CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP), in partnership with Stony Point Development Group (SPDG), has announced plans to break ground on Rio Point Apartments, a multifamily development in Charlottesville. United Bank will provide construction financing and Quad Capital Partners is providing equity for the project, which is scheduled to begin construction in the coming days. Upon completion, the property will total 328 units, with 15 percent of residences designated as affordable housing for residents earning 80 percent of the area median income (AMI). Apartments will feature one-, two- and three-bedroom layouts. Amenities will include a pool with grilling stations, fitness center and an interior park with a separate dog park. The first units of Rio Point are scheduled for completion in summer 2025.
FALLS CHURCH, VA. — Hoffman & Associates has opened Home2 Suites by Hilton Falls Church, a hotel featuring 146 suites within the 10-acre West Falls neighborhood in Northern Virginia. The hotel’s amenities include a 24-hour fitness facility, business center, complimentary Wi-Fi and daily complimentary breakfast. According to the property website, average room rates range from $240 to $259. In addition to the hotel, West Falls features The Alder apartments, The Reserve at Falls Church seniors housing, The Oak Condominiums, The Wellness Center and more than 120,000 square feet of shops and restaurants, including early education and preschool program Tierra Encantada.
RICHMOND, VA. — MacKenzie Investment Group has signed Georgia-based U.S. Cabinet Depot, a supplier of kitchen and bathroom cabinetry, to a 194,400-square-foot industrial lease within North Richmond Industrial Park. The two-building park is located on a 75-acre site in Richmond and will ultimately span 550,000 square feet. The tenant will occupy space within Phase II of North Richmond Industrial Park, a 315,900-square-foot building at 12063 Washington Highway that is set to deliver this summer. Jimmy Appich and Muscoe Garnett of JLL represented MacKenzie in the lease negotiations, and Jason Hetherington, Brad Lowry and Doug Tice of CBRE represented U.S. Cabinet Depot.
SUFFOLK, VA. — A joint venture between Atapco Properties Inc. and Ausblick Development has purchased 124 acres within Virginia Port Logistics Park, a 932-acre industrial campus located in the Hampton Roads city of Suffolk. Situated about 30 miles from the Port of Virginia, the site has the capacity to accommodate 1.5 million square feet of industrial space across a single facility or multiple buildings. Construction plans were not disclosed. The project represents the entry into Hampton Roads for both Atapco Properties and Ausblick Development.
ARLINGTON, VA. — Berkadia has secured a $40.6 million loan for the acquisition of Marlowe Apartments, a 162-unit multifamily community located in Arlington. Built in 1987, the property is situated directly across from the newly completed Amazon HQ2, Metropolitan Park. Brian Gould, Miles Drinkwalter and Pat Cunningham of Berkadia arranged the financing on behalf of the buyer, Washington, D.C.-based The FORTIS Cos. Additionally, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia represented the undisclosed seller in the sale to FORTIS.
FALLS CHURCH, VA. — Mid-Atlantic development firm Hoffman & Associates has announced new details and branding for an apartment community coming to West Falls, a new mixed-use neighborhood in metro Washington, D.C. Located at W. Falls Station Blvd. in Falls Church, The Alder will feature 400 apartments, ground-level retail space and 26,000 square feet of indoor and outdoor amenities, including a fitness center, library lounge, pet spa, outdoor TV lounge and a resort-style pool. In addition to the eight-story multifamily property, plans for the West Falls neighborhood will include the recently announced Experience Senior Living residence, The Reserve at Falls Church, and more than 120,000 square feet of shops and restaurants. The neighborhood is home to a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.
WAYNESBORO, VA. — Legacy Realty Group Advisors has brokered the $3.9 million sale of Hopeman Shopping Center, a 46,872-square-foot retail center located in Waynesboro, about 96 miles west of Richmond. Food Lion anchors the property, which was 92 percent leased at the time of sale. Jacob Baruch and Ari Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity.
RICHMOND, VA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Gayton Crossing, a 160,830-square-foot retail center located at 9782 Gayton Road. in Richmond. Tenants at the property, which was developed in 1981, include Bank of America, Gold’s Gym, Goldfish Swim School, Jos. A. Bank, KidStrong, Starbucks Coffee, Virginia ABC and The UPS Store. Kroger shadow-anchors the center, which is situated on a 15.6-acre site within 15 miles of the University of Richmond and Virginia Commonwealth University. CRC purchased the property with funds from the Continental Realty Opportunistic Retail Fund I LP, a closed-end fund. Jordan Lex, Dean Sands and Danny Naughton of JLL represented the undisclosed seller in the transaction. The sales price was also not disclosed.
PETERSBURG, VA. — The City of Petersburg has selected Bruce Smith Enterprise and The Cordish Cos. to co-develop a $1.4 billion gaming and entertainment district at the intersection of Wagner Road and I-95 in Petersburg, roughly 24 miles south of Richmond. The Petersburg City Council unanimously approved the joint venture partnership, which responded to a request for proposal (RFP) issued by the city as the preferred development partner on the mixed-use project. Upon completion, Live! Casino & Hotel Virginia will comprise more than 400,000 square feet of gaming, hotel and dining space, as well as 35,000 square feet of meeting and convention space; a 200-room hotel; 1,600 slot machines; 46 table games; a sportsbook; 3,000-seat entertainment venue; and eight food-and-beverage options. The property will be developed, owned and managed by an entity doing business as Petersburg Community Development Investors LLC. According to the developers, the project will create an expected 7,500 new jobs and generate $2.8 billion in economic stimulus within the first 10 years. Projections also include $504 million in tax revenues, including $240 million to the City of Petersburg; $802 million in economic benefits during construction; and $201 million in annual economic benefits each year after opening.
RICHMOND, VA. — Newmark has arranged the $33.5 million sale of Atlee Station Corporate Campus, an office headquarters campus located along the I-295 beltway in Richmond. Andrew Sandquist, Adam Faulk, J.C. Asensio, Adam Petrillo, Briggs Goldberg, Will Bradley and Mark Williford of Newmark represented the undisclosed seller in the transaction. Constructed in 2006, the property comprises a 165,000-square-foot building and an additional 50-acre land parcel. The property recently underwent extensive renovations that included delivery of fully renovated restrooms and common areas, an onsite cafeteria, outdoor patio seating and a fitness center.