total 2,175 units and include the Avant in Annandale, Amberleigh Apartments in Fairfax and The Edgemoore in Alexandria. The apartments include one-, two-, and three-bedroom apartments with community amenities including playgrounds, swimming pools, business centers, tennis courts, nature trails and dog parks. Brendan Coleman and David Redmond of Walker & Dunlop led the team that closed the loans on behalf of the borrowers, Redbrick LMD and David Werner Real Estate Investments. The loans were brokered to Walker & Dunlop through Meridian Capital Group and Eastdil Secured.
ASHBURN, VA. — Security Properties has purchased the 168-unit Grove at Flynn’s Crossing, an apartment community located at 21892 Blossom Hill Terrace in Ashburn, for $31 million. The acquisition marks Security Properties’ first acquisition in the northern Virginia/Washington, D.C. area. Built in 1999, the property contains a mix of one-, two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, pool and playground. The Grove at Flynn’s Crossing consists of affordable apartments for individuals and families earning up to 60 percent of area median income. Jeff Kunitz and Brandon Grisham of Marcus & Millichap represented the undisclosed seller in the transaction. Tim Leonhard of Oak Grove Capital arranged acquisition financing through Fannie Mae on behalf of Security Properties.
TYSONS, VA. — Lerner Enterprises has signed Capital One Financial Corp. to a 136,000-square-foot office lease in Tysons, roughly 14 miles outside of Washington, D.C. Capital One will occupy six full floors at The Corporate Office Centre at Tysons II, an 18-story Class A office tower located at 1750 Tysons Blvd. Capital One anticipates moving into its new offices in late 2015. Brian Tucker, Moe Hamilton and John Dragelin of Cushman & Wakefield’s Virginia office represented Lerner Enterprises in the lease transaction. Jeffrey Roman and John DiCamillo of CBRE represented Capital One.
HAMPTON, VA. — Huntington Ingalls Industries, a publicly traded shipbuilding company, has leased 515,486 square feet of warehouse space in West Park, a business park located at 300 and 500 W. Park Lane in Hampton. Worth Remick, Ashton Williamson and Chamie Burroughs of CBRE|Hampton Roads represented the owner, Boston-based High Street Equity, in the transaction. Clay Culbreth of Cushman & Wakefield | Thalhimer represented the tenant.
ARLINGTON, VA. — PCCP LLC has provided a $34.6 million senior loan to refinance a nine-story, 114,766-square-foot office building in Arlington. The asset is located in the Courthouse submarket of Arlington’s Rosslyn-Ballston Corridor. The borrower, Washington, D.C.-based Penzance, will use the loan to refinance maturing debt on the asset, as well as finance tenant improvements, leasing efforts and renovations. Built in 1987, the office building is currently occupied by 14 tenants, 11 of which use the office building as their corporate headquarters.
SPRINGFIELD, VA. — Vornado Realty Trust has completed the previously announced $465 million sale of the redeveloped Springfield Town Center in Springfield to Pennsylvania Real Estate Investment Trust (PREIT). The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The sales price comprises $340 million in cash and 6.25 million operating partnership units of PREIT, granted at $20 per unit. Vornado’s 8.07 percent ownership interest in PREIT will be accounted for under the equity method. Vornado has treated the $19 million of tenant improvements and allowances as a closing adjustment.
RESTON, VA. — Mesa West Capital has provided a $27 million loan for the refinancing of the Westin Reston Heights, a 191-room hotel in the Washington, D.C., suburb of Reston. Daniel Tanner of Mesa West’s New York office originated the floating-rate loan on behalf of the hotel’s owner, The JBG Cos., which also developed the hotel. Matthew Williams and Joe Donato of Newmark Grubb Knight Frank arranged the financing. Westin Reston Heights, along with a 194-unit residential tower and a 140,000-square-foot office building, anchors the first phase of JBG’s 35-acre Reston Heights mixed-use development. Phase II, which is slated for a 2017 delivery, will feature 400 new apartment units and 88,000 square feet of retail and restaurant space.
FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $5.9 million sale of a 40,654-square-foot shopping center located at 27 S. Gateway Drive within the Carter’s Crossing retail development in Fredericksburg. The asset was 71 percent leased at the time of sale to PetSmart, Anytime Fitness, Aladdin’s Mediterranean Restaurant and a nail salon. Grace Street Properties LLC/Boosalis Properties purchased the property from Silver Cos. Joe Pfahler of Coldwell Banker represented the seller in the transaction. Geoff Lindsay of Capital Realty Advisors represented the buyer in the transaction.
RICHMOND, VA. — First Potomac Realty Trust has sold its Richmond portfolio of business parks for $60.3 million. The portfolio includes 19 single-story office, flex and industrial properties totaling 827,925 square feet. James Cassidy of DTZ represented First Potomac Realty Trust in the sale of the portfolio. The properties are located in business parks such as Chesterfield Business Center, Airpark Business Center, Pine Glen, Park Central, Virginia Technology Center and Hanover Business Center. Since January 2013, First Potomac has disposed of 33 properties for a total of $433 million. The REIT has successfully redeployed $218 million of those proceeds to acquire core properties, with the remainder of the proceeds used to pay down debt.
VIENNA, VA. — Navy Federal Credit Union plans to invest $114.6 million to expand its headquarters campus in Vienna, a city in Fairfax County. The credit union plans to add 600 employees as a result of the expansion. The investment will include a new four-story, 234,000-square-foot office building and parking deck on a 10.8-acre lot. The property will feature an elevated walkway that will connect the new building to the rest of the headquarters campus. The Fairfax County Economic Development Authority worked with the Virginia Economic Development Partnership to secure the project for Virginia. Virginia Governor Terry McAuliffe approved a $1 million grant from the Governor’s Opportunity Fund to assist Fairfax County with the project. Additional funding and services to support Navy Federal Credit Union’s employee training activities will be provided through the Virginia Jobs Investment Program.