Virginia

Buc-ee’s to Develop 75,000 SF Super Center in Mt. Crawford, Virginia

by Hayden Spiess September 28, 2023

MT. CRAWFORD, VA. — An entity doing business as Buc-ee’s Mt. Crawford LLC has purchased 21.3 acres located on Frieden’s Church Road in Mt. Crawford for the development of a Buc-ee’s Super Center at the site. Nathan Shor and Larry Agnew represented the buyer in the $6.6 million transaction. Upon completion, the property will feature 75,000 square feet of retail space, as well as 120 fuel pumps, electric vehicle chargers and parking for more than 650 cars. This will mark the second location in the state for the brand. The location matches the Buc-ee’s strategy of opening massive gas stations and retail centers in rural towns along major thruways outside larger metro areas. The site is located along Interstate 81 west of Washington, D.C. and Baltimore.

September 28, 2023

Development Leasing Activity Mixed-Use Restaurant Retail Southeast Virginia

Comstock Signs Two Restaurant Tenants for Phase II of Reston Station in Northern Virginia

by John Nelson September 26, 2023

RESTON, VA. — Comstock Holding Cos. Inc. has signed two new restaurants to join the second phase of Reston Station, a mixed-use development underway in Northern Virginia. The new tenants are Noku Sushi, a Virginia-based fast-casual sushi and ramen restaurant, and Tous les Jour, a bakery chain. Both tenants will occupy ground-level retail space at 1800 Reston Row Plaza, the first of two trophy office towers under development in Phase II. Both restaurants are slated to open in 2025. Michael Kang of Rappaport represented the tenants in both transactions. Other committed commercial tenants set to open at Reston Station include Vida Sport & Fitness, Ebbitt House and Puttshack.

September 26, 2023

Acquisitions Office Southeast Virginia

JLL Arranges Sale of 239,678 SF Ballston One Office Building in Arlington, Virginia

by John Nelson September 14, 2023

ARLINGTON, VA. — JLL has arranged the sale of Ballston One, a 239,678-square-foot office building located at 4601 N. Fairfax Drive in Arlington, a suburb of Washington, D.C. Penzance purchased the building from UBS Realty Investors LLC for an undisclosed price. Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar of JLL represented the seller in the transaction. Built in 1986, Ballston One is leased to a mix of federal government and private sector tenants. Amenities include a fitness center, conference rooms, restaurant and an onsite property management team, according to LoopNet Inc.

September 14, 2023

Acquisitions Multifamily Southeast Virginia

GID Acquires 282-Unit Apartment Community in Fairfax, Virginia

by John Nelson September 11, 2023

FAIRFAX, VA. — GID has acquired Arbors at Fair Lakes, a 282-unit apartment community located in Fairfax, roughly 20 miles outside of Washington, D.C. Amenities at the property, which will be rebranded as Windsor Fair Oaks, include a clubhouse, pool and sundeck, 24-hour fitness center, dog park, tennis court, two outdoor grilling stations and a complimentary shuttle to the Vienna Metro station. The seller and sales price were not disclosed.

September 11, 2023

Leasing Activity Retail Southeast Virginia

Whole Foods Market to Open 49,499 SF Store in Springfield, Virginia

by John Nelson September 7, 2023

SPRINGFIELD, VA. — Whole Foods Market plans to open a 49,499-square-foot store within Springfield Plaza, a 260,879-square-foot shopping center located at 6426 Springfield Plaza in Springfield. The new store, a relocation of an existing Springfield store at 8402 Old Keene Mill Road, will open in early October. The new store nearly doubles the footprint of the original Whole Foods, which has been operating for more than 25 years. Other tenants at Springfield Plaza include Trader Joe’s, CVS/pharmacy, Big Blue Swim, Party Depot, David’s Bridal, Starbucks, Chipotle, Panda Express, Verizon Wireless, Inova, Phenix Salon Suites and Wells Fargo.

September 7, 2023

Affordable Housing Development Seniors Housing Southeast Virginia

APAH Opens 150-Unit Oakwood Meadow Affordable Seniors Housing Community in Alexandria, Virginia

by John Nelson September 1, 2023

ALEXANDRIA, VA. — The Arlington Partnership for Affordable Housing (APAH), along with its development partners, has opened Oakwood Meadow Senior Residences in Alexandria. The affordable housing development features 150 one- and two-bedroom apartments for qualifying adults ages 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project is part of a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA). In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.3 million in local Housing Blueprint funding, nearly $12.6 million in bond financing and an undisclosed amount in project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.

September 1, 2023

Development Healthcare Southeast Virginia

Cullinan Properties Delivers $100M Veterans Affairs Mental Health Clinic in Metro Tampa

by John Nelson August 31, 2023

TEMPLE TERRACE, FLA. — Cullinan Properties has completed the development of the U.S. Tampa Veterans Affairs (VA) Mental Health Clinic in Temple Terrace, roughly 10 miles outside of Tampa. Cullinan broke ground on the $100 million project in late 2021. The facility, which totals 150,000 square feet, will begin seeing patients in January 2024. Situated on 20 acres, the development features a 120,000-square-foot clinic, 265 consult rooms, 60 patient rooms, an activities courtyard, full-service kitchen, dining room and social activities room. The General Services Administration (GSA), along with the VA, selected the project team, including Hoar Construction and Leo A Daly as the general contractor and architect, respectively. Lincoln Harris is the facility manager.

August 31, 2023

Acquisitions Retail Southeast Virginia

Joint Venture Acquires Shopping Center Portfolio in Woodbridge, Virginia for $52.8M

by John Nelson August 31, 2023

WOODBRIDGE, VA. — A joint venture between Ideal Realty Group, Rock Creek Property Group and The Sigmund Cos. has purchased a portfolio of four regional shopping centers in Woodbridge’s Dale City neighborhood. An affiliate of Interstate Management Inc. sold the properties, which total 470,000 square feet, for $52.8 million. The properties include Center Plaza, Mapledale Plaza, Forestdale Plaza and Glendale Plaza, all of which are located within three miles of each other along Dale Boulevard. The centers were 90 percent leased at the time of sale to tenants include Giant Food, Truist Bank, CVS, Ace Hardware, Advance Auto Parts, Wells Fargo and Dollar General. The new ownership is working with MV+A Architects to renovate the interiors and exteriors of the portfolio. KLNB has been selected for the portfolio’s leasing assignment, and TSCG has been tapped to handle property management services.

August 31, 2023

Development Loans Multifamily Southeast Virginia

Capital Square to Raise $63.3M in Equity, Closes Construction Debt for Richmond Apartment Project

by John Nelson August 29, 2023

RICHMOND, VA. — Capital Square has announced plans to raise $63.3 million in equity from accredited investors through its CSRA Opportunity Zone Fund VII LLC for the development of a 352-unit multifamily development in Richmond. The developer has also closed a construction loan for an undisclosed amount through United Bank. Walker & Dunlop arranged the financing. Capital Square broke ground on the unnamed community in April and expects to deliver the property in summer 2025. Located at 2929 W. Clay St. and 2922 & 2925 W. Marshall St. in Richmond’s Scott’s Addition neighborhood, the community will comprise three adjoining buildings situated atop podium parking and retail space. Planned amenities will include courtyards, a zero-edge pool, gym, clubhouse, dog park and a sky lounge.

August 29, 2023

Leasing Activity Retail Southeast Virginia

PGA Tour Superstore to Open 30,000 SF Store at Colonnades West Shopping Center in Metro Richmond

by John Nelson August 29, 2023

GLEN ALLEN, VA. — PGA Tour Superstore plans to open a 30,000-square-foot store at Colonnades West, a neighborhood shopping center located at the corner of Cox Road and West Broad Street in Glen Allen. Set to open in early 2024, the store will be the first PGA Tour Superstore in the greater Richmond market. The retailer is backfilling a former Office Max and will be positioned between Ross Dress for Less and Marshalls within the shopping center. Larry Agnew of S.L. Nusbaum Realty Co. represented the tenant in the lease negotiations. Harrison Hall and Peter Vick of Colliers represented the undisclosed landlord.

August 29, 2023

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