Virginia

MHA Brokers Sale of Two Apartment Communities in Virginia Totaling $11.2M

by John Nelson March 13, 2015

RICHMOND AND SALEM, VA. — Multi Housing Advisors (MHA) has brokered the sale of two Virginia Apartment communities in two separate transactions. The properties include the 120-unit Laurel Pines in Richmond and the 132-unit Northview in Salem. Monument Real Estate Services acquired Laurel Pines from an undisclosed seller for $6.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller in the transaction. Additionally, Yorkshire Holdings LLC purchased Northview from Northview Associates for $4.6 million. Robinson, McCarley and Bryant also represented the seller in the transaction. The MHA team was the sole brokerage firm in both transactions.

March 13, 2015

The Executive Building 607 William St. Fredericksburg

Office Southeast Virginia

Wack Cos. Buys Office Building in Fredericksburg for $35M Redevelopment Project

by John Nelson March 12, 2015

FREDERICKSBURG, VA. — Wack Cos. has purchased The Executive Building, a 10,000-square-foot office building located at 607 William St. in downtown Fredericksburg, for $2.8 million. Wack Cos. plans to convert the site into a mixed-use development featuring single-level condos, retail space and restaurants. The company plans to break ground on the $35 million project in the fall. Heather Hagerman of Coldwell Banker Commercial represented Thomas Wack of Wack Cos. in the transaction. Mike Degen and Jamie Scully of Cushman & Wakefield | Thalhimer represented the seller, Sandton Capital, formerly known as the Free Lance-Star Cos. Hagerman, Ben Keddie and Joe Pfahler of Coldwell Banker Commercial and Coldwell Banker Elite will manage the sales and leasing of the commercial and retail portions. Hagerman, Kevin Breen Jr. and Conor Breen of Coldwell Banker will manage the sales and marketing of the residences.

March 12, 2015

Charlestowne Townhomes Portsmouth Hampton Roads

Multifamily Southeast Virginia

Growth Equity Group Acquires Townhome Community in Hampton Roads Region

by John Nelson March 9, 2015

PORTSMOUTH, VA. — Growth Equity Group has acquired the Charlestowne Townhomes, a 50-unit townhome rental community located at 1590 Darren Circle in Portsmouth, part of the Hampton Roads region. The property features two- to four-bedroom units ranging from 940 to 1,254 square feet. Charlestowne Townhomes is located near Norfolk Naval Shipyard, Bon Secour’s Medical Center and the Portsmouth Marine Terminals. Growth Equity Group has also recently acquired the 32-unit Midlands Townhomes in Williamsburg, Va., and the 178-unit Timberwoods in Newport News, Va. Terms of the transaction were not disclosed.

March 9, 2015

Mixed-Use Southeast Virginia

Transwestern Brokers $53.5M Sale of Atrium Building in Alexandria

by John Nelson March 4, 2015

ALEXANDRIA, VA. — Transwestern has brokered the $53.5 million sale of the Atrium Building located at 277 S. Washington St. in Alexandria, a Virginia suburb of Washington, D.C. The five-story office building was 90 percent leased at the time of sale. The property features a restaurant and market called Society Fair and a two-level underground parking garage with 232 parking spaces. Joe Friedman and Julian Etches of Transwestern represented the Washington, D.C.-based buyer in the 1031 tax-deferred exchange transaction.

March 4, 2015

Florida Hospitality Loans Southeast Virginia

HFF Arranges $110M Loan for Multi-State Hotel Portfolio

by John Nelson February 26, 2015

ORLANDO, FLA. — HFF has arranged $110 million in mortgage financing for a seven-property, 2,566-room hotel portfolio in Florida, California, Virginia, Ohio and New Mexico. The hotels include the 266-room Sheraton Tampa East in Tampa; the 382-room Sheraton Orlando North in Orlando; the 718-room Radisson Orlando Celebration in Orlando; the 329-room Hilton Concord in Concord, Calif.; the 295-room DoubleTree Williamsburg in Williamsburg, Va.; the 300-room Crowne Plaza Columbus North in Columbus, Ohio; and the 276-room Sheraton Albuquerque Airport in Albuquerque, N.M. Michael Weinberg, Dan Peek, Trey Morsbach and Preston Reid of HFF arranged the five-year, floating-rate laon through CCRE on behalf of the borrower, a joint venture between Varde Partners Inc., Interstate Hotels & Resorts and Waramaug Hospitality Management. Loan proceeds will be used to refinance existing debt on the properties.

February 26, 2015

Retail Southeast Virginia

West Elm to Open New Store at Town Center in Virginia Beach

by John Nelson February 25, 2015

VIRGINIA BEACH, VA. — Furniture and home décor retailer West Elm will open a new 10,000-square-foot retail store in Virginia Beach on March 5. The new store will be located at Town Center at 4511 Main St. The new store will feature the company’s national catalogue of items, plus products from local artists. Brooklyn-based West Elm has more than 70 retail stores in the United States and is a member of the Williams-Sonoma Inc. portfolio of brands. “We are thrilled to open our first store in Virginia at the Town Center,” says Jim Brett, president of West Elm. “As we continue to expand we look to make a positive impact on the community we are entering and are excited to highlight local makers and designers from Virginia in our assortment.”

February 25, 2015

Office Southeast Virginia

Akridge, RTC Partnership to Build $210M Office Tower in Metro D.C.

by John Nelson February 9, 2015

RESTON, VA. — Akridge and RTC Partnership LLC have formed a joint venture to develop 1760 Reston Parkway, a $210 million, Class A office tower in the Reston Town Center mixed-use development outside Washington. The approximately 420,000-square-foot, 22-story building will reach 330 feet, nearly 115 feet taller than the next tallest building in Reston Town Center. As a result, 1760 Reston Parkway will offer tenants panoramic views from the Blue Ridge Mountains to downtown Washington. 1760 Reston Parkway will be located six miles east of the Washington Dulles International Airport and approximately 20 miles west of Washington. The site is currently home to a five-story, 61,000-square-foot office building that will need to be demolished prior to construction, according to the Washington Business Journal. The newspaper says that Akridge has not ruled out building on spec, but plans to prelease an anchor tenant for at least 150,000 square feet before proceeding with construction. RTC Partnership LLC acquired the property in 2005 and guided 1760 Reston Parkway through the entitlement process. Whealen retained Mike Shuler of Avison Young to structure a joint venture with a top office developer, leading to the joint venture with Akridge, a full-service commercial real estate company that …

February 9, 2015

Office Southeast 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

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