Virginia

Retail Demand in Richmond Strengthens as Vacancy Nears Lowest Level This Cycle

by Alex Tostado September 30, 2019

Virginia’s capital city added more jobs in 2018 than in 2017 and 2016 combined. The addition of 11,000 jobs in 12 months aided a 7 percent population growth since 2010 and a median household income increase of $10,000 since 2016. With only 2.9 percent unemployed, residents now have more disposable income to shop. Richmond’s rapid growth brought vacancies to the lowest they’ve been in almost 15 years. At 4.7 percent, vacancy is near the cycle’s lowest trough of 4.5 percent in late 2005. Grocery store competition and limited speculative construction are driving down vacancies. In January, Food & Wine magazine published that Richmond was “Secretly the Supermarket Capital of America.” Publix’s takeover of Martin’s gave the Florida-based grocer a foothold, and new Publix stores are coming by the fourth quarter of 2019 in Westpark Shopping Center, Swift Creek and The Village Shopping Center. Kroger retains the highest market share despite operating only 18 stores compared to Food Lion’s 48. At last count, Aldi stores number 11, The Fresh Market four and Lidl six. With only two stores, however, Wegmans is the per-store average sales leader. Besides grocers, other expanding big box users include Launch Trampoline Park, Burlington, Conn’s HomePlus and …

September 30, 2019

Acquisitions Mixed-Use Southeast Virginia

Sachs, Blackfin Purchase Mixed-Use Property Near Amazon HQ2 for $70M

by Alex Tostado September 27, 2019

FALLS CHURCH, VA. — Sachs Cos. and Blackfin Real Estate Investors have purchased Loren Falls Church, a mixed-use property in Falls Church, for $70 million. Loren Falls Church comprises 185 multifamily units and 13,577 square feet of retail space. The property was built in 2017 and was 97 percent occupied at the time of sale. Communal amenities for residents include a swimming pool, fitness center, outdoor lounge, living room lounge and a community kitchen. Retail tenants include Orangetheory Fitness and Casual Pint. Located at 6410 Arlington Blvd., the asset is situated 10 miles west of National Landing, the future home of Amazon HQ2. The seller was not disclosed, although according to multiple media reports, Bozzuto was the seller and developer.

September 27, 2019

Acquisitions Multifamily Southeast Virginia

JLL Negotiates $141M Sale of Transit-Oriented Apartment Community in Northern Virginia

by Alex Tostado September 26, 2019

ASHBURN, VA. — JLL has negotiated the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment complex in Ashburn. The property is situated at 21827 High Rock Terrace, less than one mile from the Ashburn Metro Station and 30 miles west of downtown Washington, D.C. The community offers one-, two- and three-bedroom floor plans averaging 1,001 square feet. Forty of the units are designated affordable housing. Communal amenities include two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, playground, 24-hour fitness center, multi-station business center, indoor lounge with fireplace, demonstration kitchen and a dining area. Walter Coker and Brian Crivella of JLL represented the seller, Northwestern Mutual, in the transaction. The buyer was Fairfield Residential.

September 26, 2019

Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial Construction Activity Remains Robust in Greater Richmond Area

by Alex Tostado September 23, 2019

At the mid-year mark, the greater Richmond area industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked (Class A, B, C vacant and investor-owned product with a minimum of 40,000 square feet total RBA). Class A occupancy increased slightly from 89 percent at the end of the first quarter to 91 percent at the end of the second quarter, and the majority of the Class A vacancy is attributed to a vacancy approaching 800,000 square feet in the former Ace Hardware facility in Prince George’s County. Ashley Capital purchased the property in early July for $21.7 million and will be offering the facility for lease. Class B occupancy has also experienced an increase to 92 percent, up from 89 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 96 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck. In addition to being the northernmost right to work state on the Eastern Seaboard, Virginia …

September 23, 2019

Acquisitions Office Southeast Virginia

Finmarc Management Purchases Research & Development Campus in Northern Virginia for $26.1M

by Alex Tostado September 18, 2019

ASHBURN, VA. — Finmarc Management Inc. has purchased an office building and adjacent industrial facility in Ashburn for $26.1 million. The 190,000 square feet of research and development space serves as Telos Corp.’s headquarters. Telos provides information technology solutions and services to the military, intelligence and civilian agencies of the federal government and NATO allies. The property consists of a three-story, 110,000-square-foot office building and a single-story, 80,000-square-foot industrial structure that are located on a 26-acre site. Situated at the intersection of Ashburn Road and Leesburg Pike, the warehouse/research and development component of the property is equipped with 18- to 20-foot ceiling heights, four dock-high and two drive-in loading doors, as well as a surface parking lot that surrounds both buildings. The buildings are located eight miles from Dulles International Airport and 30 miles from downtown Washington, D.C. Andrew Weir, Bruce Strasburg and James Meisel of JLL represented the undisclosed seller in the transaction.

September 18, 2019

Development Multifamily Southeast Virginia

Bristol Development Opens 301-Unit Multifamily Complex in Richmond

by Alex Tostado September 11, 2019

RICHMOND, VA. — Bristol Development Group has opened Canopy at Ginter, a 301-unit multifamily complex in Richmond. Canopy at Ginter offers 112 one-bedroom floor plans, 186 two-bedroom floor plans and three three-bedrooms plans ranging in size from 629 square feet to 1,623 square feet. Additionally, several units feature attached garages. Communal amenities include a clubhouse with a kitchen, saltwater swimming pool, bike storage, pet spa, fitness and yoga studio, outdoor pool table, Wi-Fi throughout the community, indoor mailroom and a package delivery/storage system. The community was built through a partnership with Union Presbyterian Seminary. The school is located across the street and previously owned the land that Canopy at Ginter sits upon. The community will provide Union students with additional housing opportunities. Canopy at Ginter Park is located at the corner of Westwood Avenue and Brook Road, three miles north of downtown Richmond. Fifth Third Bank provided construction financing.

September 11, 2019

Acquisitions Multifamily Southeast Virginia

Hamilton Zanze Acquires 248-Unit Multifamily Community in Northern Virginia

by Alex Tostado September 9, 2019

ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was built in 1988. Abbotts Run is located at 5711 Woodlawn Gable Drive, 20 miles southwest of downtown Washington, D.C.

September 9, 2019

Development Retail Southeast Virginia

Barnett Properties Breaks Ground on Publix-Anchored Shopping Center in Northern Virginia

by Alex Tostado September 3, 2019

STAFFORD, VA. — Barnett Properties has broken ground on Embrey Mill Town Center, a Publix-anchored shopping center in Stafford. The property will also feature 26,500 square feet of small shop space. Carter Bank provided construction financing. Freeman Morgan Architects designed the shopping center, and VHB is the engineer. Steve Sartorio of Barnett Properties will handle leasing efforts. Barnett Properties expects to open Embrey Mill Town Center in early 2021. This Publix will join locations in Williamsburg and Fredericksburg as the only Publix stores in Virginia outside of the Richmond metro area.

September 3, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Acquisitions Office Southeast Top Stories Virginia

Hines, Oaktree Acquire 178,700 SF Office Building in Metro D.C. for $93.2M

by Kristin Harlow August 28, 2019

BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia. The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles. Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at 4075 Wilson Blvd., five miles west of downtown Washington, D.C. Ballston is home to new developments such as Ballston Quarter and Ballston Exchange, which are slated to include approximately 500,000 square feet of retail and entertainment options as well as 2,000 residential units. Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley of JLL represented the seller, Westbrook Partners, in the transaction. Susan Carras, Rob Carey and Drake Greer, also of JLL, arranged $67.6 million in acquisition financing for the buyer. Bank of America provided the seven-year, floating-rate loan. New York City-based Westbrook is a privately owned real estate investment management company. Houston-based Hines is a privately owned real estate investment, development and management firm with …

August 28, 2019

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