Virginia

Bell Partners Acquires 464-Unit Multifamily Property in Northern Virginia

by Alex Tostado December 1, 2020

ASHBURN, VA. — Bell Partners Inc. has acquired Westwind Farms, a 464-unit multifamily community in Ashburn. The property, which was built in 2005, offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fitness center, business center, pool, playground and a dog park. The asset is situated at 22541 Hickory Hill Square, 30 miles west of downtown Washington, D.C. The Greensboro, N.C.-based buyer will rebrand the community as Bell Ashburn Farms. The seller and sales price were not disclosed.

December 1, 2020

Acquisitions Industrial Southeast Virginia

Phoenix Investors Acquires 760,000 SF Industrial Plant in Lynchburg, Virginia

by Alex Tostado November 25, 2020

LYNCHBURG, VA. — Phoenix Investors has acquired the former LSC Communications Printing Co. Inc. plant in Lynchburg. The 760,000-square-foot property is situated on 50 acres at 4201 Murray Place. The asset features 32 dock doors, 62 slots for trailer storage, 523 passenger parking spots, eight drive-in doors and two interior rail spurs supported by Norfolk Southern. The property has sat vacant since LSC filed for Chapter 11 bankruptcy after the U.S. Department of Justice blocked a proposed merger with Quad Graphics. Daniel Knopf and Armando Nuñez of CBRE represented the buyer in the transaction. LSC sold the asset for an undisclosed price. Milwaukee-based Phoenix Investors also acquired a 1 million-square-foot former tire plant of Titan International Inc. in Brownsville, Texas.

November 25, 2020

Acquisitions Development Mixed-Use Southeast Virginia

Hilco Acquires Shuttered 20-Acre Power Plant in Northern Virginia, Plans Mixed-Use Development

by Alex Tostado November 18, 2020

ALEXANDRIA, VA. — Hilco Redevelopment Partners, a division of Hilco Global, has acquired Potomac River Generating Station (PRGS), a 20-acre, shuttered coal power plant in Alexandria. Specific details were not released, but Hilco officials said they intend to redevelop the site into a mixed-use project, featuring housing, office space, retail and public open spaces. The site is situated along the Potomac River at 1400 N. Royal St., seven miles south of downtown Washington, D.C. Potomac Electric Power Co. (Pepco) sold the site for an undisclosed price. Pepco will retain a property interest and will continue to own and operate an electrical substation at the site. PRGS was decommissioned in 2012.

November 18, 2020

Acquisitions Development Multifamily Seniors Housing Southeast Virginia

Standard Communities Invests $22M to Acquire, Upgrade Seniors Housing Community in Virginia Beach

by Alex Tostado November 16, 2020

VIRGINIA BEACH, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. The buyer plans to make capital improvements at the 186-unit property. The acquisition and renovation have a total capitalization of approximately $22 million. Built in 2001, The Commons at Princess Anne features a central courtyard with picnic areas and grills, a large community room and amenity spaces such as a fitness center, hair salon and walking paths. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. The seller was not disclosed.

November 16, 2020

Loans Multifamily Southeast Virginia

NorthMarq Provides $41.8M Refinancing Loan for Apartment Portfolio in Southern Virginia

by Alex Tostado November 13, 2020

NEWPORT NEWS AND PRINCE GEORGE, VA. — NorthMarq has provided a $41.8 million refinancing loan for a three-property apartment portfolio in Newport News and Prince George. The 10-year Freddie Mac loan features a fixed interest rate below 3 percent, five years of interest-only payments and a 30-year amortization schedule. The 724-unit portfolio comprises the 232-unit Reserve at Deer Run Apartments and the 272-unit Newport Commons Apartments in Newport News, as well as the 220-unit Jefferson Pointe Apartments in Prince George. Bob Harrington and Paul Whalen of NorthMarq originated the loan on behalf of the undisclosed borrower.

November 13, 2020

Acquisitions Office Southeast Top Stories Virginia

Clarion Partners Sells Office Building in Northern Virginia for $90M

by Alex Tostado November 12, 2020

FALLS CHURCH, VA. — Clarion Partners LLC has sold 3150 Fairview Park Drive, a 257,489-square-foot office building in Falls Church, for $90 million. The buyer was a fund managed by Apollo Global Management. The eight-story building was fully leased at the time of sale and houses the global headquarters for General Dynamics Information Technology (GDIT), a subsidiary of General Dynamics. The seller recently renovated the asset, which was originally delivered in 2001. Upgrades included adding an atrium lobby, rebuilding common areas and enhancing building amenities. Bill Prutting, Jim Meisel and Matt Nicholson of JLL represented the seller in the transaction. The team also procured the buyer. The asset is situated within Fairview Park, a three-building office park 15 miles west of downtown Washington, D.C. In October of this year, Newmark arranged the sale of 3170 and 3180 Fairview Park Drive. “[The building located at] 3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket in Northern Virginia that has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park,” says Prutting. The New York …

November 12, 2020

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Richmond’s Short Pump District for $10.8M

by John Nelson November 6, 2020

RICHMOND, VA. — A partnership between Auerbach Funds, Elevation Real Estate Group and Beechmont Acquisitions has acquired Parc Place, an 82,968-square-foot shopping center in Richmond. The sales price was $10.8 million, a discount to its 2016 sales price of $25 million. This marks the second acquisition since Auerbach Funds announced its first close for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $100 million. Parc Place is located at 11736 W. Broad St. in the city’s Short Pump district. The shopping center’s tenant roster includes Dollar Tree, PetSmart, Anytime Fitness, DXL Big + Tall, LensCrafters and Sports Clips. Loretta Cataldi and Sara Goodall of Divaris Real Estate’s Richmond office represented the buyer in the transaction. The seller is an entity doing business as London Reo Retail-VA LLC.

November 6, 2020

Development Mixed-Use Multifamily Southeast Virginia

Lowe, USAA Break Ground on Multifamily Redevelopment Project in Northern Virginia

by John Nelson November 5, 2020

ALEXANDRIA, VA. — Lowe and USAA Real Estate have broken ground on Park + Ford, an adaptive reuse project of two former office buildings within the Park Center complex in Alexandria. The two 14-story properties will feature 435 apartments upon completion. Also on the campus is an office building at 4300 King St. that includes a 55,000-square-foot X-Sport Fitness club. Apartments will include studio, one- and two-bedroom floor plans fitted with contemporary fixtures and appliances with a nod to Alexandria’s industrial history. Park + Ford will feature indoor and outdoor common areas for coworking, small gatherings or individual use. The apartment conversion is anticipated to be complete in 2021. The project team includes Bonstra | Haresign Architects and Whiting-Turner Contracting Co. Lowe will continue to manage the office building at 4300 King St. through its property management affiliate, Hospitality at Work. Lowe and USAA acquired the office campus in 2018 and financed the acquisition and conversion with a $128 million loan from Newport Beach, Calif.-based PIMCO.

November 5, 2020

Acquisitions Loans Multifamily Seniors Housing Southeast Virginia

M&T Realty Capital Provides $17.1M Acquisition Loan for Seniors Housing Community in Sterling, Virginia

by John Nelson November 4, 2020

STERLING, VA. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill and a gazebo.

November 4, 2020

Acquisitions Industrial Southeast Virginia

PS Business Parks Acquires Industrial Campus in Alexandria for $46.3M

by Alex Tostado October 29, 2020

ALEXANDRIA, VA. — PS Business Parks Inc. has acquired Pickett Industrial Park, a three-building, 246,000-square-foot industrial campus in Alexandria, for $46.3 million. The assets offer 7,000- to 75,000-square-foot spaces, which were fully leased at the time of sale. Pickett Industrial Park is situated at 841 S. Pickett St., nine miles southwest of Ronald Reagan Washington National Airport. The seller was not disclosed.

October 29, 2020

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