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

Development Office Southeast Virginia

CoStar Group Plans 1 MSF Corporate Campus Expansion in Richmond

by Julia Sanders December 22, 2021

RICHMOND, VA. — CoStar Group Inc., a Washington, D.C.-based provider of online real estate marketplaces, information and analytics, plans to expand its research and technology center in Richmond to exceed 1 million square feet campus. The new corporate campus is expected to bring together over 3,000 employees focused on next generation technology, research and development, marketing, sales and operations in support of the real estate industry. Over the next five to 10 years, the planned growth would make CoStar Group the largest technology company and one of the largest private employers in Richmond, according to the company. The planned corporate campus, situated on the James River, will comprise 750,000 square feet across two new planned buildings, combined with CoStar’s current building at 501 S. 5th St. The campus is expected to include a new 26-story LEED Platinum-certified office tower and a six-story, mass timber building to be used as a multipurpose campus hub for employee and community amenities. Amenities at the CoStar campus will include conference space, fitness and wellness amenities, an auditorium, 50,000 square feet of occupiable green roof terraces, shops and a variety of restaurants and dining options, as well as over 2.7 acres of outdoor green space. …

December 22, 2021

Industrial Office Southeast Southeast Market Reports Virginia

Richmond’s Trajectory is Still in the Early Innings

by John Nelson December 20, 2021

Richmond continues to solidify its position as a high growth Mid-Atlantic market and one of the top secondary markets in the country for inbound corporate and real estate investment. The Richmond MSA, totaling nearly 1.4 million people, has been one of the true beneficiaries of the COVID-19 pandemic due to its historical performance during economic distress, in-bound millennial and corporate migration from larger peer markets, quality of life and affordability, diversified economy, educated workforce, pro-business environment and the city’s central East Coast location. With such broad and fundamentally important characteristics, Richmond will continue to attract both domestic and global corporations and capital alike. The continued growth of Richmond’s diverse economy and workforce, fueled by its core industries including healthcare, manufacturing, industrial and technology, and further supported by its federal (Federal Reserve Branch and 4th Circuit Court) and state capital underpinnings, has generated a bullish sentiment on the economic growth prospects for 2022. As of fourth-quarter 2021, Richmond’s unemployment currently sits at 4 percent, representing a consistent decrease since the start of 2021 and well below the national average of 5 percent. City’s Industrial Sector is Taking Off Richmond’s highly coveted Interstate 95 corridor location and $300 million Port of Richmond …

December 20, 2021

Acquisitions Retail Southeast Virginia

United Hampshire Acquires Grocery-Anchored Shopping Center in Metro Richmond for $26.3M

by Julia Sanders December 13, 2021

COLONIAL HEIGHTS, VA. — United Hampshire US REIT, a Singapore-based real estate investment trust, has acquired Colonial Square, a 168,326-square-foot, grocery-anchored shopping center in Colonial Heights, about 23 miles south of Richmond. Jordan Lex, Daniel Naughton and Bill Moylan of JLL represented the seller, an entity known as Colonial Square Associates, in the $26.3 million transaction. Colonial Square was 99 percent leased at the time of sale to tenants including Publix, Locke Supply Co., Wells Fargo and Dollar General. Built in 1967, the center was most recently renovated in 2017 that coincided with the Publix opening. Located off Interstate 95 at 3107 Blvd., the shopping center is situated 20.5 miles from downtown Richmond, 27.8 miles from University of Richmond and 2.2 miles from Southpark Mall, a shopping mall with shops, a food court and a movie theater.

December 13, 2021

Loans Multifamily Southeast Virginia

Ready Capital Closes $16.8M Loan for Multifamily Property in Portsmouth, Virginia

by John Nelson December 3, 2021

PORTSMOUTH, VA. — Ready Capital has closed on a $16.8 million loan for the acquisition, renovation and stabilization of a 148-unit, Class B multifamily property in downtown Portsmouth. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and implement utility reimbursement. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

December 3, 2021

Acquisitions Development Healthcare Mixed-Use Retail Southeast Top Stories Virginia

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

by John Nelson November 23, 2021

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …

November 23, 2021

Acquisitions Office Southeast Virginia

Newmark Arranges $29.3M Sale of Springfield Corporate Center in Metro D.C.

by Julia Sanders November 19, 2021

SPRINGFIELD, VA. — Newmark has arranged the $29.3 million sale of Springfield Corporate Center, a five-story, 138,830-square-foot office building in Springfield. A joint venture between metro Washington, D.C.-based Artemis Real Estate Partners and Washington, D.C.-based MRP Realty sold the property to BGP Enterprises, a Springfield-based commercial real estate investment company. James Cassidy and Jud Ryan of Newmark represented the sellers in the transaction. Springfield Corporate Center was 84 percent leased at the time of sale to tenants including federal government contractors including Computer Systems Center Inc. (CSCI), Novetta Solutions and Volkert. Built in 1988, Springfield Corporate Center underwent a $2.7 million capital improvement project in 2014 and 2015 that included main lobby renovations, a new fitness center, restroom renovations and cooling tower replacement. Located at 6225 Brandon Ave., Springfield Corporate Center is situated 13.9 miles from Washington, D.C. The property is also located near Interstates 95, 495 and 395. The Springfield area includes tenants such as National Geospatial-Intelligence Agency (NGA) at a new $1.7 billion, 2.1-million-square-foot headquarters building at Fort Belvoir North. Just two miles from Springfield Corporate Center, Transportation Security Administration (TSA) relocated to a new 625,000-square-foot headquarters building.

November 19, 2021

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