Virginia

Consolidated-Tomoka Land Buys Metro D.C. Retail Asset Leased to 24 Hour Fitness for $21.3M

by John Nelson May 30, 2019

FALLS CHURCH, VA. — Consolidated-Tomoka Land Co. has purchased a 46,000-square-foot retail property in Falls Church for $21.3 million. The store has nine years remaining on its lease to 24 Hour Fitness and includes rental escalations. The property is also zoned for up to four stories and multiple uses, including residential. Consolidated-Tomoka Land bought the store in a 1031 exchange using proceeds from an $18.3 million sale of a 112,000-square-foot store in Winter Park, Fla., that is also leased to 24 Hour Fitness. The property includes a 1.6-acre outparcel that is under a 20-year ground lease to Wawa. Consolidated-Tomoka Land is a Florida-based, publicly traded real estate investor that owns approximately 2.3 million square feet of income properties in diversified markets in the United States, as well as more than 5,300 acres of land in its home market of Daytona Beach.

May 30, 2019

Acquisitions Multifamily Southeast Virginia

Colliers Brokers $9M Sale of Apartment Complex in Charlottesville

by Alex Tostado May 29, 2019

CHARLOTTESVILLE, VA. — Colliers International has arranged the $9 million sale of Carrollton Terrace Apartments, a 24-unit multifamily property in Charlottesville. The community offers two-, three- and four-bedroom floor plans, was built in 2005 and is situated one mile from the University of Virginia off Jefferson Park Avenue. Charles Wentworth, Hank Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Will Mathews of Colliers represented the seller, BRJ Virginia LLC, in the transaction. Carrollton Terrace LLC, an affiliate of Flag Holding LLC, purchased the property.

May 29, 2019

Acquisitions Retail Southeast Virginia

Finmarc Management Acquires Retail Center in Northern Virginia for $29.8M

by Alex Tostado May 21, 2019

MANASSAS, VA. — Finmarc Management Inc. has acquired Manaport Plaza Shopping Center, a 250,000-square-foot retail center in Manassas, about 30 miles west of Washington, D.C. Combined Properties Inc. sold the shopping center to Finmarc for $29.8 million. The property was 90 percent leased at the time of sale to tenants including Marshalls, Gabe’s, Ollie’s Bargain Outlet, Tuesday Morning, McKay Books, Advance Auto Parts and Dollar Tree. The property is located adjacent to Manassas Mall and the 117,000-square-foot retail center Festival at Manassas, which Finmarc bought in December 2017. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal representation on behalf of Finmarc. Cliff Mendelson and Al Missirlian of Metropolis Capital Advisors arranged acquisition financing.

May 21, 2019

Leasing Activity Office Southeast Virginia

Rubenstein, Griffith Properties Sign Freddie Mac to 150,000 SF Office Lease in Metro D.C.

by Alex Tostado May 21, 2019

TYSONS, VA. — Rubenstein Partners and Griffith Properties have signed a tenant to a full-building, 150,000-square-foot office lease within Centerstone at Tysons. The name of the tenant was not disclosed, however, multiple news outlets report the tenant is government-sponsored enterprise Freddie Mac. Centerstone at Tysons is located near two stops along the Washington Metropolitan Area Transit Authority (WAMTA), as well as Interstate 495 and several retail and dining options. A timeline for Freddie Mac’s move into the space was not disclosed.

May 21, 2019

Development Retail Southeast Virginia

Lidl to Open 25 East Coast Grocery Stores by Spring 2020

by Alex Tostado May 20, 2019

ARLINGTON, VA. — Lidl US plans to open 25 grocery stores on the East Coast by spring 2020. The 25 stores will be located in Virginia, South Carolina, North Carolina, Maryland, New Jersey, Pennsylvania and New York, including the first four in Long Island. Openings for the individual stores were not released. In conjunction with the openings, Lidl US also plans to close two stores in Rockingham and Kinston, N.C. this summer. Lidl operates 10,500 grocery stores in 29 countries. Lidl established its U.S. headquarters in Arlington in June 2015.

May 20, 2019

Acquisitions Multifamily Southeast Virginia

HFF Arranges $228M Sale of Multifamily High Rises in Northern Virginia

by Alex Tostado May 14, 2019

ARLINGTON, VA. — HFF has arranged the $228 million sale of Meridian at Pentagon City, a two-tower, 534-unit multifamily property in Arlington. A joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets-U.S. sold the asset. A joint venture between Polinger Development Co. and an unidentified institutional investor acquired the community. Meridian at Pentagon City is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s forthcoming 4.1 million-square-foot office headquarters. The community offers studio, one- and two-bedroom floor plans averaging 846 square feet. Amenities include two rooftop pools, two outdoor terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom with gaming area, business center, guest suite accommodations, concierge services and a 24-hour front desk. Jamie Leachman of HFF worked on behalf of the buyer to secure $126.9 million in acquisition financing through MetLife Investment Management. Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton of HFF represented the seller in the transaction.

May 14, 2019

Acquisitions Retail Southeast Virginia

Bogese Sells Shopping Center in Richmond for $5.7M

by Alex Tostado May 13, 2019

RICHMOND, VA. — Bogese Cos. has sold The Shoppes at Belvedere, a 22,577-square-foot shopping center in Richmond, for $5.7 million. The shopping center was 90 percent leased to nine tenants at the time of the sale, including Firebirds Wood Fire Grill, Stavna Dance Academy and Wilson Lee Interiors. Klein Enterprises acquired the property, which was built in 2008. Catharine Spangler, Calvin Griffith, Pete Waldbauer and Nicki Jassy of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

May 13, 2019

Hilton-Hawaiian-Village-Waikiki-Beach-Resort

Acquisitions Hospitality Southeast Top Stories Virginia

Park Hotels & Resorts to Acquire Chesapeake Lodging Trust in $2.7B Hospitality REIT Merger

by Taylor Williams May 6, 2019

ARLINGTON, VA. — Park Hotels & Resorts Inc. (NYSE: PK) has entered into an agreement to acquire Chesapeake Lodging Trust (NYSE: CHSP) in a stock-and-cash transaction valued at approximately $2.7 billion. Both companies are Virginia-based hotel REITs, with Park headquartered in Tysons and Chesapeake headquartered in Arlington, just seven miles apart in the suburbs of Washington, D.C. The deal, which is expected to close during the late third or early fourth quarter of this year, would create a company with an estimated enterprise value of $12 billion. Upon closing, Park stockholders will own roughly 84 percent of the new company, and Chesapeake shareholders will own roughly 16 percent. Park’s current portfolio includes 52 hospitality properties totaling more than 30,000 rooms, mostly located in the U.S. with a handful in South America and the U.K. The company, which spun off from Hilton in 2017, focuses on high-end hotels. Chesapeake’s current portfolio includes 20 properties totaling 6,288 rooms in eight states and Washington, D.C. The company also focuses on “upper-upscale” hotels. Park has secured $1.1 billion in financing from Bank of America Merrill Lynch. Proceeds will be used to fund the cash component of the deal, as well as to cover some …

May 6, 2019

Development Multifamily Seniors Housing Southeast Virginia

Sunrise Senior Living Starts Redevelopment Project Near D.C.

by Alex Tostado May 3, 2019

ALEXANDRIA, VA. — Sunrise Senior Living has completed demolition of the former National Association of Professional Insurance Agents buildings in the Old Town neighborhood of Alexandria, with plans to build a 93-unit assisted living property on the land. Located south of Washington, D.C. along the Potomac River, this will be Sunrise’s second community in Alexandria. Rust | Orling Architecture is designing the project. SunTrust Bank provided a $45.5 million loan to finance the construction.

May 3, 2019

Acquisitions Multifamily Southeast Top Stories Virginia

WashREIT Acquires 1,685-Unit Multifamily Portfolio in Northern Virginia for $379.1M

by Kristin Harlow May 1, 2019

ALEXANDRIA, HERNDON, MANASSAS AND LEESBURG, VA. — WashREIT (NYSE: WRE) has acquired a five-property, 1,685-unit multifamily portfolio in Northern Virginia for $379.1 million. The properties include: 205 Century Place in Alexandria; 13690 Legacy Circle and 2511 Farmcrest Drive in Herndon; 10519 Lariat Lane in Manassas; and 86 Heritage Way NE in Leesburg. Sellers were not disclosed. “We are pleased to be growing our Northern Virginia multifamily portfolio by 53 percent at a time when that region is poised to deliver strong economic growth fueled by a thriving technology sector,” says Paul McDermott, president and CEO of WashREIT. “We look forward to capitalizing on northern Virginia’s robust job growth prospects and its continued demand for quality, value-oriented rental housing on an even larger scale.” Although details on the properties were not disclosed, the buyer refers to the portfolio as being value-add, suggesting property improvements are on the horizon for the portfolio. WashREIT now owns a total of 4,861 multifamily units in Northern Virginia. The company expects to close on a second acquisition totaling 428 units across two apartment communities in Maryland’s Montgomery County during the second quarter of this year for $81.9 million. The company plans to pay for its expansion …

May 1, 2019

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