NORFOLK, VA. — Ready Capital has closed a $10.5 million acquisition loan for a 250-unit, Class B apartment property in Norfolk. The borrower will use a portion of the loan to address deferred maintenance and upgrade unit interiors. The non-recourse, three-year loan comes with two extension options and flexible prepayment. Further details of the property were not disclosed.
WOODBRIDGE, VA. — Alto Real Estate Funds has acquired Prince William Square, a 232,957-square-foot shopping center in Woodbridge, for $37.9 million. The property was 89 percent leased at the time of sale to tenants including Ross Dress for Less, Mom’s Organic Grocer, dd’s Discounts, Ashley Furniture, Harbor Freight Tools and Jo-Ann Fabrics. Prince William Square is situated at 14200-14520 Smoketown Road, 27 miles southwest of downtown Washington, D.C. Morgan Stanley provided the buyer with a $25 million acquisition loan that offers a seven-year term and a fixed interest rate. Walker & Dunlop’s Los Angeles Capital Markets Team secured the debt on behalf of Alto Real Estate Funds. This transaction marks the buyer’s first acquisition in the Northern Virginia market. The seller was not disclosed.
CHANTILLY, VA. — Newmark Knight Frank (NKF) has arranged the $23.7 million sale of Victory Point at Westfields, a 147,000-square-foot office building in Chantilly. The sellers, Goldstar Group and CrossHarbor Capital Partners, renovated the property in 2016 to include fitness center with locker rooms, an onsite café and an outdoor plaza area. Built in 1989, Victory Point at Westfields was 96 percent leased at the time of sale to tenants including Strayer University, BTRG Group and Alpha Industries Inc. The building is situated at 14200 Meadow Lane, 26 miles west of downtown Washington, D.C. An affiliate of AAFMAA Life Insurance Co. acquired the asset. Jud Ryan of NKF represented the sellers in the transaction.
NORFOLK, VA. — S.L. Nusbaum Realty Co. has negotiated the sale of Little Creek Marketplace, a 49,161-square-foot retail property in Norfolk. SWNC I LLC, a retail real estate fund led by Shannon Waltchack, acquired the center for an undisclosed price. Little Creek Marketplace was 97 percent leased at the time of sale to tenants including Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers, Cookies and Cakes of Virginia, Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips. The property is situated at the intersection of Little Creek Road and Tidewater Drive, six miles north of downtown Norfolk. Bill Overman and John Wessling of S.L. Nusbaum represented the buyer in the transaction. Doug Aronson, also with S.L. Nusbaum, represented the undisclosed seller. S.L. Nusbaum and Shannon Waltcheck will provide property management services and Chris Hucke of S.L. Nusbaum will be the leasing agent on the property for the new ownership.
CENTREVILLE, VA. — Hines Global Income Trust Inc. has acquired The Emerson, a 355-unit apartment complex in Centreville. The property offers studio, one-, two- and three-bedroom floor plans averaging 925 square feet. Communal amenities include a game room, grilling stations, pool, outdoor TV and fire pit, cyber lounge and a fitness center. The community was delivered in the second quarter of 2019 and was 65 percent occupied at the time of sale. The Emerson is situated at 5865 Trinity Parkway, 25 miles west of downtown Washington, D.C. Further details of the sale were not disclosed.
GLEN ALLEN, VA. — S.L. Nusbaum has brokered the sale of a 109,813-square-foot former Macy’s within Virginia Commons Mall in for $2 million. The buyers, VCC Partners LLC and Shamin VCC LLC, plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. The mall, which is home to tenants including Burlington, JCPenney, Bath & Body Works, Foot Locker and Finish Line, is located 12 miles north of downtown Richmond. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.
VIENNA, VA. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10 percent. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords to renegotiate terms or exit some of its leases. In addition to store closures, Ratner is reducing staff at its Resource Center in its home office in Vienna to reflect its lower overall footprint. The majority of impacted staff in the salons have been offered employment at sister salons in their immediate areas, according to Ratner. The store closings will begin this week and continue for several months.
NORFOLK, VA. — Harbor Group International LLC (HGI), a privately owned real estate investment and management firm based in Norfolk, has acquired a 36-property multifamily portfolio for $1.85 billion. The portfolio comprises 13,243 units, most highly concentrated in the Dallas/Fort Worth and Denver markets. The remaining properties are located in Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City. The properties average 350 units each, primarily in two- and three-story buildings. The transaction was the largest multifamily sale since 2016 and the fifth largest ever recorded in the U.S., according to the seller, Los Angeles-based Aragon Holdings LLC. The deal is part of Aragon’s broader $2 billion sale of its entire apartment portfolio, which consists of 15,000 units located in 12 cities and eight states across the nation. “We decided to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a ‘value-add’ operator,” says Larison Clark, founder, chairman and CEO of Aragon Holdings. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.” Dan Guy, Aragon’s president and chief operating officer, adds that Aragon initially focused on …
ARLINGTON, VA. — Gables Residential has opened Gables Pointe 14, a 370-unit apartment community in the Fort Myer Heights neighborhood of Arlington. KTGY Architecture + Planning designed the LEED Silver-certified complex, which features Art Deco elements. Located at 1351 N. Rolfe St. near Route 50, the development comprises a six-story mid-rise building and a 12-story high-rise building. The urban-infill development is located on a 2.2-acre, triangular-shaped site that is within walking distance to the Court House and Rosslyn Metro stations. The complex offers studios, one-, two and three-bedroom apartment homes, as well as townhomes. Amenities include a 24-hour work center with a business bar and conference rooms, subterranean parking, fitness center featuring on-demand classes, bike storage and repair station, a resident lounge with free Wi-Fi, theater room, dog wash station and concierge services. Gables Pointe 14 also has a private outdoor courtyard and a rooftop pool and lounge.
ARLINGTON, VA. — Bethesda, Md.-based Meridian Group has purchased 1525 Wilson Blvd., a 12-story office building in the Rossyln neighborhood of Arlington. The Washington Business Journal reports that EQ Office, which is owned by The Blackstone Group Inc., sold the property for $113.2 million. The 318,729-square-foot building sits above a newly renovated Safeway grocery store and is LEED Gold certified. The building is located less one mile from Rosslyn Metro station and offers access to U.S. Routes 29 and 50, the George Washington Memorial Parkway and Interstate 66. Meridian Group plans to make minor renovations to the 78-percent leased building, including upgrading the building’s common areas, lobby, conference center and fitness center. Meridian’s Andrew Pence, Kyle Maurer and Mike McCarthy handled the acquisition internally.