Tuesday, January 21, 2025
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DevelopmentLeasing ActivityMixed-UseRestaurantRetailSoutheastVirginia

Hoffman & Associates Signs Two Retailers to Join West Falls Mixed-Use Development in Northern Virginia

by John Nelson

FALLS CHURCH, VA. — Hoffman & Associates has signed two new retail tenants to join West Falls, a 10-acre mixed-use development in Falls Church that will comprise 1.2 million square feet at full build-out. The new businesses coming to the development include Dok Khao Thai Eatery and a Chase Bank branch. The restaurant is slated to open at 180 West Falls Station Blvd. in August, and the bank is set to open at 118 West Falls Station Blvd. in April. West Falls will feature more than 120,000 square feet of shops and restaurants, as well as The Alder apartments, The Reserve at Falls Church seniors housing community, a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.

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AcquisitionsRetailSoutheastVirginia

Haverford Retail Partners Acquires 176,698 SF Shopping Center in Springfield, Virginia

by John Nelson

SPRINGFIELD, VA. — Haverford Retail Partners has acquired Springfield Center, a 176,698-square-foot shopping center located at 6646 Loisdale Road in in Springfield, 14 miles south of Washington, D.C. The seller and sales price were not disclosed. Springfield Center was fully leased at the time of sale to eight tenants, including Barnes & Noble, DSW, Marshall’s and Bob’s Discount Furniture. The retail center represents Pennsylvania-based Haverford’s third property in the metro D.C. area.

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AcquisitionsMultifamilySoutheastVirginia

Shoreham Capital Purchases Infinity Apartment Homes in Arlington, Virginia for $51M

by John Nelson

ARLINGTON, VA. — Shoreham Capital has purchased Infinity Apartment Homes, a multifamily community in Arlington, for $51 million. Located within the Columbia Pike Corridor near Amazon’s HQ2 project, the property features 227 units in a mix of studio, one-, two- and three-bedroom layouts. Amenities at Infinity Apartment Homes include a swimming pool, fitness center, resident lounge, bike storage, package lockers and a business center. Robert Dean and Jonathan Greenberg of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction. Cameron Chalfant and Tyler Johnson of IPA arranged a $35 million acquisition loan on behalf of Shoreham. The property recently underwent significant upgrades to unit interiors, security systems, fixtures and finishes.

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AcquisitionsMultifamilySoutheastVirginia

Hamilton Zanze Sells 414-Unit Maple Bay Townhomes in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Hamilton Zanze has sold Maple Bay Townhomes, a 414-unit apartment community located at 356 S. Chesire Court in Virginia Beach. The buyer and sales price were not disclosed. The San Francisco-based seller originally acquired the property in 2019 and improved net operating income by 35 percent due to comprehensive capital improvements made over the course of its ownership. These renovations included roof replacements, the repainting of building exteriors and upgrades to the apartment homes, pool area and other common-area amenities. Maple Bay was built in 1971 and features one-, two- and three-bedroom units sized from 1,000 to 1,400 square feet. The property represents Hamilton Zanze’s third disposition this year.

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DevelopmentMultifamilySoutheastVirginia

Madison Capital, Inlet Property Break Ground on 86-Unit Apartment Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Madison Capital Group and Inlet Property Co. has broken ground on Madison Charlottesville, an 86-unit apartment development located near the University of Virginia. Situated on a four-acre site off Rio Road, the property will feature studio, one- and two-bedroom apartments ranging in size from 575 to 1,211 square feet. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Longline Financial on behalf of Madison Capital and Inlet Property. The construction timeline for Madison Charlottesville was not disclosed.

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AcquisitionsAffordable HousingMultifamilySoutheastVirginia

Berkadia Arranges Sale of Three Multifamily Properties in Virginia’s Hampton Roads Region

by John Nelson

HAMPTON AND NEWPORT NEWS, VA. — Berkadia has arranged the sale of three multifamily properties located in Virginia’s Hampton Roads region — Abbington at Hampton Center and Abbington at Northampton in Hampton and Abbington Landing in Newport News. Together, the properties total 1,461 units. A majority of the units at the properties are designated for residents earning up to 80 percent of the area median income (AMI). Richmond-based Weinstein Properties sold the communities for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented Weinstein in the transaction. Richord Levine of Berkadia secured Freddie Mac acquisition financing on behalf of the buyer, Bethesda, Md.-based Acento Real Estate Partners.

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AcquisitionsFloridaGeorgiaRetailSoutheastVirginia

Sterling Organization Acquires Three-Property Shopping Center Portfolio for $180.5M

by John Nelson

WEST PALM BEACH, FLA. — West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value-add investment vehicle Sterling Value Add Partners IV LP. Ohio-based retail REIT SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Va.; Presidential Commons in Snellville, Ga.; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts. Kroger anchors Presidential Commons, and other tenants at the center — which totals 264,271 square feet — include Burlington, Ulta Beauty, Petco and Five Below. Village at Stone Oak spans 476,371 square feet and is anchored by HomeGoods, Petco, Ross Dress for Less, DSW, Hobby Lobby, Ulta Beauty and Dollar Tree.

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IndustrialLeasing ActivitySoutheastVirginia

NEFCO Construction Supply Signs 163,853 SF Lease Expansion at Northlake Distribution Center Near Richmond, Virginia

by Hayden Spiess

ASHLAND, VA. — NEFCO Construction Supply has signed a 163,853-square-foot lease expansion at Lingerfelt’s Northlake Distribution Center industrial development in Ashland, roughly 20 miles north of Richmond. NEFCO will occupy additional space at Building C, which is situated at 11800 N. Lakeridge Parkway. Jason Hetherington, Brad Lowry, Doug Tice and Mike Puzzo of CBRE represented the tenant in the lease negotiations. Matt Anderson and Harrison McVey of Range Commercial Partners represented Lingerfelt. Northlake Distribution Center totals 293,187 square feet. Lingerfelt acquired the property in March 2023 and has executed a capital improvement program including roof replacements, asphalt replacements, building painting and LED retrofits. 

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AcquisitionsRetailSoutheastUncategorizedVirginia

Cushman & Wakefield Brokers Sale of 397,605 SF Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of White Oak Village Center, a 397,605-square-foot shopping center located at 4501-4591 S. Laburnum Ave. in Richmond. Pennsylvania-based Triple BAR Group acquired the property, which was 94 percent leased at the time of sale, from an undisclosed seller. The sales price was also not disclosed. Publix, Michaels, PetSmart and JCPenney anchor the center. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented the seller in the transaction.

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IndustrialLeasing ActivitySoutheastVirginia

Lingerfelt Inks 106,376 SF Industrial Lease With PECO Pallet in Metro Richmond

by John Nelson

COLONIAL HEIGHTS, VA. — Lingerfelt has signed a 106,376-square-foot lease with PECO Pallet Inc. at Port 801, a speculative industrial facility located at 801 Port Walthall Drive in Colonial Heights, a southern suburb of Richmond. Rob Dirom, Wood Thornton and Frank Hargrove III of Colliers represented Lingerfelt in the lease transaction. Graham Stoneburner of Cushman & Wakefield | Thalhimer represented PECO, which is the second of two tenants in operation at the 239,448-square-foot facility. ARCO Design Build delivered Port 801 on behalf of Lingerfelt in fourth-quarter 2022. The PECO lease brings the facility to full occupancy. PECO Pallet is a provider of rental pallet services to the beverage, grocery and consumer products industries.

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