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

Acquisitions Development Mixed-Use Southeast Virginia

Grace Street Properties Acquires 158,000 SF Retail Property in Northern Virginia, Plans 2 MSF Mixed-Use Development

by Alex Tostado October 17, 2019

WOODBRIDGE, VA. — Grace Street Properties has acquired Station Plaza, a 158,000-square-foot retail center spanning 13 acres. Grace Street plans to convert the site into a 2 million-square-foot mixed-use development. The Prince William Board of County Supervisors approved the master-planned project, which will be located within walking distance of the VRE/Amtrak station, four stops from the future site of Amazon’s HQ2. Grace Street plans to deliver residential units, commercial space, outdoor space and more retail. Grace Street plans to immediately begin site work. George Boosalis of Boosalis Properties represented the buyer in the land acquisition, which sold for $19.1 million, a 7.6 percent cap rate. David Choi of Greysteel represented the undisclosed seller.

October 17, 2019

Development Office Southeast Virginia

Joint Venture Breaks Ground on 187,000 SF Office Building in Charlottesville

by Alex Tostado October 16, 2019

CHARLOTTESVILLE, VA. — A joint venture between Apex Clean Energy, Riverbend Development, William McDonough + Partners and Hourigan Development has broken ground on an eight-story, 187,000-square-foot office building that will serve as each of the company’s headquarters. Apex will anchor the building, occupying 84,000 square feet and the top three floors. Apex will consolidate its three offices and 170 employees across Charlottesville. William McDonough + Partners designed the building, which will include 875 solar panels, a roof terrace, indoor bicycle storage and electric vehicle charging stations. Construction is expected to take approximately 20 months, with the building opening in mid-2021.

October 16, 2019

Acquisitions Development Office Southeast Virginia

Skanska Acquires Development Site for 201,000 SF Planned Office Building in Downtown Arlington

by Alex Tostado October 16, 2019

ARLINGTON, VA. — Skanska has acquired 3901 N. Fairfax Drive, the development site for a nine-story, 201,000-square-foot office building in downtown Arlington. The building will include 10,280 square feet of ground-level retail space. CallisonRTKL designed the building to include floor-to-ceiling windows on all four sides, a 4,000-square-foot rooftop terrace, fitness center, indoor amenity space and a second-floor terrace. The site is located within the Rosslyn-Ballston corridor, five miles west of downtown Washington, D.C. An investment affiliate of Bernstein Management Corp. sold the property for an undisclosed price. A timeline for completion was not disclosed.

October 16, 2019

Acquisitions Hospitality Southeast Virginia

Apple Hospitality Buys The Berkeley Hotel in Downtown Richmond for $7M

by Alex Tostado October 14, 2019

RICHMOND, VA. — Apple Hospitality REIT Inc. has acquired The Berkeley Hotel, a 55-room hotel in downtown Richmond. Apple Hospitality will upgrade the property to include services and amenities that are consistent with the rest of the company’s portfolio, although The Berkeley will remain an independent hotel. The property is located at 1200 E. Cary St., four blocks from Apple Hospitality’s headquarters. The seller was not disclosed.

October 14, 2019

Affordable Housing Development Loans Multifamily Southeast Virginia

Bellwether Enterprise Provides $22M Construction Loan for Affordable Housing Development in Hampton, Virginia

by Alex Tostado October 11, 2019

HAMPTON, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $22 million Virginia Housing Development Authority (VHDA) construction loan for Monroe Gates Apartments, a planned 162-unit residential complex in Hampton. The property will offer eight two-story townhomes, four carriage homes and 150 one- and two-bedroom floor plans, 20 percent of which will be priced as affordable housing. The site is located at 200 S. Mallory St., two miles east of downtown Hampton and two miles west of the 409-year-old Fort Monroe. Communal amenities will include a clubhouse, fitness center, media room, conference facilities, dog park and a swimming pool. Kelly Martone of Bellwether originated the 35-year loan on behalf of the borrower, The Whitmore Co.

October 11, 2019

Development Multifamily Southeast Student Housing Virginia

Core Spaces, Kayne Anderson to Break Ground on 1,530-Bed Student Housing Community Near Virginia Tech

by Alex Tostado October 10, 2019

BLACKSBURG, VA. — A joint venture between Core Spaces and Kayne Anderson Real Estate is set to break ground on Hub on Campus Blacksburg, a 1,530-bed student housing community serving students at Virginia Tech. The project will be delivered in two phases, with the first scheduled for completion in fall 2021. The second phase of development is set to open in fall 2022. The community will feature amenities such as a swimming pool, fitness center, weight room, study lounges, walking paths and a 1,110-space parking garage. TSB Capital Advisors consulted on the formation of the joint venture. TSB Realty arranged the sale of the development site to the new venture on behalf of the seller, The Reliant Group.

October 10, 2019

Acquisitions Loans Office Southeast Virginia

KeyBank Provides $29.4M Acquisition Loan for Two Office Buildings in Northern Virginia

by Alex Tostado October 10, 2019

STERLING, VA. — KeyBank Real Estate Capital has provided a $29.4 million acquisition loan for two office buildings in Sterling. Loudoun Gateway II and III span 179,864 square feet. CACI International Inc., a professional services and information technology company, fully leases Gateway II and 67 percent of Gateway III. The remaining space is leased to three other tenants. The property is located at 45195 Business Court, 27 miles west of downtown Washington, D.C. John Ward of KeyBank originated the loan on behalf of the borrower, Sackman Enterprises. Barry Judelson of Uniquities brokered the deal. The seller was not disclosed.

October 10, 2019

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