Monday, January 20, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Virginia

AcquisitionsOfficeSoutheastVirginia

Finmarc Management Acquires Dulles Corner Office Portfolio in Northern Virginia for $51M

by John Nelson

HERNDON, VA. — Finmarc Management Inc. has acquired a four-building office portfolio in the Northern Virginia city of Herndon for $51 million. Eastdil Secured represented the undisclosed seller in the transaction, and Cliff Mendelson of Metropolis Capital Advisors assisted in the debt placement for Finmarc. The properties, known collectively as Dulles Corner, are situated in the region’s Dulles Technology Corridor and span nearly 620,000 square feet. The portfolio overlooks the Dulles International Airport and houses tenants in the aerospace, defense and tech industries, including Peraton, SAP National Security Services, DLT Solutions, Mission Essential, Valiant Integrated Services, Synopsys and BlackSky DC. In addition to offices, Dulles Corner features conference facilities, a private fitness center, onsite restaurants, daycare center and a central park with walking paths, water features, greenspaces and outdoor dining areas. Finmarc has selected Joshua Masi, Tom Walsh, Will Thomas and Nate Marshall of Cushman & Wakefield to handle leasing at Dulles Corner.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilySoutheastVirginia

Berkadia Brokers Sale of 296-Unit Multifamily Property in Newport News, Virginia

by John Nelson

NEWPORT NEWS, VA. — Berkadia has brokered the sale of Forest Lake at Oyster Point, a 296-unit multifamily property located at 307 Saint Thomas Drive in Newport News. Richmond-based Levco Management acquired the property for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented the Nebraska-based seller, Haley Residential, in the transaction. Built in 1986 and renovated between 2008-2013, Forest Lake at Oyster Point offers a mix of one-, two- and three-bedroom apartments ranging in size from 780 to 1,235 square feet, according to Apartments.com. Amenities at the Class B property include a tennis court, grilling area, two swimming pools and a fitness center.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentSoutheastStudent HousingVirginia

Subtext, Kayne Anderson to Break Ground on 1,332-Bed Student Housing Community Near University of Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Subtext and Kayne Anderson Real Estate is set to break ground on VERVE Charlottesville, a 1,332-bed development located at 100 Stadium Road near the University of Virginia campus in Charlottesville. Spanning 729,262 square feet, the community will offer 463 units in studio through four-bedroom configurations. Shared amenities will include a fireside lobby lounge, café, dedicated library, open and private study areas, a two-story fitness center, club room, maker space, multi-game simulator, pool terrace, dog spa and park and an outdoor fitness lawn. The developer will also contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of project agreements. Groundbreaking is scheduled for this month with completion slated for summer 2027. The development and financing team for the project includes Sumitomo Mitsui Banking Corp., John Moriarty & Associates, ESG Architecture & Design, Wolf Ackerman Design, AJC Design Group, SK&A, Timmons Group and Williams Mullen as local counsel.

Continue Reading
FacebookTwitterLinkedinEmail
Roeschlaub-Pull-Quote-2
Data CentersDevelopmentIndustrialLoansSoutheastTop StoriesVirginia

Newmark Arranges $600M in Construction Financing for Richmond Data Center Project

by Taylor Williams

RICHMOND, VA. — Newmark has arranged $600 million in construction financing for a data center project in Richmond. The borrower and developer is a partnership between local developer PowerHouse Data Centers, New York City-based Blue Owl Real Estate and Chirisa, a firm that invests in digital and telecommunications infrastructure and real estate. The square footage of the development was not announced, but the facility will have a critical capacity of 50 megawatts (MWs).According to recent data, PowerHouse is developing its hyperscale data centers at a ratio of 0.2 MW per square foot, giving the Richmond project an estimated square footage of 250,000 square feet of critical data center space. The project will be a build-to-suit for CoreWeave, a New Jersey-based company that provides cloud-based graphics processing infrastructure. Construction began earlier this year, and operations are expected to begin sometime in 2025. A syndicate of lenders led by European giant Societè Generale provided the debt, which was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Nick Scribani, Ben Kroll, John Caraviello and Brent Mayo. “This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” says Roeschlaub. With more than 30 million square feet of physical …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentSeniors HousingSoutheastVirginia

NexCore, Experience Senior Living Break Ground on 215-Unit Community in Metro DC

by John Nelson

FALLS CHURCH, VA. — NexCore Group and Experience Senior Living (ESL) have broken ground on The Reserve at Falls Church, a 215-unit seniors housing community in Falls Church, roughly 10 miles outside Washington, D.C. Upon completion, the property will feature independent living, assisted living and memory care units across 15 stories. Amenities at the community will include multiple restaurants, an indoor saltwater pool, spa, fitness center and a “maker space” for creative endeavors. Nuveen Real Estate is providing an undisclosed amount of capital for the project. This marks the 18th seniors housing development between NexCore and ESL. Scheduled to open in spring 2027, The Reserve at Falls Church will be situated within the 1.2 million-square-foot West Falls mixed-use community. In addition to residential units, West Falls comprises retail and restaurant space, a hotel, medical office building and central outdoor gathering space. Hoffman & Associates is the master developer of the community.

Continue Reading
FacebookTwitterLinkedinEmail
Data CentersDevelopmentSoutheastVirginia

Avaio Digital to Develop $3B Data Center Campus in Central Virginia

by John Nelson

APPOMATTOX COUNTY, VA. — Avaio Digital Partners plans to develop a $3 billion data center campus in Central Virginia. The data center developer and operator is an affiliate of Avaio Capital. The firm recently purchased a 452-acre site from the Appomattox County Economic Development Authority that is zoned for data center development. The shovel-ready site is located atop long-haul fiber networks, according to Avaio Digital. The developer has secured 300 megawatts of power from CVEC (Central Virginia Electric Cooperative) and Dominion Energy for the development. Details about the construction timeline were not released.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareLeasing ActivityMixed-UseSoutheastVirginia

Trammell Crow Co. Signs 68,000 SF Healthcare Lease with Johns Hopkins in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Trammell Crow Co. (TCC) has signed a 68,000-square-foot lease with The Johns Hopkins Health System Corp. at The Wellness Center at West Falls in Falls Church. The nonprofit will occupy the fourth, fifth and sixth floors of the 126,000-square-foot property. Andy Thau, Conn Curry and Yorke Allen of JLL are leasing and marketing the remainder of The Wellness Center. The LEED Gold-certified, Class A medical office building that has been open and operating since February. Located at 7171 Cardinal Lane, the property offers curbside patient pick-up and drop-off, locker rooms with showers, an amenity bar, bike storage and covered parking. The Wellness Center is part of the larger West Falls mixed-use development by Hoffman & Associates.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMultifamilySoutheastVirginia

JBG Smith Launches Leasing for 420-Unit Zoe Apartments at National Landing in Northern Virginia

by John Nelson

ARLINGTON, VA. — JBG Smith has launched leasing at The Zoe, a 420-unit luxury apartment building situated within the National Landing district in Northern Virginia. The 19-story tower, which features 10,000 square feet of street-level retail space, is located at 2051 S. Bell St. in Arlington. Designed by STUDIOS, The Zoe will feature a mix of studio, one- and two-bedroom apartments, as well as a rooftop amenity space, fitness center, concierge services, coworking space, conference rooms, pet spa with a grooming station, bike parking and electric vehicle charging stations. Monthly rental rates at The Zoe will range from $2,020 to $6,750, according to Apartments.com. SK+I served as the architect of record for The Zoe. JBG Smith is targeting LEED Gold certification for the property. Headlined by the Amazon HQ2, National Landing features restaurants, shops, the Water Park, the Crystal City Metro station and a planned pedestrian bridge linking National Landing to Ronald Reagan Washington National Airport. JBG Smith delivered two other apartment developments at National Landing earlier this year totaling 808 units — The Grace and Reva. The Bethesda, Md.-based developer is also underway on an adjacent 25-story apartment tower to The Zoe called Valen, which will begin leasing in …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsDevelopmentRetailSelf-StorageSoutheastVirginia

Coldwell Banker Commercial Read Brokers $6M Sale of Shopping Center in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — Coldwell Banker Commercial Read & Co. has brokered the $6 million sale of Forest Hill Shopping Center, an 82,000-square-foot retail center located at 2820 Linkhorne Drive in Lynchburg. Rick Read and Ricky Read of Coldwell Banker Read represented the seller, an entity doing business as Lynchburg Investment Co. Inc., in the transaction. The brokerage firm has served as the landlord rep for the retail center for the past 20 years. The buyer, Swintstorage Conversion Fund LLC, plans to convert the shopping center’s anchor store into a self-storage facility with some outdoor RV and boat storage space. The new owner will also rehabilitate the balance of Forest Hill’s retail space.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentSeniors HousingSoutheastVirginia

Watercrest, Partners Underway on 142-Unit Seniors Housing Community in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles outside Washington, D.C. Upon completion, the property will feature 106 assisted living units and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank & Trust is financing the development.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts