Virginia

American Real Estate Partners, Square Mile Capital Buy Reston International Center for $35M

by John Nelson February 2, 2015

RESTON, VA. — American Real Estate Partners and funds managed by Square Mile Capital Management LLC have formed a joint venture to acquire Reston International Center for $35 million. The property is a 15-story, 179,000-square-foot office building located at 11800 Sunrise Valley Drive in Reston. The office tower is located within the mixed-use Reston Heights development and is within walking distance of the planned Reston Parkway Silver Line Metrorail station. Upon completion, Reston Heights will contain approximately 400 multifamily units and 95,000 square feet of retail space in addition to the office building. The joint venture partners are planning a $10 million renovation of Reston International Center, including the addition of a three-and-a-half story parking deck, and will fully renovate the lobby and building common areas. The Reston International Center acquisition is American Real Estate Partners’ third investment through its American Real Estate Partners Strategic Office Fund.

February 2, 2015

Multifamily Southeast Virginia

Berkadia Brokers Sale of Two Virginia Apartment Communities Totaling $29.8M

by John Nelson January 30, 2015

NEWPORT NEWS AND VIRGINIA BEACH, VA. — Berkadia has brokered the sale of two apartment communities in Newport News and Virginia Beach totaling $29.8 million. The assets included the 156-unit Windsor Crossing at 23 Cedarwood Way in Newport News and the 288-unit Plaza Apartments at 124 Palm Beach Place in Virginia Beach. CJEHN Alpha LLC of Yorktown, Va., purchased Windsor Crossing from Denver-based NHP Windsor Crossing LP for $14.9 million. Patriot Pointe Apartments LLC of Charlottesville, Va., purchased Plaza Apartments from Newport News-based KVB Realty Co. for $14.9 million. Alan Meetze and David Hudgins of Berkadia represented the sellers in both transactions.

January 30, 2015

Multifamily Southeast Virginia

LCOR Gains Approval for The Altaire in Arlington

by John Nelson January 30, 2015

ARLINGTON, VA. — LCOR, a real estate company specializing in property development, investment and management, has received final site plan approval from the Arlington County Board for The Altaire, located at 400 Army Navy Drive in Arlington. The multifamily project is slated to break ground by mid-year 2015, with completion planned for the second quarter of 2018. The project will consist of two towers, with the first tower including 150 condominium units and the second tower offering 300 rental units. Located on 1.7 acres of land at the border of Crystal City and Pentagon City, the 20-story building will be LEED Gold-certified. Amenities will be shared by the two towers and will include a landscaped courtyard with an outdoor pool area and fire pits, a fitness center, club room and a sky lounge. Both buildings will also feature rooftop terraces overlooking D.C. Each residential tower will have a separate entrance, but they will share access to the common reception area with 24-hour security, concierge services and staffing.

January 30, 2015

K2M Leesburg Virginia Trammell Crow Keane Enterprises

Office Southeast Virginia

Trammell Crow, Keane Enterprises Break Ground on New HQ for K2M in Metro D.C.

by John Nelson January 28, 2015

LEESBURG, VA. — Trammell Crow Co. (TCC) and Keane Enterprises Inc. have broken ground on the new global headquarters for K2M Group Holdings Inc., an international medical device company that designs, develops and commercializes technologies and techniques related to the spine. The 146,000-square-foot build-to-suit project will be located in Keane’s Oaklawn master-planned community in Leesburg, a suburb of Washington, D.C. K2M’s new headquarters will be comprised of a 62,000-square foot, three-story office building and an 84,000-square-foot, one-story research and development building. The office building will house general administrative, executive and sales staff, and the research and development building will contain office, conferencing, research and assembly space. TCC and Keane expect to wrap up construction on the project and open for occupancy in early 2016.

January 28, 2015

Norfolk Consolidated Courts Complex Virginia

Civic Southeast Virginia

Phase I of $121.5M Norfolk Consolidated Courts Complex Opens

by John Nelson January 27, 2015

NORFOLK, VA. — The city of Norfolk has opened the first phase of the Norfolk Consolidated Courts Complex, a 315,000-square-foot complex that combines three courthouses into one. Both phases will cost approximately $121.5 million to develop. The eight-story Phase I will consolidate the Circuit and General District courts into a single facility. Phase II, which is slated for an early 2017 completion, will add the Juvenile and Domestic Relations courts. The design team, including architect Fentress Architects and general contractors Archer Western and Heery International, is constructing the complex to achieve LEED Silver certification.

January 27, 2015

Affordable Housing Loans Multifamily Southeast Virginia

Oak Grove Capital Arranges $19.5M Refinance for Affordable Housing Properties in Virginia

by John Nelson January 26, 2015

COLONIAL HEIGHTS, VA. — Oak Grove Capital has arranged the refinancing of two affordable housing properties in Colonial Heights totaling $19.5 million. The two assets, Colonial Ridge and Bermuda Run Apartments, total 292 units. Tim Leonhard of Oak Grove Capital arranged the fixed-rate, preservation loan through Freddie Mac on behalf of the unnamed borrower.

January 26, 2015

Retail Southeast Virginia

C&W|Thalhimer Brokers $2.5M Sale of Starbucks-Anchored Strip Center

by John Nelson January 21, 2015

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the $2.5 million sale of a freestanding retail strip center located at 5824 Northampton Blvd. in Virginia Beach. Boulevard CAF Associates LLP purchased the 7,011-square-foot, Starbucks-anchored property from Megalo LLC. Dean Martin of Cushman & Wakefield | Thalhimer represented the buyer in the transaction.

January 21, 2015

Station Square at Cosner’s Corner Fredericksburg

Multifamily Southeast Virginia

Doster Construction to Break Ground on Multifamily Community in Virginia

by John Nelson January 13, 2015

FREDERICKSBURG, VA. — Doster Construction Co. has been selected to construct Phase II of Station Square at Cosner’s Corner, a 120-unit apartment complex in Fredericksburg. The project team, including developer MAA Communities and architect Davis Architects, will break ground on the apartment community in the first quarter. Upon completion, the property will feature upscale kitchens, crown molding, screened balconies and patios, washers and dryers, walk-in closets, a resort-style swimming pool, fitness center and a business center.

January 13, 2015

Multifamily Southeast Virginia

Capstone Brokers $17.5M Sale of Apartment Community in Richmond

by John Nelson January 7, 2015

RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.

January 7, 2015

Hospitality Southeast Virginia

CBRE Hotels Brokers Sale of 11-Property Portfolio in the Southeast

by John Nelson January 6, 2015

NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.

January 6, 2015

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