Virginia

JBG Smith Begins Construction on Two Apartment Towers in Metro DC’s National Landing District

by John Nelson January 18, 2022

ARLINGTON, VA. — JBG Smith (NYSE: JBGS), an owner and developer of mixed-use properties in the greater Washington, D.C. market, has begun construction on a pair of multifamily towers at 2000 and 2001 South Bell Street in Arlington. The development is expected to bring 775 apartments and nearly 27,000 square feet of retail space to National Landing, a neighborhood anchored by Amazon’s HQ2 campus and the Virginia Tech Innovation Campus, both of which JBG Smith is developing. “The start of construction at 2000 and 2001 South Bell Street is a major milestone in National Landing’s ongoing transformation and delivers on our pledge to build new housing in lockstep with Amazon and Virginia Tech’s growth in the neighborhood,” says Bryan Moll, executive vice president of development at JBG Smith. KPF designed 2000 South Bell Street to be a modern, 25-story glass tower with 355 multifamily units situated above approximately 15,000 square feet of street-level retail space. The adjacent 2001 South Bell Street was designed by Studios to be a 420-unit, 19-story tower with a green-glazed brick façade and approximately 10,000 square feet of street-level retail space. SK+I will serve as the architect of record for both towers, which are designed to …

January 18, 2022

Data Centers Development Southeast Top Stories Virginia

AREP, Harrison Street to Develop Six Properties in Virginia’s Data Center Alley for $1B

by Katie Sloan January 13, 2022

ASHBURN AND ARCOLA, VA. — A joint venture between American Real Estate Partners (AREP) and Harrison Street has announced plans to develop six powered shell data centers in Virginia’s Data Center Alley for $1 billion. The campuses will span 2.1 million square feet across two sites in Ashburn and Arcola. The first project will include a portion of the former AOL headquarters on Pacific Boulevard in Ashburn. The development will feature four built-to-suit data centers delivering 300 megawatts (MW) of electrical power capacity. The second development will be located on Arcola Boulevard, directly across the street from a new development by Google and near Dulles International Airport in Arcola. The campus will include two built-to-suit data centers offering approximately 100 to 125 MW of electrical power capacity. The new buildings will range from 265,000 to 440,000 square feet in size. A timeline for the developments was not announced. The joint venture has also broken ground on ABX-1 at Beaumeade, a 265,000-square-foot, two-story, powered shell data center located on Loudoun County Parkway along the Ashburn Fiber Ring in Ashburn. The partnership acquired the site in January 2021 and has not announced a timeline for the project. A number of large-scale data …

January 13, 2022

District of Columbia Market Reports Maryland Restaurant Retail Southeast Southeast Market Reports Virginia

Grocery Chains and Other Retail Categories are Making Hay in Mid-Atlantic Region

by John Nelson January 11, 2022

The Washington, D.C., and Baltimore markets, when combined, represent the fourth-largest metropolitan region in the nation by population, and retailers are taking notice again. Grocery-anchored projects are the most prevalent in the headlines. For example, the first of nearly 20 Amazon Fresh locations has opened in the area. Additionally, Wegmans’ smaller format rollout plan is active with its first location in Stonebridge’s Carlyle Crossing in Alexandria opening spring 2022, along with Roadside Development’s City Ridge Project at the former Fanny Mae Headquarters in Northwest D.C. Former Shoppers Food Warehouse boxes also continue to get absorbed by new grocers. A less-covered sector of the grocery market is the international markets category, which remains very active in the region. There are 29 different banners across the region that exceed 10,000 square feet in size, with the newest entrant being Oh! Markets in Northern Virginia. Other international market newcomers, including 99Ranch and Enson Market, are also searching for space. With the immense ethnic diversity of the region, we expect investors to start taking notice of this sector with their acquisition appetite, just as they have in other regions like Texas and Florida. Publix, a customer favorite, is in the early stages of identifying …

January 11, 2022

Acquisitions Retail Southeast Virginia

SRS Arranges $4M Sale of Two-Tenant Retail Property in Arlington, Virginia

by Julia Sanders January 10, 2022

ARLINGTON, VA. — SRS National Net Lease Group has arranged the $4 million sale of a two-tenant retail property in Arlington, about five miles southwest of Washington, D.C. Andrew Fallon and Rick Fernandez of SRS represented the seller, Chicago-based McCaffery Interests Inc. The undisclosed, Virginia-based private buyer purchased the property in a 1031 exchange. The sales price represented $1,286 per foot. Built in 1979, the 3,100-square-foot, two-story property is occupied by Wireless Rxx and Starbucks. The property is positioned on Clarendon Boulevard, across the street from a Whole Foods Market. The Starbucks has been at this location since the location was redeveloped into The Crossing Clarendon, a mixed-use destination featuring open-air retail, restaurants, residential and office buildings.

January 10, 2022

Development Multifamily Southeast Virginia

Partners Group, Zom Living to Develop 492-Unit Apartment Community in Metro D.C.

by Julia Sanders January 7, 2022

ARLINGTON, VA. — Denver-based Partners Group and Orlando-based Zom Living have plans to develop Hazel & Azure at National Landing, a 492-unit apartment community in Arlington, about five miles south of Washington, D.C. The developers secured a total of $150 million in construction financing for the project. Zom Living has also secured a $26 million bridge loan with CB&S Bank for the site’s acquisition. Construction is slated to begin in the first quarter with completion set for late 2024. Hazel & Azure will feature two 14-story buildings, as well as 6,800 square feet of ground-floor retail space. The multifamily community will offer studios, one-, two- and three-bedroom floorplans, as well as townhomes, all ranging from 519 to 1,784 square feet. The units will feature floor-to-ceiling windows, vinyl plank flooring, walk-in closets, stainless steel appliances, smart thermostats, electronic locks, private balconies or terraces in most units, and views of the Potomac River and the Washington, D.C., skyline. Community amenities will include an e-lounge, concierge service in the lobby, rooftop pool, fitness and wellness spa, coworking spaces, self-serve convenience store and an indoor green space for dogs. Located at 3030 and 3130 Potomac Ave., the project will be situated less than one …

January 7, 2022

Acquisitions Industrial Southeast Virginia

Finmarc Management Disposes of Industrial Portfolio in Manassas, Virginia for $45.6M

by Julia Sanders January 6, 2022

MANASSAS, VA. — Bethesda, Md.-based Finmarc Management Inc. has disposed of a six-building portfolio comprising 212,000 square feet of warehouse and flex space in Manassas for $45.6 million. Boston-based The Davis Cos. and West Palm Beach, Fla.-based Davin Holdings were the buyers. Marc Tasker, Ryan Moody and Christopher Kubler of NAI KLNB represented Finmarc Management. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye provided legal services. The portfolio was located at 7345, 7663 and 7795 Coppermine Drive and 7201, 7301 and 7401 Gateway Court. The portfolio was 86 percent leased at the time of sale to tenants including Aimpoint, Capital Lighting & Supply, Cedar F&B, Eaton Corp., DH Cos., Lennox Industries and Notal Vision. The six properties were part of a 26-building portfolio containing approximately 950,000 square feet of commercial office, flex/office and warehouse space.

January 6, 2022

Acquisitions Retail Southeast Virginia

SRS Brokers $27M Sale of Whole Foods-Occupied Property in Alexandria, Virginia

by Julia Sanders January 5, 2022

ALEXANDRIA, VA. — SRS National Net Lease Group has brokered the $27 million sale of a Whole Foods Market-occupied retail property in Alexandria. The 42,243-square-foot Whole Foods is located within The Royalton, a 116-unit residential condominium property built in 2006. Andrew Fallon and Rick Fernandez of SRS, along with Joe Friedman of Edge Capital Markets, represented the undisclosed seller, a family trust based in Hawaii, in the transaction. Sarasota, Fla.-based Benderson Development Inc. was the buyer. Located at 1700 Duke St., the property is situated 8.2 miles from the new Amazon HQ2 in Arlington and about 10 miles from Washington D.C. Whole Foods has been a tenant at this location since 2007 and has about four years remaining on the initial lease term. Whole Foods is the only retail tenant at the property, which is fully occupied.

January 5, 2022

Loans Office Southeast Virginia

CIM Group Provides $148M Loan for Office Campus in McLean, Virginia

by Julia Sanders January 4, 2022

MCLEAN, VA. — A fund managed by CIM Group has provided a $148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners to refinance Highline at Greensboro, a Class A office campus in Tysons Corner. Highline at Greensboro features two 10-story buildings comprising approximately 461,000 square feet of office space, ground floor retail and amenity space and a 1,333-stall underground parking garage. The property recently underwent a renovation including upgrades to the façade, lobbies and common areas, as well as the addition of tenant amenities such as a health club, tenant lounge, outdoor plaza and a 60-person conference center. Located at 8401 and 8405 Greensboro Drive, Highline at Greensboro is situated close to the Metro Silver Line Spring Hill Station, Dulles Toll Road, Interstate 495 and Route 66, as well as downtown Washington, D.C., and Dulles International Airport. The property is also situated adjacent to The Boro, a 3.5 million-square-foot mixed-use development.

January 4, 2022

Loans Multifamily Southeast Virginia

CIM Group Provides $90.3M Acquisition Loan for Columbia Crossing Apartments in Arlington

by John Nelson December 23, 2021

ARLINGTON, VA. — CIM Group has provided a $90.3 million loan to an affiliate of Carr Cos. and the Oliver Carr Co. for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington. The loan proceeds will also be used to complete interior and exterior renovations and upgrades. Located at 1957 Columbia Pike on 6.3 acres, Columbia Crossing features six buildings and 324 parking stalls. Built in 1991, Columbia Crossing includes one-, two- and three-bedroom floor plans. Community amenities include a clubhouse with a game room, business center, billiard room, fitness center, swimming pool and an outdoor grilling area. Columbia Crossing has direct access to National Landing, Virginia Tech’s Innovation Campus, and major transportation arteries including Interstate 395, Glebe Road and Washington Boulevard, which offers connectivity to Virginia’s Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon and Alexandria, as well as Washington, D.C. The property is situated near the Pentagon, Amazon HQ2 and Ronald Reagan Washington National Airport.

December 23, 2021

Acquisitions Development Industrial Southeast Virginia

Meridian Group Purchases 277-Acre Distribution Site in Winchester, Virginia

by Julia Sanders December 22, 2021

WINCHESTER, VA. — Bethesda, Md.-based Meridian Group has purchased One Logistics Park, a 277-acre distribution center campus in Winchester that will be built over multiple phases. The sales price was not disclosed. JGR Three, Hockman Investments and Governor’s Hill LLC were the sellers. The Meridian Group has selected Colliers to market the $150 million project once completed. Construction will break ground in the first quarter of 2022 with delivery of Phase I set for the second half of 2023. The first phase will span nearly 1.4 million square feet spread across two facilities: a 1 million-square-foot building and a 360,000-square-foot building. Meridian Group and co-developer Wickshire Industrial plan for One Logistics Park to feature 2.8 million square feet of distribution logistics space and over 100,000 square feet for gas service, quick-service restaurants and other retail options. One Logistics Park will be located along Interstate 81 and offer access to the Baltimore-Washington Corridor via Interstates 66 and 70, with close proximity to the Virginia Inland Port, which is also located in Winchester.

December 22, 2021

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