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.
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.
RICHMOND, VA. — Dominion Realty Partners LLC plans to develop a $93 million, 21-story mixed-use tower in downtown Richmond. The project, known as the 3Twenty-One Building, will feature 137,000 square feet of commercial space, 187 luxury apartments starting on the 10th floor and a 503-space parking structure. The commercial component will be known as The Locks at 3Twenty-One and the residential portion will be called The Residences at 3Twenty-One. The tower will be located at the intersection of 10th and Byrd streets along James River. SunTrust Bank has pre-leased 53,000 square feet of office space in the riverfront project. Paul Silver and Brian Berkey of Cushman & Wakefield | Thalhimer represented SunTrust in the lease deal, and Jeff Cooke of Cushman & Wakefield | Thalhimer represented Dominion. The Residences will feature a clubroom, rooftop pool and plaza. The project team includes architect JDavis Architects and general contractor Choate Construction. JDavis is aiming for the project to achieve LEED Platinum certification. Dominion will manage the mixed-use development on-site. The Raleigh-based developer has been involved in more than $250 million in development along James River in Richmond. Along with 3Twenty-One, Dominion’s other projects include Riverside on the James, The Residences at the …
BOSTON AND NEW YORK CITY — Rockville, Md.-based Federal Realty Investment Trust has acquired the 70 percent interest owned by affiliates of a discretionary funded advised by ING Clarion Partners in a joint venture that owns six shopping centers. The purchase price was approximately $154 million, consisting of $130 million of cash and assumption of the allocable share of mortgage debt. The properties include Atlantic Plaza and Campus Plaza near Boston; Greenlawn Plaza on Long Island; Free State Shopping Center and Plaza del Marcado in suburban Maryland; and Barcroft Plaza in Northern Virginia. With this acquisition, Federal Realty has successfully concluded the the venture that was formed in 2004 and increased its ownership of the 820,000-square-foot portfolio from 30 percent to 100 percent.
ARLINGTON, VA. — LCOR has closed a $100.3 million construction loan from Wells Fargo for The Altaire, a Class A multifamily development in Arlington’s Crystal City district. The two-tower development will feature a 150-unit property and a 300-unit property, with each building featuring floor-to-ceiling glass facades and several balconies. LCOR plans to break ground this month, with delivery slated for the second quarter of 2018. The project team includes general contractor Balfour Beatty, architect SK & I and interior designer Akseizer Design Group. Community amenities at the LEED Gold-certified asset will include a landscaped courtyard, outdoor pool area with fire pits, fitness center, clubroom, sky lounge and two rooftop terraces.
RICHMOND, VA. — HFF has brokered the $78 million sale of Richmond Tower, a 207,000-square-foot office tower located at 200 S. 10th St. in downtown Richmond. Completed in 2010, the 15-story property was 98 percent leased at the time of sale. Law firm Williams Mullen occupies roughly 82 percent of the office tower, which is situated adjacent to Kanawha Plaza and a few blocks from the Virginia State Capitol. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction. Adam Vaisman of Butters Construction and Development and Richard Ostrovsky of MEK Management Services Inc. advised the buyer, Kireland South 10th Street LLC. Cary Abod of HFF’s debt placement team arranged $52 million in fixed-rate acquisition on behalf of the buyer.
NEWPORT NEWS, VA. — Inland Real Estate Income Trust Inc. has purchased Marketplace at Tech Center, a newly constructed, 210,000-square-foot power retail center located at 12080 Jefferson Ave. in Newport News. Built in 2015, the shopping center’s tenant roster includes a 39,998-square-foot Whole Foods Market, Steinmart, DSW, Ulta Beauty, Five Below, BJ’s Brewhouse, Mattress Firm, AT&T and Massage Envy.
CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.
STERLING, VA. — RREEF Property Trust Inc. has purchased Loudoun Gateway I, a Class A, 102,015-square-foot office building in Sterling, for $22 million. This is RREEF Property Trust’s first acquisition in the Washington, D.C., metropolitan area. Loudoun Gateway I is located three miles north of Washington Dulles International Airport at the intersection of Route 28 and Old Ox Road (Route 606). RREEF Property Trust is a publicly traded REIT sponsored and advised by RREEF America LLC, a division of Deutsche Bank.
GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.