Virginia

PCCP Provides Construction Loan for 25-Story Tysons Central Office Tower

by Alex Tostado December 12, 2019

TYSONS, VA. — Pacific Coast Capital Partners LLC (PCCP) has provided a senior construction loan for a joint venture between Foulger-Pratt and USAA Real Estate to finance the speculative development of Tysons Central. The property is a 25-story, 388,077-square-foot office tower in the Tysons Corner submarket of Washington, D.C. Construction has begun on the fully entitled project, located at 1750 Tysons Central St., and completion is scheduled for March 2022. Details of the financing were not disclosed. Tysons Central is a LEED Gold-certified, Gensler-designed office tower near the Greensboro Metro station. Amenities will include a sky lobby, fitness center, lounge and shared conference spaces. The property will also offer 14,738 square feet of ground floor retail space, as well as three floors of below-grade parking and six floors of above-grade parking totaling 754 spaces.

December 12, 2019

Development Multifamily Seniors Housing Southeast Virginia

Erickson Living Starts Construction of $300M Seniors Housing Community in Richmond’s Short Pump Area

by Alex Tostado December 11, 2019

RICHMOND, VA. — Erickson Living has started construction of Avery Point, a large-scale continuing care retirement community in the Short Pump area of Richmond. Upon full buildout, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity building in 2022. The development was first reported by the Richmond-Times Dispatch, and Erickson has since confirmed the details to REBusinessOnline. The newspaper also reported that Erickson bought the 94-acre plot in 2018 for $23.5 million, and that entrance fees will start around $200,000 and be 80 percent refundable.

December 11, 2019

Loans Office Southeast Virginia

Rubenstein Mortgage Funds $47.8M Refinancing of Office Building in Northern Virginia

by Alex Tostado December 10, 2019

MCLEAN, VA. — Rubenstein Mortgage Capital, a private mortgage lending platform and affiliate of Rubenstein Partners, has provided a $47.8 million loan to Westport Capital Partners LLC. The borrower will use the loan to refinance 2000 Corporate Ridge Road, an office building in the Tysons Corner submarket in McLean, a suburb in the Washington, D.C. metro area. Westport Capital Partners recently completed an extensive capital improvement program at the 263,002-square-foot property. Proceeds of the loan refinanced the existing debt and will provide funding for future leasing costs as the asset is stabilized. NorthMarq arranged financing for Westport Capital Partners.

December 10, 2019

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Bermuda Square Center in Metro Richmond

by Alex Tostado December 3, 2019

CHESTER, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $18.6 million sale of Bermuda Square, an 84,064-square-foot retail center in Chester. The property, which sold for $221 per square foot to GBT Realty Corp., is located at 12607-12649 Jefferson Davis Highway, 13 miles south of Richmond. The shopping center includes two multi-tenant buildings and six single-tenant outparcels, as well as a six-acre pad site. At the time of sale, Bermuda Square was leased to 18 tenants, including Petco, SunTrust Bank, Starbucks and Chipotle. Catharine Spangler of Thalhimer represented the seller, Giant Food Stores, in the sale. David Crawford and Pete Waldbauer, also of Thalhimer, served as leasing advisers during the disposition.

December 3, 2019

Acquisitions Retail Southeast Virginia

KLNB Brokers $21M Sale of Maplewood Center in Manassas, Virginia

by John Nelson December 2, 2019

MANASSAS, VA. — KLNB has brokered the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

December 2, 2019

Acquisitions Retail Southeast Virginia

Partnership Purchases Shopping Center in Centreville, Virginia for $55.4M

by John Nelson November 27, 2019

CENTREVILLE, VA. — A partnership between Bethesda, Md.-based Willard Retail, New York-based Declaration Partners and Baltimore-based Frankel Properties has acquired Old Centreville Crossing, a 171,631-square-foot, grocery-anchored shopping center in Centreville, seven miles west of Fairfax, Va. The partnership purchased the property for $55.4 million from JBG Smith, a REIT based in Chevy Chase, Md. The partnership plans to complete minor renovations to the center. Old Centreville Crossing is located at 13810-13860 Braddock Road and situated on 16 acres along U.S. Route 29. Spa World and Korean-American supermarket chain H-Mart anchor the asset.

November 27, 2019

Acquisitions Multifamily Southeast Virginia

LYND Buys Mayflower Apartments in Virginia Beach for $43M

by John Nelson November 27, 2019

VIRGINIA BEACH, VA. —San Antonio-based real estate service company LYND has acquired an apartment community in Virginia Beach for $43 million. Located at 205 34th St., the 16-story, 266-unit Mayflower Apartments is within a block of the Atlantic Ocean and less than a mile from downtown Virginia Beach. Mike Marshall of Newmark Knight Frank (NKF) represented the seller, Harbor Group International, a Norfolk-based real estate investment and management firm. LYND plans to spend over $3 million on capital improvements to both individual units and common areas, including Amazon package lockers, surfboard lockers and renovations to the fitness center. LYND management has been retained to oversee renovations and manage the building. Henry Stimler of NKF arranged a $33 million acquisition loan for LYND through Hunt Real Estate Capital, represented internally by Marc Suarez. The property has 3,140 square feet of ground-floor commercial space and a separate parcel with 11,915 square feet of freestanding retail and on-site and off-site parking. Built in 1950, the last renovations to the building were completed in 2010. The Mayflower currently has studio, one- and two-bedroom units and a penthouse floor. Community amenities include outdoor and indoor pools, a fitness center, restaurant, on-site clothes care center, concierge …

November 27, 2019

Development Multifamily Southeast Virginia

Thalhimer Realty Partners to Build $30M Multifamily Project Within City View Landing in Richmond

by John Nelson November 22, 2019

RICHMOND, VA. — Thalhimer Realty Partners, the investment and development arm of Cushman & Wakefield | Thalhimer, plans to build the next phase of City View Landing, a residential development situated in Richmond’s Manchester neighborhood. Dubbed City View Marketplace, the $30 million project will include five buildings housing 161 apartments and 13,270 square feet of ground-level retail space. The project will join The Overlook at City View and City View Row within the master development. Thalhimer expects to deliver City View Marketplace in phases, with a full completion set for April 2020. The City View Landing development features a two-acre pad site on Hull Street that could house a 36,000-square-foot grocer or a future mixed-use building, according to Thalhimer.

November 22, 2019

Acquisitions Mixed-Use Southeast Virginia

NKF Brokers $60.2M Sale of Dominion Square Site in Tysons, Virginia

by John Nelson November 19, 2019

TYSONS, VA. — Newmark Knight Frank (NKF) has negotiated the $60.2 million sale of a 12-acre eastern parcel within the Dominion Square mixed-use development in Tysons, situated 13 miles west of downtown Washington, D.C. Capital Automotive Real Estate Services Inc., a McLean, Va.-based financial holding company specializing in car dealership locations, sold the parcel to an undisclosed buyer, whom the Washington Business Journal indicates is LHL Dominion Square, possibly an affiliate of New York-based Algin Management Co. LLC. The Dominion Square site is approved for 2 million square feet of office, residential, hotel and retail space near the Greensboro Metro station in Tysons. Jud Ryan, James Cassidy, Mark Anstine and Dan Lockard of NKF represented Capital Automotive in the transaction.

November 19, 2019

Acquisitions Affordable Housing Florida Multifamily Southeast Virginia

Avanath Purchases Two Affordable Housing Communities in Alexandria, Orlando for $99.2M

by Alex Tostado November 15, 2019

ALEXANDRIA, VA. AND ORLANDO, FLA. — Avanath Capital Management LLC has purchased tow affordable housing communities for a combined $99.2 million. The first property, Alexandria Station Apartments, is located in Alexandria and sold for $52.7 million. The 290-unit community was built in 1965 and renovated in 1998 and 2010. The property comprises 25 three-story buildings that were 97 percent occupied at the time of sale. Alexandria Station is a 251,579 square-foot property consisting of studio, one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling and picnic areas, playground, on-site-laundry facilities and a clubhouse. The other property is Brooke Commons, a 288-unit complex in Orlando that sold for $46.5 million. Built in 2000 and comprising 36 two-story buildings, Brooke Commons was 99 percent occupied at the time of sale. Five percent of the community’s units serve those making 55 percent of the area median income (AMI), while 50 percent are reserved for residents earning 60 percent AMI and 45 percent of the units are for residents earning 60 to 80 percent AMI. The property is located three miles from the University of Central Florida campus and 12 miles northeast of downtown Orlando. Communal amenities include a business …

November 15, 2019

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