Virginia

Boston Properties Signs Volkswagen to 196,000 SF Office Headquarters Lease in Northern Virginia

by Alex Tostado October 28, 2020

RESTON, VA. — Boston Properties has signed Volkswagen Group of America Inc. to a 20-year, 196,000-square-foot lease within Reston Town Center. The space will serve as the German automaker’s U.S. headquarters, with the planned move-in to take place in 2023. Volkswagen Group of America has been headquartered in Fairfax County since 2008. Boston Properties is developing the project in two phases, with the 1.1 million-square-foot Phase I now 85 percent preleased. At full buildout, the development will span 4.4 million square feet. Reston Town Center will have in-building parking with provisions for 300 electric vehicle chargers, a conference center and direct access to the newly built Silver Line of Washington’s Metrorail.

October 28, 2020

Development Retail Southeast Virginia

Apex Entertainment to Open 84,000 SF Location at Former Dick’s Sporting Goods Within Town Center of Virginia Beach

by Alex Tostado October 26, 2020

VIRGINIA BEACH, VA. — Apex Entertainment will open an 84,000-square-foot location at the former site of a Dick’s Sporting Goods within Town Center of Virginia Beach. The asset will be situated at 4631 Columbus St., equidistant between downtown Norfolk and Virginia Beach. The property will feature a variety of activities including indoor go karting, bowling, laser tag, escape rooms, ropes courses, arcade, sports simulators, ax throwing, mini golf, bumper cars, virtual reality and event meeting space. The location will also offer a full-service kitchen. Marlborough, Mass.-based Apex expects to open the location by the end of the year.

October 26, 2020

Acquisitions Industrial Loans Southeast Virginia

Nationwide Insurance Provides $38.2M Acquisition Loan for Industrial Portfolio Near Port of Virginia

by Alex Tostado October 26, 2020

SUFFOLK AND CHESAPEAKE, VA. — Nationwide Insurance Co. has provided a $38.2 million acquisition loan for a four-building industrial portfolio in Suffolk and Chesapeake. The 655,852-square-foot portfolio was fully leased at the time of the sale and comprises shallow bay properties. Three of the properties are located at 6900-6950 Harbour View Blvd. in Suffolk, eight miles northwest the Port of Virginia. The fourth property is located at 2601 Indian River Road in Chesapeake, seven miles east of the Port of Virginia. Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield originated the financing on behalf of the borrower, Equus Capital Partners Ltd. The seller was not disclosed.

October 26, 2020

Industrial Market Reports Southeast Southeast Market Reports Virginia

Richmond Industrial Market Maintains Strong Momentum Through Mid-Year

by Alex Tostado October 26, 2020

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 92 percent in the categories being tracked (Classes A and B, as well as select Class C vacant and investor-owned product with a minimum of 40,000 square feet). Class A occupancy decreased slightly to 95 percent at the end of the second quarter, down 100 basis points from 96 percent at the end of the first quarter. The largest addition to the vacant Class A inventory is a 226,000-square-foot former GSA facility in Chesterfield County. Class B occupancy experienced an increase to 92 percent, up from 90 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 95 percent for product of all sizes, including investor-owned facilities but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck. In addition to being the northernmost right to work state on the Eastern seaboard, Virginia has been ranked as the top state for business by CNBC. Richmond is located approximately 90 miles from the Port of Virginia in …

October 26, 2020

Development Multifamily Seniors Housing Southeast Virginia

Joint Venture Breaks Ground on $86M Affordable Seniors Housing Community in Northern Virginia

by Alex Tostado October 23, 2020

RESTON, VA. — A joint venture between Enterprise Community Development (ECD) and Fellowship Square Foundation has broken ground on Lake Anne House, an $86 million affordable seniors housing community in Reston. The property will offer 240 units, with floor plans ranging from studio to two-bedroom layouts. The units will be available to seniors who earn at or below 60 percent of the area median income (AMI). Each resident will pay no more than 30 percent of their income toward their housing costs, including rent and a utility allowance. Communal amenities will include a fitness center, arts and crafts room, social hall, game room and an outdoor terrace. The developers expect to deliver the community in summer 2022. Financing for Lake Anne House comes from $46.5 million in tax-exempt bond financing from Virginia Housing, as well as a $700,000 loan from the Virginia Housing Trust Fund. Enterprise Housing Credit Investments (EHCI) and Capital One provided $21.5 million in Low-Income Housing Tax Credit equity, the Fairfax County Redevelopment and Housing Authority (FCRHA) provided $3 million in Blueprint Funding and EHCI affiliate Enterprise Community Loan Fund provided $7.2 million in bridge financing. Virginia Community Capital provided $1 million in predevelopment financing early in …

October 23, 2020

Acquisitions Healthcare Office Southeast Virginia

Montecito Medical Acquires 31,000 SF Medical Office Building in Virginia Beach

by Alex Tostado October 20, 2020

VIRGINIA BEACH, VA. — Montecito Medical Real Estate has acquired Virginia Beach Orthopedic Medical Office, a 31,000-square-foot building in Virginia Beach. At the time of sale, the asset was fully leased to anchor tenant Jordan-Young Institute and Patient First. Jordan-Young Institute, which specializes in orthopedic surgeries, joint replacements and rehabilitations, occupies 85 percent of the building. Patient First operates urgent care and walk-in clinics around Virginia Beach. The property is situated at 5716 Cleveland St., 12 miles west of downtown Virginia Beach and seven miles east of downtown Norfolk. Further details of the transaction were not disclosed.

October 20, 2020

Acquisitions Office Southeast Virginia

NKF Arranges $87.5M Sale of Office Campus in Metro D.C.

by Alex Tostado October 14, 2020

FALLS CHURCH, VA. — Newmark Knight Frank (NKF) has arranged the $87.5 million sale of two office buildings located at 3170 and 3180 Fairview Park in Falls Church. The seller, an affiliate of Boston-based Marcus Partners, completed a renovation at the property this year. The upgrades included adding 25,000 square feet of amenity space, an outdoor terrace, firepit, 100-person auditorium, 100-person conference facility and a fitness center. The assets were 98 percent leased at the time of sale to tenants including General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty. The leases have a weighted average of 11 years remaining. The asset is situated 15 miles west of downtown Washington, D.C. James Cassidy, Jud Ryan and Cliff Cummings of NKF represented the seller in the transaction. Joe Donato and Kassi Saridakis of NKF worked with the buyer, Vanderbilt Office Properties, on the financing of the acquisition. Terms of the financing were not disclosed.

October 14, 2020

Acquisitions Office Southeast Virginia

Colliers Brokers $20M Sale of Office Building at Military Circle Mall in Norfolk

by Alex Tostado October 14, 2020

NORFOLK, VA. — Colliers International has brokered the $20 million sale of an office building at Military Circle Mall in Norfolk. The property, which is located at 824 N. Military Highway, was originally built for J.C. Penney in 1969 and used to anchor Military Circle Mall. Now a 200,000-square-foot office building, the property sits on 16 acres and offers 1,436 parking spaces. Movement Mortgage and Sentara Health Plans occupy the asset. Patrick Gill of Colliers represented the seller, the City of Norfolk Economic Development Authority, in the transaction. MPB Inc. acquired the asset.

October 14, 2020

Acquisitions Multifamily Southeast Virginia

Drucker + Falk Sells Three-Property Multifamily Portfolio in Virginia for $113M

by Alex Tostado October 13, 2020

NEWPORT NEWS, MECHANICSVILLE AND HENRICO, VA. — DF Ventures, a division of Drucker + Falk, has sold a three-property, 710-unit apartment portfolio in Virginia for $113 million. The three properties are the 300-unit Chesapeake Bay Apartments in Newport News, the 220-unit Hanover Crossing Apartments in Mechanicsville and the 190-unit Wilde Lake Apartments in Henrico. Drucker + Falk acquired the portfolio in 2016 for $68.5 million and invested $10.5 million to upgrade the unit interiors, exteriors and amenity spaces across all three properties. The Kushner Cos. acquired the portfolio. Charles Wentworth, Hank Hankins and Will Matthews of Colliers International represented the seller in the transaction.

October 13, 2020

Industrial Leasing Activity Southeast Virginia

Divaris Real Estate Arranges 60,262 SF Warehouse Lease in Virginia Beach

by Alex Tostado October 12, 2020

VIRGINIA BEACH, VA. — Divaris Real Estate has arranged a 60,262-square-foot warehouse lease for Adsync Technologies in Virginia Beach. The property is located at 5909 Thurston Ave., 10 miles west of the Virginia Ports Authority. Other tenants at the facility include Auto Glass Fitters, W&O Supply and Mygrant Glass Co. Krista Costa and Nicole Campbell of Divaris represented the tenant in the lease negotiations. The landlord was not disclosed.

October 12, 2020

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