Virginia

The Falstaff Group Acquires Office Building in Downtown Norfolk for $19.9M

by Alex Tostado January 8, 2019

NORFOLK, VA. — The Falstaff Group has acquired Town Point Center, a 12-story, 132,000-square-foot office building located at 150 Boush St. in downtown Norfolk. CIG Town Point Center LLC and The Runnymede Corp. sold the Class A building to Falstaff for $19.9 million. Situated along Elizabeth River, the building was 94 percent leased at the time of the sale to tenants including Verizon Wireless, BDO USA, The UP Center, RCMA Americas and The Virginia Symphony. Gil Neuman of Neuman Commercial Group represented the Florida-based buyer in the transaction, which included the simultaneous sale of the building, the separately owned ground leasehold interest and a seller-leaseback.

January 8, 2019

Acquisitions Retail Southeast Virginia

PAC Subsidiary Purchases Target-Anchored Shopping Center in Charlottesville

by Alex Tostado January 4, 2019

CHARLOTTESVILLE, VA. — New Market Properties LLC, a subsidiary of Preferred Apartment Communities (PAC), has acquired Hollymead Town Center, a Target-anchored shopping center in Charlottesville. In addition to the 142,000-square-foot Target, the center is also anchored by a 60,607-square-foot Harris Teeter grocery store. The seller and sales price were undisclosed, but the property was formerly listed on Regency Centers’ website. Aegon provided a non-recourse acquisition loan to PAC totaling approximately $27.3 million.

January 4, 2019

Acquisitions Multifamily Southeast Virginia

Dominion Realty Partners Sells New Multifamily Complex in Charlottesville for $44M

by Alex Tostado January 3, 2019

CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP) has sold 5th Street Place, a 200-unit apartment community in Charlottesville, to Raia Capital Management for $44 million. The asset was delivered in summer 2018 and was 93 percent occupied at the time of the sale. Amenities include a clubhouse, fitness center, yoga studio, pool and grilling areas. Kris Mikkelsen, Chris Doerr and Will Harvey of Walker & Dunlop represented DRP in the transaction.

January 3, 2019

Acquisitions Industrial Southeast Virginia

JLL Arranges Sale of 320,000 SF Industrial Property in Virginia Beach

by Alex Tostado January 3, 2019

VIRGINIA BEACH, VA. — JLL has arranged the $8 million sale of a 320,000-square-foot industrial property located at 1537 Air Rail Ave. in Virginia Beach. The buyer, Lingerfelt CommonWealth Partners, will reposition the 18-acre site for warehouse use. The asset has historically been used as a manufacturing plant since it was first built in 1979. The property is located within Airport Industrial Park, situated about four miles from Norfolk International Airport. Gregg Christoffersen, Kris Kennedy, Charlie Kenning and Kris Bjorson of JLL represented the undisclosed seller in the transaction.

January 3, 2019

Leasing Activity Office Southeast Virginia

WeWork Signs 83,294 SF Lease in Metro D.C. Mixed-Use Tower

by Alex Tostado December 21, 2018

ROSSLYN, VA. — WeWork has signed an 83,294-square-foot lease for office space at CEB Tower at Central Place in Rosslyn. WeWork will occupy the 25th through 28th floors. The 31-story mixed-use tower was delivered earlier this year and is now 93 percent leased to tenants including Gartner and Accenture. CEB Tower is located about three miles east of downtown Washington, D.C., and includes 45,000 square feet of dining and retail space along with an outdoor public plaza. Greg Lubar, Andy O’Brien and Zach Boroson of JLL represented WeWork in the lease transaction. Jill Goubeaux, Terry Reiley, Caroline Bour and Anna Faktorow of CBRE represented the landlord, JBG Smith. WeWork plans to open its space in the second quarter of 2019.

December 21, 2018

Development Industrial Office Southeast Virginia

St. John Properties Breaks Ground on Four Flex Buildings in Metro D.C.

by Alex Tostado December 18, 2018

LEESBURG, VA. — St. John Properties Inc. has broken ground on four buildings within Leesburg Tech Park in Leesburg. The tech park spans 17 acres, and the four speculative buildings will consist of 160,000 square feet of research & development/flex space with anticipated completion in the summer. St. John Properties purchased the land in 2016. The property is situated about 35 miles west of downtown Washington, D.C.

December 18, 2018

Acquisitions Multifamily Southeast Virginia

Partnership Acquires Multifamily Community in Virginia Beach for $67M

by Alex Tostado December 13, 2018

VIRGINIA BEACH, VA. — RD Management LLC, Heritage Capital Group and Summit Glory Investment have purchased Latitudes Apartments, a 448-unit multifamily community in Virginia Beach, for $67 million. When the renovation is complete, the asset will feature amenities including a new clubhouse, 24/7 fitness center and an expanded pool area/sundeck. The complex is located at 1701 Chase Point Circle in Virginia Beach, about 15 miles east of Norfolk. The seller was undisclosed.

December 13, 2018

Leasing Activity Office Southeast Virginia

U.S. Postal Service Renews 115,747 SF Office Lease in Metro D.C.

by Alex Tostado December 7, 2018

ROSSLYN, VA. — The U.S. Postal Service has renewed its lease at International Place in Rosslyn, where it has housed its Office of the Inspector General for 20 years. USPS is the lead tenant in the 12-story office building, renting 115,747 square feet. Anna Gardiner of JLL represented USPS, and Dave Millard, Peter Berk, Nick Gregorios and Carline Guidera of Avison Young represented the landlord, The Meridian Group, in the lease. International Place is located about three miles west of downtown Washington, D.C.

December 7, 2018

Acquisitions Multifamily Southeast Top Stories Virginia

Harbor Group International Sells Three Apartment Portfolios for $700M

by David Cohen December 5, 2018

NORFOLK, VA. — Harbor Group International (HGI) has sold three apartment portfolios in Florida, Connecticut and Texas for a total of $700 million. The portfolios included seven properties totaling 2,284 units in Central Florida; two properties totaling 568 units in Connecticut; and 12 properties in Dallas and Houston totaling 3,100 units. The specific names and locations were not released. “These transactions are great examples of HGI’s ‘buy wholesale, sell retail’ investment strategy,” says T. Richard Litton Jr., president of HGI. “For all three of these portfolios, we developed individual business plans on a property-by-property basis and then sold the properties to a wide variety of buyers as each property’s investment goals were achieved.” The 21 properties were sold to a total of 15 different buyers. HGI claims the combined sales prices were $140 million higher than the company’s original acquisition price. Based in Norfolk, Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at $8.2 billion. The company’s real estate holdings include 3.7 million square feet of commercial properties and 30,400 apartment units. — David Cohen

December 5, 2018

Loans Multifamily Southeast Virginia

PGIM Provides $78M Green HUD Loan to Refinance Alexandria Apartment Complex

by Alex Tostado December 3, 2018

ALEXANDRIA, VA. — PGIM Real Estate Finance has provided a $78 million FHA refinancing loan to Bonaventure Realty Group for Encore Apartments, a 461-unit apartment community in Alexandria. The 35-year, fixed-rate loan is fully amortizing, non-recourse and approved for green certification through HUD’s Green MIP program. The borrower, Bonaventure, will use the loan proceeds to recover costs incurred for capital improvements. Amenities at Encore Apartments include a swimming pool, movie theater/clubroom, fitness center and free community shuttle service.

December 3, 2018

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