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.
RESTON, VA. — A partnership between Atlantic Realty Cos. and Angelo, Gordon & Co. has purchased four office buildings in Reston totaling roughly 500,000 square feet for $82 million. The portfolio was 50 percent leased to more than 40 tenants at the time of sale, including the Reston Association and Wal-Mart Stores Inc. Eastdil Secured brokered the transaction. The four properties include Reston Corner I at 12001 Sunrise Valley Drive, Reston Corner II at 12005 Sunrise Valley Drive, Reston Corner III at 12007 Sunrise Valley Drive and Parkridge V at 10780-10790 Parkridge Blvd. The new ownership plans to invest roughly $5 million to improve the properties’ interiors and outdoor common areas.
MANASSAS, VA. — The Goldstar Group, a private real estate investment and development firm, has purchased a 186,000-square-foot industrial warehouse facility located at 9061 Euclid Ave. in Manassas for $9.4 million. Constructed in 1977, the warehouse was 92 percent leased at the time of sale to two tenants. Stephen Perkins of Newmark Grubb Knight Frank represented the buyer and seller, Euclid Avenue Investors LLC, in the transaction. Clifford Mendelson of Metropolis Capital Finance arranged the debt and equity financing for the acquisition.
VIENNA, VA. — Benderson Development has purchased a 55,695-square-foot Bed Bath & Beyond store located at 2051 Chain Bridge Road in Vienna, a suburb of Washington, D.C. Benderson’s $29 million acquisition of Bed Bath & Beyond is the company’s entry into Tysons Corner, a super-regional retail destination in the greater D.C. area. Sarasota, Fla.-based Benderson has a portfolio that comprises more than 40 million square feet in 38 states.
