Virginia

Wellness-Center-West-Falls-Falls-Church-VA

Trammell Crow, Diamond Realty Break Ground on 125,000 SF Medical Office Building in Falls Church, Virginia

by Amy Works June 1, 2022

FALLS CHURCH, VA. — Trammell Crow Co. and Diamond Realty Investments have broken ground on The Wellness Center at West Falls, a six-story medical office building in Falls Church. Slated for delivery in late 2023, the 125,000-square-foot property is part of West Falls, a 1.2 million-square-foot mixed-use property master-developed by Hoffman & Associates. The Wellness Center at West Falls is designed specifically for medical users with the ability to accommodate clinical and surgical requirements for healthcare systems, specialty practice groups and independent practitioners. The building will feature a dedicated curbside patient pick-up and drop-off at the lobby, along with a covered parking garage that is connected to the building via a pedestrian-friendly street. Tenants will also have an opportunity for signage and branding on the ground floor and top floor. The project team includes Gensler as architect, Clark Construction Group as general contractor and Cushman & Wakefield as the leasing team.

June 1, 2022

Development District of Columbia Leasing Activity Retail Southeast Virginia

Wegmans Opens New 81,300 SF Grocery Store in Metro D.C., Two More Planned to Open

by John Nelson May 24, 2022

WASHINGTON, D.C. — Wegmans, an upscale supermarket chain based in Rochester, N.Y., is expanding in metropolitan Washington, D.C. In early May, the grocer opened an 81,300-square-foot store at 150 Stovall St. in Alexandria, Va., a store that anchors Stonebridge’s Carlyle Crossing mixed-use development. The Alexandria store opened earlier this month and is the 14th Wegmans in Virginia and 107th nationwide. The grocer also plans to open an 85,000-square-foot store within the Halley Rise development in Reston, Va., and an 84,000-square-foot store at the $640 million City Ridge development in northwest Washington, D.C. The City Ridge store will open in July and the Reston store is set to open in early 2023. Wegmans is also opening an 84,000-square-foot store in Wilmington, Del., this fall.

May 24, 2022

Development Multifamily Southeast Virginia

Crescent Communities, ParkProperty Capital to Build New Multifamily Community in Richmond

by John Nelson May 20, 2022

RICHMOND, VA. — Crescent Communities and multifamily real estate investment firm ParkProperty Capital have plans to develop Novel Scott’s Addition, a new multifamily community in Richmond. The 275-unit property marks Crescent’s first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners. Construction is slated to begin immediately. Located at the former Wesco Distribution site at 2902 N. Arthur Ashe Blvd., Novel Scott’s Addition will sit at the northern edge of Richmond’s vibrant Scott’s Addition neighborhood. The location is also adjacent to The Diamond, home of the Double-A Richmond Flying Squirrels baseball team, and just 2.5 miles from the popular City Center neighborhood. The five-story wrap building with a seven-story corner pop-out will offer a mix of studio, one-, and two-bedroom apartments with a limited number of lofts on the top floor. First residences are scheduled for delivery in early 2024. Planned amenities include a resort-style pool with expansive pool deck, multiple dining and gathering spaces, including a fireside lounge, library, coworking rooms, dog park and spa, outdoor dining spaces, sky deck and a resident speakeasy. Partners for Novel Scott’s Addition include architecture firm KTGY, civil engineer Kimley-Horn, landscape architect LandDesign, interior designe CID …

May 20, 2022

Acquisitions Multifamily Southeast Top Stories Virginia

Cortland Acquires Four Apartment Communities in Arlington, Virginia for $1B

by John Nelson May 20, 2022

ARLINGTON, VA. — Cortland, an Atlanta-based multifamily investment firm, has purchased four apartment communities in Arlington totaling more than 1,500 units. The $1 billion investment marks the firm’s re-entry into the Washington, D.C., metro area, and the firm says it plans to “double its investment in the area” in the near future. “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.” The portfolio includes Aubrey, a 331-unit apartment community that will be rebranded as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City. The other two Arlington communities are undisclosed as those sales have yet to close, though the firm says they will be announced soon. “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends,” says Altman. Cortland Rosslyn is a LEED Gold-certified community that was developed in 2021 by Penzance. The 23-story community offers studios to three-bedroom homes, as well as …

May 20, 2022

Leasing Activity Retail Southeast Virginia

Burlington, T.J. Maxx Sign Anchor Leases at Central Park Marketplace in Fredericksburg, Virginia

by John Nelson May 19, 2022

FREDERICKSBURG, VA. — Burlington and T.J. Maxx have signed anchor leases at Central Park Marketplace, a 200,000-square-foot regional shopping center located at 1771 Carl D. Silver Parkway in Fredericksburg. Burlington signed a 27,706-square-foot lease to backfill a former Ashley Furniture store, and T.J. Maxx signed a 24,850-square-foot lease at a former A.C. Moore Arts & Crafts store. The retailers, which will be adjacent to one another, plan to open their stores in early 2023. Connie Jordan Nielsen, James Ashby IV and Mark Banach of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the unnamed landlord.

May 19, 2022

Acquisitions Retail Southeast Virginia

Sterling Sells Cheshire Station Shopping Center in Metro D.C. for $29.1M

by John Nelson May 18, 2022

DALE CITY, VA. — Sterling Organization has sold Cheshire Station, a Safeway-anchored shopping center in the Washington, D.C., suburb of Dale City. Haverford Properties, an investment firm based in Philadelphia, purchased the 105,054-square-foot shopping center for $29.1 million. Cheshire Station’s tenant roster includes Petco, AutoZone, GNC, Sprint, Starbucks Coffee, Sherwin-Williams and a Virginia ABC liquor store. CBRE brokered the transaction. Sterling sold the property along with Market at Opitz, another shopping center in Northern Virginia, for a combined sales price of $58.4 million. Sterling currently owns and manages approximately 70 properties throughout the United States spanning 11.4 million square feet and approaching $2.4 billion in value.

May 18, 2022

Development Mixed-Use Retail Southeast Virginia

Foulger-Pratt, Howard Hughes, Seritage Demolish Landmark Mall in Alexandria for 4 MSF Mixed-Use Project

by John Nelson May 13, 2022

ALEXANDRIA, VA. — Foulger-Pratt, The Howard Hughes Corp. and Seritage Growth Properties have broken ground on their 4 million-square-foot WestEnd Alexandria project with the demolition of Landmark Mall. Built in 1965 as an open-air shopping center, the 715,520-square-foot Landmark was converted to an enclosed shopping mall in 1990. The mall officially closed its doors in 2017 following Howard Hughes Corp.’s purchase of the former Macy’s store, but the Sears department store remained open until 2020. Last year the Sears owner, the City of Alexandria, signed Inova Health to a 99-year ground lease at the site where the health system is building a $1 billion hospital campus will span 11 acres. At full buildout, WestEnd Alexandria will span 52 acres and comprise 2,500 apartments, including 200 affordable housing units; parks and open space; approximately 125,000 square feet of medical office buildings; nearly 235,000 square feet of retail and restaurant uses; and a new facility for Alexandria Fire-EMS Station 208. Foulger-Pratt, Howard Hughes and Seritage plan to begin Phase I of WestEnd Alexandria in 2023 with the first residential buildings delivering in 2025.

May 13, 2022

Acquisitions Affordable Housing Multifamily Southeast Virginia

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

by John Nelson May 13, 2022

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

May 13, 2022

Acquisitions Office Southeast Virginia

CoStar Group Purchases Office Building in Richmond for $20M

by John Nelson May 3, 2022

RICHMOND, VA. — CoStar Group Inc. has purchased a five-story, 117,448-square-foot office building in Richmond’s Manchester district. The locally based real estate information and analytics firm acquired the property for $20 million. The seller was not disclosed. Located at 901 Semmes Ave., the office building is situated across James River from CoStar’s planned corporate campus spanning 750,000 square feet. The property was vacant at the time of sale and was formerly anchored by SunTrust Bank (now Truist Financial Corp.), which relocated to an adjacent building. CoStar employs more than 1,200 people in the Richmond area. Over the next five to 10 years, CoStar expects to become the largest tech company and one of the largest private employers in Richmond.

May 3, 2022

Development Southeast Student Housing Virginia

Pinecrest Breaks Ground on 509-Bed Student Housing Community Near VCU in Richmond

by John Nelson May 2, 2022

RICHMOND, VA. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed community in Richmond serving students attending Virginia Commonwealth University (VCU). The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; Zen wellness terrace; outdoor courtyard; and a rooftop deck lounge with grills, fire pits and seating. The project team includes Hickok Cole Architecture & Interior Design, Timmons Group Civil Engineering and Rycon Construction. Pinecrest, a student housing developer with offices in metro Chicago and Los Angeles, plans to deliver Parc View at Commonwealth in summer 2024.

May 2, 2022

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