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DevelopmentHospitalityMixed-UseMultifamilySoutheastVirginia

Capital Square Plans Multifamily, Hospitality Development in Scott’s Addition Neighborhood of Richmond

by John Nelson

RICHMOND, VA. — Capital Square has launched a new opportunity zone fund, with plans to develop a multifamily and hospitality property at 1600 Roseneath Road in Richmond. Plans for the 2.2-acre development include 220 apartment units and 100 apartment-hotel rooms. Dubbed CSRA Opportunity Zone Fund IX LLC, the fund aims to raise $77 million in equity from accredited investors to fund the project. This marks the ninth opportunity zone fund for Capital Square and its sixth development in the Scott’s Addition neighborhood of Richmond. The unnamed property will be situated within walking distance of several restaurants, breweries and attractions, including the Virginia Museum of Fine Arts, Science Museum of Virginia and Virginia Museum of History and Culture.

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CivicDevelopmentSoutheastVirginia

Hoar Construction Breaks Ground on 25,000 SF Recreation Center at George Mason University in Northern Virginia

by John Nelson

FAIRFAX, VA. — Hoar Construction has broken ground on a new, 25,000-square-foot recreation center at George Mason University in Fairfax, roughly 20 miles outside Washington, D.C. Dubbed the Activities Community Wellness Building, the facility will serve as the home of the school’s pep band, as well as host student programming and events. Completion is scheduled for spring 2025. The building will feature a full-size NCAA basketball court, additional courts for basketball and volleyball games, yoga and exercise class space, conference rooms, storage and office suites. Powers Brown Architecture is the project architect, and IMEG Corp. is serving as the civil engineer.

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DevelopmentIndustrialSoutheastVirginia

Condair Group to Develop $57.2M Production Facility Near Richmond, Virginia

by Hayden Spiess

CHESTERFIELD COUNTY, VA. — Condair Group AG, an evaporative technologies manufacturing company, has announced plans to develop a $57.2 million production facility in Chesterfield County, roughly 20 miles southwest of downtown Richmond. Scheduled to begin operations in early 2025, the development will span 400,000 square feet. Governor Glenn Youngkin of Virginia approved a $700,000 grant from the Commonwealth’s Opportunity Fund for the project, which will create 180 new jobs, according to a press release issued by Chesterfield County. Condair is also eligible to receive state benefits from the Major Business Facility Job Tax Credit, as well as The Port of Virginia Economic and Infrastructure Development Zone Grant Program. Condair also considered South Carolina as a location for the facility. 

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AcquisitionsOfficeSoutheastVirginia

Marcus & Millichap Brokers Sale of 180,000 SF Fair Oaks Plaza Office Building in Fairfax, Virginia

by Hayden Spiess

FAIRFAX, VA. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the sale of Fair Oaks Plaza, a 180,000-square-foot office building located in the Northern Virginia city of Fairfax. A private investor acquired the property, which was 90 percent leased at the time of sale, for an undisclosed price. The building was renovated in 2022. Robert Filley, Chandler Pace and Stacey Milam of Marcus & Millichap represented the seller, Novel Office, in the transaction. 

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Viridium
LoansMultifamilySoutheastVirginia

IDI Group Cos., PTM Partners Receive $60M Refinancing for Viridium Apartment Community in Woodbridge, Virginia

by Hayden Spiess

WOODBRIDGE, VA. — The IDI Group Cos. and PTM Partners have received a $60 million senior loan for the refinancing of Viridium, an apartment community located in Woodbridge, roughly 20 miles southwest of downtown Washington, D.C. Amenities at the 318-unit community include a pool, fitness center, rooftop terrace, theater room and a shuttle service to the nearby Virginia Railway Express (VRE) station. Viridium is the second phase of IDI’s larger Rivergate development, which comprises a total 720 residential units. Daniel Shiff, Adam Bieber and Alec Jenkins of BWE arranged the financing through a life insurance company on behalf of the borrowers. 

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Company NewsRetailSoutheastVirginia

Dollar Tree Explores Future of Family Dollar Business Segment, Including Possible Sale

by John Nelson

CHESAPEAKE, VA. — Dollar Tree Inc. (NASDAQ: DLTR) has announced a formal review of its Family Dollar business segment, including the possibility of selling, spinning off or other disposition methods of the brand. In March, Dollar Tree announced the closure of 1,000 stores nationally, approximately 970 of which were underperforming Family Dollar Stores. Additionally, Dollar Tree has recently acquired up to 170 former 99 Cents Only stores. “Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” says Rick Dreiling, chairman and CEO of Dollar Tree Inc. “Our goal is to position both the Dollar Tree and Family Dollar banners to progress further and faster, and to determine whether the exclusive attention of a dedicated team will benefit both, while creating value for Dollar Tree shareholders and other stakeholders.” Family Dollar’s same-store net sales increased 0.1 percent year-over-year in fiscal first-quarter 2024, which ended May 4. (The data does not include the previously mentioned stores that Dollar Tree closed during the first quarter.) By comparison, Dollar Tree’s same-store net sales increased 1.7 percent in the same time period. Dollar Tree has retained J.P. Morgan Securities LLC as its financial advisor and Davis Polk & Wardwell …

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AcquisitionsRetailSoutheastVirginia

Federal Realty Acquires 665,000 SF Virginia Gateway Shopping Center in Metro D.C. for $215M

by John Nelson

GAINESVILLE, VA. — Federal Realty Investment Trust has acquired Virginia Gateway, a 665,000-square-foot retail center situated on 110 acres in Gainesville, about 35 miles west of Washington, D.C.. The purchase price was $215 million, and the seller was not disclosed. Tenants at the property, which is organized into five sections and was 95 percent occupied at the time of sale, include Giant Food, HomeGoods, Ulta Beauty, Total Wine & More and Hobby Lobby. The campus includes a Super Target that was not included in the transaction.

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DevelopmentMultifamilySoutheastVirginia

DRP, Stony Point to Break Ground on 328-Unit Multifamily Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP), in partnership with Stony Point Development Group (SPDG), has announced plans to break ground on Rio Point Apartments, a multifamily development in Charlottesville. United Bank will provide construction financing and Quad Capital Partners is providing equity for the project, which is scheduled to begin construction in the coming days. Upon completion, the property will total 328 units, with 15 percent of residences designated as affordable housing for residents earning 80 percent of the area median income (AMI). Apartments will feature one-, two- and three-bedroom layouts. Amenities will include a pool with grilling stations, fitness center and an interior park with a separate dog park. The first units of Rio Point are scheduled for completion in summer 2025.

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DevelopmentHospitalitySoutheastVirginia

Hoffman & Associates Opens 146-Room Home2 Suites by Hilton Hotel in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Hoffman & Associates has opened Home2 Suites by Hilton Falls Church, a hotel featuring 146 suites within the 10-acre West Falls neighborhood in Northern Virginia. The hotel’s amenities include a 24-hour fitness facility, business center, complimentary Wi-Fi and daily complimentary breakfast. According to the property website, average room rates range from $240 to $259. In addition to the hotel, West Falls features The Alder apartments, The Reserve at Falls Church seniors housing, The Oak Condominiums, The Wellness Center and more than 120,000 square feet of shops and restaurants, including early education and preschool program Tierra Encantada.

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DevelopmentIndustrialLeasing ActivitySoutheastVirginia

MacKenzie Signs US Cabinet Depot to 194,400 SF Industrial Lease in Richmond

by John Nelson

RICHMOND, VA. — MacKenzie Investment Group has signed Georgia-based U.S. Cabinet Depot, a supplier of kitchen and bathroom cabinetry, to a 194,400-square-foot industrial lease within North Richmond Industrial Park. The two-building park is located on a 75-acre site in Richmond and will ultimately span 550,000 square feet. The tenant will occupy space within Phase II of North Richmond Industrial Park, a 315,900-square-foot building at 12063 Washington Highway that is set to deliver this summer. Jimmy Appich and Muscoe Garnett of JLL represented MacKenzie in the lease negotiations, and Jason Hetherington, Brad Lowry and Doug Tice of CBRE represented U.S. Cabinet Depot.  

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