Thursday, January 23, 2025
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Virginia

AcquisitionsSeniors HousingSoutheastVirginia

Foundry Commercial Acquires 90-Unit White Springs Senior Living Community in Metro D.C.

by John Nelson

WARRENTON, VA. — Foundry Commercial has acquired White Springs Senior Living, a 90-unit seniors housing community located in Warrenton, approximately 48 miles outside of Washington, D.C. White Springs, which opened in 2020, offers assisted living and memory care services. Ryan Weekes and Zach Strunk of Foundry arranged the transaction, with support from Spring Arbor Associates. Capital Funding Group (CFG) provided funding for the acquisition. The seller, sales price and loan amount were not disclosed.

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AcquisitionsHospitalitySoutheastVirginia

Marcus & Millichap Arranges Sale of 94-Room Holiday Inn Hotel Near Virginia Tech

by John Nelson

BLACKSBURG, VA. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites hotel located in Blacksburg. Situated on 3.3 acres roughly one mile from Virginia Tech, the hotel totals 94 rooms. An undisclosed Virginia-based buyer acquired the property, which was built in 2000, for an undisclosed price. Chase Dewese, Jack Davis and Joce Messinger of Marcus & Millichap represented the undisclosed seller in the transaction. Brian Hosey assisted as Marcus & Millichap’s Virginia broker of record.

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Leasing ActivityRetailSoutheastVirginia

The LEGO Store to Open at Town Center of Virginia Beach in November

by John Nelson

VIRGINIA BEACH, VA. — The LEGO Store plans to open a new 3,170-square-foot store at Town Center of Virginia Beach, a mixed-use development in downtown Virginia Beach that features 500,000 square feet of shops, restaurants and entertainment venues. The store will carry LEGO products and also host in-store play experiences and events. The LEGO Store joins other recent additions to the development, including Nando’s, Legal Sea Foods, Cinnaholic Bakery, Madewell and Nike. The new store is set to open in November. Gerald Divaris and Sezin Cortinas of Divaris Real Estate represented the landlord, locally based Armada Hoffler, in the lease negotiations. Lindsay Bangel, also with Divaris, represented LEGO, which has 112 stores in North America.

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Affordable HousingDevelopmentMultifamilySoutheastVirginia

Fairfax County, APAH to Develop 516-Unit Affordable Housing Project in Tysons, Virginia

by John Nelson

TYSONS, VA. — The Fairfax County Redevelopment and Housing Authority has purchased a two-acre site near the Spring Hill Metro station in Tysons. The county has reached an agreement with regional nonprofit Arlington Partnership for Affordable Housing (APAH) to develop Dominion Square, a 516-unit affordable housing development that will feature two 20-story towers and a 33,000-square-foot community center operated by the county. The land, which formerly comprised surface parking lots used by auto dealerships, is ground-leased to APAH for 85 years. APAH plans to break ground later this year and deliver the community in 2027. Amazon provided a $55 million loan from its Housing Equity Fund for the Dominion Square project, and Fairfax County has approved the issuance of up to $89 million in tax-exempt bonds.

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DevelopmentMultifamilySoutheastVirginia

GW, Virtus Real Estate Capital Break Ground on 279-Unit Apartment Community in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — GW Real Estate Partners and Virtus Real Estate Capital have broken ground on a 279-unit apartment community located at the entrance to North Pointe, a 224-acre mixed-use development in Charlottesville. Dubbed The Ridge at North Pointe, the community will comprise seven three-story buildings with units in one-, two- and three-bedroom floor plans averaging 988 square feet, as well as 502 parking spaces. Delivery is scheduled for the second quarter of 2024. United Bank provided construction financing for the project.

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AcquisitionsOfficeSoutheastVirginia

JLL Brokers Sale of 120,031 SF Courthouse Square Office Building in Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — JLL has brokered the sale of Courthouse Square, a 120,031-square-foot office building located at 510 King St. in the Old Town Alexandria neighborhood. The historic, five-story property is situated near the Potomac River and a Metro station. Melrose Solomon Enterprises acquired Courthouse Square for an undisclosed price. The seller was also not disclosed, but Washington Business Journal reports that Brookfield Properties is the seller. Stephen Conley, Matt Nicholson, Kevin Byrd, Andrew Weir, Jim Meisel and Dave Baker of JLL represented the seller and procured the buyer in the transaction. Drake Greer of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer.

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IndustrialLeasing ActivitySoutheastVirginia

Automotive Firm Signs 101,000 SF Industrial Lease in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Power Train Industries Inc., an automotive firm and subsidiary of Dorman Products Inc., has signed a 101,000-square-foot industrial lease in Virginia Beach. The property is located at 464 Progress Lane, a 10-acre property within Oceana East Industrial Park. Located one mile south of I-26, the property features 28-foot clear heights, seven loading docks, 6,000 square feet of office space and 233 parking spaces. Power Train Industries expects to move into the facility around January 2024. John Lee of John Lee & Associates represented the tenant in the lease negotiations. The landlord is The Miller Group.

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AcquisitionsIndustrialOfficeSoutheastVirginia

SRS Brokers $14M Sale of Office Flex Property in Springfield, Virginia Leased to Cox Communications

by John Nelson

SPRINGFIELD, VA. — SRS Real Estate Partners has brokered the $14 million sale of a single-tenant flex office property in Springfield that is leased to Cox Communications. Located at 7741 Southern Drive, the 61,700-square-foot building was delivered in 1993 and has been occupied by Cox and its predecessor ever since. The property features offices, a laboratory, warehouse and auto repair space, as well as five loading bays and 414 surface parking spaces. Andrew Fallon and Philip Wellde Jr. of SRS represented the seller, Vienna, Va.-based WTG Properties Inc., in the transaction. The buyer, an entity doing business as CIA-7741 Southern Drive LLC, is a private real estate investment group based in Northern Virginia.

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DevelopmentLoansMultifamilySoutheastVirginia

BWE Arranges $50M Construction Loan for Apartment Development in Richmond

by John Nelson

RICHMOND, VA. — BWE has arranged a $50 million construction loan for the development of 900 North Allen Apartments, a 300-unit multifamily development in Richmond. The property is being constructed within an opportunity zone in the city’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins of BWE originated the financing through an unnamed regional bank on behalf of the borrower, Spy Rock Realty Group. Upon completion, 900 North Allen will comprise one-, two- and three-bedroom units along with high-end amenities, including a pool, fitness center, resident lounge, dog park, coworking booths and an internal parking garage. The construction timeline was not disclosed.

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DevelopmentSoutheastStudent HousingTop StoriesVirginia

Balfour Beatty Plans $240M Student Housing Project at William & Mary in Williamsburg, Virginia

by John Nelson

WILLIAMSBURG, VA. — Balfour Beatty Campus Solutions, a developer and operator of college and university real estate and infrastructure projects, has released plans for on-campus student housing options at William & Mary, a public research university in Williamsburg. The developer formed a public-private partnership with the school to bring the $240 million project to fruition. The new student housing accommodations will exceed 1,200 new beds. The general contractors, which includes Balfour Beatty’s buildings division and Richmond-based Kjellstrom+Lee, plan to break ground this month and open for student occupation in 2025. The first phase will deliver 935 beds at West Woods on the west side of William & Mary that will feature modern living units and community spaces, as well as a 50,000-square-foot dining hall. The second phase will feature 269 beds in a new facility adjacent to the school’s Lemon and Hardy Halls along Jamestown Road. The residence halls will be heated using geothermal heating and air conditioning in support of the school’s Climate Action Roadmap, which aims for a carbon-neutral campus by 2030. Lemon and Hardy Halls will also be transitioned to geothermal heating and cooling as part of the project. The design-build team includes VDMO Architects and CMTA. …

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