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AcquisitionsData CentersIndustrialOfficeSoutheastVirginia

Finmarc Acquires Industrial, Data Center Portfolio in Springfield, Virginia for $127.5M

by John Nelson

SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.

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DevelopmentIndustrialSoutheastTop StoriesVirginia

LEGO Group Plans $1B Toy Factory in Metro Richmond, Its First in the U.S.

by Jeff Shaw

CHESTERFIELD, VA. — Danish toymaker LEGO Group has released plans for a 1.7 million-square-foot factory in Chesterfield, a southern suburb of Richmond. Over the course of 10 years, LEGO estimates it will invest $1 billion in the project and generate 1,760 jobs. Located on 340 acres, the project also includes a solar park that will produce 100 percent of the factory’s energy needs. Construction is scheduled to begin this fall, with full production beginning in 2025. The property will be LEGO’s seventh factory worldwide, its second in North America and its first in the United States. LEGO factories in Europe and China are also being expanded, and in December 2021, the privately held toymaker announced plans to build a factory in Vietnam to support further growth in Asia. The industrial expansion is part of the company’s goal to shorten supply chains and reduce its carbon footprint. The project is also designed to meet LEED Gold standards. “More and more families are falling in love with LEGO building, and we are looking forward to making LEGO bricks in the United States, one of our largest markets,” says Niels Christiansen, CEO of LEGO Group. “The location in Virginia allows us to build …

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AcquisitionsMultifamilySoutheastVirginia

CRC Sells 101 North Ripley Apartments in Alexandria, Virginia for $50.1M

by John Nelson

ALEXANDRIA, VA. — Continental Realty Corp. (CRC) has sold 101 North Ripley Apartments, a 189-unit multifamily community in Alexandria formerly known as Parkwood Court. CRC sold the property for $50.1 million, or approximately $265,000 per unit. The Baltimore-based company originally purchased the community in 2011 for $23 million, or $121,000 per unit. Washington, D.C.-based Willow Creek Partners purchased 101 North Ripley, which offers seven different floor plans in one-, two- and three-bedroom configurations. Bill Roohan, Robert Dean and Jonathan Greenberg of CBRE brokered the transaction. CRC recently invested in capital improvements at the apartment community, including the installation of new windows and sliding patio doors and the conversion of an outdoor pool into a parking lot with 45 spaces.

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AcquisitionsSoutheastStudent HousingVirginia

TSB Realty Arranges Sale of 909-Bed Student Housing Property Near Old Dominion in Norfolk

by John Nelson

NORFOLK, VA. — TSB Realty has arranged the sale of The Next at ODU, a 909-bed student housing property located near Old Dominion University in Norfolk. The Michaels Organization sold the community to Saxum Real Estate for an undisclosed price. Delivered in 2010, the property offers shared amenities including a resort-style swimming pool and spa, 24-hour fitness center, tanning, a clubroom, business center and shuttle service to campus. Units offer bed-to-bath parity alongside features including modern appliances and washers and dryers.

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8040-Villa-Park-Dr-Henrico-County-VA
AcquisitionsOfficeSoutheastVirginia

ABMAR Villa Park Acquires Lab, Warehouse Complex in Henrico County, Virginia for $12.4M

by Amy Works

HENRICO COUNTY, VA. — AMBAR Villa Park LLC has purchased Villa Park I, a flex lab/industrial complex located in Henrico County, from an undisclosed seller for $12.4 million. Located at 8040 Villa Park Drive, the 74,862-square-foot property offers significant warehouse and lab buildouts. At the time of sale, Villa Park I was 94 percent occupied by three tenants, including LabCorp and Technology Integration Group. LabCorp’s space is the company’s regional medical lab testing hub for Central Virginia, and Technology Integration Group leases 45 percent of the property. Eric Robison and Bo McKown of Cushman & Wakefield|Thalhimer’s capital markets group, along with Graham Stoneburner of Thalhimer, negotiated the transaction.

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AcquisitionsMarylandMultifamilyNorth CarolinaSeniors HousingSoutheastVirginia

Foundry Commercial Buys 24-Property Spring Arbor Senior Living Portfolio in Mid-Atlantic

by Amy Works

ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing. The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more than 1,800 residents. The Spring Arbor platform will continue operations under the Spring Arbor Senior Living brand. Capital Funding arranged financing for the transaction. Terms of the acquisition were not released.

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DevelopmentHealthcareSoutheastVirginia

Trammell Crow, Diamond Realty Break Ground on 125,000 SF Medical Office Building in Falls Church, Virginia

by Amy Works

FALLS CHURCH, VA. — Trammell Crow Co. and Diamond Realty Investments have broken ground on The Wellness Center at West Falls, a six-story medical office building in Falls Church. Slated for delivery in late 2023, the 125,000-square-foot property is part of West Falls, a 1.2 million-square-foot mixed-use property master-developed by Hoffman & Associates. The Wellness Center at West Falls is designed specifically for medical users with the ability to accommodate clinical and surgical requirements for healthcare systems, specialty practice groups and independent practitioners. The building will feature a dedicated curbside patient pick-up and drop-off at the lobby, along with a covered parking garage that is connected to the building via a pedestrian-friendly street. Tenants will also have an opportunity for signage and branding on the ground floor and top floor. The project team includes Gensler as architect, Clark Construction Group as general contractor and Cushman & Wakefield as the leasing team.

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DevelopmentDistrict of ColumbiaLeasing ActivityRetailSoutheastVirginia

Wegmans Opens New 81,300 SF Grocery Store in Metro D.C., Two More Planned to Open

by John Nelson

WASHINGTON, D.C. — Wegmans, an upscale supermarket chain based in Rochester, N.Y., is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Va., a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Va., and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in July and the Reston store is set to open in early 2023. Wegmans is also opening an 84,000-square-foot store in Wilmington, Del., this fall.

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DevelopmentMultifamilySoutheastVirginia

Crescent Communities, ParkProperty Capital to Build New Multifamily Community in Richmond

by John Nelson

RICHMOND, VA. — Crescent Communities and multifamily real estate investment firm ParkProperty Capital have plans to develop Novel Scott’s Addition, a new multifamily community in Richmond. The 275-unit property marks Crescent’s first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners. Construction is slated to begin immediately. Located at the former Wesco Distribution site at 2902 N. Arthur Ashe Blvd., Novel Scott’s Addition will sit at the northern edge of Richmond’s vibrant Scott’s Addition neighborhood. The location is also adjacent to The Diamond, home of the Double-A Richmond Flying Squirrels baseball team, and just 2.5 miles from the popular City Center neighborhood. The five-story wrap building with a seven-story corner pop-out will offer a mix of studio, one-, and two-bedroom apartments with a limited number of lofts on the top floor. First residences are scheduled for delivery in early 2024. Planned amenities include a resort-style pool with expansive pool deck, multiple dining and gathering spaces, including a fireside lounge, library, coworking rooms, dog park and spa, outdoor dining spaces, sky deck and a resident speakeasy. Partners for Novel Scott’s Addition include architecture firm KTGY, civil engineer Kimley-Horn, landscape architect LandDesign, interior designe CID …

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AcquisitionsMultifamilySoutheastTop StoriesVirginia

Cortland Acquires Four Apartment Communities in Arlington, Virginia for $1B

by John Nelson

ARLINGTON, VA. — Cortland, an Atlanta-based multifamily investment firm, has purchased four apartment communities in Arlington totaling more than 1,500 units. The $1 billion investment marks the firm’s re-entry into the Washington, D.C., metro area, and the firm says it plans to “double its investment in the area” in the near future. “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.” The portfolio includes Aubrey, a 331-unit apartment community that will be rebranded as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City. The other two Arlington communities are undisclosed as those sales have yet to close, though the firm says they will be announced soon. “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends,” says Altman. Cortland Rosslyn is a LEED Gold-certified community that was developed in 2021 by Penzance. The 23-story community offers studios to three-bedroom homes, as well as …

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