Virginia

Cushman & Wakefield | Thalhimer Negotiates $24M Sale of Hampton Roads Office Property in Virginia

by John Nelson September 16, 2022

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the sale of Crossways I & II, a 213,955-square-foot office property located at 1434 Crossways Blvd. in Chesapeake, a city in Virginia’s Hampton Roads region. Seminole Trail Properties acquired the asset for $24 million and is bringing on affiliate Seminole Trail Management to operate the property. Eric Robison, Bo McKown and Christine Kaempfe of Thalhimer represented the undisclosed seller in the transaction. Kenneth Penrose Jr., also with Thalhimer, represented the buyer. Originally developed in 1999 and expanded in 2002, Crossways I & II was fully 100 leased at the time of sale to tenants including anchor Conduent Business Services, a publicly traded international business services provider that specializes in healthcare and human resources solutions. Conduent occupies more than 50 percent of the property, and the remaining space is leased to insurance, education and financial services firms.

September 16, 2022

Development Mixed-Use Southeast Virginia

Prince William County Approves $380M Mixed-Use Development in Woodbridge, Virginia

by John Nelson September 15, 2022

WOODBRIDGE, VA. — The Prince William County Board of Supervisors has unanimously approved the development of Riverside Station, a 19.2-acre mixed-use development located at the intersection of U.S. Route 1 and Route 123 in north Woodbridge. The co-developers, The IDI Group Cos. and Boosalis Properties, expect the town center-style development to bring over $380 million in capital investment to the area. The proposal includes up to 970 housing units and a minimum of 130,000 square feet of commercial space, primarily comprising dining and retail, as well as green spaces and a pedestrian bridge over Route 1. Eight percent of the project’s apartments are set to be affordable to households earning between 60 percent and 100 percent of the area median income. Riverside Station will be developed in three phases, with construction of the first phase, containing up to 330 apartments and 40,000 square feet of commercial space, slated to begin in mid-2023 and deliver in 2025. The current assemblage includes two parcels, one a former car dealership and the other housing a Food Lion-anchored shopping center that will be demolished. Riverside Station is expected to house the relocated Food Lion, according to a source familiar with the development. Once complete, …

September 15, 2022

Acquisitions Development Multifamily Office Southeast Virginia

AREP Acquires 200,000 SF Office Building in Old Town Alexandria, Plans Multifamily Conversion

by John Nelson September 13, 2022

ALEXANDRIA, VA. — American Real Estate Partners (AREP) has acquired 1101 King Street, a 200,000-square-foot office building in Old Town Alexandria, a historic neighborhood in metro Washington, D.C. The McLean, Va.-based investor purchased the office condominiums within the building simultaneously from seven individual owners for an undisclosed price. AREP plans to convert the property to 200 apartments, with 17,500 square feet of commercial space on the ground floor, as well as amenities including a club room, fitness center and a rooftop terrace. The firm restructured the office leases to allow for the conversion program and is keeping existing retail tenants Orangetheory Fitness and Paris Baguette throughout the redevelopment process. AREP has selected Cooper Carry to lead the project redevelopment design and RD Jones for the interior work. Construction is set to begin in July 2023.

September 13, 2022

Acquisitions Office Southeast Virginia

JLL Arranges Sale of 115,563 SF Office Building in Chantilly, Virginia

by John Nelson September 13, 2022

CHANTILLY, VA. — JLL has arranged the sale of Independence Center II, a 115,563-square-foot office building located at 15040 Conference Center Drive in Chantilly. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL marketed the property on behalf of the seller, Tritower Financial Group. The buyer and sales price were not disclosed. Independence Center II is situated in Northern Virginia’s cyber-intelligence hub of Westfields. Completed in 2006, the property is fully leased to tenants that have invested in high-value infrastructure upgrades, including SCIF (Sensitive Compartmented Information Facility) rooms, data centers and backup generators. The property is proximate to Route 28, I-66, Route 50, Dulles Toll Road and Dulles International Airport.

September 13, 2022

Acquisitions Loans Multifamily Northmarq Southeast Virginia

Northmarq Arranges $6.7M Acquisition Loan for Apartment Community in Petersburg, Virginia

by John Nelson September 9, 2022

PETERSBURG, VA. — Northmarq has arranged a $6.7 million acquisition loan for Mill Creek Apartments, a 95-unit multifamily community located at 2701-2732 in Petersburg. Hunter Wood, Keith Wells and Reina Abboud of Northmarq’s Richmond office arranged the five-year loan through a regional bank on behalf of the undisclosed borrower. The loan includes 12 months of interest-only payments followed by a 30-year amortization schedule. Built in 1976, Mill Creek is situated within a half-mile of two regional shopping destinations: South Crater Road Plaza and Burgess Shopping Center. The seller was not disclosed.

September 9, 2022

Leasing Activity Retail Southeast Virginia

Planet Fitness to Open New Gym at Stony Point Village in Richmond

by John Nelson September 6, 2022

RICHMOND, VA. — Planet Fitness has leased 17,476 square feet at Stony Point Village, a 114,422-square-foot shopping center located at 3000-3096 Stony Point Road in Richmond. The fitness chain expects to open the new location, its fifth in the Richmond market, this winter. Nicki Jassy of Cushman & Wakefield | Thalhimer represented Planet Fitness in the lease negotiations. James Ashby IV, also with Thalhimer, represented the unnamed landlord. In addition to the new Planet Fitness, Stony Point Village’s tenant roster includes Trader Joe’s, Good Foods Grocery, Gelati Celesti and Einstein Bros. Bagels.

September 6, 2022

Market Reports Office Southeast Southeast Market Reports Virginia

Smart Office Development Poises Richmond for Further Investment and Growth

by John Nelson September 6, 2022

The high quality of life and relatively low cost of living in Richmond, coupled with sustained investment in live-work-play infrastructure, has led to population growth and a surge in investor interest in the city. The job market is showing strong signs of recovery with an unemployment rate of 3.2 percent, which is 40 basis points below the national average. Although office-using employment remains elevated at 3 percent from pre-pandemic levels, office vacancy rates remain relatively stable at 11.2 percent. Live-work-play rules the day Richmond has become a hot spot for millennials, boasting a low cost of living, high quality of life and amenity-rich neighborhoods. While the broader Richmond market has recorded 10 percent population growth since 2010, key submarkets in the urban core are growing at a faster pace, with Scott’s Addition recording 23 percent population growth during the same period. Developers have capitalized on this increased demand for city living, building out the urban core with multifamily and mixed-use developments in trendy submarkets. Scott’s Addition and Manchester — which have more breweries per capita than any other neighborhood — have added a combined 3,000 apartment units in the last five years, with an additional 1,300 units currently under construction. …

September 6, 2022

Market Reports Retail Southeast Southeast Market Reports Virginia

Residential Growth in Scott’s Addition, Manchester Drive Richmond’s Retail Market

by John Nelson August 30, 2022

With a 20 percent increase in population in the City of Richmond over the past half decade, and more to come, the city still struggles to attract national retail tenants such as The TJX Cos., Williams-Sonoma and Ann Taylor LOFT, as well as other soft and hard goods users. What Richmond does not struggle attracting are breweries, distilleries, regional and local restaurant operators and many start-up retailers dipping their toes into the growing 22 to 35 demographic calling Scott’s Addition and Manchester home. The food-and-beverage scene in Greater Scott’s Addition is blowing up with the addition of restaurant operations such as ZZQ (rated the best BBQ in Richmond), Lucky AF (from EAT Restaurant Partners), Wood & Iron, Tazza Kitchen and the James Beard Award-winning Peter Chang’s. When coupled more than 15 breweries, distilleries and the city’s only meadery, this energy is attracting ‘retailtainment’ such as River City Roll, Bingo Beer, The Circuit, Tang & Biscuit, Movieland by Bow Tie Cinema and Brambly Park. TRP (Thalhimer Realty Partners), Historic Housing (Louis Salomonsky’s firm) and Capital Square 1031 are local companies leading the developments, and Greystar and Bonaventure have come in from out of town to plant their flag as well. The …

August 30, 2022

Acquisitions Multifamily Southeast Virginia

Northmarq Negotiates $43M Sale of Bayville Apartments in Virginia Beach

by John Nelson August 29, 2022

VIRGINIA BEACH, VA. — Northmarq has negotiated the $43 million sale of Bayville Apartments, a 240-unit, Class B multifamily property located at 1512 Kindly Lane in Virginia Beach. Wink Ewing, Mike Marshall and Matt Straughan of Northmarq represented the seller, Thalhimer Realty Partners, in the transaction. Keith Wells, Reina Abboud and Hunter Wood of Northmarq’s debt and equity team arranged an undisclosed amount of acquisition financing on behalf of the buyers, Linden Property Group and Matador Capital Management. Bayville Apartments consists of one-, two- and three-bedroom floor plans with short-term leases available for residents. Community amenities include a business center, bark park, onsite maintenance and management, package receiving, a playground and a pool.

August 29, 2022

Acquisitions Industrial Southeast Virginia

Merritt Properties Acquires Industrial Park in Metro Richmond for $41.3M

by John Nelson August 24, 2022

ASHLAND, VA. — Merritt Properties has acquired Crescent Business Center, a five-building industrial park totaling 262,256 square feet in Ashland, about 10 miles north of Richmond. An affiliate of Thalhimer Realty Partners Inc. doing business as Crescent Business Center LC sold the asset for $41.3 million. Eric Robison of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Crescent Business Center is situated along I-95 on 20 acres and features an additional 19 acres for future development. The park was fully leased at the time of sale to tenants including Trane U.S., Electronic Systems, Motion Industries and Sunbelt Rentals.

August 24, 2022

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