Virginia

Northridge Capital, KAMCO Investment Acquire 151,949 SF Office Building in Northern Virginia

by Alex Tostado November 15, 2019

TYSONS, VA. — Northridge Capital and KAMCO Investment Co have acquired Centerstone at Tysons, a six-story, 151,949-square-foot office building fully leased to Freddie Mac on a triple-net lease basis. The sales price was not disclosed. The building is located at 1550 Westbranch Drive in Tysons, two miles from downtown Tysons and 14 miles from downtown Washington, D.C. Citizens Bank provided the buyers with a five-year, fixed-rate acquisition loan. Jud Ryan and James Cassidy of Newmark Knight Frank (NKF) represented the sellers, Rubenstein Partners and Griffith Properties, in the transaction. Joseph Donato and Kassi Saridakis, also with NKF, arranged acquisition financing on behalf of Northridge Capital and KAMCO.

November 15, 2019

Acquisitions Multifamily Southeast Virginia

Blackfin Real Estate Purchases The Myrtles at Olde Towne Apartment Complex in Hampton Roads for $43.4M

by Alex Tostado November 13, 2019

PORTSMOUTH, VA. — Blackfin Real Estate Investors has purchased The Myrtles at Olde Towne, a two-property, 394-unit apartment complex in Portsmouth, for $43.4 million. The Hampton Roads property comprises Olde Towne I and Olde Towne II, totaling eight buildings spanning 14 acres. Olde Towne I, which was built in 2006, features six three-story garden-style buildings offering 246 units. Olde Towne II was built in 1972 and renovated in 2006. The complex has two eight-story buildings with 148 units. Communal amenities across both complexes include pools, grilling/picnic areas, a clubhouse, fitness facility, cyber café, game rooms, bike storage, a dog park and detached garages. The properties are located across the street from each other at 850 Crawford Parkway and 303 Effingham St., seven miles north of downtown Chesapeake. The seller was not disclosed.

November 13, 2019

Acquisitions Multifamily Southeast Virginia

Hamilton Zanze Buys 244-Unit Oasis at Montclair Apartments in Metro D.C.

by Alex Tostado November 12, 2019

DUMFRIES, VA. — Hamilton Zanze has bought Oasis at Montclair Apartments, a 244-unit multifamily community in Dumfries. The property is located at 16500 Stedham Circle, 31 miles south of downtown Washington, D.C., and 28 miles south of Amazon’s planned HQ2. The property offers one-, two- and three-bedroom floor plans averaging 1,016 square feet. Communal amenities include a fitness center, car wash, coffee bar, dog park, internet café, movie theater, clubhouse, outdoor fitness center, outdoor cabanas with grills, pool and a yoga room. Hamilton Zanze plans to renovate 219 units to include vinyl plank flooring, stainless steel appliances, new lighting and smart home technology. The company will also refresh all community amenities and replace the theater room and outdoor workout area. Mission Rock Residential will manage the property. The seller was not disclosed.

November 12, 2019

Acquisitions Loans Multifamily Southeast Virginia Walker & Dunlop

Walker & Dunlop Provides $225.1M Fannie Mae Acquisition Loan for Multifamily Portfolio in Virginia

by Alex Tostado November 5, 2019

BETHESDA, MD. — Bethesda-based Walker & Dunlop has provided a $225.1 million Fannie Mae acquisition loan for a five-property multifamily portfolio on behalf of Capital Square 1031. Walker & Dunlop provided a $66 million loan for 2000 West Creek in Richmond, a $29.7 million loan for Hickory Creek Apartments in Richmond, a $31.6 million loan for Saltmeadow Bay Apartments in Virginia Beach, a $52.5 million loan for Misty Ridge Apartments in Woodbridge and a $45.3 million loan for Bellemeade Farms Apartments in Leesburg. Four of the five properties are fully stabilized, with the exception of 2000 West Creek, which was built in 2018 and is in the final stages of lease-up. Bristol Development Group sold 2000 West Creek. The sellers of the other properties were not disclosed. Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds.

November 5, 2019

Acquisitions Hospitality Southeast Virginia

Mumford Arranges Sale of 85-Room Hotel in Northern Virginia

by Alex Tostado October 31, 2019

WINCHESTER, VA. — Mumford Co. has arranged the sale of an 85-room Fairfield Inn & Suites by Marriott Winchester in Winchester. The hotel is located at 250 Front Royal Pike, three miles south of downtown Winchester. Amenities include a business center, conference center, fitness center and an indoor swimming pool. Ed James and Steve Kirby of Mumford Co. represented the seller, Front Royal Pike LLC, in the transaction. Aspire Hospitality acquired the property for an undisclosed price.

October 31, 2019

Development Industrial Southeast Virginia

Morgan Olson to Open $57.8M Manufacturing Plant, Create 703 Jobs in Southern Virginia

by Alex Tostado October 30, 2019

DANVILLE, VA. — Morgan Olson LLC, a manufacturer of all-aluminum walk-in step vans, will invest $57.8 million in an existing 925,000-square-foot industrial facility owned by IKEA. In July, IKEA announced it would close the plant, resulting in 300 lost jobs by December of this year. Morgan Olson announced it will create 703 jobs and give priority consideration to current IKEA employees. The plant is located at 100 Ikea Drive, five miles from downtown Danville and seven miles from the Virginia-North Carolina state border.

October 30, 2019

Acquisitions Industrial Leasing Activity Southeast Virginia

Cushman & Wakefield Arranges $60.3M Sale-Leaseback for National Industrial Portfolio

by Alex Tostado October 29, 2019

RICHMOND, VA. — Cushman & Wakefield has arranged the $60.3 million sale-leaseback of a seven-property national industrial portfolio on behalf of owner and seller The C.F. Sauer Co. The seven properties total 791,000 square feet. There are four buildings in Mauldin, S.C.; one in Orange, Fla.; one in San Luis Obispo, Calif.; and one in New Century, Kan. Ben Cooper, Larry Wilks, Keith Bell and Ben Pugh of Cushman & Wakefield represented Richmond-based C.F. Sauer, which is now controlled by the private equity partnership Falfurrias Capital Partners and operates as Sauer Brands. A public REIT acquired six of the properties while a separate public REIT purchased the remaining building. Sauer Brands manufactures a broad line of flavor-enhancing condiments, spices, seasonings and extracts, including well-known brands Duke’s Mayonnaise, The Spice Hunter, Sauer’s, Gold Medal and BAMA.

October 29, 2019

Acquisitions Multifamily Southeast Virginia

Bristol Development Sells New Multifamily Property in Richmond for $103M

by Alex Tostado October 25, 2019

RICHMOND, VA. — Bristol Development Group has sold 2000 West Creek, a 373-unit multifamily property that the company delivered in 2018. Richmond-based Capital Square acquired the asset for $103 million. The property is located at 2000 Broad Branch Road in Richmond’s West Creek neighborhood. The community offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor courtyard, fitness center and a clubroom. Will Mathews, Charles Wentworth, G.S. Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Garrison Gore of Colliers International represented the seller in the transaction.

October 25, 2019

Acquisitions Office Southeast Virginia

Marcus & Millichap Arranges $9.2M Sale of Office Building in Northern Virginia

by Alex Tostado October 24, 2019

LEESBURG, VA. — Marcus & Millichap has arranged the $9.2 million sale of Leesburg Plaza Office Building, a 37,946-square-foot office building in Leesburg. WHR LLC sold the three-story building, which features Dog Money Restaurant & Brewery on the first floor. 10th Street Catoctin LLC acquired the property via a 1031 exchange. Leesburg Plaza Office Building is located at 50 Catoctin Circle NE, 40 miles northwest of downtown Washington, D.C.

October 24, 2019

Leasing Activity Office Southeast Virginia

Rolls-Royce North America to Occupy 17,000 SF for Corporate Headquarters in Northern Virginia

by Alex Tostado October 21, 2019

RESTON, VA. — Rolls-Royce North America will relocate its corporate headquarters to the fourth floor of Reston Station in early 2020. Rolls-Royce North America designs, develops, manufactures and tests jet engines for the U.S. Department of Defense and commercial aerospace markets. The company will occupy 17,000 square feet of the 16-story glass building, located at 1900 Reston Metro Plaza in Reston, 20 miles west of downtown Washington, D.C. The office tower offers amenities including multiple rooftop event and social spaces with catering kitchens, a fitness facility, multi-room conference facility and a two-story lobby on the Metro Plaza.

October 21, 2019

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