Virginia

Cushman & Wakefield Negotiates $101.9M Sale of Marina Shores Apartment Homes in Virginia Beach

by John Nelson February 22, 2023

VIRGINIA BEACH, VA. — Cushman & Wakefield has negotiated the $101.9 million sale of Marina Shores Apartment Homes, a 392-unit multifamily community located at 257 Willow Oak Circle in Virginia Beach. FPA Multifamily acquired the property from the undisclosed seller. Jorge Rosa and T.J. Liberto of Cushman & Wakefield partnered with NAI Global to represent the seller in the transaction. Marina Shores features one-, two- and three-bedroom units, as well as a saltwater swimming pool, fitness center, resident clubhouse and kitchen, two fenced dog parks, outdoor grilling and lounge area, tennis court and covered parking.

February 22, 2023

Industrial Leasing Activity Office Southeast Virginia

Sapporo USA Signs 149,030 SF Flex Office Lease in Richmond

by John Nelson February 20, 2023

RICHMOND, VA. — Sapporo USA Inc. has signed an office/warehouse lease at Sauer Industrial Center, an industrial park located at 943 S. Airport Drive in Richmond. The beer manufacturer will occupy 149,030 square feet at the property. Cliff Porter of Porter Realty represented the landlord, Becknell Industrial, in the lease negotiations.

February 20, 2023

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers Sale of 120-Unit Laurel Pines Apartments in Richmond

by John Nelson February 14, 2023

RICHMOND, VA. — Berkadia has brokered the sale of Laurel Pines Apartments, a 120-unit, garden-style multifamily property located at 4123 E. Wood Harbor Court in Richmond. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller, Colorado-based Four Mile Capital, in the transaction. The buyer, Colorado-based Highlands Vista Group, purchased the property for an undisclosed price. Matt Schildwachter of Berkadia’s Denver office arranged a 10-year, fixed-rate, Freddie Mac loan on behalf of Highlands Vista. Laurel Pines features one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities and a playground.

February 14, 2023

Development Seniors Housing Southeast Virginia

Northmarq Facilitates $38.1M Construction Financing for Seniors Housing Project in Metro Richmond

by John Nelson February 13, 2023

MIDLOTHIAN, VA. — Northmarq has arranged a $38.1 million construction loan for the development of Lake Forest at Swift Creek, a 176-unit seniors housing project at 5950 Harbour Lane in Midlothian, roughly 15 miles outside of Richmond. The borrower, The Holladay Corp., is developing the community, which will comprise one building on 11.7 acres that is designed for active adults ages 55 and older. Keith Wells, Hunter Wood, Reina Abboud and Mike Lowry of Northmarq’s Richmond office secured the financing through Sandy Spring Bank. Delivery is scheduled for 2024.

February 13, 2023

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.8M Sale of Roanoke Shopping Center

by John Nelson February 13, 2023

ROANOKE, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of Oak Grove Plaza, a nearly 50,000-square-foot shopping center located at 2061 Electric Road in Roanoke. An entity doing business as Omma Management LLC purchased the property for $4.8 million. William Poe and Payal Shah of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.

February 13, 2023

Affordable Housing District of Columbia Market Reports Maryland Multifamily Southeast Southeast Market Reports Virginia

More Affordable Housing Options Needed in Greater D.C. Region, Says Fossi of Enterprise Community Development

by John Nelson February 1, 2023

WASHINGTON, D.C. — In 2019, the Metropolitan Washington Council of Governments issued a report stating that the D.C. region — comprising the city, Northern Virginia and suburban Maryland — needed to add 320,000 more housing units between 2020 and 2030, and that at least 75 percent of this new housing should be affordable to low- and medium-income households. Rob Fossi, senior vice president of real estate development at Enterprise Community Development, says the figure has only climbed in recent years due to macroeconomic and local challenges. “In the three years since that report was issued, this demand has only intensified while supply chain interruptions, interest rate spikes and competing resource challenges precipitated by the COVID-19 pandemic have all been challenges to maintain pace,” says Fossi. Enterprise Community Development, an affiliate of Enterprise Community Partners, is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic with a portfolio spanning about 13,000 apartments that house more than 22,000 residents. The firm is actively developing and preserving affordable housing across the region in order to address the demand, which Fossi says shows no signs of abating anytime soon. “There is little doubt that the demand for quality affordable housing will …

February 1, 2023

Development Mixed-Use Office Retail Southeast Virginia

MRP Realty, LaSalle Near Completion of Crystal & Clark Mixed-Use Redevelopment in Metro D.C.

by John Nelson January 27, 2023

ARLINGTON, VA. — MRP Realty and LaSalle Investment Management are nearing completion of the redevelopment and rebranding of Crystal & Clark, previously known as Century Center, in the National Landing neighborhood of metro Washington, D.C. Located at 2450 Crystal Drive and 2461 S. Clark St. in Arlington, the mixed-use development comprises two buildings and spans 639,621 square feet. 2450 Crystal Drive features 336,229 square feet of office space and 51,443 square feet of retail space, 36,000 square feet of which is leased or under negotiation. 2461 South Clark comprises 232,969 square feet of office space and 23,980 square feet of retail space, 5,000 square feet of which is currently leased. Aerospace and defense manufacturing giant Raytheon recently renewed its lease at the development in 2021 for 120,000 square feet of office space across both buildings. The redevelopment has included new access to outdoor seating and gathering areas, the addition of ground-level retail and restaurant space, a pedestrian plaza, streetscape improvements and office improvements including lobby updates, a new conference center, fitness and locker rooms, second- and third-floor terraces and amenity space. Plans for the property also include the construction of a 334,270-square-foot residential tower comprising 302 units and 21,863 square …

January 27, 2023

Acquisitions Multifamily Southeast Virginia

Blackfin Purchases Riverlands Apartments in Newport News, Virginia for $44.2M

by John Nelson January 26, 2023

NEWPORT NEWS, VA. — Blackfin Real Estate Investors LLC has purchased Riverlands Apartments, a 404-unit multifamily community located in the Hampton Roads town of Newport News, for $44.2 million. Hank Hankins, Charles Wentworth, Victoria Pickett and Garrison Gore of Colliers represented the seller, an undisclosed developer that has owned the property since it was delivered in 1989. Riverlands features one-, two- and three-bedroom apartments, as well as a pool and fitness center. The property is adjacent to Westover Station, a 108-unit property that Blackfin acquired in November 2020. Overall Blackfin has acquired nine communities in the Hampton Roads region.

January 26, 2023

Acquisitions Seniors Housing Southeast Virginia

CBRE Negotiates Sale of Seniors Housing Community in Woodbridge, Virginia

by John Nelson January 16, 2023

WOODBRIDGE, VA. — CBRE National Senior Housing’s investment properties team has arranged the sale of HarborChase of Prince William Commons, a Class A seniors housing community in Woodbridge, a suburb of Washington D.C. Built in 2018, HarborChase of Prince William Commons is a three-story building with 127 units of assisted living, transitional memory care and memory care units. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE represented the sellers, Silverstone Senior Living and Lionstone Investments. Although the price was not disclosed, CBRE National Senior Housing’s debt and structured finance team consisting of Aron Will, Tim Root, and Michael Cregan arranged acquisition financing on behalf of the buyer, Artemis Real Estate Partners. CBRE secured a five-year, $31.3 million, fixed-rate loan from a regional bank with 24 months of interest-only payments. The Arbor Co. will operate the community following the acquisition.

January 16, 2023

District of Columbia Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial, Warehouse Product Remains Tight Throughout Northern Virginia

by John Nelson January 9, 2023

Sustained leasing velocity for industrial/warehouse space in the Northern Virginia market, combined with the nearly insatiable demand for data center product, is contributing to developers repurposing existing business communities with this asset class to support demand, as well as companies expanding their geographic footprints into suburban Maryland and Central Virginia to secure space. This trend could be pivoting slightly due to the recent slowdown in leasing activity both locally and nationally as it relates to rising interest rates, the prospects for a looming recession and the possible end of a prolonged real estate cycle. The vacancy rate for industrial/warehouse space in the region currently stands at just over 2 percent. In the last quarter, the Northern Virginia industrial market experienced the largest pipeline in its history with more than 1 million square feet of space delivered, with nearly 5 million square feet of space in the development pipeline. The largest projects are contained within Stafford County as land in Loudoun and Fairfax counties has become unaffordable, or simply unattainable. Triple-net asking rents reached another all-time high of $12.45 per square foot in the third quarter, aided in part by these new deliveries. New space remains scarce and commands a premium, …

January 9, 2023

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