Virginia

GW, Virtus Real Estate Capital Break Ground on 279-Unit Apartment Community in Charlottesville, Virginia

by John Nelson August 4, 2023

CHARLOTTESVILLE, VA. — GW Real Estate Partners and Virtus Real Estate Capital have broken ground on a 279-unit apartment community located at the entrance to North Pointe, a 224-acre mixed-use development in Charlottesville. Dubbed The Ridge at North Pointe, the community will comprise seven three-story buildings with units in one-, two- and three-bedroom floor plans averaging 988 square feet, as well as 502 parking spaces. Delivery is scheduled for the second quarter of 2024. United Bank provided construction financing for the project.

August 4, 2023

Acquisitions Office Southeast Virginia

JLL Brokers Sale of 120,031 SF Courthouse Square Office Building in Alexandria, Virginia

by John Nelson August 3, 2023

ALEXANDRIA, VA. — JLL has brokered the sale of Courthouse Square, a 120,031-square-foot office building located at 510 King St. in the Old Town Alexandria neighborhood. The historic, five-story property is situated near the Potomac River and a Metro station. Melrose Solomon Enterprises acquired Courthouse Square for an undisclosed price. The seller was also not disclosed, but Washington Business Journal reports that Brookfield Properties is the seller. Stephen Conley, Matt Nicholson, Kevin Byrd, Andrew Weir, Jim Meisel and Dave Baker of JLL represented the seller and procured the buyer in the transaction. Drake Greer of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer.

August 3, 2023

Industrial Leasing Activity Southeast Virginia

Automotive Firm Signs 101,000 SF Industrial Lease in Virginia Beach

by John Nelson August 3, 2023

VIRGINIA BEACH, VA. — Power Train Industries Inc., an automotive firm and subsidiary of Dorman Products Inc., has signed a 101,000-square-foot industrial lease in Virginia Beach. The property is located at 464 Progress Lane, a 10-acre property within Oceana East Industrial Park. Located one mile south of I-26, the property features 28-foot clear heights, seven loading docks, 6,000 square feet of office space and 233 parking spaces. Power Train Industries expects to move into the facility around January 2024. John Lee of John Lee & Associates represented the tenant in the lease negotiations. The landlord is The Miller Group.

August 3, 2023

Acquisitions Industrial Office Southeast Virginia

SRS Brokers $14M Sale of Office Flex Property in Springfield, Virginia Leased to Cox Communications

by John Nelson August 2, 2023

SPRINGFIELD, VA. — SRS Real Estate Partners has brokered the $14 million sale of a single-tenant flex office property in Springfield that is leased to Cox Communications. Located at 7741 Southern Drive, the 61,700-square-foot building was delivered in 1993 and has been occupied by Cox and its predecessor ever since. The property features offices, a laboratory, warehouse and auto repair space, as well as five loading bays and 414 surface parking spaces. Andrew Fallon and Philip Wellde Jr. of SRS represented the seller, Vienna, Va.-based WTG Properties Inc., in the transaction. The buyer, an entity doing business as CIA-7741 Southern Drive LLC, is a private real estate investment group based in Northern Virginia.

August 2, 2023

Development Loans Multifamily Southeast Virginia

BWE Arranges $50M Construction Loan for Apartment Development in Richmond

by John Nelson July 27, 2023

RICHMOND, VA. — BWE has arranged a $50 million construction loan for the development of 900 North Allen Apartments, a 300-unit multifamily development in Richmond. The property is being constructed within an opportunity zone in the city’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins of BWE originated the financing through an unnamed regional bank on behalf of the borrower, Spy Rock Realty Group. Upon completion, 900 North Allen will comprise one-, two- and three-bedroom units along with high-end amenities, including a pool, fitness center, resident lounge, dog park, coworking booths and an internal parking garage. The construction timeline was not disclosed.

July 27, 2023

Development Southeast Student Housing Top Stories Virginia

Balfour Beatty Plans $240M Student Housing Project at William & Mary in Williamsburg, Virginia

by John Nelson July 25, 2023

WILLIAMSBURG, VA. — Balfour Beatty Campus Solutions, a developer and operator of college and university real estate and infrastructure projects, has released plans for on-campus student housing options at William & Mary, a public research university in Williamsburg. The developer formed a public-private partnership with the school to bring the $240 million project to fruition. The new student housing accommodations will exceed 1,200 new beds. The general contractors, which includes Balfour Beatty’s buildings division and Richmond-based Kjellstrom+Lee, plan to break ground this month and open for student occupation in 2025. The first phase will deliver 935 beds at West Woods on the west side of William & Mary that will feature modern living units and community spaces, as well as a 50,000-square-foot dining hall. The second phase will feature 269 beds in a new facility adjacent to the school’s Lemon and Hardy Halls along Jamestown Road. The residence halls will be heated using geothermal heating and air conditioning in support of the school’s Climate Action Roadmap, which aims for a carbon-neutral campus by 2030. Lemon and Hardy Halls will also be transitioned to geothermal heating and cooling as part of the project. The design-build team includes VDMO Architects and CMTA. …

July 25, 2023

Development Industrial Southeast Virginia

Skanska Delivers 245,000 SF Medical Office Building in Arlington, Virginia

by John Nelson July 24, 2023

ARLINGTON, VA. — Development and construction firm Skanska has completed the construction of a 245,000-square-foot medical office building in Arlington on behalf of VHC Health. The Outpatient Pavilion facility includes physical therapy examination and treatment rooms, radiology and imaging suites, examination clinics and six operating rooms. Additionally, there is 22,000 square feet of space dedicated to women’s health services. Skanska previously delivered an adjacent parking garage, featuring capacity for more than 1,600 cars, in 2021.

July 24, 2023

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.9M Sale of Retail Center in Chesapeake, Virginia

by John Nelson July 7, 2023

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.9 million sale of Cedar Lakes Center, a retail center located at 561-565 Cedar Road in Chesapeake. Sola Salon Studios anchors the property, which totals 35,659 square feet and was 97 percent leased at the time of sale. Dean Martin of Thalhimer represented the undisclosed seller in the transaction. An entity doing business as Cedar Lakes Associates LLC acquired the property.

July 7, 2023

Development Industrial Southeast Virginia

Davis Cos., Lingerfelt to Build 325,500 SF Industrial Project Near Richmond

by John Nelson June 27, 2023

RUTHER GLEN, VA. — The Davis Cos. and Lingerfelt have formed a joint venture to develop Carmel Church Business Center, a 325,500-square-foot industrial park situated 25 miles north of Richmond in Ruther Glen. The rear-load warehouse park will be located off the I-95 corridor and near the Port of Virginia. ARCO Design/Build Richmond, a division of ARCO DB Cos., the construction partner on the project, will break ground immediately. The joint venture expects to deliver Carmel Church in second-quarter 2024.

June 27, 2023

Acquisitions Hospitality Southeast Virginia

JLL Brokers Sale of 121-Room Hampton Inn & Suites Hotel in Fredericksburg, Virginia

by John Nelson June 22, 2023

FREDERICKSBURG, VA. — JLL has brokered the sale of Hampton Inn & Suites Fredericksburg South, a 121-room hotel located at 4800 Market St. in Fredericksburg. Sachs Companies Realty Investments sold the hotel for an undisclosed price. The buyer was also not disclosed. Ketan Patel, Phil White, Robert Westerfield and Greyson Fewin of JLL’s Hotels & Hospitality Group represented the seller in the transaction. Situated on a 2.4-acre parcel at the intersection of I-95 and U.S. Highway 1, the Hampton Inn & Suites hotel features an indoor swimming pool and hot tub, fitness center, guest laundry, business center and 1,890 square feet of meeting space.

June 22, 2023

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