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AcquisitionsCompany NewsHospitalitySoutheastTop StoriesVirginia

Joint Venture to Purchase Sotherly Hotels REIT in All-Cash Transaction

by John Nelson

WILLIAMSBURG, VA. — A joint venture between Kemmons Wilson Hospitality Partners LP and Ascendant Capital Partners LP, doing business jointly as KW Kingfisher LLC, has entered into a definitive merger agreement with Sotherly Hotels Inc. (NASDAQ: SOHO), a hospitality REIT based in Williamsburg. Sotherly owns 10 upscale hotels in the Sun Belt and Mid-Atlantic totaling 2,786 hotel rooms, as well as interests in two condominium hotels and their associated rental programs. Sotherly’s portfolio includes:– The Georgian Terrace in Atlanta– The Whitehall in Houston– The DeSoto in Savannah, Ga.– Lyfe Resort & Residences in Hollywood, Fla.– Hyde Beach House in Hollywood, Fla.– DoubleTree by Hilton Hollywood Beach Resort in Hollywood, Fla.– Hotel Ballast in Wilmington, N.C.– Hotel Alba in Tampa, Fla.– Hyatt Centric Arlington in Arlington, Va.– DoubleTree Jacksonville Riverfront in Jacksonville, Fla.– DoubleTree by Hilton Laurel in Laurel, Md.– DoubleTree by Hilton Philadelphia Airport “This transaction is a testament to the high-quality portfolio that Sotherly has built over the past 20-plus years as a publicly traded company, and we are confident this will pave a path toward future success for our hotels and the associates and guests who enjoy them every day,” says David Folsom, CEO of Sotherly. Under terms …

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AcquisitionsIndustrialSoutheastVirginia

JLL Negotiates Sale of 1 MSF Industrial Portfolio in Metro Richmond

by John Nelson

RICHMOND, VA. — JLL has negotiated the sale of a six-building industrial portfolio spanning more than 1 million square feet near Richmond International Airport. The portfolio comprises Class A and B buildings that were constructed between 1971 and 1999 across three sites. The assets are situated on the eastern side of Richmond’s metropolitan area near the intersection of I-295 and I-64. Bill Prutting, Pete Pittroff, Craig Childs, Chris Dale, Dave Andrews and Ginna Wallace of JLL represented the undisclosed seller in the transaction. The sales price was also not disclosed. The buyer, Silverman Group, has tapped SL Industrial Partners to manage the portfolio.

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DevelopmentRetailSoutheastVirginia

Whole Foods Market Daily Shop Opens Fourth Location in Arlington, Virginia

by Abby Cox

ARLINGTON, VA. — Whole Foods Market Daily Shop, the grocer’s smaller format retail concept, has opened its fourth location in the Crystal City neighborhood of Arlington. The grocery store spans 10,000 square feet of retail space, which makes it the largest Whole Foods Market Daily Shop to open and the first location to open outside of New York City. The store features more than 250 local items from the broader Washington, D.C., Maryland and Virginia (DMV) areas. The Arlington store officially opened on Thursday, Oct. 23. Information about the landlord was not released. 

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AcquisitionsRetailSoutheastVirginia

Prudent Growth Partners Acquires Retail Center in Chesapeake, Virginia for $5.4M

by John Nelson

CHESAPEAKE, VA. — Chapel Hill, N.C.-based Prudent Growth Partners has acquired Castle Shops, a 37,309-square-foot retail strip center located in Chesapeake, for $5.4 million. Dollar Tree anchors the two-building property, which was fully leased at the time of sale. Additional tenants include CHKD Thrift Store, Boost Mobile and Liberty Tax. Jeff Fritz and Jay O’Donnell of Colliers represented the seller in the transaction. George Fox, also with Colliers, served as the leasing agent at Castle Shops.

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AcquisitionsFeaturesMultifamilySoutheastSoutheast Feature ArchiveVirginia

Delaware Statutory Trusts Unleash the Potential for Section 1031 Exchanges

by John Nelson

By Louis Rogers of Capital Square Navigating the complex tax rules of a Section 1031 exchange can be a complicated experience. For many, investing in a Delaware Statutory Trust, or DST replacement property, simplifies and streamlines the process so that more investors can enjoy the benefits of Section 1031. Introduction to Section 1031 Exchanges Section 1031 of the Internal Revenue Code, commonly referred to as a “tax-deferred exchange,” provides for the complete deferral of federal and state taxes on the sale of investment real estate. The seller must reinvest the net sale proceeds into a qualifying replacement property, which can be any type of real property. The gain that would have been recognized in a taxable sale is deferred until the replacement property is sold in a taxable transaction. Section 1031 has been in the tax code since 1921. Historically, most exchangers have acquired a “whole” property, meaning they acquired an entire replacement property. However, starting in 2002, many exchangers have acquired a fractionalized interest in their replacement property, first using the Tenant in Common (TIC) structure and, more recently, the DST structure. Instead of acquiring a whole property, they acquire a fractionalized interest or a percentage of a replacement …

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DevelopmentSoutheastStudent HousingVirginia

Cardinal Group, PGIM Break Ground on 493-Bed Student Housing Development Near Virginia Tech

by John Nelson

BLACKSBURG, VA. — A joint venture between Cardinal Group Development and PGIM has broken ground on a 493-bed student housing development near the Virginia Tech campus in Blacksburg. Located at 501 S. Main St., the community will offer 215 units across two five-story buildings and 50 three-story townhomes. The property will also feature 17,456 square feet of retail space on the ground level. Shared amenities are set to include a pool and hot tub, fitness center, clubhouse and collaborative study lounges. Each townhome will offer a private rooftop terrace and two-car garage. The project is scheduled for completion ahead of Virginia Tech’s 2027-2028 academic year.

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DevelopmentIndustrialLife SciencesSoutheastVirginia

Merck Breaks Ground on $3B Pharmaceutical Manufacturing Plant in Elkton, Virginia

by John Nelson

ELKTON, VA. — Merck has broken ground on the Center of Excellence for Pharmaceutical Manufacturing, a $3 billion pharmaceutical manufacturing facility in Elkton. The 400,000-square-foot property will support more than 500 full-time jobs and 8,000 construction jobs, according to Merck. The facility will feature manufacturing and testing space for Merck’s active pharmaceutical ingredient and drug product divisions. In addition to the Elkton plant, Merck has announced nearly $6 billion in manufacturing investments in North Carolina, Delaware and Kansas, as well as $3.5 billion for its Rahway, N.J., headquarters.

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Leasing ActivityOfficeSoutheastVirginia

Divaris Arranges 24,476 SF Office Lease Renewal in Downtown Norfolk

by John Nelson

NORFOLK, VA. — Divaris Real Estate has arranged a 24,476-square-foot office lease renewal in downtown Norfolk for Wall, Einhorn & Chernitzer PC (WEC). The locally owned accounting and advisory firm has been a tenant in downtown Norfolk for more than three decades. WEC will continue to occupy the 12th floor of the office building at 150 W. Main St. Michael Divaris of Divaris Real Estate represented WEC in the lease transaction. Persifor Frazer of Colliers represented the undisclosed landlord.

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DevelopmentLoansMixed-UseMultifamilyRetailSoutheastVirginia

FCP Provides $47.1M Construction Financing for Mixed-Use Redevelopment Project in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — FCP has provided $47.1 million in construction financing for a two-tower mixed-use development located at 685 N. Glebe Road in Arlington, a suburb of Washington, D.C. The site was formerly home to a Macy’s department store in the city’s Ballston neighborhood. The borrower, a partnership between Insight Property Group and PGIM Real Estate, is developing two 16-story residential towers called Mira and Ador that will total 553 apartments and sit atop a 40,000-square-foot grocery store. Amenities will include a shared rooftop pool and sundeck and a variety of outdoor amenities, including dog parks and entertainment areas. Resident parking will be underground, with grocery store customers accessing a separate parking deck with a dedicated entrance. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia arranged the preferred equity investment on behalf of the development team. Michael Zelin, Marshall Scallan and Bindi Shah of Cushman & Wakefield arranged the senior loan through Northwestern Mutual. Bill Collins, Paul Norman and Shaun Weinberg of Cushman & Wakefield arranged the land sale.

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Morningstar-Storage
AcquisitionsArkansasFloridaGeorgiaIndustrialNorth CarolinaSelf-StorageSouth CarolinaSoutheastVirginia

Harrison Street, Morningstar Properties Acquire 21-Property Self-Storage Portfolio

by Abby Cox

CHICAGO AND MATTHEWS, N.C. — A joint venture between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties has acquired a portfolio of 21 self-storage properties totaling morning than 10,800 units. The properties are located in Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with 71 percent of the assets situated in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte and Atlanta. The portfolio was 90 percent leased at the time of sale and spans more than 1.3 million rentable square feet. Morningstar will continue operating and managing the portfolio. The seller was not disclosed. Harrison Street and Morningstar previously completed 41 self-storage investments across five Sun Belt states.

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