REBusinessOnline

Douglas Development Purchases 70,000 SF Office Property in Alexandria, Virginia

ALEXANDRIA, VA. — Douglas Development has purchased 515 King St., a 70,000-square-foot office property in Alexandria. JLL represented the undisclosed seller in the $12 million transaction.The office property recently had renovations completed, including a lobby renovation, ground-floor retail renovation, designated office suites and the upgrade of coworking spaces. Additional plans called for refreshing the public spaces and incorporating a gym and locker rooms.Douglas Development …

Twain Financial to Begin $76.5M Hotel Redevelopment in Alexandria, Virginia

ALEXANDRIA, VA. — St. Louis-based Twain Financial Partners has plans to redevelop Hotel Heron, an approximately 90,000-square-foot hotel redevelopment in Alexandria. Construction on the $76.5 million adaptive reuse project is set to begin in June and wrap by November 2023. Twain Financial provided $59.2 million in financing through a mixture of sale-leaseback financing and both federal and state historic tax credit equity on behalf of the developers, May Riegler Properties and Potomac …

JLL Arranges Sale of Stony Point Fashion Park Shopping Center in Richmond

RICHMOND, VA. — JLL Capital Markets has arranged the sale of Stony Point Fashion Park, a 396,961-square-foot, open-air shopping center in Richmond. David Monahan, Cameron Pittman, Jordan Lex, Jimmy Appich and Spotty Robins of JLL represented the seller, a receiver acting pursuant to a receivership order entered by the Circuit Court of the City of Richmond. Second Horizon Capital acquired the asset for an undisclosed price.Opened in 2003, Stony Point Fashion Park is anchored by Dillard’s …

Bonaventure Breaks Ground on 271-Unit Apartment Complex as Part of Mall Revitalization in Fredericksburg, Virginia

FREDERICKSBURG, VA. — Bonaventure, in partnership with Cafaro Properties, has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, located approximately 55 miles southwest of Washington, D.C. and 50 miles north of Richmond.The 271-unit, Class A apartment development will replace a former Sears anchor store that closed in early 2020, furthering the revitalization of the Spotsylvania Towne Centre mall.The apartment project will include amenities such as a resort-style …

Jefferson Apartment Group, STARS REI Break Ground on 98-Unit Multifamily Project in Arlington, Virginia

ARLINGTON, VA. — Jefferson Apartment Group, with its Chilean-based partner STARS REI, has broken ground on a 98-unit apartment community at 1031 N. Vermont St. in Arlington. Construction is expected to be completed by early 2024.The new development will offer one-, two- and three-bedroom floorplans in a seven-story building. Unit features will include quartz countertops, tile backsplashes, stainless steel appliances and plank flooring. Many units will also include private terraces and …

Avison Young Brokers $200M Sale of Retail Portfolio in Kingstowne, Virginia

KINGSTOWNE, VA. — Avison Young has brokered the sale of a retail portfolio totaling 410,398 square feet in Kingstowne, located in Fairfax County approximately 13 miles southwest of Washington, D.C. Federal Realty Investment Trust (NYSE: FRT) purchased the portfolio for $200 million.The deal will close in two parts, with the first half already completed and the second half scheduled to close in July. Dean Sands and Chip Ryan of Avison Young represented the seller, The Halle Cos.The …

Cushman & Wakefield | Thalhimer Arranges $2.1M Sale of Retail Building in Metro Richmond

MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of 11251 Hull Street Road, a 6,400-square-foot freestanding retail building in Midlothian. James Ashby IV of Cushman & Wakefield | Thalhimer represented the buyer, MB Ventures LLC. An entity doing business as KLS Hilltop LLC sold the property for $2.1 million.The property is fully leased by Safelite AutoGlass, a Columbus, Ohio-based provider of vehicle glass repair, replacement and calibration services. …

I-85 Corridor Markets See Explosion of Industrial Development, But InterFace Panelists Wonder if Housing Will Follow

CHARLOTTE, N.C. — During the closing panel at France Media’s InterFace I-85 Industrial Corridor conference, brokers from the major markets along the 666-mile interstate gave updates about developments and opportunities in their territories.Brockton Hall, vice president of Colliers’ Upstate South Carolina office, said that the Greenville-Spartanburg industrial market in South Carolina had 16 million square feet of industrial space under construction, which represents an inventory …

Clayco Breaks Ground on 330,000 SF Tyson Foods Facility in Southern Virginia

DANVILLE, VA. — Clayco has broken ground on Tyson Foods’ new poultry processing facility in Danville. Construction started last month and is slated for completion by the spring of 2023.Built on a 64-acre site, the project will be used primarily for the production of fully cooked, Tyson-branded chicken products. Tyson Foods has committed to purchasing 60 million pounds of Virginia-grown chicken over the next three years. The chicken processing plant’s features will include a mezzanine …

SRS Brokers $8.2M Sale of Retail Center in Christiansburg, Virginia

CHRISTIANSBURG, VA. — SRS Real Estate Partners has brokered the $8.2 million sale of North Shops at Spradlin Farm, a 17,290-square-foot, multi-tenant retail center in Christiansburg. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS represented the seller, a North Carolina-based shopping center fund. Tyler Price of Price Richards Commercial represented the buyer, a California-based investment firm that was in a 1031 exchange.Built in 2000, North Shops at Spradlin Farm …




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