Virginia

Macerich Secures $710M CMBS Refinancing for Tysons Corner Center in Metro D.C.

by John Nelson December 7, 2023

TYSONS, VA. — Macerich has secured a $710 million loan for the refinancing of Tysons Corner Center, a 1.8 million-square-foot retail power center located in Tysons, a suburb of Washington, D.C. Nordstrom, Bloomingdale’s and Macy’s anchor the property, which was 96 percent leased as of third-quarter 2023. The new CMBS financing will replace an existing $666 million loan that was scheduled to mature on Jan. 1, 2024. The direct lender was not disclosed, but the loan features a fixed 6.6 percent interest rate and interest-only payments throughout the five-year loan term. A Macerich-led joint venture owns the center.

December 7, 2023

Acquisitions Data Centers Development Southeast Virginia

Greysteel Arranges Sale of 85-Acre Site in Culpepper, Virginia for Future Data Center Campus

by John Nelson December 6, 2023

CULPEPPER, VA. — Greysteel has arranged the sale of an 85-acre site in Culpepper, a city in Northern Virginia that sits about 70 miles outside of Washington, D.C. The buyer is DataBank, a data center development firm that plans to develop a 1.4 million-square-foot data center campus on the site. The development will include up to three two-story data centers and an onsite substation. The buyer recently purchased 95 acres in the Atlanta market and 34 acres in New York. Zach Benlemlih of Greysteel’s Mid-Atlantic team represented the land seller and DataBank in the transaction. The construction timeline for the project was not disclosed.

December 6, 2023

Acquisitions Mixed-Use Multifamily Restaurant Retail Southeast Virginia

Bonaventure Purchases Monticello Station Apartments in Downtown Norfolk for $42M

by John Nelson November 22, 2023

NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit community located at 328 E. Freemason St. in downtown Norfolk, for $42 million. The Alexandria, Va.-based firm plans to rebrand the property as Attain Downtown East. The seller was not disclosed. In addition to apartments in one- to four-bedroom layouts, the property includes 33,000 square feet of retail space leased to tenants including Buffalo Wild Wings, 7-Eleven and Sushi King. Amenities include a swim spa, 24-hour fitness center, garden-style courtyards with gas grills and firepits and a conference room.

November 22, 2023

Data Centers Development Leasing Activity Southeast Virginia

TA Realty Signs Tenant for 1.9 MSF Build-to-Suit Data Center Project in Metro D.C.

by John Nelson November 17, 2023

LEESBURG, VA. — TA Realty has signed a build-to-suit lease agreement with an unnamed tenant at its 1.9 million-square-foot data campus project in Leesburg, approximately 40 miles outside of Washington, D.C. The tenant, a global cloud services provider, will occupy the entirety of the property. Construction of the development, which will comprise five buildings, is scheduled to begin later this year. Completion is scheduled for 2027.

November 17, 2023

Development Industrial Southeast Virginia

Rockefeller Group, Matan to Develop 5 MSF Logistics Park Near Port of Virginia

by John Nelson November 16, 2023

SUFFOLK, VA. — Rockefeller Group and Matan Cos. have partnered to develop Port 460 Logistics Center, a 5 million-square-foot industrial park in Suffolk. The 500-acre property, which will provide direct access to the Port of Virginia via U.S. Route 58, is zoned for heavy industrial, logistics, advanced manufacturing, life sciences and warehouse uses. Rockefeller and Matan plan to break ground on Phase I, which will comprise five buildings totaling 2.4 million square feet, in 2025. Matan led the two-year process of rezoning the Port 460 site and will continue to manage further entitlements. The company identified Rockefeller Group as a potential development partner through a process led by JLL’s D.C. Capital Markets team. The joint venture partnership selected JLL as the exclusive leasing agent of Port 460. The Port of Virginia is expected to be the deepest seaport on the East Coast following completion of its multibillion-dollar infrastructural improvements in 2024.

November 16, 2023

Development Mixed-Use Seniors Housing Southeast Virginia

Hoffman, ESL to Develop 15-Story Seniors Housing Project at West Falls Development in Northern Virginia

by John Nelson November 15, 2023

FALLS CHURCH, VA. — Hoffman & Associates and Experience Senior Living (ESL) plan to co-develop The Reserve at Falls Church, a 15-story seniors housing project within the 10-acre West Falls mixed-use development underway in Northern Virginia. The Reserve will feature more than 200 units of independent living, assisted living and memory care residences. Amenities will include a spa with a saltwater pool and fitness center, multiple onsite restaurants, a sky bar, maker space, concierge floors and electric vehicle transportation services. Aside from the seniors housing component, West Falls will feature apartments, condominiums, shops, restaurants, service retailers, a hotel and a medical office building, along with a central 18,000-square-foot outdoor community gathering space. Hoffman and ESL aim to open The Reserve in fourth-quarter 2026.

November 15, 2023

Acquisitions Healthcare Southeast Virginia

Laramar Group Acquires 35,406 SF Medical Office Building in Sterling, Virginia

by John Nelson November 9, 2023

STERLING, VA. — The Laramar Group has acquired Sterling Medical Plaza, a 35,406-square-foot medical office building located at 46440 Benedict Drive in Sterling, a suburb of Washington, D.C. The investment firm purchased the two-story property via Laramar Medical Properties Fund I for an undisclosed price. The seller was also not disclosed. Built in 1986 and renovated in 2021, Sterling Medical Plaza was 85 percent leased at the time of sale to tenants including Loudoun Medical Group, INOVA Health and Concentra.

November 9, 2023

Development Loans Seniors Housing Southeast Virginia

Ziegler Arranges $52.5M Bond Financing for Seniors Housing Development in Winchester, Virginia

by John Nelson November 6, 2023

WINCHESTER, VA. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a senior housing development located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. Constructed in 1982, the 87-acre property features 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. Currently, an independent living villa apartment expansion project is underway at the development. Ziegler financed the first phase, which includes 48 new independent living villa apartments, in 2022. The second phase of the project is being financed with the new bonds and includes an additional 49 independent living villa apartments, for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners. The two tranches include a $27.5 million, 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period and a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.

November 6, 2023

Acquisitions Retail Southeast Virginia

Marcus & Millichap Arranges $4.4M Sale of Brickyard Shopping Center in Richlands, Virginia

by John Nelson November 1, 2023

RICHLANDS, VA. — Marcus & Millichap has brokered the $4.4 million sale of Brickyard Shopping Center, an 86,246-square-foot retail center located at 114 Kents Ridge Road in Richlands, a city in western Virginia. Zachary Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, an unnamed developer, in the transaction. Dean Zang and David Crotts of the firm’s Washington, D.C., office procured the buyer, a private investor. Brian Hosey served as Marcus & Millichap’s broker of record in Virginia for the transaction. Built in 1989, Brickyard was 75 percent leased at the time of sale to its original anchor tenants, Food Lion and Big Lots. Food Lion is the sole national grocery store in Richlands, and there is only one other anchored shopping center in the area, according to Marcus & Millichap.

November 1, 2023

Acquisitions Industrial Southeast Virginia

IPA Brokers $19.9M Sale of Industrial Property in Woodbridge, Virginia

by John Nelson October 27, 2023

WOODBRIDGE, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $19.9 million sale of a two-building industrial property located at 15111 and 15151 Farm Creek Drive in Woodbridge, about 26 miles south of Washington, D.C. Built in 1986 on an 8-acre site within Featherstone Industrial Park, the 139,818-square-foot property was fully leased at the time of sale to Bekins A1 Storage Inc., a privately held moving and storage company. Robert Filley and Chandler Pace of IPA represented the seller and procured the buyer. Both parties requested anonymity.

October 27, 2023

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