Virginia

Burlington, T.J. Maxx Sign Anchor Leases at Central Park Marketplace in Fredericksburg, Virginia

by John Nelson May 19, 2022

FREDERICKSBURG, VA. — Burlington and T.J. Maxx have signed anchor leases at Central Park Marketplace, a 200,000-square-foot regional shopping center located at 1771 Carl D. Silver Parkway in Fredericksburg. Burlington signed a 27,706-square-foot lease to backfill a former Ashley Furniture store, and T.J. Maxx signed a 24,850-square-foot lease at a former A.C. Moore Arts & Crafts store. The retailers, which will be adjacent to one another, plan to open their stores in early 2023. Connie Jordan Nielsen, James Ashby IV and Mark Banach of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the unnamed landlord.

May 19, 2022

Acquisitions Retail Southeast Virginia

Sterling Sells Cheshire Station Shopping Center in Metro D.C. for $29.1M

by John Nelson May 18, 2022

DALE CITY, VA. — Sterling Organization has sold Cheshire Station, a Safeway-anchored shopping center in the Washington, D.C., suburb of Dale City. Haverford Properties, an investment firm based in Philadelphia, purchased the 105,054-square-foot shopping center for $29.1 million. Cheshire Station’s tenant roster includes Petco, AutoZone, GNC, Sprint, Starbucks Coffee, Sherwin-Williams and a Virginia ABC liquor store. CBRE brokered the transaction. Sterling sold the property along with Market at Opitz, another shopping center in Northern Virginia, for a combined sales price of $58.4 million. Sterling currently owns and manages approximately 70 properties throughout the United States spanning 11.4 million square feet and approaching $2.4 billion in value.

May 18, 2022

Development Mixed-Use Retail Southeast Virginia

Foulger-Pratt, Howard Hughes, Seritage Demolish Landmark Mall in Alexandria for 4 MSF Mixed-Use Project

by John Nelson May 13, 2022

ALEXANDRIA, VA. — Foulger-Pratt, The Howard Hughes Corp. and Seritage Growth Properties have broken ground on their 4 million-square-foot WestEnd Alexandria project with the demolition of Landmark Mall. Built in 1965 as an open-air shopping center, the 715,520-square-foot Landmark was converted to an enclosed shopping mall in 1990. The mall officially closed its doors in 2017 following Howard Hughes Corp.’s purchase of the former Macy’s store, but the Sears department store remained open until 2020. Last year the Sears owner, the City of Alexandria, signed Inova Health to a 99-year ground lease at the site where the health system is building a $1 billion hospital campus will span 11 acres. At full buildout, WestEnd Alexandria will span 52 acres and comprise 2,500 apartments, including 200 affordable housing units; parks and open space; approximately 125,000 square feet of medical office buildings; nearly 235,000 square feet of retail and restaurant uses; and a new facility for Alexandria Fire-EMS Station 208. Foulger-Pratt, Howard Hughes and Seritage plan to begin Phase I of WestEnd Alexandria in 2023 with the first residential buildings delivering in 2025.

May 13, 2022

Acquisitions Affordable Housing Multifamily Southeast Virginia

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

by John Nelson May 13, 2022

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

May 13, 2022

Acquisitions Office Southeast Virginia

CoStar Group Purchases Office Building in Richmond for $20M

by John Nelson May 3, 2022

RICHMOND, VA. — CoStar Group Inc. has purchased a five-story, 117,448-square-foot office building in Richmond’s Manchester district. The locally based real estate information and analytics firm acquired the property for $20 million. The seller was not disclosed. Located at 901 Semmes Ave., the office building is situated across James River from CoStar’s planned corporate campus spanning 750,000 square feet. The property was vacant at the time of sale and was formerly anchored by SunTrust Bank (now Truist Financial Corp.), which relocated to an adjacent building. CoStar employs more than 1,200 people in the Richmond area. Over the next five to 10 years, CoStar expects to become the largest tech company and one of the largest private employers in Richmond.

May 3, 2022

Development Southeast Student Housing Virginia

Pinecrest Breaks Ground on 509-Bed Student Housing Community Near VCU in Richmond

by John Nelson May 2, 2022

RICHMOND, VA. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed community in Richmond serving students attending Virginia Commonwealth University (VCU). The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; Zen wellness terrace; outdoor courtyard; and a rooftop deck lounge with grills, fire pits and seating. The project team includes Hickok Cole Architecture & Interior Design, Timmons Group Civil Engineering and Rycon Construction. Pinecrest, a student housing developer with offices in metro Chicago and Los Angeles, plans to deliver Parc View at Commonwealth in summer 2024.

May 2, 2022

Acquisitions Georgia Kentucky Southeast Student Housing Virginia

Vesper Holdings Acquires Student Housing Portfolio for $240M

by John Nelson April 29, 2022

NEW YORK CITY — New York City-based Vesper Holdings has acquired a four-property, 2,761-bed student housing portfolio for approximately $240 million. The properties are located in Georgia, Virginia, Kentucky and Indiana. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller. The properties in the portfolio include a 635-bed community located near Indiana University in Bloomington, Ind.; a 699-bed community located near the University of Kentucky in Lexington, Ky.; a 736-bed community located near Kennesaw State University in Kennesaw, Ga.; and a 691-bed community located near Virginia Commonwealth University in Richmond, Va. The portfolio had an average occupancy of 97 percent at the time of sale. This transaction brings Vesper’s portfolio to a total of 23,544 beds. Vesper’s portfolio is managed by Vesper’s subsidiary property management company, Campus Life & Style.

April 29, 2022

Development Loans Multifamily Southeast Virginia

Berkadia Secures $36.6M HUD-Insured Construction Loan for Hampton Roads Multifamily Project

by John Nelson April 29, 2022

NEWPORT NEWS, VA. — Berkadia has secured $36.6 million in HUD-insured construction financing for Huntington Pointe Apartments, a 176-unit multifamily project in the Hampton Roads city of Newport News. Amy Gay and Stephen Murden of Berkadia secured the loan on behalf of the borrower, Virginia-based The Breeden Co. The 40-year HUD 221(d)(4) loan was financed through the HUD Green MIP Reduction program and features a fixed 3.36 percent interest rate and an 85 percent loan-to-cost ratio. Designed by Humphreys & Partners Architects, Huntington Pointe will offer one-, two- and three-bedroom floor plans in one elevator building and two carriage-style, walk-up buildings. Community amenities will include a swimming pool, clubhouse with a clubroom, kitchen, business office and a fitness center. Located at 903 Denbigh Blvd., the property is situated about two miles from Newport News/Williamsburg International Airport and 30 miles from Norfolk.

April 29, 2022

Acquisitions Office Southeast Virginia

Douglas Development Purchases 70,000 SF Office Property in Alexandria, Virginia

by John Nelson April 29, 2022

ALEXANDRIA, VA. — Douglas Development has purchased 515 King St., a 70,000-square-foot office property in Alexandria. JLL represented the undisclosed seller in the $12 million transaction. The office property recently had renovations completed, including a lobby renovation, ground-floor retail renovation, designated office suites and the upgrade of coworking spaces. Additional plans called for refreshing the public spaces and incorporating a gym and locker rooms. Douglas Development is currently negotiating with perspective tenants for the retail spaces, with the anticipation of a restaurant opening. Located in the heart of Old Town Alexandria, 515 King St. is situated about nine miles from Washington, D.C.

April 29, 2022

Development Hospitality Southeast Virginia

Twain Financial to Begin $76.5M Hotel Redevelopment in Alexandria, Virginia

by Julia Sanders April 28, 2022

ALEXANDRIA, VA. — St. Louis-based Twain Financial Partners has plans to redevelop Hotel Heron, an approximately 90,000-square-foot hotel redevelopment in Alexandria. Construction on the $76.5 million adaptive reuse project is set to begin in June and wrap by November 2023. Twain Financial provided $59.2 million in financing through a mixture of sale-leaseback financing and both federal and state historic tax credit equity on behalf of the developers, May Riegler Properties and Potomac Investment Properties. The Hotel Heron project will restore the original George Mason Hotel building, which was constructed in 1925. The hotel will contain 134 rooms and 30,000 square feet of amenities, meeting space, restaurant space and ground-floor retail. Aparium Hotel Group will manage the hotel and restaurant upon completion. The property is currently being used as an office building and parking garage.

April 28, 2022

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