Sunday, February 23, 2025
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AcquisitionsFloridaGeorgiaRetailSoutheastVirginia

Sterling Organization Acquires Three-Property Shopping Center Portfolio for $180.5M

by John Nelson

WEST PALM BEACH, FLA. — West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value-add investment vehicle Sterling Value Add Partners IV LP. Ohio-based retail REIT SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Va.; Presidential Commons in Snellville, Ga.; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts. Kroger anchors Presidential Commons, and other tenants at the center — which totals 264,271 square feet — include Burlington, Ulta Beauty, Petco and Five Below. Village at Stone Oak spans 476,371 square feet and is anchored by HomeGoods, Petco, Ross Dress for Less, DSW, Hobby Lobby, Ulta Beauty and Dollar Tree.

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IndustrialLeasing ActivitySoutheastVirginia

NEFCO Construction Supply Signs 163,853 SF Lease Expansion at Northlake Distribution Center Near Richmond, Virginia

by Hayden Spiess

ASHLAND, VA. — NEFCO Construction Supply has signed a 163,853-square-foot lease expansion at Lingerfelt’s Northlake Distribution Center industrial development in Ashland, roughly 20 miles north of Richmond. NEFCO will occupy additional space at Building C, which is situated at 11800 N. Lakeridge Parkway. Jason Hetherington, Brad Lowry, Doug Tice and Mike Puzzo of CBRE represented the tenant in the lease negotiations. Matt Anderson and Harrison McVey of Range Commercial Partners represented Lingerfelt. Northlake Distribution Center totals 293,187 square feet. Lingerfelt acquired the property in March 2023 and has executed a capital improvement program including roof replacements, asphalt replacements, building painting and LED retrofits. 

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AcquisitionsRetailSoutheastUncategorizedVirginia

Cushman & Wakefield Brokers Sale of 397,605 SF Shopping Center in Richmond

by John Nelson

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of White Oak Village Center, a 397,605-square-foot shopping center located at 4501-4591 S. Laburnum Ave. in Richmond. Pennsylvania-based Triple BAR Group acquired the property, which was 94 percent leased at the time of sale, from an undisclosed seller. The sales price was also not disclosed. Publix, Michaels, PetSmart and JCPenney anchor the center. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented the seller in the transaction.

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IndustrialLeasing ActivitySoutheastVirginia

Lingerfelt Inks 106,376 SF Industrial Lease With PECO Pallet in Metro Richmond

by John Nelson

COLONIAL HEIGHTS, VA. — Lingerfelt has signed a 106,376-square-foot lease with PECO Pallet Inc. at Port 801, a speculative industrial facility located at 801 Port Walthall Drive in Colonial Heights, a southern suburb of Richmond. Rob Dirom, Wood Thornton and Frank Hargrove III of Colliers represented Lingerfelt in the lease transaction. Graham Stoneburner of Cushman & Wakefield | Thalhimer represented PECO, which is the second of two tenants in operation at the 239,448-square-foot facility. ARCO Design Build delivered Port 801 on behalf of Lingerfelt in fourth-quarter 2022. The PECO lease brings the facility to full occupancy. PECO Pallet is a provider of rental pallet services to the beverage, grocery and consumer products industries.

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AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield | Thalhimer Arranges $12M Sale of Cypress Point Shopping Center in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Cushman & Wakefield | Thalhimer has arranged the $12 million sale of Cypress Point Shopping Center, a 118,200-square-foot retail center located at the intersection of Wesleyan Drive and Diamond Springs Road in Virginia Beach. An entity doing business as BH Cypress Point MF Development acquired the property, with plans to redevelop the center. Catherine Spangler of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction. Dean Martin and Clay Willis of Thalhimer managed leasing at the property on behalf of the previous ownership.

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DevelopmentIndustrialSoutheastVirginia

Rockefeller Group, Matan Cos. Break Ground on 5 MSF Industrial Development in Suffolk, Virginia

by John Nelson

SUFFOLK, VA. — Rockefeller Group and Matan Cos. have broken ground on the first phase of Port 460 Logistics Center, an industrial development that will comprise 5 million square feet in Suffolk, approximately 20 miles southwest of Norfolk with direct access to the Port of Virginia. The co-developers are completing the project in a joint venture with Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC. The first phase will comprise 2.4 million square feet of industrial space across five buildings, with the first two buildings scheduled for completion next year. A second phase will deliver 2.6 million square feet of space. Gregg Christoffersen and Kristopher Kennedy of JLL are managing leasing at Port 460.

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IndustrialLeasing ActivitySoutheastVirginia

Lingerfelt Inks 233,359 SF Industrial Lease in Colonial Heights, Virginia

by John Nelson

COLONIAL HEIGHTS, VA. — Lingerfelt has inked a 233,359-square-foot industrial lease at Ruffin Mill Distribution Center, an industrial park in Colonial Heights, about 23 miles south of Richmond. The Memphis-based tenant, Vital Records Control, will occupy Buildings A and C, which are located at 1944 and 1998 Ruffin Mill Road, respectively. Matt Anderson and Harrison McVey of Range Commercial Partners represented Lingerfelt in the lease transaction, which brings Ruffin Mill Distribution Center to full occupancy.

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IndustrialLeasing ActivitySoutheastVirginia

A&A Transfer Signs 173,800 SF Industrial Lease at Ashton Creek Distribution Center Near Richmond

by John Nelson

SOUTH CHESTERFIELD, VA. — Industrial rigging solutions company A&A Transfer has signed a full-building, 173,800-square-foot lease at Ashton Creek Distribution Center in South Chesterfield. Located at 1611 Ashton Park Drive, the newly delivered building is situated roughly 20 miles south of Richmond. Ryan Hays of Armour Realty represented the tenant in the lease negotiations, and Chris Avellana, Jimmy Appich and Charlie Polk of JLL represented the landlord, Lingerfelt. Designed and constructed by ARCO Design/Build, the facility was delivered in the first quarter of 2024.

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Market ReportsMultifamilySoutheastSoutheast Market ReportsVirginia

Richmond’s Multifamily Market Maintains Rent Growth, High Occupancy

by John Nelson

Richmond, capital of the Commonwealth of Virginia and centrally located between the rolling hills of the Blue Ridge Mountains and the sandy beaches fronting the Atlantic Ocean, remains a vibrant city with an educated and expanding workforce benefitting from the city’s thriving and diverse economy.  Home to eight Fortune 500 companies and three Fortune 1000 businesses, Richmond’s unemployment rate of 2.8 percent, a 10-basis-point decrease year-over-year, is slightly above the state’s unemployment rate of 2.7 percent but well below the national rate of 4.3 percent, according to data from the U.S. Bureau of Labor Statistics.  Richmond’s job market has remained robust, adding over 38,000 jobs from first-quarter 2020 through summer 2024. In the past 36 months alone, CoStar Group (2,000 new jobs), LEGO (1,760 new jobs), and SanMar (1,000 new jobs) have all announced significant corporate and capital commitments to the market. Government and education/health remain the largest regional employment sectors and have experienced the highest year-over-year employment increases of 3.7 percent and 4.7 percent, respectively.  Richmond’s continued ability to retain and attract talent due to a high quality of life, affordable cost of living and access to an abundance of local and regional amenities has had a profound impact …

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AcquisitionsIndustrialSoutheastVirginia

Pearlmark, Seastone Capital Acquire 433,039 SF Industrial Building in Harrisonburg, Virginia

by John Nelson

HARRISONBURG, VA. — A partnership between Pearlmark and Seastone Capital has purchased 1433 Pleasant Valley, a 433,039-square-foot industrial building located off I-81 in Harrisonburg. The seller and sales price were not disclosed. The property was fully leased at the time of sale to two tenants: Marshalls and DRiV Automotive. Built more than 20 years ago on a 30.2-acre site in Virginia’s Shenandoah Valley region, the building is partially cross-docked and features 35-foot clear heights. A major life insurance company provided acquisition financing for the transaction, which represents the fourth investment for Pearlmark’s latest equity fund, Pearlmark Equity Partners II LP.

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