Virginia

Cushman & Wakefield Brokers $25M Sale of Hickory Point Apartments in Newport News, Virginia

by John Nelson February 28, 2023

NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.

February 28, 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

Acquisitions Multifamily Southeast Virginia

Cushman & Wakefield Brokers $25M Sale of Hickory Point Apartments in Newport News, Virginia

by John Nelson February 28, 2023

February 28, 2023

Industrial Leasing Activity Office Southeast Virginia

Five New Tenants Sign Leases at 171,000 SF Merritt Business Park in Quantico, Virginia

by John Nelson February 27, 2023

QUANTICO, VA. — Five new tenants will join Merritt Business Park at Quantico Corporate Center, a light industrial campus located along I-95 in Quantico. Three of the businesses — Full Distance Brewing, The Nova Systems and Two Marines Moving — are veteran-owned companies. Full Distance Brewing and Nova Systems will occupy 8,000 and 7,000 square feet, respectively. Merritt Properties has also signed leases with Top Notch Moving Services and The Continuum Group. Top Notch will take over 15,000 square feet, and Continuum will lease 7,200 square feet at the property, which is comprised of two single-story flex buildings. Both buildings feature 18-foot clear heights, access to a fiber-optic network, loading docks and drive-in capabilities for warehouse users.

February 27, 2023

Acquisitions Multifamily Southeast Virginia

Blackfin Purchases Waterford Apartments in Virginia Beach for $55.4M

by John Nelson February 24, 2023

VIRGINIA BEACH, VA. — Blackfin Real Estate Investors has purchased Waterford Apartments on Lake Smith in Virginia Beach for $55.4 million. Built in 1980, the community comprises 376 units and was previously renovated to feature walk-in closets, custom maple cabinets, granite countertops, updated lighting and fixtures and dishwashers. The property was fully occupied at the time of sale. Hank Hankins, Victoria Pickett, Charles Wentworth and Garrison Gore of Colliers represented the undisclosed seller in the transaction.

February 24, 2023

Company News District of Columbia Maryland Multifamily Southeast Virginia

KLNB Acquires Edge Commercial Real Estate Brokerage Firm

by John Nelson February 23, 2023

WASHINGTON, D.C., AND ROCKLEDGE, MD. — KLNB has acquired Edge Commercial Real Estate, a Rockledge-based brokerage with offices in Maryland, Virginia and Washington, D.C. The move increases the size of the Washington, D.C.-based commercial real estate brokerage firm by 20 percent and serves as KLNB’s entry into the multifamily brokerage arena. KLNB is adding 32 total employees, 18 of which are brokers who specialize in multiple facets of office, industrial, tenant representation and multifamily investment sales. Six of the brokers will be immediately installed as principal partners at KLNB. “The acquisition of Edge fits perfectly in our timeline for smart and disciplined progression,” says Marc Menick, president of KLNB. “By acquiring Edge, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach. And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.” Additionally, KLNB will fold Edge’s property management division, which oversees a 1 million-square-foot portfolio, into its KLNB Asset Services platform, a joint venture between KLNB and Divaris Real Estate. Terms of the transaction were not disclosed.

February 23, 2023

Acquisitions Multifamily Southeast 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

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