RICHMOND, VA. — Locally based real estate investment firm Lingerfelt has sold a portfolio of 11 office buildings in and around the Innsbrook master-planned park in Virginia’s Henrico County. Charlottesville, Va.-based Seminole Trail purchased the portfolio for approximately $119 million. The 723,103-square-foot portfolio was approximately 82 percent leased at the time of sale. The buyer plans to move forward with adding over 1,300 apartments to five of the 11 properties in the portfolio, which Henrico County rezoned for mixed-use in 2021. Lingerfelt and its investors will continue to own eight properties within Innsbrook totaling 240,000 square feet of office and flex warehouse buildings. The company also has an active development pipeline for new industrial assets and multifamily communities in Henrico County and beyond.
SPRINGFIELD, VA. — PREIT, a retail REIT based in Philadelphia, has received approval from the Fairfax County Board of Supervisors for the development of two empty land parcels at Springfield Town Center, a mixed-use campus located in Springfield, roughly 14 miles outside of Washington, D.C. Two separate entities are under agreement to purchase and develop the parcels. One of the buyers, Intermountain, will construct a 165-room hotel, and the other, Hanover, will build a 460-unit multifamily community. Together, the sales price for the two parcels totals approximately $20 million. Built in 2017, Springfield Town Center is anchored by a 1 million-square-foot mall housing Target, Regal Cinemas, Macy’s, JCPenney, LOFT, H&M and a food court, among other retailers.
Bank OZK, ACORE Provide $80.5M Construction Financing for Industrial Project in Winchester, Virginia
WINCHESTER, VA. — Bank OZK and ACORE Capital have provided $80.5 million in construction financing for One Logistics Park’s building 2, a 1 million-square-foot warehouse in Winchester, about 75 miles west of Washington, D.C. Robert Carey and Drake Greer of JLL arranged the financing on behalf of the borrower, The Meridian Group. Located on 76.6 acres at 1486 Millwood Pike, building 2 will be the first asset delivered within One Logistics Park, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, the facility will offer 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50- by 56-foot column spacing with 65-foot speed bays, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.
ASHBURN, VA. — Berkadia Commercial Mortgage LLC has arranged a $77.5 million loan for the refinancing of the second phase of Loudoun Station, a 1 million-square-foot mixed-use development in Ashburn. Patrick McGlohn, Miles Drinkwalter and Joyce Connolly of Berkadia arranged the 10-year, fixed-rate loan on behalf of the borrower, an affiliate of Comstock Holding Cos. Inc. Phase II of Loudoun Station comprises the BLVD Gramercy East and BLVD Flats apartment buildings, as well as ground-floor retail space and structured parking. Comstock is planning another 1.5 million square feet of real estate at Loudoun Station in future phases.
GLEN ALLEN, VA. — Genworth Financial Inc., a publicly traded personal finance firm based in Richmond, has leased approximately 175,000 square feet of office space at SunTrust Business Center, an office campus located at 1011-11013 W. Broad St. in the Richmond suburb of Glen Allen. The firm is subleasing the space from Truist Bank and also signed a direct lease with the landlord, FD Stonewater, that commences at the end of the sublease term. Dean Meyer and Mac Wilson of Cushman & Wakefield|Thalhimer, as well as Jamie Smith of Cushman & Wakefield’s Baltimore office, represented Genworth Financial in the lease negotiations. Paul Silver, Brian Berkey and Karla Knight of Thalhimer, as well as Hap Royster and William Woltz of Cushman & Wakefield’s Winston-Salem office, represented Truist Bank. Amy Broderick and Jeffrey Cooke of Thalhimer represented FD Stonewater. SunTrust Business Center will be the new corporate headquarters for Genworth Financial. Other tenants at the campus include EAB, Wipro, Magellan and Home Care Delivered.
FAIRFAX, VA. — The Milestone Group, a multifamily investment firm with offices in Dallas, Atlanta and Boca Raton, Fla., has purchased a three-property multifamily portfolio totaling 870 units in Northern Virginia’s Fairfax County. The value-add portfolio includes The Ellipse at Fairfax Corner in Fairfax (404 units), Windsor at Fair Lakes in Chantilly (250 units) and The Townes at Herndon Center in Herndon (216 units). Milestone Group acquired the portfolio via its discretionary value-add fund, Milestone Real Estate Investors V LP, in an off-market transaction through a loan assumption, which Milestone Group said saved $20 million in prepayment costs. The sellers, Hampshire Properties and Rose Valley Capital, sold the portfolio for an undisclosed price. Melnick Real Estate Advisors brokered the transaction. Milestone Group plans to make amenity enhancements and luxury upgrades to the unit interiors across the three assets.
YORKTOWN, VA. — Divaris Real Estate’s Investment Sales Group has brokered the sale of The Villages at Kiln Creek, a 45,255-square-foot shopping center located in Yorktown, about 13 miles north of Newport News, Va. Jason Oliver, Rachel Salasky and George Fox of Divaris represented the seller, Glazer Properties, in the transaction. Liberty Investment Partners acquired the property for $8.2 million. The center was fully leased at the time of sale to tenants including Riverside Health System, Guitar Center and McCormick Paint. George Fox and Caroline Zarpas of Divaris will handle leasing at the center on behalf of Liberty Investment Partners.
NORFOLK, VA. — The Breeden Co., a Virginia Beach-based firm, has opened The Lofts at Front Street, a 258-unit multifamily community located in Norfolk. Amenities at the property, which sits on 4.5 acres on the banks of the Elizabeth River/Intracoastal Waterway, include a riverfront observation deck, kayak launch, fitness center and an infinity pool. Cox, Kliewer & Co. designed the project, and Breeden Construction served as the general contractor. Breeden Property Management will operate the community. Rental rates at The Lofts at Front Street range from $1,870 to $2,990, according to the property website.
RICHMOND, VA. — CRG, a Chicago-based industrial developer behind the Cubes brand of logistics facilities, has sold a 1.2 million-square-foot industrial property located at 2703 Commerce Road in Richmond. Situated within 110-acre Deepwater Industrial Park, the property was delivered in October as a build-to-suit for Lowe’s Home Centers, a subsidiary of national retailer Lowe’s Home Improvement. Realty Income Corp. purchased the facility for an undisclosed price. Patrick Nally, Britton Burdette, Bill Prutting, Craig Childs and Josh McArdle of JLL represented CRG in the sale. Similar to all Cubes-branded facilities, the Lowe’s facility features 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample dock doors, trailer storage and car and truck parking. The design-build team includes development partners DSC Partners and Iron Point Partners, as well as architect Lamar Johnson Collaborative and general contractor and development partner Hourigan Group. The Richmond facility is the third property that CRG has developed for Lowe’s.
CHARLOTTESVILLE, VA. — Northmarq has arranged $65 million for the refinancing of Apex Plaza, a cross-laminated timber (CLT) office property located at 100 Garrett St. in Charlottesville. CLT is a design method that uses prefabricated wood panels, which offers design flexibility and low environmental impacts for developers and architects. Keith Wells, Mike Lowry, Reina Abboud and Hunter Wood of Northmarq arranged the financing through a regional bank on behalf of the undisclosed borrower. At 265,000 square feet, Apex Plaza is the largest CLT project on the East Coast, according to Northmarq. The property includes 151,000 square feet of office space, a 102,000-square-foot parking structure with EV charging stations and 6,800 square feet of retail space. The facility also features 875 solar panels and a green roof designed to promote biodiversity and storm water retention.