VIRGINIA BEACH, VA. — ARA has brokered the sale of Woodshire Apartment Homes, a 288-unit apartment community in Virginia Beach. Built in 1975, the property was 95 percent occupied at the time of sale. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Chandler Management Corp., in the transaction. The Bainbridge Cos. purchased the asset for an undisclosed price.
STERLING, VA. — St. John Properties Inc. has acquired three office/flex buildings spanning 125,000 square feet for approximately $11.7 million. The properties are located at 21660, 21670 and 21680 Ridgetop Circle in the Loudoun Tech Center in Sterling, roughly eight miles northwest of Reston, Va. The properties were 36 percent leased at the time of sale. Steve Gichner and Eric Berkman of Cushman & Wakefield represented the undisclosed seller in the transaction. St. John Properties plans to make capital improvements to the properties to improve occupancy.
RESTON, VA. — A joint venture between Coretrust Capital Partners and Normandy Real Estate Partners has purchased Reston Metro Center One and Two in Reston. The two Class A office buildings located on Dulles Toll Road span a combined 185,480 square feet. Coretrust and Normandy is jointly managing the properties and has hired Jeff Roman and John DiCamillo of CBRE to provide leasing services. Reston Metro Center One and Two are located in close proximity to Silver Line’s Reston Town Center Metro Station that will open in 2018. Coretrust-Normandy financed the acquisition through a loan restructuring of the existing mortgage notes with LNR.
CHARLOTTESVILLE, VA. — CBRE | Charlottesville has brokered the $1.9 million sale of The Milgraum Center, a 25,000-square-foot mixed-use building located at 310-312 E. Main St. in downtown Charlottesville. The property was 92.5 percent leased at the time of sale to tenants such as Silverchair Information Systems and Vita Nova Pizza. Milgraum Trust sold the property to Armory 310 East Main LLC. Rob Stockhausen of CBRE | Charlottesville represented the seller in the transaction, while Carolyn Shears of CBRE | Charlottesville represented the buyer.
RICHMOND, VA. — The Simpson Organization has acquired Westerre I and II, a Class A office portfolio in the Westerre Office Park in Richmond, for $22 million. The office assets total 163,290 square feet and are 92.1 percent leased to 26 tenants, including Tridium Inc., Interbake Foods LLC, Comcast and Batzli Stiles Butler Law Firm. Eric Robison of Cushman & Wakefield | Thalhimer’s Richmond office represented the undisclosed seller in the transaction. The Simpson Organization has hired Dean Meyer and Mac Wilson of Cushman & Wakefield | Thalhimer to lease the properties going forward.
ARLINGTON, VA. — ARA has brokered the sale of Infinity Apartments, a 227-unit, mid-rise apartment community in Arlington. Washington, D.C.-based Capital Investment Advisors acquired the property from San Francisco-based Carmel Partners for an undisclosed price. Drew White, Mike Marshall and Ryan Ogden of ARA represented Carmel Partners in the transaction. Capital Investment Advisors plans to make upgrades to the common areas of the apartment community, which was constructed in 1959 and renovated in 2011. Occupancy at the time of the sale was 96.7 percent.
ALEXANDRIA, VA. — Cassidy Turley has arranged $122 million in acquisition financing for Canal Center, a 538,895-square-foot, Class A office campus in Old Town Alexandria. The four-building complex sits alongside the Potomac River. John Campanella and Paul Spellman of Cassidy Turley arranged the loan through an unnamed bank on behalf of the borrower, American Real Estate Partners.
RICHMOND, VA. — Capital One Multifamily Finance has provided a $12.7 million Fannie Mae loan to refinance Wilde Lake Apartments, a 190-unit apartment community in Richmond. Sadhvi Subramanian and Mike Antonelli of Capital One originated the 10-year loan with a 30-year amortization schedule on behalf of the borrower, an affiliate of Lerner Enterprises. The property’s amenity package includes a pool, fitness center with a sauna, tennis courts and a clubhouse with a billiards room.
RICHMOND, VA. —Thalhimer Realty Partners Inc. has purchased Cornish Brewery and the Kinney Street Apartments in Richmond for a combined $4.6 million. The two apartment communities total 49 units and are located on Virginia Commonwealth University’s Monroe Park Campus. Mac Wilson of Cushman & Wakefield | Thalhimer represented Thalhimer Realty in the transaction. Thalhimer Realty has tapped Cushman & Wakefield | Thalhimer’s student housing management group to manage the two properties. Thalhimer Realty Partners is the investment and development subsidiary of Cushman & Wakefield | Thalhimer.
CHANTILLY, VA. — NAI KLNB has brokered the $60.5 million sale of a five-building office portfolio totaling 318,000 square feet in Chantilly, roughly 30 miles west of Washington, D.C. Hayden Maguire Real Estate Fund purchased the portfolio, which is located in Avion Business Park, from JPMCC 2006-CIBC14 Chantilly Office LLC. The Class A properties included MidRise I at 14500 Avion Parkway; MidRise II at 14520 Avion Parkway; Service Center III at 3650 Concorde Parkway; Avion Tech Center II at 14700 Avion Parkway; and Avion Tech Center III at 3635 Concord Parkway. Avion Business Park was originally developed by Trammell Crow Co. between 1987 and 2001. Kevin Goeller, Chris Kubler and Josh Simon of NAI KLNB, along with C-III Realty Services LLC, represented the seller in the transaction.
