BOSTON AND NEW YORK CITY — Rockville, Md.-based Federal Realty Investment Trust has acquired the 70 percent interest owned by affiliates of a discretionary funded advised by ING Clarion Partners in a joint venture that owns six shopping centers. The purchase price was approximately $154 million, consisting of $130 million of cash and assumption of the allocable share of mortgage debt. The properties include Atlantic Plaza and Campus Plaza near Boston; Greenlawn Plaza on Long Island; Free State Shopping Center and Plaza del Marcado in suburban Maryland; and Barcroft Plaza in Northern Virginia. With this acquisition, Federal Realty has successfully concluded the the venture that was formed in 2004 and increased its ownership of the 820,000-square-foot portfolio from 30 percent to 100 percent.
ARLINGTON, VA. — LCOR has closed a $100.3 million construction loan from Wells Fargo for The Altaire, a Class A multifamily development in Arlington’s Crystal City district. The two-tower development will feature a 150-unit property and a 300-unit property, with each building featuring floor-to-ceiling glass facades and several balconies. LCOR plans to break ground this month, with delivery slated for the second quarter of 2018. The project team includes general contractor Balfour Beatty, architect SK & I and interior designer Akseizer Design Group. Community amenities at the LEED Gold-certified asset will include a landscaped courtyard, outdoor pool area with fire pits, fitness center, clubroom, sky lounge and two rooftop terraces.
RICHMOND, VA. — HFF has brokered the $78 million sale of Richmond Tower, a 207,000-square-foot office tower located at 200 S. 10th St. in downtown Richmond. Completed in 2010, the 15-story property was 98 percent leased at the time of sale. Law firm Williams Mullen occupies roughly 82 percent of the office tower, which is situated adjacent to Kanawha Plaza and a few blocks from the Virginia State Capitol. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction. Adam Vaisman of Butters Construction and Development and Richard Ostrovsky of MEK Management Services Inc. advised the buyer, Kireland South 10th Street LLC. Cary Abod of HFF’s debt placement team arranged $52 million in fixed-rate acquisition on behalf of the buyer.
NEWPORT NEWS, VA. — Inland Real Estate Income Trust Inc. has purchased Marketplace at Tech Center, a newly constructed, 210,000-square-foot power retail center located at 12080 Jefferson Ave. in Newport News. Built in 2015, the shopping center’s tenant roster includes a 39,998-square-foot Whole Foods Market, Steinmart, DSW, Ulta Beauty, Five Below, BJ’s Brewhouse, Mattress Firm, AT&T and Massage Envy.
CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.
STERLING, VA. — RREEF Property Trust Inc. has purchased Loudoun Gateway I, a Class A, 102,015-square-foot office building in Sterling, for $22 million. This is RREEF Property Trust’s first acquisition in the Washington, D.C., metropolitan area. Loudoun Gateway I is located three miles north of Washington Dulles International Airport at the intersection of Route 28 and Old Ox Road (Route 606). RREEF Property Trust is a publicly traded REIT sponsored and advised by RREEF America LLC, a division of Deutsche Bank.
GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.
LORTON, VA. — First Potomac Realty Trust has sold Newington Business Park Center, a seven-building, 256,000-square-foot industrial development in Lorton, roughly 20 miles south of Washington, D.C. An affiliate of Velsor Properties LLC purchased the industrial park for $32.5 million. The sale is part of First Potomac’s disposition strategy to sell at least $200 million of assets to improve the REIT’s balance sheet. HFF represented First Potomac in the transaction. As of Sept. 30, the industrial park was 83.3 percent leased.
RESTON, VA. — Columbia Property Trust has sold a 244,565-square-foot office property in Reston, a Virginia suburb of Washington, D.C., for $65 million. The Class A office building is located at 1881 Campus Commons. Columbia Property Trust sold the office property to a real estate advisor based in Boston. Columbia Property Trust acquired the office building as part of a portfolio in January 2015 and since has increased the property’s occupancy from 79 percent to 91 percent. Columbia Property Trust, a publicly traded REIT, has a roughly $5 billion portfolio spanning 27 office properties in San Francisco, New York and Washington, D.C.
MCLEAN, VA. — Capital One served as a co-lender and the administrative and collateral agent for a $5.1 billion, adjustable-rate Freddie Mac warehousing facility. The borrower, Berkadia Commercial Mortgage, will use the loan to bridge the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Properties Inc., a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated alongside Capital One in the facility.