Virginia

Bonaventure Breaks Ground on 133-Unit Seniors Housing Development in Alexandria, Virginia

by John Nelson July 18, 2022

ALEXANDRIA, VA. — Bonaventure, a locally based multifamily developer and manager, has broken ground on a 133-unit seniors housing project in Alexandria’s Old Town West neighborhood. The six-story property will feature studio, one- and two-bedroom units, as well as underground parking, an onsite restaurant, 24-hour fitness center, club lounge, business center, media room, community garden and an outdoor gazebo. The unnamed property will be situated within walking distance of the Braddock Road Metro Station, as well as I-495, King Street and Ronald Reagan Washington National Airport. Bonaventure expects to complete construction and begin welcoming renters in late 2023.

July 18, 2022

Acquisitions Maryland Retail Southeast Virginia

Klein Enterprises Acquires Nine-Property Shopping Center Portfolio in Mid-Atlantic

by John Nelson July 14, 2022

BALTIMORE — Klein Enterprises, an investment and development firm based in Baltimore, has purchased a portfolio of nine grocery-anchored shopping centers in the Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80 percent leased at the time of sale. Cedar Realty Trust sold the portfolio for an undisclosed price in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR. United Bank provided an undisclosed amount of debt financing for the acquisition. As part of the transaction, Klein is acquiring seven stabilized shopping centers and two centers actively under redevelopment: Valley Plaza in Hagerstown, Md., and Yorktowne Plaza in Cockeysville, Md. The other seven centers in the portfolio include: • The Shoppes Arts District located in Hyattsville, Md. • Oakland Mills located in Columbia, Md. • Elmhurst Square located in Portsmouth, Va. • General Booth Plaza located in Virginia Beach, Va. • Kempsville Crossing located in Virginia Beach, Va. • Oak Ridge Shopping Center located in Suffolk, Va. • Swede Square located in East Norriton, Pa.

July 14, 2022

Acquisitions Office Southeast Virginia

Avison Young Brokers $22M Sale of Office Building in Alexandria, Virginia

by John Nelson July 13, 2022

ALEXANDRIA, VA. — Avison Young has brokered the $22 million sale of a 110,047-square-foot office building located at 5680 King Centre Drive in Alexandria. Jim Kornick and Bill Evans of Avison Young represented the buyer, Burke & Herbert Bank & Trust Co., in the transaction, and the undisclosed seller was self-represented. The bank plans to consolidate a large swath of its workforce in the LEED Gold-certified building but maintain its headquarters at 100 S. Fairfax St. in Old Town Alexandria.

July 13, 2022

Acquisitions Office Southeast Virginia

Northridge Capital Purchases 18-Story Gateway Plaza Office Tower in Downtown Richmond

by John Nelson July 12, 2022

RICHMOND, VA. — Northridge Capital LLC has purchased Gateway Plaza, an 18-story trophy office building located at 800 E. Canal St. in downtown Richmond. The Washington, D.C.-based investor acquired the 328,581-square-foot property from an affiliate of New York-based LXP Industrial Trust for an undisclosed price. Chris Lingerfelt, Daniel Flynn, Ryan Clutter and Andrew Weir of JLL represented the seller in the transaction. Additionally, the buyer has retained JLL for leasing and property management services. Built in 2015, Gateway Plaza was 97.6 percent leased at the time of sale to legal, banking, energy products, financial services, real estate and consulting firms, including anchor McGuireWoods.

July 12, 2022

Acquisitions Office Southeast Virginia

KBS Sells Redwood Plaza Office Campus in Fairfax, Virginia for $23M

by John Nelson July 7, 2022

FAIRFAX, VA. — KBS has sold Redwood Plaza I, II and III, a three-building office complex spanning 207,000 square feet in Fairfax. Arlington, Va.-based Network Realty Partners purchased the metro D.C. assets from KBS for $23 million. Jim Meisel, Matt Nicholson, Andrew Weir, Kevin Byrd and Dave Baker of JLL brokered the transaction. KBS has owned the Redwood Plaza buildings for more than 20 years and recently renovated the assets with new lobbies, a conference center, catering kitchen and community pantry and coffee. The campus also now includes a tenant lounge that offers arcade games, shuffleboard, free Wi-Fi, craft beer on tap and a 24-hour café.

July 7, 2022

Acquisitions Industrial Southeast Virginia

S.L. Nusbaum Arranges $10.3M Sale of Hampton Roads Distribution Center

by John Nelson July 6, 2022

CHESAPEAKE, VA. — S.L. Nusbaum Realty Co. has arranged the sale of a 151,669-square-foot distribution center located at 101 Dexter St. W in Chesapeake, a Hampton Roads city situated near the Port of Virginia and the Norfolk Naval Shipping Yard. On Trading Corp. sold the asset to an entity doing business as Chesapeake Dexter St West LLC for $10.3 million. Sam Rapoport of S.L. Nusbaum represented the seller in the transaction. Situated on nearly 14 acres, the distribution center was fully leased at the time of sale to two tenants: The Empire Co. and Taylor Freezer Co.

July 6, 2022

Industrial Leasing Activity Southeast Virginia

LaserShip Signs 105,000 SF Industrial Lease in Chantilly, Virginia

by John Nelson July 5, 2022

CHANTILLY, VA. — LaserShip, an e-commerce parcel carrier, has signed a 105,000-square-foot industrial lease at 14850 Thompson Road in Chantilly, a Northern Virginia suburb of Washington, D.C. The Vienna, Va.-based firm signed the full-building lease at Stonecroft Industrial Center, which features 32-foot clear heights and 37 dock doors. Scott Rabin of Edge represented the tenant in the lease transaction. Brad Benna represented the landlord, Matan Cos., on an internal basis. The facility is expected to house 100 LaserShip employees once the firm takes occupancy this fall.

July 5, 2022

Arizona Florida Georgia Industrial Kentucky Midwest Missouri North Carolina South Carolina Southeast Tennessee Texas Top Stories Virginia Western

MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B

by Katie Sloan June 30, 2022

ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years. “This diversified portfolio provides immediate scale and operating …

June 30, 2022

Acquisitions Multifamily Southeast Virginia

Bonaventure Sells Bend Arbordale Apartments in Williamsburg, Virginia for $100M

by John Nelson June 27, 2022

WILLIAMSBURG, VA. — Bonaventure, a multifamily owner-operator based in Alexandria, Va., has sold The Bend Arbordale, a 289-unit apartment community located at 401 Bulifants Blvd. in Williamsburg. The Inland Real Estate Group purchased the asset for $100 million. Drew White and Carter Wood of Berkadia represented Bonaventure in the sale. Situated near Sentara Williamsburg Regional Medical Center and I-64, The Bend Arbordale offers two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. Amenities include a swimming pool, fitness center, business center, clubhouse and a dog park.

June 27, 2022

Acquisitions Hospitality Southeast Virginia

Hunter Brokers Sale of 295-Room Delta Hotel in Virginia Beach

by John Nelson June 22, 2022

VIRGINIA BEACH, VA. — Hunter Hotel Advisors has brokered the sale of Delta Hotel by Marriott Virginia Beach Bayfront Suite, a 295-room hotel located on the north shore of Virginia Beach. The beachfront hotel was renovated in 2020 and features three food and beverage options, including Tin Cup Kitchen + Oyster Bar, as well as a fitness center and outdoor pool. Lingerfelt CommonWealth Partners sold Delta Hotel to a joint venture between BlackPearl Capital and an affiliate of Paceline Equity Partners for an undisclosed price. Trey Scott and Spencer Davidson of Hunter Hotel Advisors represented the seller in the transaction.

June 22, 2022

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