Virginia

Uptown Alley to Open 64,000 SF Entertainment Venue in Williamsburg, Virginia

by John Nelson April 5, 2023

WILLIAMSBURG, VA. — Uptown Alley, an entertainment concept with four existing locations in the Mid-Atlantic, has purchased the former Yankee Candle building in Williamsburg. The multi-level, mixed-use building is located on a six-acre site at 2200 Richmond Road. Dawn Griggs and Rob Wright of Cushman & Wakefield | Thalhimer represented the seller, Fulton Bank, in the $4 million sale. Uptown Alley plans to open its fifth entertainment venue at the Williamsburg property, which will feature upscale bowling, duckpin bowling, an arcade and a chef-driven restaurant. The company plans to open the new venue before the end of the year.

April 5, 2023

Development Seniors Housing Southeast Virginia

Brightview Opens 196-Unit Seniors Housing Community in Herndon, Virginia

by John Nelson April 3, 2023

HERNDON, VA. — Brightview Senior Living has opened Dulles Corner in Herndon, a Washington, D.C. suburb near Dulles International Airport. Dulles Corner offers 196 units of independent living, assisted living and memory care. The development marks Brightview’s 46th community and its third in Fairfax County. The property is the seniors housing component of Innovation Center Station, a $1 billion mixed-use development by Penzance that will also feature offices, residences, a hotel, shops, restaurants and parks.

April 3, 2023

Acquisitions Florida Multifamily Southeast Virginia

Bonaventure-Sponsored REIT Purchases Three Multifamily Properties Totaling 601 Units in Florida, Virginia

by John Nelson March 29, 2023

ALEXANDRIA, VA. — A private REIT affiliated with Alexandria, Va.-based Bonaventure has acquired three multifamily communities totaling 601 units in Florida and Virginia in separate UPREIT transactions. (UPREIT, or Umbrella Partnership Real Estate Investment Trust, is a type of transaction where a seller trades to a REIT in exchange for an ownership stake in the REIT.) The Virginia assets include Cedar Broad Apartments in Richmond and East Beach Marina Apartments in Norfolk, which comprise 204 and 137 units, respectively. Cedar Broad features homes in one-, two- and three-bedroom layouts, with amenities including a breakfast/coffee concierge, rooftop terrace with full kitchen, electric vehicle charging station, covered parking and a gym. East Beach Marina offers apartments in one- and two-bedroom layouts. The Florida property is Shadetree Apartments in Ruskin. The property comprises 260 units in one-, two- and three-bedroom layouts. Amenities include private cabanas for entertaining, a clubhouse, swimming pool and a sauna.

March 29, 2023

Data Centers Development Southeast Virginia

H5 Data Centers Breaks Ground on 255,000 SF Facility in Northern Virginia

by John Nelson March 22, 2023

ASHBURN, VA. — H5 Data Centers has broken ground on a three-story, 255,000-square-foot data center in Ashburn, a city in Northern Virginia. The Denver-based developer has begun preleasing the property, which is set for delivery in the third quarter of 2024. The data center located on Beaumeade Circle will qualify for Virginia data center sales and use tax exemption, according to H5. Ashburn is known as the data center capital of the world and houses facilities leased to Amazon, Microsoft, Google and Meta, among others.

March 22, 2023

Acquisitions Industrial Southeast Virginia

Lingerfelt, Partners Group Purchase 1.2M SF Industrial Portfolio in Metro Richmond for $105.6M

by John Nelson March 21, 2023

COLONIAL HEIGHTS AND ASHLAND, VA. — A joint venture between Lingerfelt and Partners Group has purchased a nearly 1.2 million-square-foot industrial portfolio in metro Richmond for $105.6 million. The seller was not disclosed. The portfolio includes Walthall Distribution Center, a three-building property in Colonial Heights spanning 868,601 square feet, and Northlake Distribution Center, a 293,115-square-foot facility in Ashland. Developed between 2000 and 2003, the facilities include cross-dock and rear-load configurations, 32-foot clear heights, a high ratio of dock positions, ESFR fire protection and ample auto parking spaces. The portfolio was fully leased at the time of sale to 18 separate tenants. Matt Anderson and Harrison McVey of Colliers will handle the marketing and leasing of the portfolio on behalf of the new ownership. Colliers will also provide property and facility management services for the properties and tenants.

March 21, 2023

Acquisitions Multifamily Southeast Virginia

Legacy, Fulton Peak Purchase 190-Unit Water’s Edge Apartment Community in Norfolk

by John Nelson March 17, 2023

NORFOLK, VA. — Cleveland-based Legacy Capital Partners and Raleigh-based Fulton Peak Capital have purchased Water’s Edge Apartments, a 190-unit multifamily community in Norfolk. Built in 1986, the property will undergo capital improvements under the new ownership, including the addition of vinyl plank flooring, granite countertops, new fixtures, stainless steel appliances, lighting and vanities and washer/dryer units. The joint venture also plans to make environmentally friendly upgrades including LED lighting, smart thermostats and new showerheads and faucets. The seller and sales price were not disclosed.

March 17, 2023

Acquisitions Loans Office Southeast Virginia

Progress Capital Arranges $60.5M Acquisition Loan for Office Building in Herndon, Virginia Leased to Amazon

by John Nelson March 14, 2023

HERNDON, VA. — Progress Capital has arranged a $60.5 million acquisition loan for South Lake at Dulles Corner Business Park, a 270,000-square-foot office building in Herndon leased to Amazon. Brad Domenico of Progress Capital arranged the loan through Societe Generale Corp. on behalf of the borrower, Vision Properties. The loan features five years of interest-only payments. The seller was not disclosed. Built in 2008 and renovated in 2020 ahead of Amazon’s occupancy, the 10-story office building features a new fitness center, full-service café, modern conference facilities, tenant gaming rooms, outdoor dog park, bicycle room and a 921-space parking garage with EV charging stations. South Lake is located within Dulles Corner Business Park at 13820 Sunrise Valley Drive, which is near Dulles International Airport and the Silver Line Innovation Center Metro station.

March 14, 2023

Development Office Southeast Virginia

Amazon Pauses Construction on HQ2 Corporate Campus in Arlington, Virginia

by John Nelson March 6, 2023

ARLINGTON, VA. — Amazon has paused construction on the second phase of its 5.4 million-square-foot HQ2 development in Arlington, reports Bloomberg. The developer, JBG Smith, previously announced that the first phase of the headquarters, which comprises 2.1 million square feet, is scheduled for delivery this summer. The delay will affect the second, 3.3 million-square-foot Pen Place phase, plans for which include three office buildings and a biophilic, double-helix amenity center dubbed The Helix. The pause coincides with recent layoffs, and John Schoettler, the real estate chief for the company, did not disclose a new start date for construction, though he says Amazon remains committed to the National Landing area.

March 6, 2023

Acquisitions Development Mixed-Use Southeast Virginia

Cushman & Wakefield|Thalhimer Negotiates 105.5-Acre Land Sale in Metro Richmond, Buyer Plans Mixed-Use Development

by John Nelson March 2, 2023

MIDLOTHIAN, VA. — Cushman & Wakefield|Thalhimer has negotiated the sale of three separate assemblages in Midlothian, a western suburb of Richmond, totaling 105.5 acres. The sales price was not disclosed, but Richmond BizSense reports the land traded for $8 million. The buyer, an entity of Kettler, plans to develop a mixed-use campus at the site. Dubbed Cloverleigh, the multi-phased development will include single-family homes, townhomes, a hotel and a restaurant. The development will also include offsite improvements to the intersection of Old Hundred and Hull Steet roads. Mark Douglas of Thalhimer arranged the land sales, which comprised 63.2 acres at 12700-12900 Hull St. Road, 10.3 acres at 4211-4221 Old Hundred Road and 32 acres at 4225-4231 Old Hundred Road.

March 2, 2023

Development Multifamily Office Southeast Virginia

PRP Completes Office-to-Multifamily Conversion Project in Alexandria, Virginia

by John Nelson February 28, 2023

ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.

February 28, 2023

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