Virginia

Coldwell Banker Brokers $3.6M Sale of Retail Strip Center in Virginia

by John Nelson July 9, 2015

STAFFORD, VA. — Coldwell Banker Commercial Elite has brokered the $3.6 million sale of a multi-tenant retail strip center located at 125 Corporate Drive in Stafford. The 8,000-square-foot building was built in 2013 at the entrance to Quantico Corporate Center, an 85-acre mixed-use campus that is home to global defense corporations, universities and U.S. government offices. The retail strip center was fully leased at the time of sale to retailers such as Subway, I Luv Teriyaki, Pancho Villa, Dream Nails and a barber shop. A group of Northern Virginia investors based out of Fairfax Station purchased the retail property. Donny Self of Coldwell Banker Commercial Elite represented the seller, Quantico Retail Building LLC, in the transaction.

July 9, 2015

Retail Southeast Virginia

KLNB Retail Brokers $55.5M Sale of Shopping Center in Northern Virginia

by John Nelson July 8, 2015

CENTREVILLE, VA. — The KLNB Retail Investment Sales Group has brokered the $55.5 million sale of Old Centreville Crossing, a 170,000-square-foot shopping center located at 13810-13860 Braddock Road in Centreville, a town in Northern Virginia. The shopping center was 98 percent leased at the time of sale to tenants such as H-Mart, Spa World, IHOP, Glory Days Bar & Grill and Woori American Bank. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the seller in the transaction. The buyer was JBG/Old Centreville LLC.

July 8, 2015

Loans Retail Southeast Virginia

HFF Arranges $33.8M Refinancing of Virginia Shopping Center

by John Nelson July 2, 2015

MANASSAS, VA. — HFF has secured $33.8 million in refinancing for Davis Ford Crossing, a 152,391-square-foot neighborhood shopping center in Manassas. The center was 97.5 percent leased at the time of sale to tenants such as LA Fitness, Staples, Petco, CVS, Sleepy’s and GNC. Outparcel tenants include McDonald’s, United Bank, Arby’s and Exxon. Mark Remington and Robert Carey of HFF arranged the 10-year loan through Principal Real Estate Investors on behalf of the borrower, Rappaport. The loan features a fixed interest rate of 4.34 percent.

July 2, 2015

Loans Multifamily Southeast Virginia

LCOR Closes on $59M Construction Loan for Multifamily Development in Northern Virginia

by John Nelson July 1, 2015

MCLEAN, VA. — LCOR has received a $59 million loan from Santander Bank to construct a multifamily property at 7480 Birdwood Ave. in McLean, roughly 10 miles west of Washington, D.C., in the Tysons region of northern Virginia. LCOR plans to redevelop the land into two residential buildings spanning 12 and 15 stories that will be connected by a central sky bridge. Totaling 340,000 square feet, the property will comprise 11,000 square feet of amenity space, 388 below grade parking spaces and 319 residential units, of which 64 units will be reserved for Workforce Dwelling Units. Upon completion in the first quarter of 2017, the project will include a mix of studio, one-, two- and three-bedroom apartments with duplex units featured on the ground floor. The residences will feature carpeted bedrooms, vinyl wood plank flooring in the kitchen and living areas and ceramic tiles in the bathrooms. Stainless steel appliances will be featured in the kitchen. The project’s amenities will include an outdoor swimming pool, fitness center, game center, kids room, party space, bicycle storage, dining room, pet grooming station, glass-enclosed Sky Lounge on the 10th floor and a rooftop amenity area with garden plots located on the west tower. …

July 1, 2015

Multifamily Southeast Virginia

Capstone Brokers $12.3M Sale of Apartment Community in Richmond

by John Nelson June 23, 2015

RICHMOND, VA. — Capstone Apartment Partners has brokered the $12.3 million sale of Match Point, a 258-unit apartment community located at 5846 Westower Drive in Richmond. Built in 1975, the apartment complex features a swimming pool, tennis courts, picnic areas and grilling stations. Match Point was 92 percent occupied at the time of sale. The buyers, West End Capital and Atlas Real Estate Partners, purchased the asset from Ben White of Commonwealth Realty & Development for roughly $47,674 per unit. Beau McIntosh, Todd Conner and Jared Alcorn of Capstone represented the seller in the transaction.

June 23, 2015

Retail Southeast Virginia

Federal Capital Partners, Westmoreland Sell Shopping Center in Virginia for $61.2M

by John Nelson June 17, 2015

WILLIAMSBURG, VA. — Federal Capital Partners (FCP) and joint venture partner Westmoreland Partners have sold Settlers Market, a 239,464-square-foot retail power center in Willamsburg, for $61.2 million. The property is located at the intersection of State Route 199 and Monticello Avenue. AEW Capital Management acquired the property on behalf of the AEW Core Property Trust, an open-end core real estate fund. Tenants of the 97 percent leased center include Trader Joe’s, Walmart Neighborhood Market, Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Party City, Petco, Pier 1 Imports, Zoës Kitchen, Which Wich and Noodles & Co. FCP and Westmoreland Partners originally purchased the asset in 2011 as a financially distressed property. The Shopping Center Group is the leasing agent and manager of Settlers Market. HFF represented AEW Capital Management in the acquisition.

June 17, 2015

Multifamily Southeast Virginia

ARA Newmark Brokers Sale of Luxury Apartment Community in Virginia

by John Nelson June 11, 2015

HERNDON, VA. — ARA Newmark has brokered the sale of Monroe Place, a 202-unit mid-rise apartment community located in Herndon. Constructed in 2008, the property was 96 percent occupied at the time of sale. Monroe Place is situated within the main square of the Woodland Park Crossing lifestyle center, which features 124,000 square feet of retail and office space. Drew White and Ryan Ogden of ARA Newmark represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction. The buyer, Washington, D.C.-based Dweck Properties, purchased the asset for an undisclosed price.

June 11, 2015

Retail Southeast Virginia

Wheeler REIT Purchases Shopping Center in Richmond for $18.5M

by John Nelson June 10, 2015

RICHMOND, VA. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has purchased Brook Run Shopping Center, a 147,738-square-foot shopping center located in Richmond. Wheeler REIT acquired the asset for roughly $18.5 million from an undisclosed affiliate. Built in 1990, the property was 91.2 percent leased at the time of sale to tenants such as Martin’s Food Market, CVS/pharmacy, Crunch Fitness, Hair Cuttery and H&R Block. Wheeler REIT funded the purchase using proceeds from a recent financing, debt and issuance of operating partnership units.

June 10, 2015

Florida Retail Southeast Tennessee Virginia

Hanley Investment Group Brokers Sales of Four Shopping Centers Totaling $24M

by John Nelson June 9, 2015

IRVINE, CALIF. — Hanely Investment Group has negotiated the sales of four shopping centers in Oregon, Florida, Tennessee and Virginia totaling 372,000 square feet for a combined $24 million. Eric Wohl of Hanley Investment Group represented the seller, Cincinnati-based Phillips Edison & Co., in the four transactions. The shopping centers include the 100,762-square-foot Sandy Marketplace in Sandy, Ore.; the 115,198-square-foot Ferry Pass Plaza in Pensacola, Fla.; the 82,088-square-foot Rivergate Square in Madison, Tenn.; and the 73,788-square-foot Cross Pointe Marketplace in Chesterfield, Va. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in eight months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.

June 9, 2015

Retail Southeast Virginia

Greysteel Brokers $6.2M Sale of 25-Acre Retail Development Site in Virginia

by John Nelson June 3, 2015

STAFFORD, VA. — The Greysteel Co. has brokered the $6.2 million sale of the Town Center at Aquia, a 25-acre retail development site located at 2848 Jefferson Davis Highway in Stafford. Gil Neuman led Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, Ramco Gershenson Properties Trust. The Greysteel team also procured the buyer, Mosaic Realty Partners LLC. Currently home to Regal Cinemas and Rite Aid and adjacent to a 98,000-square-foot office building and a 256-unit multifamily project, the buyer plans to develop a 160,000-square-foot grocery-anchored shopping center on the site.

June 3, 2015

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