Virginia

Alliant Credit Union Provides $55.4M in Loans for Two Multifamily Properties in Columbia, Richmond

by Julia Sanders June 21, 2021

COLUMBIA, S.C. AND RICHMOND, VA. — Chicago-based Alliant Credit Union has provided a total of $55.4 million in loans to finance two properties in Columbia and Richmond. The financing included a $32 million acquisition loan for a newly constructed, 285-unit apartment complex in Columbia. The undisclosed borrower was a private owner and operator of multifamily properties. The loan structure includes interest-only payments, minimal reserves and flexible exit options. Ira Zlotowitz and Michael Wyne of Eastern Union referred the transaction to Alliant Credit Union. Completed in 2019, the apartment property features a resort-style swimming pool, courtyard, clubhouse, fitness center and a media room. The average square feet of the apartment units is 1,033 square feet, and the average monthly rent price is $1,390. For the Richmond property, Alliant funded a $23.5 million refinance loan for a recently constructed multifamily property featuring 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and advisor with operations in the Southeast. The loan structure featured a seven-year term with an interest-only period, a step-down in interest rate, an earn-out provision and flexible exit options. Charles DuBose and Harmon Handorf of Phillips Realty Capital referred the …

June 21, 2021

Acquisitions Multifamily Southeast Virginia

Berkadia Arranges $46M Sale of Spotswood Commons Apartments in Williamsburg, Virginia

by Julia Sanders June 18, 2021

WILLIAMSBURG, VA.— Berkadia has arranged the $46 million sale of Spotswood Commons, a 212-unit garden-style multifamily property in Williamsburg. Drew White of Berkadia DC Metro and Carter Wood of Berkadia Richmond represented the seller, Massachusetts-based The Dolben Co. Inc., and the buyer, New York-based Kushner Cos. Located at 100 Glenburnie Road, Spotswood Commons features one-, two- and three-bedroom floor plans with air conditioning, a patio or deck and in-unit washers and dryers. Community amenities include a dog park, clubhouse, fitness center, tennis court, outdoor grilling area, swimming pool, volleyball court and playground. The apartment property is close to Colonial Williamsburg, Interstate 64 and the Williamsburg Premium Outlets. Kushner is a New York City-based real estate development and management firm. The company has a portfolio of residential, commercial, retail, hospitality and industrial properties, with 10.8 million square feet currently under development and 24,000 apartments under ownership across six states.

June 18, 2021

Acquisitions Healthcare Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $32.5M Sale of Medical Office Property in Richmond

by Julia Sanders June 15, 2021

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $32.5 million sale of Brookfield Commons, a 90,598-square-foot Class A medical office property located at 6600 West Broad St. in Richmond. Eric Robison, Catharine Spangler and Birck Turnbull of Cushman & Wakefield | Thalhimer represented the seller, an entity managed by Stanley Shield Partnership, in the transaction. Nashville-based Montecito Medical Real Estate acquired the property. Brookfield Commons is a newly renovated medical office property located directly off Interstate 64 along West Broad Street in Richmond’s Midtown district. Built in 1977 and formerly known as the headquarters for the Virginia Department of Transportation, Brookfield Commons underwent a full-scale renovation in 2019. The property was 100 percent leased at the time of sale to four tenants including Central Virginia’s only ENT surgery center, Richmond’s largest pulmonary practice, a full-service imaging center and one of the region’s largest women’s healthcare practices.

June 15, 2021

Acquisitions Data Centers Industrial Southeast Virginia

Yondr Group Acquires 270 Acres in Northern Virginia for Data Centers Developments

by Julia Sanders June 4, 2021

LOUDOUN AND PRINCE WILLIAM COUNTY, VA. — Yondr Group, in partnership with JK Land Holdings LLC, have acquired 270 acres of land in Loudoun and Prince William counties for the development of data centers. The price and seller were not disclosed. The data centers’ new sites are close to Northern Virginia’s major fiber path and power transmission lines, and the sites are expected to support the delivery of 500 megawatts of critical IT capacity. Yondr aims to have its first capacity ready for service in late 2022. Yondr also is currently building data center projects in London, England; Frankfurt and Berlin, Germany; Jakarta, Indonesia; and multiple cities in India. The company wants to develop data centers across five continents by 2024.

June 4, 2021

Acquisitions Office Southeast Top Stories Virginia

JLL Brokers $113.5M Sale of Dulles Executive Plaza Office Complex in Northern Virginia

by Kristin Harlow June 2, 2021

HERNDON, VA. — JLL Capital Markets has brokered the $113.5 million sale of Dulles Executive Plaza in Northern Virginia’s Herndon. The two-building, Class A office complex totals 384,336 square feet. Dulles Executive Plaza is located at 13530 and 13560 Dulles Technology Drive. The Innovation Center Silver Line Metro Rail Station, scheduled to open later this year, will connect the property to the broader Washington, D.C. region. Built from 2000 to 2001 and renovated in 2019, the office complex features amenities such as a conference center, fitness facility, tenant lounge and food service. The property is 94 percent leased to tenants such as Lockheed Martin and Constellis. Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller, a partnership between affiliates of Lionstone Investments and funds advised by Columbia Real Estate Management, which is a subsidiary of Columbia Property Trust. The team also procured the buyer, Innovatus Capital Partners LLC. Paul Spellman, Rob Carey and Susan Carras of JLL secured an undisclosed amount of acquisition financing on behalf of Innovatus. New York City-based Innovatus is an independent advisor and portfolio management firm with approximately $1.5 billion in assets under management. — Kristin Hiller

June 2, 2021

Acquisitions Industrial Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $61M Sale of Crossways Commerce Center in Hampton Roads

by Julia Sanders May 28, 2021

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $61 million sale of Crossways Commerce Center I & II, a three-building, 525,082-square-foot industrial/flex portfolio in Virginia’s Hampton Roads region. The properties are located at 1449 Kristina Way and 1501 and 1545 Crossways Blvd. in Chesapeake. Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, as well as Eric Robison of Cushman & Wakefield | Thalhimer, represented the seller, D.C.-based DSC Partners. A family office out of New Jersey known as Heritage Capital acquired the property. Crossways Commerce Center I & II was 100 percent leased at the time of sale to tenants including General Dynamics, Fiserv, Sentara Healthcare, Safelite Fulfillment Inc., Mid-Atlantic Engineering and Regus.

May 28, 2021

Acquisitions Georgia Retail Southeast Virginia

SRS Brokers $10.6M Sale of Two New Petsuites-Occupied Stores in Virginia, Georgia

by Julia Sanders May 27, 2021

NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.

May 27, 2021

Data Centers Development Industrial Southeast Virginia

Digital Fortress Opens 250,000 SF Data Center Campus in Chesterfield, Virginia

by Julia Sanders May 25, 2021

CHESTERFIELD, VA. — Digital Fortress, a multi-tenant and wholesale data center provider, has opened a 250,000-square-foot data center campus in Chesterfield, about 16 miles south of Richmond. The facility, known as Digital Fortress Richmond, features a raised floor design for its data center space that has 4.1 megawatts of IT load, as well as an additional 200,000 square feet of shell core expansion space supporting up to 25 megawatts of power. The property also features office space that can house up to 120 employees and N+1 redundancy, which offers a fully distributed, uninterrupted power supply for users. The facility is LEED Gold-certified, meaning it takes steps to be environmentally conscious. Located in Meadowville Technology Park, Digital Fortress Richmond provides connectivity with a newly constructed fiber system that links to major connectivity hubs in the market. Digital Fortress operates 10 data center and colocation facilities in Chicago, Denver, Lynwood, Calif., Piscataway, N.J., Portland, Richmond and Seattle.

May 25, 2021

Development Multifamily Southeast Virginia

Aventon Breaks Ground on $100M Multifamily Project in Alexandria, Virginia

by Julia Sanders May 14, 2021

ALEXANDRIA, VA. — Aventon Cos. has broken ground on Aventon Huntington, a new apartment development located adjacent to the Huntington Metro station in Alexandria that is valued at more than $100 million. The 366-unit property will be situated just south of Washington, D.C., and within a few miles of Old Town Alexandria, the Capital Beltway, Ronald Reagan Washington National Airport and Amazon’s HQ2 in National Landing. The project is slated to be complete in the spring of 2023. Located on approximately four acres at 5919 N. Kings Highway, Aventon Huntington will offer studio, one-, two- and three-bedroom apartments that include smart home technology. The seven-story property will have over 15,000 square feet of indoor amenity space including remote-working lounges with private offices, fitness and yoga studios, gaming and media lounges, a podcast studio, video conference studio, rooftop deck and indoor sky lounge with private dining space, pet spa, automated package delivery, bike storage and repair shop and covered parking. Outdoor community amenities will include a private resort-style pool, summer kitchen, outdoor media lounge and outdoor remote-working courtyard. The building will be certified Silver under the National Green Building Standard for sustainability. In January 2020, Aventon began construction on Aventon Crown, …

May 14, 2021

Acquisitions Multifamily Southeast Virginia

JLL Arranges $113M Sale of Ravens Crest Apartments in Manassas, Virginia

by Julia Sanders May 12, 2021

MANASSAS, VA. — JLL Capital Markets has arranged the $113 million sale of Ravens Crest, a garden-style multifamily community located in Manassas, which is about 30 miles from Washington D.C. JLL worked on behalf of the seller, a partnership between LCOR and a fund managed by the Real Estate Group of Ares Management Corp., to complete the sale to the buyer, a partnership between a fund managed by Clarion Partners LLC and Blackfin Real Estate Investors. Additionally, Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL arranged acquisition financing on behalf of Clarion and Blackfin. Ravens Crest has a total of 444 one- and two-bedroom units that have been recently updated to feature stainless steel appliances, updated lighting, cabinetry, granite countertops, walk-in closets, balconies or patios and wood-style flooring. Community amenities include a newly renovated clubhouse and fitness center, business center, picnic area with grills, playground, private swimming pool, outdoor kitchen and recreation areas. The property also has a jogging trail located right behind it. Ravens Crest is located at 8098 Ravens Crest Court. In the past, the property has had a 95 percent occupancy rate with an average rent growth of 3.7 percent annually.

May 12, 2021

Newer Posts

Older Posts