Virginia

KLNB Arranges Sale of 89,625 SF Chesterbrook Shopping Center in McLean, Virginia

by Julia Sanders May 10, 2021

MCLEAN, VA. — KLNB has arranged the sale of Chesterbrook Shopping Center in McLean. Located at 6244 Old Dominion Drive, Chesterbrook Shopping Center has been anchored by Safeway since 1965. Additional tenants at the 89,625-square-foot shopping center include Walgreens, a Starbucks Coffee pad and Mylo’s Grill. The sales price was $32.1 million. Vito Lupo, Andy Stape and Jake Furnary of KLNB’s investment sales team represented the seller, Chesterbrook One LLC, in the transaction. The team also worked with the buyer, Federal Realty Investment Trust, which was managing the center at the time of sale and has a long-standing relationship with the previous ownership.

May 10, 2021

Development Multifamily Southeast Virginia

Breeden Breaks Ground on $66M Multifamily Project in Virginia Beach

by Julia Sanders May 7, 2021

VIRGINIA BEACH, VA. — The Breeden Co., a locally based real estate development firm, has broken ground on The Pinnacle on 31st Street, a $66 million multifamily project situated on 2.3 acres in Virginia Beach. The Pinnacle on 31st Street will offer 240 one-, two- and three-bedroom luxury apartments, including several penthouse layouts. Units will range in size from 775 to 1,391 square feet and will be available in early 2023. Community amenities will include a clubhouse with a resort-style lobby, coworking spaces, 24-hour fitness center, multiple rooftop lounges, rooftop dog park, pool with a lazy river and multiple lounge areas. Breeden Construction will serve as general contractor on the project. The Breeden Co.’s property management division will operate The Pinnacle on 31st Street once construction is complete.

May 7, 2021

Data Centers Development Industrial Southeast Virginia

TA Realty to Develop $1.8B Data Center Campus in Leesburg, Virginia

by Julia Sanders May 4, 2021

LEESBURG, VA. — TA Realty LLC, a provider of real estate investment management services to domestic and international institutional investors, plans to develop a new $1.8 billion secure data center campus in Leesburg. The Loudoun County project will be the first data center development for the Boston-based firm. TA Realty’s new data center campus will be situated on the east side of Sycolin Road with Cochran Mill Road to the north and Energy Park Drive to the south. With the initial buildings slated to come on line in late 2021, the fully built-out campus will feature over 1.5 million square feet of space with 300 megawatts of power and a dedicated onsite substation. According to Michael Haggerty, Managing Partner at TA Realty, the campus will house both hyperscale and cloud providers. The site is shovel-ready and positioned atop major fiber routes, according to TA Realty. According to the Loudoun County Department of Economic Development, much of the world’s internet traffic passes through the county’s digital infrastructure.

May 4, 2021

Development Industrial Southeast Virginia

Amazon to Build 650,000 SF Fulfillment Center Near Richmond

by Julia Sanders April 26, 2021

HENRICO, VA. — Amazon plans to build a new robotics fulfillment center on 119 acres in Henrico, about 11 miles from Richmond. The Seattle-based company expects to create 1,000 new jobs at the facility, which is set to open in 2022. The multi-story, 650,000-square-foot property will be situated next to Richmond Raceway. In 2006, Amazon launched its first Virginia fulfillment operations in Sterling. Last year, Amazon started plans on a robotics fulfillment center in Suffolk and a processing center in Chesapeake, which are both expected to launch later this year. Since 2010, Amazon’s investments have contributed an additional $17.5 billion to Virginia’s economy, according to the company. The Virginia Economic Development Partnership worked with the Henrico Economic Development Authority, The Port of Virginia and the Greater Richmond Partnership to secure the new Amazon facility.

April 26, 2021

Acquisitions Development Multifamily Southeast Virginia

IDI Group, PTM Partners to Build 318-Unit Multifamily Project in Woodbridge, Virginia

by Julia Sanders April 22, 2021

WOODBRIDGE, VA. — The IDI Group Cos., a multifamily developer based in Washington, D.C., and PTM Partners, a real estate development and investment firm, have formed a joint venture to acquire 1000 Annapolis Way in Woodbridge for a future multifamily project totaling 318 units. The $16.6 million land acquisition represents the start of the second phase of IDI’s 720-unit riverfront development. The transaction is the second deal for PTM Partners Opportunity Zone Fund II, which launched in September 2020. IDI and PTM secured a $63.8 million loan from United Bank for the project. Situated along the Occoquan River, 1000 Annapolis Way will have a mix of one-, two- and three-bedroom apartments. Community amenities will include a health and fitness center, club lounges, roof terrace, outdoor pool with sundeck and resident activities. The project will provide more housing options for those working at a nearby growing Army base less than eight miles north of the project. Leasing is expected to begin in 2022. The property has immediate access to Interstate 95 and the Virginia Railway Express and is close to Fort Belvoir, which employs more than 50,000 military, civilian, contractor and Department of Defense personnel.

April 22, 2021

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $1M Sale of Office Property in Virginia Beach

by Julia Sanders April 20, 2021

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of 4598 Broad St. in Virginia Beach. CR Assets LLC purchased the 5,040-square-foot office building from Broad Street Associates for $1 million as the future corporate home for Canzell Realty. Rob Wright of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser.

April 20, 2021

Acquisitions Retail Southeast Virginia

Stan Johnson Brokers $11.1M Sale of Burlington-Anchored Shopping Center in Metro Richmond

by Julia Sanders April 13, 2021

CHESTERFIELD, VA. — Stan Johnson Co. has brokered the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village St. in Chesterfield. The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. The buyers were private investors based in Lexington, Ky., that were represented by Jason Taylor of Equity Management Group Inc. The buyers purchased the property for $11.1 million to complete a 1031 exchange. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, a Virginia-based developer. The Hancock Village Phase II is part of a community center located 20 miles from downtown Richmond. The property was constructed in 2018 and is situated on 4.9 acres. Additional tenants include Tuesday Morning, America’s Best Contacts & Eyeglasses and Grand Nail Spa. The property is shadow-anchored by Walmart Supercenter, Hobby Lobby, Dick’s Sporting Goods and Five Below.

April 13, 2021

Acquisitions Georgia Industrial North Carolina Southeast Tennessee Top Stories Virginia

Partners Group Sells East Coast Industrial Portfolio for $1B

by John Nelson April 13, 2021

BAAR, SWITZERLAND — Partners Group has sold an industrial portfolio on the East Coast in excess of $1 billion on behalf of its institutional clients. The 8.6 million-square-foot portfolio comprises 88 shallow-bay and bulk distribution centers located across five markets: Raleigh-Durham, Atlanta, Nashville, Norfolk and Shenandoah Valley in Virginia. “We are proud to see the transformational results of the work we have done during the past three years and believe this exit represents an excellent outcome for our clients,” says Ron Lamontagne, managing director and co-head of private real estate for the Americas at Partners Group. Partners Group originally purchased the portfolio across three separate investments with Equus Capital Partners, an investment management firm based in metro Philadelphia. The buyer, an undisclosed life insurance company, is entering into two joint ventures with Equus Capital Partners to recapitalize the portfolio. The recapitalization will include one joint venture that holds assets within the portfolio with a long-term, income-focused return profile. The second joint venture will include assets suited to a shorter term, total return-driven strategy. The shallow-bay portion of the portfolio totals 3.8 million square feet and comprises 54 buildings within six industrial parks in Raleigh-Durham, as well as 19 buildings in …

April 13, 2021

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Standard Communities Acquires Affordable Seniors Housing Property in Chesapeake, Virginia

by Julia Sanders April 9, 2021

CHESAPEAKE, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit, mixed-income seniors housing community in Chesapeake. The property is located at 1921 Robert Hall Blvd., near the coast and the North Carolina border. Standard worked with NorthMarq in coordinating this transaction. The total capitalization was about $68 million, which includes renovation and other costs. The seller was not disclosed. Standard is rebranding the property as Starling Village and plans to invest $7.5 millions in renovations that include modernization upgrades to individual units, common areas, parking, leasing office and courtyards, as well as the fire and safety systems. Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia, according to Scott Alter, principal and co-founder of Standard Communities. The firm’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit seniors housing community in Virginia Beach.

April 9, 2021

Development Retail Southeast Virginia

Federal Realty to Redevelop 144,000 SF Shopping Center in Falls Church, Virginia

by Julia Sanders April 9, 2021

FALLS CHURCH, VA. — Federal Realty Investment Trust will soon break ground on the redevelopment of Falls Plaza, a 144,000-square-foot, grocery-anchored shopping center located at 1200 W Broad St. in Falls Church. The project will include façade renovation, new signage, landscaping, decorative lighting and multiple outdoor amenity areas. Federal Realty projects a completion date later this year, just ahead of the holiday shopping season. In addition to the renovation, the Fall Plaza shopping center will be renamed and rebranded to Birch & Broad. The new name and branding will represent the intersection of Birch and Broad streets located between the eastern and western portions of the shopping center. Along with the renovation, longtime anchor Giant Food will also undergo an interior remodel. In addition to Giant, Birch & Broad features a mix of retail, dining and services including Conte’s Bike Shop, CVS/pharmacy, Plaka Grill, Starbucks, Jersey Mike’s and Road Runner Sports.

April 9, 2021

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