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 …
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 …
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.
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.
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.
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.
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.
WOODBRIDGE, VA. — Passco Cos. has acquired The Preserve at Catons Crossing, a 200-unit multifamily community in Woodbridge. The property offers one- and two-bedroom floor plans, which were 95 percent occupied at the time of sale. Communal amenities include a fitness center, spa, pool, playground, basketball court, business center and a clubhouse. The complex was built in 2010 and is situated at 2760 Green Ash Loop, 26 miles southwest of downtown Washington, D.C. Chris Black and Caleb Marten of KeyBank Real Estate Capital originated acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.
ALEXANDRIA, VA. — NorthMarq has arranged a $19.5 million acquisition loan for 1199 North Fairfax Street, a 108,118-square-foot office building in Alexandria. NorthMarq arranged a 10-year term loan through an undisclosed life insurance company. The financing featured a fixed interest rate followed by a 30-year amortization schedule on behalf. The 10-story building features an underground parking garage and was 87 percent leased at the time of financing. The asset is situated eight miles south of downtown Washington, D.C. The borrower was not disclosed.
TYSONS, VA. — Wegmans is slated to open an 80,000-square-foot store in Tysons on Nov. 4. Wegmans Tysons will feature a café with indoor/outdoor seating and The Burger Bar. The store will be located along the McLean Silver Line Metro stop at 1835 Capital One Drive S., 12 miles west of downtown Washington, D.C. Rochester, N.Y.-based Wegmans is hoping to hire 150 employees before the grand opening. The location is situated within Capital One Center, the public-facing portion of the bank’s global headquarters. Other tenants at the property include The Perch Biergarten, which is slated to open this fall, and Starbucks.