Virginia

JLL Brokers Sale of 934-Unit Self-Storage Facility Near D.C.

by Julia Sanders August 12, 2021

ALEXANDRIA, VA. — JLL has brokered the sale of Oakville Self Storage, a 934-unit self-storage facility in Alexandria, about 8.3 miles north of Washington, D.C. The sales price was not disclosed. An entity doing business as Potomac Yard Mini U Storage LLC in partnership with Elevation Fund 8 LLC has bought the facility. Brian Somoza, Steve Mellon, Bruce Strasburg and Craig Childs of JLL represented the seller, an institutional investor. Built in 1949, Oakville Self Storage is a three-story building that was converted to a self-storage facility in 1989. The property is now operating under the Mini U Storage brand. The property features non-climate-controlled interior units, dock-high drive-up units and elevator access to upper floors. The facility is roughly 79 percent leased with over 675 tenants. Located at 405 Swann Ave., Oakville Self Storage is situated in the center of Oakville Triangle, a master-planned, 1 million-square-foot mixed-use redevelopment comprising Class A multifamily, townhomes, retail and healthcare properties. The self-storage facility will undergo exterior and interior renovations, including a complete exterior upgrade and the addition of a new office space and climate-controlled units. The facility will remain open throughout construction. BWD Architects is the design firm for the renovation project.

August 12, 2021

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells National Portfolio of Select-Service Hotels for $211M

by Julia Sanders August 10, 2021

RICHMOND, VA. — Apple Hospitality REIT, a publicly traded hotel REIT based in Richmond, has sold 20 select-service hotels for $211 million. The portfolio includes 11 Marriott-branded hotels and nine Hilton-branded hotels. The buyer is a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners. The 20 hotel properties are located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest. Flynn Properties will assume property management duties and oversee capital improvements at the hotel over the next few years. With this acquisition, Flynn Properties’ select-service hotel portfolio increases to 26 properties. Flynn Properties, a division of Flynn Holdings, recently bought six Marriott Courtyards and four luxury resorts. Värde Partners is a global alternative investment firm whose investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.

August 10, 2021

Loans Multifamily Southeast Virginia

Pacific Western Bank Provides $127.5M Construction Loan for Apartment Project in Falls Church, Virginia

by Julia Sanders August 6, 2021

FALLS CHURCH, VA. — Pacific Western Bank has provided a $127.5 million senior construction loan for an affiliate of the Wolff Co., which acquired three existing office towers in Falls Church, currently known as Skyline Towers. The company purchased the property in late 2019 with the intention of converting all three buildings into 675 rental apartments with ground floor retail space. The Skyline Towers will include a portion of the apartment units as live/work apartments, as well as dedicated office space. The project is located adjacent to a Target store and a fitness facility.

August 6, 2021

Acquisitions Office Southeast Virginia

S.L. Nusbaum Arranges $15.7M Sale of Three Office Buildings in Virginia Beach

by John Nelson August 4, 2021

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Buildings Four, Five and Six within Pembroke Office Park in Virginia Beach. The three buildings total 167,660 square feet of Class B office space. Suburban Capital sold the buildings to the undisclosed buyer for $15.7 million. Pembroke Office Park is a 300,000-square-foot office park with five multi-tenant office buildings. The property is located close to Pembroke Mall, as well as retail, dining, hospitality and entertainment options at Town Center of Virginia Beach, a 25-acre lifestyle center in the city’s downtown district fronting the Atlantic Ocean. Stephanie Sanker and Sam Rapoport of S.L. Nusbaum Realty worked with Ten-X to represent the seller. The new owner has retained S.L. Nusbaum Realty to provide leasing and management services for the property.

August 4, 2021

Acquisitions Multifamily Southeast Virginia

JLL Facilitates Sale of 333-Unit Alexan Earl Apartments in Arlington, Virginia

by John Nelson July 30, 2021

ARLINGTON, VA. — JLL Capital Markets has facilitated the sale of Alexan Earl, a 333-unit multifamily community in Arlington. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Trammell Crow Residential, which also had an equity partner. Lincoln Property Co. and Cadillac Fairview acquired the property for an undisclosed price. Additionally, Michael Cosby, Jimmy Conley, Jamie Leachman and Andy Scott of JLL secured a five-year, floating-rate acquisition loan through Mesa West Capital LLC. Alexan Earl features studio, one- and two-bedroom residential units averaging 827 square feet across two buildings. The property also features 3,396 square feet of retail space. Units include quartz countertops, undercabinet lighting, movable and fixed islands, undermount sinks, hard wood inspired laminate tile flooring, custom closets, stainless steel appliances and washers and dryers. Community amenities include a rooftop pool with an indoor/outdoor bar, ground-level courtyard, two fitness centers, social clubroom, complimentary Wi-Fi in all shared spaces, 24/7 concierge services and coworking space. Located off Wilson Boulevard at 1122 North Hudson St., Alexan Earl is located within walking distance of the Clarendon Metro Station.

July 30, 2021

Acquisitions Retail Southeast Virginia

Palomar Group Brokers $8.1M Sale of Ashland Junction Retail Property in Metro Richmond

by Julia Sanders July 22, 2021

ASHLAND, VA. — The Palomar Group has brokered the sale of Ashland Junction, a 141,701-square-foot retail property located in Ashland. The buyer, Peck Properties, was based out of Richmond and the seller, Phillips Edison & Co., was based out of Cincinnati. The sales price was $8.1 million. Ryan McArdle, Steve Collins and David Rivers of Palomar brokered the sale. Located at 167 Junction Drive, Ashland Junction is approximately 19.4 miles north of Richmond. The property, which was built in 1989, was 92 percent occupied at the time of sale to tenants including Roses, Anytime Fitness, CVS/pharmacy and Food Lion.

July 22, 2021

Loans Multifamily Northmarq Southeast Virginia

NorthMarq Arranges $7.8M Loan for Main2323 Apartments in Richmond

by Julia Sanders July 20, 2021

RICHMOND, VA. — NorthMarq has arranged a $7.8 million loan for Main2323, a 71-unit multifamily property in the historic Shockoe Bottom neighborhood in downtown Richmond. Mike Lowry of NorthMarq arranged the Freddie Mac loan, which was structured with a 10-year term and a 30-year amortization schedule. The undisclosed borrower is using the fixed-rate loan as a cash-out refinance. Renovated in 2016, Main2323 is a two-building property that was originally built in 1917. The property was 98 percent occupied at closing. Community amenities include a saltwater pool, courtyard and roof deck, internet, clubroom, fitness area and secured parking available.

July 20, 2021

Retail Southeast Top Stories Virginia

Bloomingdale’s Announces Smaller-Footprint Bloomie’s Store to Open in Metro Washington, D.C.

by Katie Sloan July 8, 2021

FAIRFAX, VA. — Bloomingdale’s has announced plans to open its first Bloomie’s store at the Mosaic District shopping center in Fairfax on August 26. Bloomingdale’s is the latest retailer to unveil an updated store concept designed to reflect the changing wants and needs of shoppers following the COVID-19 pandemic. The new, smaller-footprint concept will span 22,000 square feet and feature an evolving mix of merchandise from top brands alongside tech-enabled stylist services and a restaurant. A standard Bloomingdale’s location spans approximately 200,000 square feet. Fresh deliveries from a mix of designers already featured in Bloomingdale’s stores and emerging labels will come in multiple times per week. These goods will be displayed in rotating carts, allowing for new products to be seen by customers on each visit. Bloomie’s stores will offer men’s and women’s apparel; denim; activewear; intimates; shoes; handbags; beauty products; and accessories, including eyewear and fine jewelry. Brands set for inclusion at Bloomie’s include Rag & Bone, Stella McCartney, Jimmy Choo, Gucci, Dior, Prada, Marc Jacobs, See by Chloe, and more. The new concept will feature a returns dropbox; curbside pick-up; online shopping; and product customization, personalization and alteration services at a centralized front desk. Bloomie’s will also offer stylist services. …

July 8, 2021

Hospitality Loans Southeast Virginia

Preston Hollow Capital Provides $34M Construction Financing for Highlander Hotel at Radford University in Virginia

by Julia Sanders July 6, 2021

RADFORD, VA. — Preston Hollow Capital has provided $34 million in construction financing for The Highlander, a 124-room on-campus hotel in Radford. Preston Hollow worked with Radford University and the Radford University Foundation to secure the financing. Preston Hollow’s investment includes a $34 million Sustainability Bond, which is a designation that allows investors to invest directly in obligations that finance socially beneficial and sustainable projects. Sustainability Bonds were adopted based upon sustainability framework guidance from the International Capital Markets Association and the United Nations Sustainable Development Goals. Located at 700 E Main St., The Highlander will serve Radford University’s new hospitality program. The Highlander will also feature a rooftop restaurant and a 4,000-square-foot conference space, which the university will use to host business conferences, expos and events. The Highlander is slated to be complete by 2022. The borrower is Provident Resources Group, the not-for-profit owner of The Highlander. SB Ballard Inc. is the general contractor, and Blur Group is the architect. Aimbridge Hospitality will manage the Highlander upon completion. Preston Hollow Capital is a Dallas-based independent specialty municipal finance company that supports local communities through infrastructure financing.

July 6, 2021

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Secures $100.2M in Financing for Student Housing Portfolio Near Virginia Tech

by Julia Sanders June 28, 2021

BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street. David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction. John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon. Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and …

June 28, 2021

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