Virginia

Development Group to Build New Earth Fare Grocery Store in Christiansburg, Virginia

by Alex Tostado July 7, 2020

CHRISTIANSBURG, VA. — A group of developers will build a new prototype of the specialty grocer in Christiansburg. Walt Rector, founding principal of Flagstaff, Ariz.-based Bromont Investments, and investment partner Chris Carlsen, are leading the development of the Earth Fare, which will be located within Christiansburg Marketplace. The new store will feature a smaller footprint than previous Earth Fare stores. Fletcher, N.C.-based Earth Fare closed all of its 46 stores and filed for bankruptcy in February. Randy Talley, cofounder of the original Earth Fare, and Dennis Hulsing, an Asheville, N.C.-based investor, teamed up to acquire shuttered Earth Fare locations in mid-April, as well as the grocer’s trade name. The Christiansburg location is slated to open in spring 2021. The investors have also recently reopened closed Earth Fare stores in Roanoke, Va.; and Asheville and Boone, N.C. Other tenants at Marketplace at Christianburg include AspenDental, Chipotle, Elegant Nails, Harbor Freight, Mission BBQ, Orangetheory Fitness, Sandros, Skyline Bank, Starbucks and Verizon.

July 7, 2020

Acquisitions Industrial Southeast Virginia

Direct Mail Solutions Acquires Industrial Building in Richmond for $9.4M

by Alex Tostado July 7, 2020

RICHMOND, VA. — Richmond-based Direct Mail Solutions has acquired a 229,829-square-foot industrial building in Richmond for $9.4 million. The property features ESFR sprinklers and 38-foot clear heights. The property spans 23.8 acres and is located at 4650 Oakleys Lane, seven miles east of downtown Richmond. Cliff Porter and Robert Porter III of Porter Realty Co. Inc. represented the seller, 4650 Oakleys Lane LLC, in the transaction.

July 7, 2020

Southeast Virginia

AGC Survey: 329 Metro Areas Added Construction Jobs in May

by Alex Tostado July 1, 2020

ARLINGTON, VA. — Construction employment increased in 329 metros across the country between April and May, according to a survey conducted by the Associated General Contractors of America (AGC). The Arlington-based organization tracks 358 metros across the country. The Seattle-Bellevue-Everett, Wash., area led the way, adding 28,600 jobs, or a 44 percent uptick, as COVID-19 restrictions eased nationwide. New York City added 25,000 jobs (31 percent) and Pittsburgh added 22,000 (60 percent). The AGC notes that many of the construction workers added will work on highways and bridges.

July 1, 2020

Acquisitions Office Southeast Virginia

Divaris Arranges Sale of 310,745 SF Office Building Housing Norfolk Southern’s Headquarters

by Alex Tostado June 25, 2020

NORFOLK, VA. — Divaris Real Estate has arranged the sale of the Arnold B. McKinnon Norfolk Southern headquarters, a 310,745-square-foot office building in downtown Norfolk. The building has been home to Norfolk Southern Railroad’s headquarters since 1988. The company will finish out its lease, which has 18 months remaining, then move to Midtown Atlanta. A joint venture between TowneBank and Children’s Hospital of the King’s Daughter (CHKD) acquired the 22-story tower for an undisclosed price from Norfolk Southern. As part of the acquisition, the buyers also purchased the Commercial Place Garage, a 744-space parking garage connected to the tower via skybridge. The parking garage features retailers on the ground level. TowneBank and CHKD will each occupy 10 stories, with CHKD bringing over 475 employees and TowneBank relocating 400. TowneBank has hired WM Jordan as the general contractor to renovate the bank’s future home, on floors that Norfolk Southern is not currently occupying. Creative Development Partners will manage the renovations. Gerald Divaris, Michael Divaris and Jason Oliver of Divaris Real Estate represented the buyers in the transaction. Gayle Bartlett of Divaris Property Management Corp. will continue to manage the building, as well as the parking garage and retail on the first …

June 25, 2020

Acquisitions Multifamily Southeast Virginia

Berkadia Negotiates $17M Sale of Apartment Complex in Norfolk

by Alex Tostado June 18, 2020

NORFOLK, VA. — Berkadia has negotiated the $17 million sale of Brittney Place, a 148-unit apartment complex in Norfolk. The property offers two-bedroom floor plans. Brittney Place, which was originally built in 1985, is situated at 6143 Edward St., six miles north of downtown Norfolk. Alan Meetze and David Hudgins of Berkadia represented the seller, Virginia-based Affordable Housing Corp. The buyer was Virginia-based 6143 Edward Street LLC.

June 18, 2020

Data Centers Development Industrial Southeast Virginia

Aligned Energy Breaks Ground on 513,000 SF Data Center Extension in Northern Virginia

by Alex Tostado June 2, 2020

ASHBURN, VA. — Aligned Energy has broken ground on a 513,000-square-foot extension of its hyperscale data center in Ashburn. Phase I, which was completed in 2019, comprises 370,000 square feet and has a 60-megawatt capacity. Upon completion of Phase II, the data center’s capacity will double to have 120-megawatt capacity. Upon full buildout, the data center will have 180-megawatt capacity and span 1 million square feet. Aligned Energy expects to deliver Phase II by the end of 2020. The facility is located at 21890 Uunet Drive, 30 miles west of downtown Washington, D.C. The colocation property offers access to more than 50 carriers in the region. Plano, Texas-based Aligned Energy has data centers in Ashburn, Phoenix, Dallas and Salt Lake City that offer innovative, sustainable and adaptable colocation and build-to-scale solutions for cloud, enterprise, and managed service providers.

June 2, 2020

Acquisitions Loans Office Southeast Virginia

Phillips Realty Capital Arranges $29M Acquisition Loan for Office Building in Northern Virginia

by Alex Tostado June 1, 2020

RESTON, VA. — Phillips Realty Capital has arranged a $29 million acquisition loan for Reston Metro Center One, a 124,076-square-foot office building in Reston. The property is located at 12120 Sunrise Valley Drive, which is within walking distance of the planned Reston Town Center Silver Line Metrorail Station and 22 miles west of downtown Washington, D.C. The asset was built in 2000 and its amenities include a lounge area and a fitness center. The building was vacant at the time of sale. Malcolm Shaw, Steve Shaw, Harmon Handorf and Bill Wrench of Phillips Realty arranged the loan on behalf of the borrower, HighBrook Investors. Rubenstein Mortgage Capital, the debt investment platform of Rubenstein Partners LP, provided the floating-rate loan. The seller was not disclosed.

June 1, 2020

Southeast Virginia

Northern Virginia Region to Join Rest of State in Reopening This Week

by Alex Tostado May 26, 2020

RICHMOND, VA. — Virginia Gov. Ralph Northam is expected to announce today that the Northern Virginia region will join the rest of the state in the Phase I reopening plan beginning Thursday, May 28. In a press release May 14, the governor said the state would begin to reopen May 15, although Northern Virginia leaders could delay that timeline for their respective municipalities if they felt it necessary due to a higher volume of COVID-19 cases. On Monday, 10 Northern Virginia officials, which included six mayors and four Chairpersons of Boards of Supervisors, sent a letter to Northam advising that they are ready to join Phase I of reopening the state. In the letter, the officials enclosed data from five public health directors that advised the region can join in the reopening phase. The new guidelines outline more relaxed restrictions, including upping the capacity of non-essential retail from a 10-person limit to 50 percent capacity; allowing restaurants to open outdoor seating with a 50 percent capacity limit; allowing places of worship to have a 50 percent capacity, up from its previous 10-person limit; fitness centers may operate outdoor classes; and allowing for personal grooming services to reopen to appointment-only customers.

May 26, 2020

Development Multifamily Southeast Virginia

PointOne Holdings, NRP Group to Develop 390-Unit Multifamily Community in Northern Virginia

by Alex Tostado May 20, 2020

TYSONS CORNER, VA. — PointOne Holdings and NRP Group will develop Highland District, a planned 390-unit multifamily community in Tysons Corner. Communal amenities at the five-story property will include a clubroom, gaming rooms, working areas, doorman, infinity edge pool, yoga lawns, outdoor activity areas, outdoor grilling areas, package concierge service and a fitness center with separate spin and cardio studios. NRP Group will serve as general contractor and property manager. A timeline for completion was not disclosed.

May 20, 2020

Loans Multifamily Southeast Virginia

M&T Realty Capital Provides $51.2M Refinancing Loan for Apartment Complex in Northern Virginia

by Alex Tostado May 13, 2020

DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Situated off U.S. Highway 50, The Elms at Arcola is 30 miles west of downtown Washington, D.C. Legend Management Group will manage the property. Debra Goldstein and Matthew Hodson of M&T Realty originated the loan on behalf of the borrower.

May 13, 2020

Newer Posts

Older Posts