Virginia

Ares Management Acquires Capital Automotive for $3.8B, Including 250 Net-Leased Car Dealerships

by John Nelson February 18, 2022

NEW YORK CITY AND MCLEAN, VA. — Ares Management Corp. (NYSE: ARES) has acquired Capital Automotive LLC, a McLean-based firm that specializes in the sale-leaseback of car dealerships under new triple-net leases. Ares purchased the company through its alternative credit strategy division and real estate group for $3.8 billion. The seller was a private real estate fund managed by Brookfield Asset Management (NYSE: BAM). Capital Automotive owns more than 250 real estate assets in the United States and Canada that are structured under long-term, triple-net leases to various car dealers. The names and locations of the properties were not disclosed. Ares purchased Capital to expand and diversify its net-lease investment strategy. Including the recent investment in Capital Automotive, Ares’ funds have invested in over 1,200 real estate assets totaling approximately $7.2 billion of gross asset value in North America and Europe over the past 15 months. These net lease investments include retail, industrial and office properties leased to tenants with varying credit profiles. Ares’ real estate group had approximately $41.2 billion of assets under management as of year-end 2021. Ares Management’s stock price closed on Thursday, Feb. 17 at $79.01 per share, up from $52.02 a year ago, a nearly …

February 18, 2022

Acquisitions Multifamily Southeast Virginia

Berkadia Arranges $45.3M Sale of Multifamily Property in Ashland, Virginia

by Julia Sanders February 14, 2022

ASHLAND, VA. — Berkadia has arranged the $45.3 million sale of Ashland Towne Square, a 218-unit garden-style multifamily property in Ashland. David Hudgins, Carter Wood and Drew White of Berkadia represented the seller, a Virginia-based entity doing business as Ashland Apartment Associates LP. The buyer was Maryland-based Acento Real Estate Partners. Ashland Towne Square offers one-, two- and three-bedroom floorplans. Unit features include air conditioning, in-unit washer and dryer hookups and walk-in closets. Community amenities include a swimming pool, laundry facilities and a playground. Located at 204 Kings Arms St., the property is situated 19 miles north of Richmond and 26 miles from Richmond International Airport. The property is also near Route 1, Interstate 95 and the shops and restaurants along England Street.

February 14, 2022

Development Industrial Leasing Activity Southeast Virginia

Lowe’s Signs Lease for 60,000 SF Warehouse Development in Salem, Virginia

by Julia Sanders February 10, 2022

SALEM, VA. — Lowe’s Home Centers LLC has signed a lease for a 60,000-square-foot warehouse in Roanoke County’s Valley Tech Park in Salem. Roanoke, Va.-based Samet Corp. and North Carolina-based Valley Tech Partners LLC purchased the 8.5-acre site at 0 Technology Drive for the project. Construction is expected to begin in the first quarter and will be completed within a year. Boyd Johnson of Cushman & Wakefield | Thalhimer arranged the Lowe’s lease and land acquisition on behalf of the landlords.

February 10, 2022

Development Industrial Southeast Virginia

MacKenzie Investment Group Completes 202,000 SF Industrial Building in Metro Richmond

by Julia Sanders February 8, 2022

ASHLAND, VA. — MacKenzie Investment Group LLC, the development and investment arm of Baltimore-based The MacKenzie Cos., has delivered a 202,000-square-foot warehouse and industrial building in Ashland, about 16.5 miles north of Richmond. The development is part of Phase I of the North Richmond Industrial Park, a 75-acre business park that can support up to 600,000 square feet of warehouse and industrial space. The building, which was constructed on a speculative basis, is fully leased to three tenants including The Home Depot; MS International Inc., an importer and distributor of natural stones and countertops; and Sentara Healthcare, a nonprofit healthcare organization serving Virginia and North Carolina. Each tenant expects to take occupancy over the next several months. The project features 32-foot clear heights, 46 dock doors, a surface parking lot that can accommodate nearly 160 cars and 46 trailers and freight service via CSX and Northern Southern rail lines. Located at 11060 Johnson Road, the property is situated near US Route 1 and Interstates 95, 64, 85 and 295. Additionally, the project is located 23.6 miles from the Richmond International Airport.

February 8, 2022

Acquisitions Multifamily North Carolina Southeast Virginia

Marcus & Millichap Arranges $61M Sale of Apartment Portfolio in Virginia, North Carolina

by Julia Sanders February 2, 2022

CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Marcus & Millichap has arranged the sale of the Templeton Portfolio, a three-property apartment portfolio in Chesapeake and Elizabeth City. Altay Uzun of Marcus & Millichap facilitated the transaction and secured the buyer, MRKT Capital. The undisclosed seller sold the portfolio for $61 million. The properties within the Templeton Portfolio include Green Tree Apartments and Oak Grove Apartments in Chesapeake and Emerald Lake Apartments in Elizabeth City. Green Tree is a 208-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include a pool, fitness center, clubhouse, volleyball court, walking and biking trails, controlled building access, onsite laundry facilities and a package receiving service. Located at 749 Green Tree Circle, the property is situated 10.6 miles from Norfolk. Oak Grove is a 132-unit apartment community that offers one- and two-bedroom floorplans. Community amenities include onsite laundry facilities, controlled building access, a volleyball court and ample parking. Located at 408 Trotman Way, the property is situated near Chesapeake Regional Medical Center and the Great Bridge Lock Park. Emerald Lake is a 132-unit apartment community that offers three-bed/two-bath floorplans. Community amenities include a pool, clubhouse, parking, onsite management and a package receiving service. Located …

February 2, 2022

Acquisitions Affordable Housing Alabama Loans Maryland Multifamily Southeast Virginia

JLL Secures $318.5M Acquisition Financing for Multifamily Portfolio in Southeast US

by Julia Sanders January 25, 2022

ORLANDO, FLA. — JLL Capital Markets has secured a $318.5 million acquisition loan for a six-property multifamily portfolio located across Maryland, Virginia and Alabama. There were multiple sellers for the properties. The 1,494-unit workforce housing portfolio includes the following: Park at Kingsview Village (326 units) in Germantown, Md.; Stonecreek Club (240 units) in Germantown; Hunt Club (336 units) in Gaithersburg, Md.; Springwoods at Lake Ridge (180 units) in Woodbridge, Va.; Windsor Park (220 units) in Woodbridge; and Oaks of St. Clair (192 units) in Moody, Ala. Melissa Marcolini Quinn, Lee Weaver, Drew Jennewein, Rob Rothaug, Emily Moallem and Cody Mizelle of JLL arranged the loan through J.P. Morgan Chase Bank on behalf of the borrower, Carter Multifamily. The floating-rate, non-recourse bridge loan will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single loan large enough to create its own pool for securitization. “This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” says Quinn. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

January 25, 2022

Affordable Housing Loans Multifamily Southeast Virginia

Dwight Capital Provides $60.8M HUD Refinancing for Affordable Housing Community in Herndon, Virginia

by Julia Sanders January 24, 2022

HERNDON, VA. — Dwight Capital has provided a $60.8 million HUD 223(f) cash-out refinancing loan for Coppermine Run, a 288-unit affordable housing community in Herndon. Brandon Baksh of Dwight Capital originated the loan transaction. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Coppermine Run is Energy Star-certified. Coppermine Run includes 11 four-story residential buildings and a clubhouse and leasing office situated on 15.7 acres. The property offers two-bed/one-bath, two-bed/1.5 bath and three-bed/two-bath floorplans. Unit features include trash and snow removal, walk-in closets, central air and heat, cable ready and updated appliances and cabinets. Community amenities include a basketball and multi-sports court, fitness center, playground, swimming pool with sundeck and walking paths. Located at 2450 Masons Ferry Drive, Coppermine Run is situated 19.7 miles from Arlington, 25 miles from Washington, D.C., and 31.6 miles from Alexandria.

January 24, 2022

Acquisitions Retail Southeast Virginia

Essential Growth, Viking Acquire 180,346 SF Spartan Square Shopping Center Near Roanoke

by Julia Sanders January 19, 2022

SALEM, VA. — A joint venture between Essential Growth Acquisition Properties and Viking Partners has acquired Spartan Square, a 180,346-square-foot shopping center in Salem, about 15 miles west of Roanoke. Will Bradley, Mark Williford, Peter Vick and Harrison Hall of Colliers represented the seller, an entity known as Spartan Square LP, in the transaction. The sales price was not disclosed. Anchored by Kroger, Spartan Square was 91 percent leased at the time of sale to tenants including Dollar Tree, Pet Supplies Plus, Starbucks and Truist. The property features a weighted average tenure of over 24 years. Located at 1425-1499 W. Main St., Spartan Square is situated 11.9 miles from the Roanoke-Blacksburg Regional Airport and 1.6 miles from Roanoke College.

January 19, 2022

Acquisitions Retail Southeast Virginia

SRS Brokers Sale of 50,275 SF Shopping Center in Marion, Virginia

by Julia Sanders January 19, 2022

MARION, VA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of Marion Shopping Center, a 50,275-square-foot multi-tenant retail center in Marion. The buyer, Eire Investments USA LLC, purchased the property for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS represented the undisclosed seller in the transaction. Anchored by Food Lion, Marion Shopping Center is fully occupied by retailers such as CVS/pharmacy and Fresenius Medical Care. Both Food Lion and CVS/pharmacy have been at the property for over 35 years. Fresenius recently signed a 10-year lease at the property. Located on 4.6 acres, the property is situated along Interstate 81 near where the North Carolina, Tennessee and Virginia borders intersect.

January 19, 2022

Acquisitions Office Southeast Virginia

Avison Young Brokers $12.9M Sale of Two Office Properties in Metro D.C.

by Julia Sanders January 18, 2022

KINGSTOWNE, VA. — Avison Young’s Capital Markets Group has brokered the sale of two office buildings located in Kingstowne, a live-work-play community situated about 16.3 miles south of Washington, D.C. Melrose Solomon Enterprises purchased the two office buildings, 5695 Kings Centre Drive and 5901 Kingstowne Village Parkway, for $12.9 million. Chip Ryan and Matt Weber of Avison Young represented the seller, The Halle Cos., in the transaction. Jon Goldstein, Wes Boatwright and Mike Yavinsky of Avison Young arranged the undisclosed amount of acquisition financing on behalf of Tenafly, N.J.-based Melrose Solomon. 5695 Kings Centre Drive is a three-story, 44,262-square-foot office building constructed in 2002, and 5901 Kingstowne Village Parkway features 8,000-square-foot floorplans and has 22,117 square feet of net rentable space. The properties were a combined 93 percent leased to a variety of medical office, government contractors and traditional office tenants at the time of sale. Developed by The Halle Cos. in the mid-1980s, Kingstowne spans 1,200 acres and is Northern Virginia’s second largest master-planned community. Kingstowne has more than one million square feet of retailers and office buildings.

January 18, 2022

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