Virginia

Harbor Group Acquires 36-Property Multifamily Portfolio for $1.85B

by Alex Patton January 17, 2020

NORFOLK, VA. — Harbor Group International LLC (HGI), a privately owned real estate investment and management firm based in Norfolk, has acquired a 36-property multifamily portfolio for $1.85 billion. The portfolio comprises 13,243 units, most highly concentrated in the Dallas/Fort Worth and Denver markets. The remaining properties are located in Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City. The properties average 350 units each, primarily in two- and three-story buildings. The transaction was the largest multifamily sale since 2016 and the fifth largest ever recorded in the U.S., according to the seller, Los Angeles-based Aragon Holdings LLC. The deal is part of Aragon’s broader $2 billion sale of its entire apartment portfolio, which consists of 15,000 units located in 12 cities and eight states across the nation. “We decided to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a ‘value-add’ operator,” says Larison Clark, founder, chairman and CEO of Aragon Holdings. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.” Dan Guy, Aragon’s president and chief operating officer, adds that Aragon initially focused on …

January 17, 2020

Development Multifamily Southeast Virginia

Gables Residential Opens Transit-Oriented Apartment Community in Arlington, Virginia

by Alex Tostado January 14, 2020

ARLINGTON, VA. — Gables Residential has opened Gables Pointe 14, a 370-unit apartment community in the Fort Myer Heights neighborhood of Arlington. KTGY Architecture + Planning designed the LEED Silver-certified complex, which features Art Deco elements. Located at 1351 N. Rolfe St. near Route 50, the development comprises a six-story mid-rise building and a 12-story high-rise building. The urban-infill development is located on a 2.2-acre, triangular-shaped site that is within walking distance to the Court House and Rosslyn Metro stations. The complex offers studios, one-, two and three-bedroom apartment homes, as well as townhomes. Amenities include a 24-hour work center with a business bar and conference rooms, subterranean parking, fitness center featuring on-demand classes, bike storage and repair station, a resident lounge with free Wi-Fi, theater room, dog wash station and concierge services. Gables Pointe 14 also has a private outdoor courtyard and a rooftop pool and lounge.

January 14, 2020

Acquisitions Office Southeast Virginia

Meridian Group Acquires Office Building in Northern Virginia for $113.2M

by Alex Tostado January 10, 2020

ARLINGTON, VA. — Bethesda, Md.-based Meridian Group has purchased 1525 Wilson Blvd., a 12-story office building in the Rossyln neighborhood of Arlington. The Washington Business Journal reports that EQ Office, which is owned by The Blackstone Group Inc., sold the property for $113.2 million. The 318,729-square-foot building sits above a newly renovated Safeway grocery store and is LEED Gold certified. The building is located less one mile from Rosslyn Metro station and offers access to U.S. Routes 29 and 50, the George Washington Memorial Parkway and Interstate 66. Meridian Group plans to make minor renovations to the 78-percent leased building, including upgrading the building’s common areas, lobby, conference center and fitness center. Meridian’s Andrew Pence, Kyle Maurer and Mike McCarthy handled the acquisition internally.

January 10, 2020

Development Office Southeast Virginia

Hana to Open 39,000 SF Coworking Space in JBG Smith’s National Landing in Arlington, Virginia

by Alex Tostado January 9, 2020

ARLINGTON, VA. — Hana, a coworking office operator and subsidiary of Los Angeles-based CBRE Group Inc., will lease 39,000 square feet of space within JBG Smith Properties’ National Landing development, home of Amazon’s future HQ2 campus. Hana will occupy 2451 Crystal Drive, an 11-story, nearly 400,000-square-foot office building in Arlington. The National Landing location, five miles south of Washington, D.C., will be one of Hana’s six announced offices in the United States and United Kingdom. The property’s amenities include an onsite childcare facility, fitness center with showers and locker rooms, restaurants, café and bike storage/repair. 2451 Crystal Drive is less than one mile from the Virginia Railway Express Crystal City station and the Crystal City Washington Metro station. Hana expects to open the National Landing location this year. The first Hana concept opened in Dallas in August and three additional locations have been announced in London, as well as one in Irvine, Calif.

January 9, 2020

Acquisitions Office Southeast Virginia

NKF Brokers $19.2M Sale of Office Portfolio in Stafford, Virginia

by Alex Tostado January 8, 2020

STAFFORD, VA. — Newmark Knight Frank (NKF) has arranged the $19.2 million sale of Stafford Commerce Center and Stafford Commerce Park in Stafford, 11 miles southeast of Quantico. The six-building portfolio totals 272,000 square feet of office space, as well as 18 acres of land. NKF’s Larry FitzGerald and Cole Spalding represented the seller, Hudson Advisors LP, in the transaction. The buyer is Next Tier Real Estate Investors. Built between 2001 and 2006, the portfolio is situated near Interstate 95 and Jefferson Davis Highway.

January 8, 2020

Acquisitions Retail Southeast Virginia

Divaris Brokers $21.8M Sale of Colonnades West Shopping Center Near Richmond

by Alex Tostado January 3, 2020

GLEN ALLEN, VA. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and the Innsbrook Corporate Center office. Colonnades West is 97.5 percent leased to anchor tenants Ross Dress for Less, Marshalls, OfficeMax and Shoe Carnival. CVS/pharmacy and a Men’s Wearhouse occupy freestanding buildings on outparcels of the center. Scott Bois of KeyBank Real Estate Capital originated a $15.5 million acquisition loan on behalf of the buyer. The CMBS loan features a fixed interest rate.

January 3, 2020

Acquisitions Mixed-Use Southeast Virginia

Penzance Purchases 169-Unit Mixed-Use Building in Metro D.C.

by Alex Tostado January 3, 2020

HERNDON, VA. — Washington D.C.-based Penzance Management LLC has purchased The Mark, a 169-unit mixed-use apartment community in Herndon, a Washington, D.C., suburb in Northern Virginia. Jeff Kim and Allen Manesh of Ideal Realty Group (IRG) represented Penzance in the off-market transaction. Located at 2323 Dulles Station Blvd., The Mark is situated in the Dulles Technology Corridor and within walking distance of the future Innovation Center Metro Station. The Mark features more than 15,000 square feet of retail space leased to tenants such as Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments. The property also has a 311-space secured parking garage and a resident-only pool and fitness center. Built in 2007, the building offers one- and two-bedroom units, as well as a clubhouse, business center, Zen garden and a barbecue and picnic area.

January 3, 2020

Development Multifamily Southeast Virginia

PRP Plans $81M Office-to-Residential Conversion in Alexandria, Virginia

by Alex Tostado January 2, 2020

ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial real estate project equity raised online to date, according to Crowdstreet. The office building at 4900 Seminary Road is adjacent to Mark Center and Interstate 95 and is less than 10 miles from the Pentagon, Amazon’s future HQ2 site and downtown Washington, D.C. Located within an Opportunity Zone, PRP is planning the project to hold 213 apartments, featuring studios and one- and two-bedroom layouts. The planned building will feature a package room, lounge, library, screening room, firepits and a deck. Construction on the office-to-residential conversion is scheduled to begin in March, with initial occupancy expected in the fourth quarter of 2021.

January 2, 2020

Acquisitions Multifamily Southeast Virginia

CIM Purchases Two High-Rise Apartment Towers in Metro D.C. Totaling 939 Units

by Alex Tostado December 17, 2019

FALLS CHURCH, VA. — Los Angeles-based CIM Group has acquired Skyline Towers, two high-rise apartment buildings located in the Bailey’s Crossroads submarket of Falls Church. The 939-unit property, located at 5599 Seminary Road, sits on 12.7 acres about six miles from Washington, D.C. The two 26-story buildings were constructed in 1971 and feature a pool, fitness center, game room, conference rooms, screening theater, onsite salon and a convenience store. The complex has nearby access to Interstates 395, 95 and 495 and the George Washington Memorial Parkway. Skyline Towers joins CIM’s residential properties in nearby Alexandria: the Mason at Van Dorn, a 1,180-unit community; Park Place at Van Dorn, a 285-unit community; and the former Crowne Plaza Hotel Alexandria, which CIM plans to convert into 122 residential condominiums and 41 townhomes. The seller and sales price of Skyline Towers were not disclosed, but Washington Business Journal reports that Equity Residential, a multifamily REIT based in Chicago, was the seller.

December 17, 2019

Development Industrial Southeast Virginia

Wegmans to Establish $175M Distribution Campus in Hanover County, Virginia

by Alex Tostado December 13, 2019

ASHLAND, VA. — Rochester, N.Y.-based Wegmans Food Markets Inc. will invest $175 million to establish a new regional distribution operation in Hanover County, 13 miles northeast of Richmond. Located along Sliding Hill and Ashcake roads in Ashland, the new campus will allow the grocer to expand its distribution network on the East Coast and grow its retail footprint, while creating 700 new jobs. Wegmans currently has over 100 stores in New York, Pennsylvania, New Jersey, Virginia, Maryland, Massachusetts and North Carolina. No construction timeline was given for the new Virginia campus. The economic development agency Virginia Economic Development Partnership (VEDP) worked with Hanover County and a second economic development agency, the Greater Richmond Partnership, to secure the project. VEDP will administer a $2.4 million grant from the Commonwealth’s Opportunity Fund to assist Hanover County with the project. According to Virginia Gov. Ralph Northam’s office, the state of Virginia competed directly with the state of North Carolina for the project.

December 13, 2019

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