Virginia

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. …

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail

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.

FacebookTwitterLinkedinEmail