Virginia

Middleburg, Resmark to Develop 310-Unit Apartment Community in Metro Richmond

by John Nelson April 11, 2023

GLEN ALLEN, VA. — A joint venture between Middleburg Communities and The Resmark Cos. plans to develop The Brook, a 310-unit apartment development located on a 13.5-acre site at 9002 Brook Road in Glen Allen, a suburb of Richmond. The co-developers expect to begin construction this month, with the community scheduled to open in late 2024. The Brook will comprise five four-story apartment buildings totaling 274 units, as well as six six-unit townhome buildings. Apartments will come in a mix of one-, two- and three-bedroom floor plans, and townhomes will come in two- and three-bedroom layouts. The Brook’s amenities will include an outdoor swimming pool, fitness center and yoga studio, grilling stations, dog park, pet spa and electric vehicle charging stations. Truist Bank provided an undisclosed amount of construction financing for the project.

April 11, 2023

Acquisitions Industrial Southeast Virginia

Red Rock, Westport Capital Divest of 353,044 SF Distribution Center in Metro Richmond

by Jeff Shaw April 10, 2023

CHESTER, VA. — A joint venture partnership between a fund managed by Red Rock Developments and a fund managed by Westport Capital Partners has sold a distribution center located at 1400 Digital Drive in Chester, roughly 20 miles southeast of Richmond. The 353,044-square-foot property was fully leased at the time of sale to CCBCC Operations LLC, which Coca-Cola Consolidated Inc. owns. Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer with Jonathan Carpenter and Graham Savage of Cushman & Wakefield’s Industrial Advisory Group arranged the sale. Bailard Real Estate Fund acquired the property for an undisclosed price.

April 10, 2023

Affordable Housing Development Multifamily Southeast Virginia

BLVD Breaks Ground on $13.5M Redevelopment of Aqua Vista Affordable Apartments in Newport News, Virginia

by Jeff Shaw April 10, 2023

NEWPORT NEWS, VA. — The BLVD Group is underway on the $13.5 million redevelopment of Aqua Vista Apartments, a 150-unit affordable housing community in Newport News. Built in 1970, the property will undergo improvements including updates to the building envelope, new finishes throughout the units and expanded amenities such as a grilling area, playground, dog park, business center and community room. BLVD also plans to convert the building systems from gas to electric power and seek the Enterprise Green Communities certification upon completion of the redevelopment. BLVD is the developer, with Hooker De Jong Architects and Metro Group Services serving as the architect and general contractor on the project, respectively. Enterprise Communities is the equity partner, and Virginia Housing is the construction lender. The redevelopment will preserve the affordability status of the community through 2072, with units reserved for individuals and families earning 60 percent or less of the area median income (AMI).

April 10, 2023

Development Industrial Southeast Virginia

Lingerfelt Purchases Land Near Richmond for Development of 325,500 SF Warehouse

by John Nelson April 7, 2023

RUTHER GLEN, VA. — Lingerfelt Development LLC has purchased 24 acres within Carmel Church Business Center in Ruther Glen, approximately 30 miles north of Richmond. The company plans to construct a 325,500-square-foot speculative, high-bay distribution warehouse facility at the property. Mark Douglas of Cushman & Wakefield | Thalhimer represented Lingerfelt in the $2.6 million transaction. Virgil Nelson, also with Thalhimer, represented the seller, an entity doing business as CCBC Properties LLC.

April 7, 2023

Acquisitions Development Restaurant Retail Southeast Virginia

Uptown Alley to Open 64,000 SF Entertainment Venue in Williamsburg, Virginia

by John Nelson April 5, 2023

WILLIAMSBURG, VA. — Uptown Alley, an entertainment concept with four existing locations in the Mid-Atlantic, has purchased the former Yankee Candle building in Williamsburg. The multi-level, mixed-use building is located on a six-acre site at 2200 Richmond Road. Dawn Griggs and Rob Wright of Cushman & Wakefield | Thalhimer represented the seller, Fulton Bank, in the $4 million sale. Uptown Alley plans to open its fifth entertainment venue at the Williamsburg property, which will feature upscale bowling, duckpin bowling, an arcade and a chef-driven restaurant. The company plans to open the new venue before the end of the year.

April 5, 2023

Development Seniors Housing Southeast Virginia

Brightview Opens 196-Unit Seniors Housing Community in Herndon, Virginia

by John Nelson April 3, 2023

HERNDON, VA. — Brightview Senior Living has opened Dulles Corner in Herndon, a Washington, D.C. suburb near Dulles International Airport. Dulles Corner offers 196 units of independent living, assisted living and memory care. The development marks Brightview’s 46th community and its third in Fairfax County. The property is the seniors housing component of Innovation Center Station, a $1 billion mixed-use development by Penzance that will also feature offices, residences, a hotel, shops, restaurants and parks.

April 3, 2023

Acquisitions Florida Multifamily Southeast Virginia

Bonaventure-Sponsored REIT Purchases Three Multifamily Properties Totaling 601 Units in Florida, Virginia

by John Nelson March 29, 2023

ALEXANDRIA, VA. — A private REIT affiliated with Alexandria, Va.-based Bonaventure has acquired three multifamily communities totaling 601 units in Florida and Virginia in separate UPREIT transactions. (UPREIT, or Umbrella Partnership Real Estate Investment Trust, is a type of transaction where a seller trades to a REIT in exchange for an ownership stake in the REIT.) The Virginia assets include Cedar Broad Apartments in Richmond and East Beach Marina Apartments in Norfolk, which comprise 204 and 137 units, respectively. Cedar Broad features homes in one-, two- and three-bedroom layouts, with amenities including a breakfast/coffee concierge, rooftop terrace with full kitchen, electric vehicle charging station, covered parking and a gym. East Beach Marina offers apartments in one- and two-bedroom layouts. The Florida property is Shadetree Apartments in Ruskin. The property comprises 260 units in one-, two- and three-bedroom layouts. Amenities include private cabanas for entertaining, a clubhouse, swimming pool and a sauna.

March 29, 2023

Data Centers Development Southeast Virginia

H5 Data Centers Breaks Ground on 255,000 SF Facility in Northern Virginia

by John Nelson March 22, 2023

ASHBURN, VA. — H5 Data Centers has broken ground on a three-story, 255,000-square-foot data center in Ashburn, a city in Northern Virginia. The Denver-based developer has begun preleasing the property, which is set for delivery in the third quarter of 2024. The data center located on Beaumeade Circle will qualify for Virginia data center sales and use tax exemption, according to H5. Ashburn is known as the data center capital of the world and houses facilities leased to Amazon, Microsoft, Google and Meta, among others.

March 22, 2023

Acquisitions Industrial Southeast Virginia

Lingerfelt, Partners Group Purchase 1.2M SF Industrial Portfolio in Metro Richmond for $105.6M

by John Nelson March 21, 2023

COLONIAL HEIGHTS AND ASHLAND, VA. — A joint venture between Lingerfelt and Partners Group has purchased a nearly 1.2 million-square-foot industrial portfolio in metro Richmond for $105.6 million. The seller was not disclosed. The portfolio includes Walthall Distribution Center, a three-building property in Colonial Heights spanning 868,601 square feet, and Northlake Distribution Center, a 293,115-square-foot facility in Ashland. Developed between 2000 and 2003, the facilities include cross-dock and rear-load configurations, 32-foot clear heights, a high ratio of dock positions, ESFR fire protection and ample auto parking spaces. The portfolio was fully leased at the time of sale to 18 separate tenants. Matt Anderson and Harrison McVey of Colliers will handle the marketing and leasing of the portfolio on behalf of the new ownership. Colliers will also provide property and facility management services for the properties and tenants.

March 21, 2023

Acquisitions Multifamily Southeast Virginia

Legacy, Fulton Peak Purchase 190-Unit Water’s Edge Apartment Community in Norfolk

by John Nelson March 17, 2023

NORFOLK, VA. — Cleveland-based Legacy Capital Partners and Raleigh-based Fulton Peak Capital have purchased Water’s Edge Apartments, a 190-unit multifamily community in Norfolk. Built in 1986, the property will undergo capital improvements under the new ownership, including the addition of vinyl plank flooring, granite countertops, new fixtures, stainless steel appliances, lighting and vanities and washer/dryer units. The joint venture also plans to make environmentally friendly upgrades including LED lighting, smart thermostats and new showerheads and faucets. The seller and sales price were not disclosed.

March 17, 2023

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