Virginia

Arlington County Board Approves Incentive, Investment Packages for Amazon HQ2

by Alex Tostado March 19, 2019

ARLINGTON, VA. — The five elected members of the Arlington County Board unanimously approved the incentive and investment packages negotiated between the Commonwealth of Virginia and Amazon for the e-commerce giant to locate its second headquarters in Arlington’s National Landing. Through the incentives agreement, Amazon will receive up to $23 million if it creates 25,000 jobs with an average salary of $150,000 by 2025 and occupies 6 million square feet of office space in Arlington County by 2035. The money will be paid through allocating a portion of the anticipated increase in hotel tax revenues. According to the Arlington Economic Development Commission, the county will realize a $14 return for every $1 that Amazon earns in performance-based incentives. The additional tax revenues generated by Amazon’s headquarters will be used to invest in improvements to the county’s schools, affordable housing, parks and transportation network. Combined with Saturday’s Arlington Board vote, approval has now been secured for all of the government’s pledged support as part of a November 2018 Memorandum of Understanding with Amazon. In February, Amazon announced it was pulling out of its HQ2 deal with New York City, leaving Arlington as the only headquarters for Amazon outside of Seattle. Chevy …

March 19, 2019

Acquisitions Multifamily Northeast Pennsylvania Southeast Top Stories Virginia

Morgan Properties Acquires Multifamily Portfolio in Philadelphia, Northern Virginia for $890.5M

by Taylor Williams March 18, 2019

KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition in the city’s history. Two communities, Stonegate at Devon and Villas at Bryn Mawr, account for 947 units. The remaining five properties are located in the suburban submarkets of Conshohocken, West Chester, Downington, Jeffersonville and Bensalem. The portfolio’s Northern Virginia assets comprise three communities and 1,784 units. The bulk of those residences (1,387) are housed within a single property — Mount Vernon Square in Alexandria — while the other two are located in Fairfax and Sterling, both near Dulles International Airport. Morgan Properties, which is based in King of Prussia, Pa., will invest a combined $20 million in renovations and upgrades to the 10 Class B properties. Capital improvement plans will focus on both unit interiors and amenity spaces. “This acquisition is a game-changer for our organization,” says principal Jason …

March 18, 2019

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $7.5M Sale of Office Building in Richmond

by Alex Tostado March 14, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $7.5 million sale of Windsor I, a single-story, 58,000-square-foot office/flex building situated at 8550 Magellan Parkway within Windsor Business Park in Richmond. The asset was built in 1999 and was 100 percent leased at the time of the sale to Bon Secours Nursing School and Patterson Dental Supply. Windsor I is one of six buildings in the 62-acre business park, which is located about eight miles north of downtown Richmond. Eric Robinson and Evan Magrill of Cushman & Wakefield | Thalhimer represented the seller, Magellan Investors LLC, in the transaction. Gregg Beck of Thalhimer represented the buyer, JBW Winsdor Investment Co.

March 14, 2019

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $125M Sale of Five-Property Shopping Center Portfolio in Metro Richmond

by Alex Tostado March 13, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $125 million sale of a five-property shopping center portfolio in metro Richmond spanning 745,000 square feet. Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer represented the seller, Marchetti Properties, in the transaction. Rosenthal Properties and PGIM Real Estate purchased the portfolio, which includes Stonehenge Village, a 180,000-square-foot power center anchored by Wegmans. The shopping center also features 71,300 square feet of inline space and five outparcels. Other assets in the portfolio include Staples Mill Marketplace, a 156,476-square-foot, Kroger-anchored retail center, with additional tenants including Panda Express and Zaxby’s; Staples Mill Square, a 96,488-square-foot center leased to Petco, Aldi and a separately owned Target, as well as Discount Tire, McDonald’s and Taco Bell; Parham Plaza is a 177,450-square-foot center anchored by Walmart, T.J. Maxx and Petco; Ridge Shopping Center, situated across from Parham Plaza, is a 101,163-square-foot center anchored by The Fresh Market, with other tenants including Sherwin Williams, Chick-fil-A, Hallmark, Virginia ABC and Sugar Shack.

March 13, 2019

Development Retail Southeast Virginia

Life Time Athletic Opens 173,000 SF Gym Near Alexandria

by Alex Tostado March 12, 2019

GAINESVILLE, VA. — Life Time Athletic has opened a 173,000-square-foot gym in Gainesville, about 40 miles west of Alexandria. The new property features a 123,000-square-foot building and a 50,000-square-foot outdoor oasis. This is Life Time’s 143rd location in North America and seventh in the northern Virginia/Maryland market. The new site is located at 13978 Promenade Commons St. and will house 270 employees.

March 12, 2019

Acquisitions Office Southeast Virginia

Klein Enterprises Purchases Four-Building Office Park in Northern Virginia

by Alex Tostado March 11, 2019

CHANTILLY, VA. — Klein Enterprises has purchased Chantilly Plaza I-IV, a four-building, 150,000-square-foot property in Chantilly. Chantilly Plaza was 76 percent leased at the time of the sale to tenants including DaVita Kidney Care, Dulles GeoTech and United Bank. The asset is situated at 14225 Sullyfield Circle, about 20 miles west of downtown Arlington and about seven miles south of Dulles International Airport. Transwestern Commercial represented the seller, Veslor Properties, in the transaction. The sales price was not disclosed.

March 11, 2019

Acquisitions Multifamily Southeast Virginia

Blackfin, GMF Capital Purchase 600-Unit Apartment Complex in Virginia Beach

by Alex Tostado March 8, 2019

VIRGINIA BEACH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have purchased Baker Crossing, a 75-building, 600-unit apartment complex in Virginia Beach. Amenities at Baker Crossing include a clubhouse, swimming pool, sundeck, grilling area, fitness center, playground, basketball court and a racquetball court. As part of the transaction, the buyers assumed an agency loan originated by Newmark Knight Frank. The sales price and seller were not disclosed.

March 8, 2019

Company News Property Type Retail Southeast Top Stories Virginia

Family Dollar to Potentially Close Nearly 400 Stores

by David Cohen March 6, 2019

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections. The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday. On March 6, Dollar Tree …

March 6, 2019

Acquisitions Office Southeast Virginia

Colliers Arranges $24.9M Sale of Two-Building Office Campus in Norfolk

by Alex Tostado March 5, 2019

NORFOLK, VA. — Colliers International has arranged the $24.9 million sale of Twin Oaks, two four-story office buildings totaling 171,000-square-feet in Norfolk. The two buildings are situated at 5700 and 5800 Lake Wright Drive within Lake Wright Executive Center. Florida-based SF Partners purchased the assets from Bethesda, Md.-based Guardian Realty Investors. Twin Oaks’ tenant roster includes Booz Allen Hamilton and Titan America. J. Scott Adams, Mac Weaver and Don Crigger of Colliers represented the seller in the transaction.

March 5, 2019

Acquisitions Multifamily Southeast Virginia

Pollack Shores Acquires 339-Unit Apartment Complex in Metro Richmond

by Alex Tostado March 5, 2019

GLEN ALLEN, VA. — Atlanta-based Pollack Shores has entered the Mid-Atlantic market with the acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen. Pollack Shores has planned $4.5 million in renovations to the asset, which is situated above ground-floor retail between a Whole Foods Market and Trader Joe’s. Anticipated renovations include the addition of new stainless steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring. The purchase includes 8,300 square feet of ground-floor retail space that the buyer will transform into the leasing office and a fitness center. The Flats at West Broad Village is located at 3930 Wild Goose Lane, about 14 miles northeast of downtown Richmond. The sales price and seller were not disclosed.

March 5, 2019

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