Virginia

Lovett Industrial Acquires 328 Acres Near Port of Virginia, Plans 2.2 MSF Spec Development

by John Nelson June 21, 2023

JAMES CITY COUNTY, VA. — Lovett Industrial has acquired 328 acres in James City County, a county between Port of Virginia and I-95 near Williamsburg, Va. The Houston-based developer plans to build Enterprise Logistics Park, a 2.2 million-square-foot industrial park, on the site. In addition to the port and I-95, the speculative development will have direct access to I-64. Design is underway on the park, which will feature a variety of building sizes ranging from 100,000 to 1 million square feet and capabilities from light-industrial to manufacturing, as well as amenity space and conveniences for workers. Lovett plans to break ground in first-quarter 2024. Once completed, Enterprise Logistics Park will be the largest speculative industrial park developed on the I-64 corridor between Norfolk and Richmond, according to Lovett. Geoff Poston and Ellis Colthorpe of Cushman & Wakefield | Thalhimer will handle marketing and leasing efforts at the park.

June 21, 2023

Development Industrial Southeast Virginia

Merritt Properties Begins Construction on 750,000 SF Industrial Project in Metro Baltimore

by John Nelson June 19, 2023

WHITE MARSH, MD. — Merritt Properties has begun construction on White Marsh Interchange Park, a 750,000-square-foot industrial project located at 10301 Philadelphia Road in White Marsh, roughly 17 miles outside Baltimore. Upon completion, the development will comprise nine one-story buildings situated on 56 acres. The first phase of the project will include three buildings totaling 235,000 square feet. The buildings will feature 20- to 32-foot clear heights, truck courts with rear-loaded docks and drive-in capabilities and parking with trailer storage. Merritt Construction Services will manage the construction, the first phase of which is scheduled for completion next spring. Merritt acquired the land for the project in 2021.

June 19, 2023

Acquisitions Development Retail Southeast Virginia

Buc-ee’s to Expand to Virginia With New 75,000 SF Location in Metro Richmond

by John Nelson June 19, 2023

NEW KENT, VA. — Texas-based Buc-ee’s has purchased 27.7 acres off I-64 in the Richmond suburb of New Kent, with plans to develop the brand’s first location in Virginia. Upon completion, the Buc-ee’s Super Center will comprise 75,000 square feet of retail space, 120 fueling stations, electric vehicle chargers and more than 650 parking spaces. Construction on the project is scheduled for completion within the next 24 months. Nathan Shor of S.L. Nusbaum Realty Co. represented both the seller and Buc-ee’s in the land acquisition.

June 19, 2023

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $8.2M Sale of Turnberry Crossing Shopping Center in Newport News, Virginia

by John Nelson June 19, 2023

NEWPORT NEWS, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has brokered the $8.2 million sale of Turnberry Crossing, a retail center in Newport News. Located at 12638 Jefferson Ave., Goodwill anchors the 53,775-square-foot center, which was 95 percent leased to 17 tenants at the time of sale. Other tenants include Hertz, Papa John’s and DaaBIN Store. Catharine Spangler of Thalhimer arranged the transaction on behalf of the seller, Stavins & Axelrod. Raleigh-based Prudent Growth Partners acquired the property.

June 19, 2023

Affordable Housing Development Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $46.6M HUD-Insured Loan for Affordable Housing Conversion in Arlington, Virginia

by John Nelson June 14, 2023

ARLINGTON, VA. — Walker & Dunlop has arranged a $46.6 million HUD 221(d)(4) loan for the conversion of Park Shirlington, a 294-unit multifamily property in Arlington, from a market-rate community to an affordable housing property. Rents are now restricted at the property to households earning 60 percent of the area median income through at least 2053. The borrower is Standard Communities, a multifamily owner with headquarters offices in Los Angeles and New York City. In addition to HUD and Walker & Dunlop, Standard Communities’ capital partners on the conversion project include Virginia Housing, AEGON USA Realty Advisors LLC and Arlington County’s Affordable Housing Investment Fund. Chris Rumul of Walker & Dunlop led the HUD LIHTC financing transaction, which covers $34 million in renovation costs that include interior and exterior work and the construction of a new community center.

June 14, 2023

Acquisitions Development Multifamily Southeast Virginia

Walton Global Sells 25-Acre Multifamily Development Parcel in Fredericksburg, Virginia

by John Nelson June 12, 2023

FREDERICKSBURG, VA. — Walton Global has sold a 25-acre parcel situated within the 683-acre Alexander Crossing Master Plan in Fredericksburg for an undisclosed price. A multifamily developer purchased the property, with plans to construct a 363-unit community at the site. The Alexander Crossing Master Plan features residential, commercial and recreation space, as well as green areas. The construction timeline was not disclosed.

June 12, 2023

Acquisitions Industrial Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $24M Sale of Industrial Portfolio Near Port of Virginia

by John Nelson June 12, 2023

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $24 million sale of the Port of Virginia Distribution Center, a two-building industrial portfolio located in Chesapeake, roughly seven miles outside Norfolk and 13 miles south of Port of Virginia. The buildings, which total 334,881 square feet, were fully leased at the time of sale. Tenants include a Fortune 500 government contractor, third-party logistics firm, food distribution company and defense contractors. Bo McKown, Eric Robison and Ellis Colthorpe of Thalhimer arranged the transaction on behalf of the undisclosed seller. An entity doing business as Chesapeake Industrial Park LLC was the buyer.

June 12, 2023

Acquisitions Multifamily Southeast Virginia

Berkadia Arranges $31M Sale of Carson Square Apartments in Hampton, Virginia

by John Nelson June 8, 2023

HAMPTON, VA. — Berkadia has arranged the $31 million sale of Carson Square, a 292-unit apartment community located at 1587 Briarfield Road in Hampton, a principal city in Virginia’s Hampton Roads region. A New Jersey-based entity doing business as Carson Square Assoc LLC purchased the garden-style community from Virginia-based Seminole Trail Properties. David Hudgins of Berkadia’s Norfolk office represented the seller in the transaction. Carson Square was built in 1971 and features renovated one-, two-, and three-bedroom apartments.

June 8, 2023

Development Mixed-Use Multifamily North Carolina Southeast Virginia

Hoffman & Associates to Enter Charlotte, Richmond with $433M in Multifamily Projects

by John Nelson June 6, 2023

CHARLOTTE, N.C. AND RICHMOND, VA. — Hoffman & Associates plans to expand into two new markets, Charlotte and Richmond, with the development of three new multifamily projects totaling 1,108 apartments. The developments, which will exceed 1 million square feet in size and $433 million in total investment, will include two assets in Charlotte’s South End neighborhood and a $133 million development in the Scott’s Addition neighborhood of Richmond. The Washington, D.C. -based developer plans to break ground on 2500 Distribution Street in Charlotte (330 apartments) in spring 2024 and deliver the project in fall 2026. Down the street, Hoffman plans to begin construction on 2401 Distribution Street (410 apartments) in spring 2025 and wrap up construction in summer 2027. Lastly, 3200 W Moore Street in Richmond (368 apartments) will break ground in late 2024 and deliver in late 2026.

June 6, 2023

Acquisitions Retail Southeast Virginia

Cushman & Wakefield Arranges Sale of 56,900 SF Deer Run Village Shopping Center in Metro Richmond

by Hayden Spiess June 2, 2023

MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $4.9 million sale of Deer Run Village, a 56,900-square-foot shopping center located in Midlothian, roughly 15 miles west of Richmond. Food Lion anchors the property, which was fully leased at the time of sale. Catharine Spangler and Danielle Beckstoffer of Thalhimer represented the undisclosed seller in the transaction. The buyer was also not disclosed.

June 2, 2023

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