Virginia

Greysteel Arranges Sale of 40-Unit Multifamily Property in Woodbridge, Virginia

by Julia Sanders March 30, 2022

WOODBRIDGE, VA. — Greysteel has arranged the sale of Friendship Place Apartments, a 40-unit multifamily property in Woodbridge. Kyle Tangney and Max Goldstein of Greysteel represented the undisclosed seller. The sales price and buyer were also not disclosed. Built in 1963, Friendship Place offers one- and two-bedroom floorplans averaging 787 square feet. Community amenities include laundry facilities, and unit features include in-unit washers and dryers. Located at 14400 Gemstone Drive, the property is situated about 16 miles from Washington, D.C. and 45.6 miles from University of Maryland.

March 30, 2022

Loans Office Southeast Virginia

Avison Young Arranges $20M Loan for Medical Office Building in McLean, Virginia

by Julia Sanders March 25, 2022

MCLEAN, VA. — Avison Young has arranged a $20 million loan to refinance a 47,000-square-foot medical office building in downtown McLean. Jon Goldstein, Mike Yavinsky and Wes Boatwright of Avison Young arranged the loan through an unnamed local bank on behalf of the borrower, a partnership between Stewart Investment Partners and Chestnut Funds. Built in 1985, the three-story property was converted from a general office building into a medical office building in 2021. Improvements included outfitting the atrium lobby, corridors, elevators and restrooms, as well as adding energy-efficient lighting and modernizing the parking garage. Located at 1420 Beverly Road, the property offers access to Interstates 495 and 66 and Dulles Toll Road. The property is also 11.2 miles from Washington, D.C.

March 25, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield Arranges $25M Sale of Shopping Center in Springfield, Virginia

by Julia Sanders March 22, 2022

SPRINGFIELD, VA. — Cushman & Wakefield has arranged the sale of Backlick Center, a 48,267-square-foot shopping center in Springfield. John Owendoff of Cushman & Wakefield represented the seller, a Dallas-based real estate fund advised by Crow Holdings Capital, in the transaction. Rochester, N.Y.-based Glazer Properties acquired the property for $25 million. Backlick Center was 91 percent leased at the time of sale to tenants including Chick-fil-A, Advance Auto Parts, Outback Steakhouse and Taco Bamba. Located at 6651-6691 Backlick Road, the property is located 14.6 miles from Washington, D.C., and 13.8 miles from Ronald Reagan Washington National Airport.

March 22, 2022

Leasing Activity Retail Southeast Virginia

Floor & Decor Opens Design Studio in Northern Virginia

by Julia Sanders March 21, 2022

VIENNA, VA. — Floor & Decor, an Atlanta-based specialty retailer of hard-surface flooring, will open its newest location in Vienna on Wednesday, March 23. The Floor & Decor Design Studio will offer design services and samples for customers, and the opportunity to work one-on-one with expert design professionals. Additionally, customers can have a private consultation in their own space, in which the designer will provide hand-selected samples, measurements, a 3D rendering of the design and a custom quote for the entire project. The studio will have a team of trained designers led by Ashley Herrington, the new studio’s design manager. Located at 1929 Old Gallows Road, the new studio is situated eight miles from Arlington and 13.3 miles from Washington, D.C.

March 21, 2022

Industrial Leasing Activity Southeast Virginia

Automotive Supplier Signs 387,558 SF Industrial Lease in Roanoke

by Julia Sanders March 11, 2022

ROANOKE, VA. — Würth Revcar Fasteners Inc., a locally based full-line and full-service assembly component supplier, has signed a 387,558-square-foot industrial lease in Roanoke. Würth Revcar Fasteners will fully occupy the building and expects to open its new location in the third quarter. Located at 1 Avery Row, the distribution and warehouse building was formerly occupied by Home Shopping Network for the past 30 years. The building will now serve as Würth Revcar Fasteners’ new headquarters. The facility will be used to ship directly to customers throughout North America and distribute inventory to eight regional branch locations. Norman Moon Jr. and Kent Roberts of Cushman Wakefield | Thalhimer represented the tenant in the lease negotiations, with the assistance of John Minervini of Cushman & Wakefield’s Los Angeles office. Doug Faris and Derek Anderson with Binswanger represented the landlord, Blue Ridge Partners LLC.

March 11, 2022

Acquisitions Industrial Southeast Virginia

IPA Brokers $22M Sale of Flex Facility in Toano, Virginia

by Julia Sanders March 8, 2022

TOANO, VA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of 9000 Westmont Drive, a 175,000-square-foot, single-tenant flex facility in Toano. Robert Filley, Chandler Pace, Randall Heilig and Robert Bechtel of IPA, as well as Christopher Dale of Marcus & Millichap, represented the seller, MICPAR Realty LLC, and procured the buyer, an entity doing business as 9000 Westmont Owner LLC. The property sold for $22 million. The property, 9000 Westmont Drive, is triple-net leased to Avid Medical Inc., a wholly owned subsidiary of Owens & Minor and sole occupant of the property. Built in 1998, the two-story facility was expanded by 25,000 square feet in 2009. The property’s warehouse area spans 113,834 square feet and the office component spans 61,118 square feet. The facility features 10 dock-high loading doors and 366 parking spaces. Located on the Interstate 64 Peninsula, the property is situated between Newport News and Richmond. The property is also situated 51.7 miles from the Port of Virginia and 32.7 miles from Richmond International Airport.

March 8, 2022

Acquisitions Retail Southeast Virginia

Colliers Brokers $6.9M Sale of Grocery-Occupied Retail Property in Metro Richmond

by Julia Sanders March 1, 2022

MIDLOTHIAN, VA. — Colliers has brokered the sale of a 31,394-square-foot retail property located at 1200 Huguenot Road in Midlothian. The freestanding store is leased to The Fresh Market. An entity known as California-based 101 North A ST LLC acquired the grocery-occupied property for $6.9 million. Mark Williford, Will Bradley, Peter Vick and Harrison Hall of Colliers represented the California-based seller, an entity doing business as 1200 Huguenot Road LLC. Situated at the intersection of Midlothian Turnpike and Huguenot Road, the store is near other retailers and restaurants including Tazza Kitchen Alverser Plaza, DSW, Carrabba’s Italian Grill, Macy’s, Crunch Fitness and Chipotle Mexican Grill.

March 1, 2022

Acquisitions Retail Southeast Virginia

JFS Real Estate Purchases Indian River Shopping Center in Virginia Beach for $6M

by Julia Sanders March 1, 2022

VIRGINIA BEACH, VA. — JFS Real Estate LLC has purchased the Indian River Shopping Center, a 128,017-square-foot retail center in Virginia Beach. Anchored by Burlington and Food Lion, Indian River’s other tenants include It’s Fashion and One Price Cleaners. The property was fully occupied at the time of sale. The seller, Earle W. Kazis Associates Inc., sold the property for $6 million. Mike Zarpas of S.L. Nusbaum Realty Co. represented the seller, and Janet Whitbeck of Cushman Wakefield | Thalhimer represented the buyer in this transaction. Zarpas will also represent the new owner in repositioning the property. Located on 12.7 acres at 880 S. Military Highway, the property is close to the intersection of S. Military Highway and Indian River Road. The property is also 16.1 miles from Virginia Beach.

March 1, 2022

Acquisitions Mixed-Use Southeast Virginia

Broad Street Realty to Acquire Mixed-Use Property in Williamsburg, Virginia for $122M

by Julia Sanders February 24, 2022

WILLIAMSBURG, VA. — Broad Street Realty Inc. has plans to acquire Midtown Row, a mixed-use property in Williamsburg. The firm plans to close the $122 million acquisition by the end of the second quarter. The seller was not disclosed. Midtown Row features 240 student housing units with 620 beds. The property also includes 63,573 square feet of retail space, as well as entertainment and office space. The property is located adjacent to the historic campus of the College of William & Mary, less than one mile from Colonial Williamsburg and less than five miles from Jamestown, Yorktown and Busch Gardens.

February 24, 2022

Acquisitions Multifamily Southeast Virginia

Marcus & Millichap Arranges $14.2M Sale of Multifamily Property in Chesapeake, Virginia

by Julia Sanders February 24, 2022

CHESAPEAKE, VA. — Marcus & Millichap has arranged the sale of Marina Point Apartments, a 104-unit multifamily property in Chesapeake. Annapolis, Md.-based MRKT Realty LLC purchased the property for $14.2 million. Altay Uzun, Justin Ferguson, Theo Jolley and David Chae of Marcus & Millichap represented the seller, an undisclosed joint venture headed by Phil Capron. Built in 1965 and situated on 7.8 acres, Marina Point features 13 buildings and offers one-, two- and three-bedroom floorplans. Each unit features hardwood flooring and walk-in closets. Community amenities include package services, a playground, maintenance onsite, property manager onsite, picnic area and boat docks. Located at 1301 Canal Drive, the property is situated near the Elizabeth River, as well as retailers such as 7-Eleven and Walgreens. The property is also located 10.4 miles from Norfolk State University and 17.1 miles from Norfolk International Airport.

February 24, 2022

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