Virginia

Progress Capital Arranges $60.5M Acquisition Loan for Office Building in Herndon, Virginia Leased to Amazon

by John Nelson March 14, 2023

HERNDON, VA. — Progress Capital has arranged a $60.5 million acquisition loan for South Lake at Dulles Corner Business Park, a 270,000-square-foot office building in Herndon leased to Amazon. Brad Domenico of Progress Capital arranged the loan through Societe Generale Corp. on behalf of the borrower, Vision Properties. The loan features five years of interest-only payments. The seller was not disclosed. Built in 2008 and renovated in 2020 ahead of Amazon’s occupancy, the 10-story office building features a new fitness center, full-service café, modern conference facilities, tenant gaming rooms, outdoor dog park, bicycle room and a 921-space parking garage with EV charging stations. South Lake is located within Dulles Corner Business Park at 13820 Sunrise Valley Drive, which is near Dulles International Airport and the Silver Line Innovation Center Metro station.

March 14, 2023

Development Office Southeast Virginia

Amazon Pauses Construction on HQ2 Corporate Campus in Arlington, Virginia

by John Nelson March 6, 2023

ARLINGTON, VA. — Amazon has paused construction on the second phase of its 5.4 million-square-foot HQ2 development in Arlington, reports Bloomberg. The developer, JBG Smith, previously announced that the first phase of the headquarters, which comprises 2.1 million square feet, is scheduled for delivery this summer. The delay will affect the second, 3.3 million-square-foot Pen Place phase, plans for which include three office buildings and a biophilic, double-helix amenity center dubbed The Helix. The pause coincides with recent layoffs, and John Schoettler, the real estate chief for the company, did not disclose a new start date for construction, though he says Amazon remains committed to the National Landing area.

March 6, 2023

Acquisitions Development Mixed-Use Southeast Virginia

Cushman & Wakefield|Thalhimer Negotiates 105.5-Acre Land Sale in Metro Richmond, Buyer Plans Mixed-Use Development

by John Nelson March 2, 2023

MIDLOTHIAN, VA. — Cushman & Wakefield|Thalhimer has negotiated the sale of three separate assemblages in Midlothian, a western suburb of Richmond, totaling 105.5 acres. The sales price was not disclosed, but Richmond BizSense reports the land traded for $8 million. The buyer, an entity of Kettler, plans to develop a mixed-use campus at the site. Dubbed Cloverleigh, the multi-phased development will include single-family homes, townhomes, a hotel and a restaurant. The development will also include offsite improvements to the intersection of Old Hundred and Hull Steet roads. Mark Douglas of Thalhimer arranged the land sales, which comprised 63.2 acres at 12700-12900 Hull St. Road, 10.3 acres at 4211-4221 Old Hundred Road and 32 acres at 4225-4231 Old Hundred Road.

March 2, 2023

Development Multifamily Office Southeast Virginia

PRP Completes Office-to-Multifamily Conversion Project in Alexandria, Virginia

by John Nelson February 28, 2023

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.

February 28, 2023

Acquisitions Multifamily Southeast Virginia

Cushman & Wakefield Brokers $25M Sale of Hickory Point Apartments in Newport News, Virginia

by John Nelson February 28, 2023

NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.

February 28, 2023

Development Multifamily Office Southeast Virginia

PRP Completes Office-to-Multifamily Conversion Project in Alexandria, Virginia

by John Nelson February 28, 2023

February 28, 2023

Acquisitions Multifamily Southeast Virginia

Cushman & Wakefield Brokers $25M Sale of Hickory Point Apartments in Newport News, Virginia

by John Nelson February 28, 2023

February 28, 2023

Industrial Leasing Activity Office Southeast Virginia

Five New Tenants Sign Leases at 171,000 SF Merritt Business Park in Quantico, Virginia

by John Nelson February 27, 2023

QUANTICO, VA. — Five new tenants will join Merritt Business Park at Quantico Corporate Center, a light industrial campus located along I-95 in Quantico. Three of the businesses — Full Distance Brewing, The Nova Systems and Two Marines Moving — are veteran-owned companies. Full Distance Brewing and Nova Systems will occupy 8,000 and 7,000 square feet, respectively. Merritt Properties has also signed leases with Top Notch Moving Services and The Continuum Group. Top Notch will take over 15,000 square feet, and Continuum will lease 7,200 square feet at the property, which is comprised of two single-story flex buildings. Both buildings feature 18-foot clear heights, access to a fiber-optic network, loading docks and drive-in capabilities for warehouse users.

February 27, 2023

Acquisitions Multifamily Southeast Virginia

Blackfin Purchases Waterford Apartments in Virginia Beach for $55.4M

by John Nelson February 24, 2023

VIRGINIA BEACH, VA. — Blackfin Real Estate Investors has purchased Waterford Apartments on Lake Smith in Virginia Beach for $55.4 million. Built in 1980, the community comprises 376 units and was previously renovated to feature walk-in closets, custom maple cabinets, granite countertops, updated lighting and fixtures and dishwashers. The property was fully occupied at the time of sale. Hank Hankins, Victoria Pickett, Charles Wentworth and Garrison Gore of Colliers represented the undisclosed seller in the transaction.

February 24, 2023

Company News District of Columbia Maryland Multifamily Southeast Virginia

KLNB Acquires Edge Commercial Real Estate Brokerage Firm

by John Nelson February 23, 2023

WASHINGTON, D.C., AND ROCKLEDGE, MD. — KLNB has acquired Edge Commercial Real Estate, a Rockledge-based brokerage with offices in Maryland, Virginia and Washington, D.C. The move increases the size of the Washington, D.C.-based commercial real estate brokerage firm by 20 percent and serves as KLNB’s entry into the multifamily brokerage arena. KLNB is adding 32 total employees, 18 of which are brokers who specialize in multiple facets of office, industrial, tenant representation and multifamily investment sales. Six of the brokers will be immediately installed as principal partners at KLNB. “The acquisition of Edge fits perfectly in our timeline for smart and disciplined progression,” says Marc Menick, president of KLNB. “By acquiring Edge, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach. And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.” Additionally, KLNB will fold Edge’s property management division, which oversees a 1 million-square-foot portfolio, into its KLNB Asset Services platform, a joint venture between KLNB and Divaris Real Estate. Terms of the transaction were not disclosed.

February 23, 2023

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