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

Acquisitions Company News New York Northeast Retail Southeast Top Stories 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

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