Virginia

Capital Square to Raise $63.3M in Equity, Closes Construction Debt for Richmond Apartment Project

by John Nelson August 29, 2023

RICHMOND, VA. — Capital Square has announced plans to raise $63.3 million in equity from accredited investors through its CSRA Opportunity Zone Fund VII LLC for the development of a 352-unit multifamily development in Richmond. The developer has also closed a construction loan for an undisclosed amount through United Bank. Walker & Dunlop arranged the financing. Capital Square broke ground on the unnamed community in April and expects to deliver the property in summer 2025. Located at 2929 W. Clay St. and 2922 & 2925 W. Marshall St. in Richmond’s Scott’s Addition neighborhood, the community will comprise three adjoining buildings situated atop podium parking and retail space. Planned amenities will include courtyards, a zero-edge pool, gym, clubhouse, dog park and a sky lounge.

August 29, 2023

Leasing Activity Retail Southeast Virginia

PGA Tour Superstore to Open 30,000 SF Store at Colonnades West Shopping Center in Metro Richmond

by John Nelson August 29, 2023

GLEN ALLEN, VA. — PGA Tour Superstore plans to open a 30,000-square-foot store at Colonnades West, a neighborhood shopping center located at the corner of Cox Road and West Broad Street in Glen Allen. Set to open in early 2024, the store will be the first PGA Tour Superstore in the greater Richmond market. The retailer is backfilling a former Office Max and will be positioned between Ross Dress for Less and Marshalls within the shopping center. Larry Agnew of S.L. Nusbaum Realty Co. represented the tenant in the lease negotiations. Harrison Hall and Peter Vick of Colliers represented the undisclosed landlord.

August 29, 2023

Acquisitions Retail Southeast Virginia

Kimco Realty Purchases Stonebridge at Potomac Town Center in Metro D.C. for $172.5M

by John Nelson August 28, 2023

WOODBRIDGE, VA. — Kimco Realty has purchased Stonebridge at Potomac Town Center, a 504,000-square-foot shopping center located in the Washington, D.C., suburb of Woodbridge, Va., for $172.5 million. A 138,500-square-foot Wegmans anchors the property, which was 96 percent leased at the time of sale. Tenants at the center include REI, Ulta Beauty, Starbucks Coffee, Cava, Firebirds Wood Fired Grill, Alamo Drafthouse Cinema and Apple Store, as well as boutique fitness, service and medical retailers. Jericho, N.Y.-based Kimco Realty is looking at redevelopment opportunities at Stonebridge at Potomac Town Center, including three retail outparcels and adding mixed-use elements to the center. The seller was not disclosed.

August 28, 2023

Acquisitions Restaurant Retail Southeast Virginia

Colliers Brokers $5.4M Sale of Two Retail Outparcels in Metro Richmond

by John Nelson August 28, 2023

CHESTER, VA. — Colliers has brokered the $5.4 million sale of two retail outparcels at Bermuda Square, a shopping center located at 12531-12533 Richmond Highway in the Richmond suburb of Chester. The properties include a multi-tenant space leased to Aspen Dental and Sleep Number and a single-tenant property occupied by Chipotle Mexican Grill. Separate buyers acquired the properties for $4 million and $1.4 million, respectively. Michael Brewster and Brad Peterson of Colliers represented the undisclosed seller in the transactions, with assistance from Jay O’Donnell and Jeff Fritz of Colliers.

August 28, 2023

Acquisitions Multifamily Southeast Virginia

Stockbridge Sells Arbors at Fair Lakes Apartments in Fairfax, Virginia for $85.6M

by John Nelson August 24, 2023

FAIRFAX, VA. — San Francisco-based Stockbridge has sold Arbors at Fair Lakes, a 282-unit apartment community located at 4408 Oak Creek Court in Fairfax. GID purchased the value-add community for $85.6 million. Bret Thompson and Robert Jenkins of JLL represented the seller in the transaction. Built in 1987, Arbors at Fair Lakes comprises one-, two- and three-bedroom apartments with an average unit size of 920 square feet. Amenities include a 24-hour fitness center, resort-style swimming pool, business center, tennis court with perimeter running track, outdoor grill/lounge area, and a half-mile nature trail throughout the property.

August 24, 2023

Acquisitions Build-to-Rent Development Single-Family Rental Southeast Top Stories Virginia

AREP, GreenBarn Acquire Build-to-Rent Development Site in Ashburn, Virginia, for $120M

by Taylor Williams August 21, 2023

ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in Ashburn, located in Northern Virginia’s Loudoun County approximately 30 miles west of Washington, D.C. The site is fully approved for the construction of 200 build-to-rent homes. The price was $120 million. National homebuilder Dream Finders Homes originally acquired and entitled the site before selling it to the partnership. Genesis Capital, a subsidiary of New York City-based REIT Rithm Capital Corp., provided an $86.4 million loan to the partnership to fund both acquisition and construction costs. Rithm Capital is also an equity partner on the project. According to the property website, CityHouse Ashburn Station will consist entirely of three-bedroom units with an average size of 2,000 square feet. Preleasing for Phase I of the project is currently underway, and the development team expects to fully complete the community within the next 15 months. Residences will offer attached private garages, large island kitchens, full-size washers and dryers and various pieces of smart home technology. Residents will also have access to sports courts, communal green spaces, pet-friendly facilities and indoor/outdoor entertainment areas. Rents start at around $4,000 per month. “With this acquisition, …

August 21, 2023

Acquisitions Seniors Housing Southeast Virginia

Foundry Commercial Acquires 90-Unit White Springs Senior Living Community in Metro D.C.

by John Nelson August 14, 2023

WARRENTON, VA. — Foundry Commercial has acquired White Springs Senior Living, a 90-unit seniors housing community located in Warrenton, approximately 48 miles outside of Washington, D.C. White Springs, which opened in 2020, offers assisted living and memory care services. Ryan Weekes and Zach Strunk of Foundry arranged the transaction, with support from Spring Arbor Associates. Capital Funding Group (CFG) provided funding for the acquisition. The seller, sales price and loan amount were not disclosed.

August 14, 2023

Acquisitions Hospitality Southeast Virginia

Marcus & Millichap Arranges Sale of 94-Room Holiday Inn Hotel Near Virginia Tech

by John Nelson August 14, 2023

BLACKSBURG, VA. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites hotel located in Blacksburg. Situated on 3.3 acres roughly one mile from Virginia Tech, the hotel totals 94 rooms. An undisclosed Virginia-based buyer acquired the property, which was built in 2000, for an undisclosed price. Chase Dewese, Jack Davis and Joce Messinger of Marcus & Millichap represented the undisclosed seller in the transaction. Brian Hosey assisted as Marcus & Millichap’s Virginia broker of record.

August 14, 2023

Leasing Activity Retail Southeast Virginia

The LEGO Store to Open at Town Center of Virginia Beach in November

by John Nelson August 9, 2023

VIRGINIA BEACH, VA. — The LEGO Store plans to open a new 3,170-square-foot store at Town Center of Virginia Beach, a mixed-use development in downtown Virginia Beach that features 500,000 square feet of shops, restaurants and entertainment venues. The store will carry LEGO products and also host in-store play experiences and events. The LEGO Store joins other recent additions to the development, including Nando’s, Legal Sea Foods, Cinnaholic Bakery, Madewell and Nike. The new store is set to open in November. Gerald Divaris and Sezin Cortinas of Divaris Real Estate represented the landlord, locally based Armada Hoffler, in the lease negotiations. Lindsay Bangel, also with Divaris, represented LEGO, which has 112 stores in North America.

August 9, 2023

Affordable Housing Development Multifamily Southeast Virginia

Fairfax County, APAH to Develop 516-Unit Affordable Housing Project in Tysons, Virginia

by John Nelson August 8, 2023

TYSONS, VA. — The Fairfax County Redevelopment and Housing Authority has purchased a two-acre site near the Spring Hill Metro station in Tysons. The county has reached an agreement with regional nonprofit Arlington Partnership for Affordable Housing (APAH) to develop Dominion Square, a 516-unit affordable housing development that will feature two 20-story towers and a 33,000-square-foot community center operated by the county. The land, which formerly comprised surface parking lots used by auto dealerships, is ground-leased to APAH for 85 years. APAH plans to break ground later this year and deliver the community in 2027. Amazon provided a $55 million loan from its Housing Equity Fund for the Dominion Square project, and Fairfax County has approved the issuance of up to $89 million in tax-exempt bonds.

August 8, 2023

Newer Posts

Older Posts