NEW KENT COUNTY, VA. — Matan Cos. has purchased 185 acres east of Richmond for the development of New Kent Logistics Center, a 2 million-square-foot industrial park. JLL arranged the land sale on behalf of Matan Cos. Located at the intersection of I-64 and Emmaus Church Road in New Kent County, the property will span four buildings and be situated between the industrial markets of Richmond and Hampton Roads, the latter of which houses the Port of Virginia. Matan has selected Gareth Jones, Chris Avellana and Charlie Polk of JLL to lease New Kent Logistics Center. The construction timeline was not disclosed.
NORFOLK, VA. — S.L. Nusbaum Realty Co. has brokered the $34.9 million sale of an industrial facility located at 3321 Princess Anne Road in Norfolk. Industrial Realty Group acquired the 298,126-square-foot warehouse from an entity doing business as 3321 Princess Anne LLC. Stephanie Sanker of S.L. Nusbaum represented the seller in the transaction. LION Power and Beckett Corp. currently occupy a combined 104,334 square feet at the facility, with the remaining space available for lease. Constructed in 2022, the building comprises two sections. Section A features 113,450 square feet with 36-foot clear heights, multiple dock doors with expansion potential, new racking, office space and restrooms. Section B totals 80,321 square feet with dock-level loading, 21- to 24-foot clear heights and 38- by 36-foot column spacing.
CHESAPEAKE, VA. — LS GreenLink USA Inc., a wholly owned subsidiary of LS Cable & System Ltd., has unveiled plans to build a new submarine power cable manufacturing facility in Southeast Virginia’s Chesapeake. The company is investing more than $680 million in the new facility as part of its long-term global expansion strategy. The 98-acre brownfield site is located within the Hampton Roads Beltway along the Elizabeth River near The Port of Virginia. The company says the project will enhance its ability to meet the global demand for submarine power cables, which allow electricity and internet connectivity to span waterways. The cables are particularly useful for bringing power to land cities from offshore wind farms. In March, the project was awarded $99 million in investment tax credits under Section 48C of the Inflation Reduction Act of 2022, also known as the Qualifying Advanced Energy Project Credit Program. The Commonwealth of Virginia and the City of Chesapeake are also providing financial incentives to LS GreenLink through the Virginia Economic Development Partnership and the Chesapeake Economic Development Authority. The Virginia Economic Development Partnership collaborated with the City of Chesapeake and the Hampton Roads Alliance to bring the project to Virginia. Gov. Glenn …
RICHMOND, VA. — Capital Square has launched a new opportunity zone fund, with plans to develop a multifamily and hospitality property at 1600 Roseneath Road in Richmond. Plans for the 2.2-acre development include 220 apartment units and 100 apartment-hotel rooms. Dubbed CSRA Opportunity Zone Fund IX LLC, the fund aims to raise $77 million in equity from accredited investors to fund the project. This marks the ninth opportunity zone fund for Capital Square and its sixth development in the Scott’s Addition neighborhood of Richmond. The unnamed property will be situated within walking distance of several restaurants, breweries and attractions, including the Virginia Museum of Fine Arts, Science Museum of Virginia and Virginia Museum of History and Culture.
FAIRFAX, VA. — Hoar Construction has broken ground on a new, 25,000-square-foot recreation center at George Mason University in Fairfax, roughly 20 miles outside Washington, D.C. Dubbed the Activities Community Wellness Building, the facility will serve as the home of the school’s pep band, as well as host student programming and events. Completion is scheduled for spring 2025. The building will feature a full-size NCAA basketball court, additional courts for basketball and volleyball games, yoga and exercise class space, conference rooms, storage and office suites. Powers Brown Architecture is the project architect, and IMEG Corp. is serving as the civil engineer.
CHESTERFIELD COUNTY, VA. — Condair Group AG, an evaporative technologies manufacturing company, has announced plans to develop a $57.2 million production facility in Chesterfield County, roughly 20 miles southwest of downtown Richmond. Scheduled to begin operations in early 2025, the development will span 400,000 square feet. Governor Glenn Youngkin of Virginia approved a $700,000 grant from the Commonwealth’s Opportunity Fund for the project, which will create 180 new jobs, according to a press release issued by Chesterfield County. Condair is also eligible to receive state benefits from the Major Business Facility Job Tax Credit, as well as The Port of Virginia Economic and Infrastructure Development Zone Grant Program. Condair also considered South Carolina as a location for the facility.
FAIRFAX, VA. — Marcus & Millichap’s Institutional Property Advisors (IPA) has brokered the sale of Fair Oaks Plaza, a 180,000-square-foot office building located in the Northern Virginia city of Fairfax. A private investor acquired the property, which was 90 percent leased at the time of sale, for an undisclosed price. The building was renovated in 2022. Robert Filley, Chandler Pace and Stacey Milam of Marcus & Millichap represented the seller, Novel Office, in the transaction.
WOODBRIDGE, VA. — The IDI Group Cos. and PTM Partners have received a $60 million senior loan for the refinancing of Viridium, an apartment community located in Woodbridge, roughly 20 miles southwest of downtown Washington, D.C. Amenities at the 318-unit community include a pool, fitness center, rooftop terrace, theater room and a shuttle service to the nearby Virginia Railway Express (VRE) station. Viridium is the second phase of IDI’s larger Rivergate development, which comprises a total 720 residential units. Daniel Shiff, Adam Bieber and Alec Jenkins of BWE arranged the financing through a life insurance company on behalf of the borrowers.
CHESAPEAKE, VA. — Dollar Tree Inc. (NASDAQ: DLTR) has announced a formal review of its Family Dollar business segment, including the possibility of selling, spinning off or other disposition methods of the brand. In March, Dollar Tree announced the closure of 1,000 stores nationally, approximately 970 of which were underperforming Family Dollar Stores. Additionally, Dollar Tree has recently acquired up to 170 former 99 Cents Only stores. “Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” says Rick Dreiling, chairman and CEO of Dollar Tree Inc. “Our goal is to position both the Dollar Tree and Family Dollar banners to progress further and faster, and to determine whether the exclusive attention of a dedicated team will benefit both, while creating value for Dollar Tree shareholders and other stakeholders.” Family Dollar’s same-store net sales increased 0.1 percent year-over-year in fiscal first-quarter 2024, which ended May 4. (The data does not include the previously mentioned stores that Dollar Tree closed during the first quarter.) By comparison, Dollar Tree’s same-store net sales increased 1.7 percent in the same time period. Dollar Tree has retained J.P. Morgan Securities LLC as its financial advisor and Davis Polk & Wardwell …
GAINESVILLE, VA. — Federal Realty Investment Trust has acquired Virginia Gateway, a 665,000-square-foot retail center situated on 110 acres in Gainesville, about 35 miles west of Washington, D.C.. The purchase price was $215 million, and the seller was not disclosed. Tenants at the property, which is organized into five sections and was 95 percent occupied at the time of sale, include Giant Food, HomeGoods, Ulta Beauty, Total Wine & More and Hobby Lobby. The campus includes a Super Target that was not included in the transaction.