Virginia

Bell Partners Purchases 439-Unit Thornton Apartments in Alexandria, Virginia

by John Nelson December 14, 2023

ALEXANDRIA, VA. — Bell Partners has purchased The Thornton, a 439-unit apartment community located in historic Old Town Alexandria, a neighborhood in metropolitan Washington, D.C. Built in 2018 along the Potomac River, the property features studio, one- and two-bedroom apartments. Amenities include a dog grooming spa, 24-hour fitness center, clubroom, game room and a courtyard with a bocce ball court, fireplace and grilling area. Bell Partners purchased the community via its Value Add Fund VIII and will rebrand it as Bell Old Town. With this acquisition, the Greensboro, N.C.-based buyer now owns and/or manages 22 apartment communities containing more than 7,300 apartment homes in the Mid-Atlantic region. The seller and sales price were not disclosed, but Triad Business Journal reports that the City of Alexandria appraised the property at $161.1 million in January. The news outlet also reported that Starwood Capital Group purchased the community in 2019 for $180.2 million.

December 14, 2023

Acquisitions Healthcare Southeast Virginia

SRS Arranges $8.5M Sale of New Medical Office Building in Ashburn, Virginia

by John Nelson December 14, 2023

ASHBURN, VA. — SRS Real Estate Partners has arranged the $8.5 million sale of a single-tenant, 12,580-square-foot medical office building located at 20041 Riverside Commons Plaza in Ashburn, about 30 miles northwest of Washington, D.C. Built in 2022, the property was fully leased to OrthoVirginia, an orthopedics practice with 35 locations, at the time of sale. The medical office facility is an outparcel for Riverside Square, a 90,000-square-foot shopping center, and is within one mile of Inova Loudon Hospital. Andrew Fallon and Philip Wellde Jr. of SRS represented the buyer, a Virginia-based private investor who was in a 1031 exchange and paid all-cash for the asset. Danny Booker, Rich Sillery and Douglas Olson of Monument Retail represented the seller, which was also the developer, in the transaction.

December 14, 2023

Acquisitions Retail Southeast Virginia

Sterling Organization Acquires Shopping Center in Metro D.C. for $31.4M

by John Nelson December 13, 2023

BRISTOW, VA. — West Palm Beach, Fla.-based Sterling Organization has acquired Braemar Village Center, a retail center located in Bristow, roughly 40 miles outside Washington, D.C., for $31.4 million. A 57,860-square-foot Safeway anchors the property, which totals 111,635 square feet. Other tenants at the center include Subway, Bank of America, Dunkin’ and Arby’s. The seller was not disclosed.

December 13, 2023

Development Mixed-Use Retail Southeast Top Stories Virginia

Partnership Unveils Plans for 9 MSF Entertainment District Anchored by New Arena for Washington Capitals, Wizards in Virginia

by Kristin Harlow December 13, 2023

ALEXANDRIA, VA. — A partnership between developer JBG Smith (NYSE: JBGS) and Monumental Sports & Entertainment (MSE) has unveiled plans to build a mixed-use entertainment district totaling approximately 9 million square feet in Alexandria, just south of Washington, D.C. Anchoring the project will be a new arena for the NHL’s Washington Capitals and NBA’s Washington Wizards within National Landing, an area encompassing the interconnected neighborhoods of Potomac Yard, Crystal City and Pentagon City. Additionally, plans call for a global corporate headquarters for MSE, a Monumental Sports Network media studio, a Wizards practice facility, a performing arts venue and an e-sports facility. The development will be situated adjacent to the Virginia Tech Innovation Campus, the recently delivered Potomac Yard-VT Metro station and approximately 8.1 million square feet of future development opportunities. Project costs are estimated at $2 billion, according to The Washington Post. The project, which is pending legislative approval and completion of documents, is slated for completion by the end of 2028. The Capitals and the Wizards would relocate to Virginia beginning in 2028, should the proposal become finalized. The Capitals and the Wizards currently play at Capital One Arena in Washington, D.C. MSE says it is exploring the …

December 13, 2023

Loans Retail Southeast 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

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