Virginia

HFF Arranges $25.9M Sale of New Pepsi Bottling Distribution Center in Richmond

by Alex Tostado January 18, 2019

RICHMOND, VA. — HFF has arranged the sale of the newly constructed Pepsi Bottling Distribution Center in Richmond. ElmTree Funds purchased the 220,825-square-foot asset for $25.9 million. The center was delivered in November and is triple-net-leased to Bottling Group LLC, a wholly owned subsidiary of Pepsi Beverages Co. Situated along Interstate 95 near Interstates 64 and 295, the facility is located about 12 miles south of downtown Richmond. Steve Conley, Bruce Strasburg, Chris Norvell, Coler Yoakam and Patrick Nally of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction.

January 18, 2019

Acquisitions Hospitality New York Northeast Rhode Island Southeast Virginia

Excel Group Acquires Three-Hotel Portfolio in New York, Rhode Island and Virginia

by David Cohen January 18, 2019

FARMINGVILLE, N.Y., SMITHFIELD, R.I., AND HERNDON, VA. — Washington D.C.-based real estate investment firm Excel Group has acquired three hotel properties in New York, Rhode Island and Virginia. The price and seller were not disclosed. The properties are the 161-room Hampton Inn Long Island Brookhaven in Farmingville; the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield; and the 151-room Hyatt Place Dulles Herndon-East in Herndon.

January 18, 2019

Loans Mixed-Use Southeast Virginia

Capital One Provides $51.3M HUD Loan for Mixed-Use Project in Hampton Roads

by Alex Tostado January 17, 2019

SUFFOLK, VA. — Capital One has provided a $51.3 million HUD 221 (d)(4) loan to BECO Cos. for a mixed-use development in Suffolk. The loan will fund the development of 3800 Acqua, a project that includes 288 apartments and 69,000 square feet of retail and commercial space. The project is the first phase of Bridgeport, which will comprise 150,000 square feet of office space and more than 700 apartment units. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities.

January 17, 2019

Acquisitions Multifamily Southeast Virginia

Colliers Brokers $42.8M Sale of Apartment Complex in Virginia Beach

by Alex Tostado January 17, 2019

VIRGINIA BEACH, VA. — Colliers International Mid-Atlantic has arranged the $42.8 million sale of Woodshire Apartments, a 288-unit complex in Virginia Beach. Amenities include a swimming pool, sundeck, fitness center, dog park, playground and package management services. Will Matthews of Colliers represented the sellers, The Bainbridge Cos. and Core Real Estate Capital, in the transaction. Capital Square 1031 LLC was the buyer.

January 17, 2019

Leasing Activity Office Southeast Virginia

PBS Signs 15-Year Lease to Keep Headquarters in Metro D.C.

by Alex Tostado January 16, 2019

ARLINGTON, VA. — Public Broadcasting Service (PBS) has signed a 15-year lease to remain with landlord JBG Smith Properties. PBS will relocate from JBG Smith’s 2100 Crystal Drive asset in Arlington’s Crystal City district to JBG Smith’s asset situated at 1225 S. Clark St. in Arlington’s National Landing district. National Landing is a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. The two assets are located less than a mile apart. PBS is expected to relocate in mid-2020, where it will occupy 120,328 square feet alongside March of Dimes, Conservation International and other nonprofits. Paul Darr, Dale Powell and Chaise Schmidt of Cushman & Wakefield represented PBS in the lease transaction.

January 16, 2019

Loans Office Southeast Virginia

Square Mile Capital Provides $36M Acquisition Loan to Meridian Group for Office Building in Arlington

by Alex Tostado January 15, 2019

ARLINGTON, VA. — Square Mile Capital Management LLC has provided a $36 million loan to The Meridian Group for the acquisition of a five-story office building situated in Arlington’s Courthouse District. The office building is located at 2500 Wilson Blvd., about five miles north of Ronald Reagan Washington National Airport and about four miles west of downtown Washington, D.C. The loan also includes funds for capital improvement and leasing plans. Joe Donato and Kassi Sardidakis of Newmark Knight Frank arranged the financing.

January 15, 2019

Industrial Leasing Activity Southeast Virginia

Printing Manufacturer Signs 461,700 SF Lease to Relocate East Coast Distribution Warehouse to Richmond

by Alex Tostado January 15, 2019

RICHMOND, VA. — Brother International Corp., a manufacturer of printing, labeling and sewing machines, has signed a 461,700-square-foot lease to fully occupy Richmond’s largest ever speculative warehouse building. Brother International is relocating from New Jersey and is expected to move in to the new warehouse in the second quarter of this year. Matt Anderson of Colliers International represented the landlord, Panattoni Development Co., and Gregg Christoffersen and Andy Zezas of JLL represented Brother International in the lease transaction.

January 15, 2019

Acquisitions Industrial Southeast Top Stories Virginia

Avison Young Arranges $142M Sale of Industrial Park in Northern Virginia

by Kristin Harlow January 11, 2019

LORTON, VA. — Avison Young has arranged the $142 million sale of Gunston Commerce Center, an industrial/flex business park in Lorton, about 20 miles south of Washington, D.C. NGP, formerly National Government Properties, purchased the property from I-95 Business Parks Management, according to the Washington Business Journal. The park spans nine buildings and 600,000 square feet of rentable space. It is situated between the Pentagon and the Marine Corps Base Quantico. The property is leased to a roster of tenants anchored by federal government contractors and the General Services Administration, which is the real estate management entity of the federal government that leases space on behalf of agencies such as the Department of Defense. The buildings are flexible in design, with uses ranging from office and warehouse to R&D and retail. John Kevill, Jim Kornick, Chip Ryan, Michael Murrillo and Georgiana Condoiu of Avison Young marketed the property on behalf of the seller. — Kristin Hiller and Alex Tostado

January 11, 2019

Acquisitions Hospitality Loans Southeast Virginia

Berkadia Arranges $18.8M Sale of Hotel in Northern Virginia

by Alex Tostado January 10, 2019

FREDERICKSBURG, VA. — Berkadia has arranged the $18.8 million sale of Courtyard by Marriott Fredericksburg, a newly renovated hotel located at 620 Caroline St. in Fredericksburg’s historic district. The hotel features an onsite restaurant and bar, indoor swimming pool and a fitness center. Kyle Stevenson and Matthew Bailly of Berkadia represented the seller, Inns of Historic Fredericksburg, an ownership affiliate of Vienna, Va.-based Palmer Gosnell Hospitality LLC. Adrienne Kautzman of Berkadia arranged $12 million in acquisition financing on behalf of the buyer, Utah-based Venture Hospitality Holdings LLC.

January 10, 2019

Loans Office Southeast Virginia

HFF Secures $32.2M Refinancing Loan for Office Building in Northern Virginia

by John Nelson January 9, 2019

TYSONS, VA. — HFF has secured a $32.2 million refinancing loan on behalf of True North Management Group for 7600 Leesburg Pike, a 219,000-square-foot office building in Tysons, about 16 miles west of Washington, D.C. The loan has a floating interest rate and a three-year term. The office building was built in the 1980s and was renovated in 2016. True North plans to further renovate the asset this year, adding on-site amenities, a deli and a fitness center. Loan proceeds were used to refinance the original acquisition loan and provide funds for the borrower to implement its business plan to lease up and stabilize the asset.

January 9, 2019

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