Virginia

Genworth Financial Leases 175,000 SF of Office Space at SunTrust Business Center in Metro Richmond

by John Nelson December 7, 2022

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.

December 7, 2022

Acquisitions Multifamily Southeast Virginia

Milestone Group Acquires 870-Unit Multifamily Portfolio in Northern Virginia

by John Nelson December 6, 2022

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.

December 6, 2022

Acquisitions Retail Southeast Virginia

Divaris Arranges $8.2M Sale of Yorktown Shopping Center in Virginia

by John Nelson December 5, 2022

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.

December 5, 2022

Development Multifamily Southeast Virginia

Breeden Opens 258-Unit Lofts at Front Street Apartments in Norfolk

by John Nelson November 28, 2022

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.

November 28, 2022

Acquisitions Industrial Southeast Virginia

CRG Sells New 1.2 MSF Industrial Facility in Richmond Leased to Lowe’s

by John Nelson November 23, 2022

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.

November 23, 2022

Loans Office Southeast Virginia

Northmarq Arranges $65M Refinancing for Mass Timber Office Building in Charlottesville, Virginia

by John Nelson November 14, 2022

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.

November 14, 2022

Leasing Activity Retail Southeast Virginia

Rappaport Adds Five New Tenants to Village at Leesburg Shopping Center in Northern Virginia

by John Nelson November 10, 2022

LEESBURG, VA. — Rappaport has signed five new tenants to join Village at Leesburg, a 550,593-square-foot shopping center located along Route 7 in Leesburg. Rappaport owns, manages and leases the property, which houses more than 75 tenants, including anchors Wegmans, CMX Cinemas, LA Fitness and Bowlero. The new tenants include Spitz, a Mediterranean restaurant concept; Altitude Trampoline Park, an entertainment venue with more than 80 locations; Anchor Bar, a wings restaurant concept with more than 50 locations; A Place to Be, a nonprofit based in Middleburg, Va., that offers art and music therapy programs; and national chain Salon Lofts. Altitude opened recently, and the other four concepts are set to open in 2023. Village at Leesburg will be the first Virginia location for Spitz, Altitude and Anchor Bar. In addition to the new retailers, which will bring 40,000 square feet of new retail space, Woodhouse Day Spa and Dana’s Cake Shoppe are expanding their locations within the development.

November 10, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $4.6M Sale of Retail Strip Center in Lynchburg, Virginia

by John Nelson November 4, 2022

LYNCHBURG, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.6 million sale of Shops at Phillips Circle, a retail strip center located at 19399 Forest Road in Lynchburg. Built in 2018, the center was fully leased at the time of sale to tenants including Starbucks Coffee, East Coast Wings and Nothing Bundt Cakes. The Charles and Margaret Levin Family LP based in Washington, D.C., purchased the property from Riverbend Development. Catharine Spangler, John Pritzlaff and Jenny Stoner of Thalhimer represented the seller in the transaction.

November 4, 2022

Development Office Southeast Virginia

CoStar Group Breaks Ground on 750,000 SF Office Campus Expansion in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — CoStar Group has broken ground on an expansion to its corporate campus in Richmond that will bring two new buildings totaling 750,000 square feet. CoStar plans to add 2,000 new jobs to staff the new buildings, specifically in research, technology, operations, software development, marketing and sales roles. Situated on the banks of the James River, the new 21-story tower and five-story multipurpose building, which will house employee and community amenities, will expand the campus to 1 million square feet. CoStar’s current tower is located on the site at 501 S. 5th St. Planned amenities for the campus hub include conference space, fitness and wellness capabilities, an auditorium, more than 2.6 acres of outdoor green space and retail and restaurant options. The new tower is designed to achieve LEED certification and will feature 50,000 square feet of elevated green terraces. Once the site is fully complete, CoStar Group is poised to become the largest tech company and one of the largest private employers in Richmond. The firm currently employs more than 5,300 people in 80 cities across 14 countries.

November 3, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

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