Virginia

Velocis, Altus Realty Acquire 505,085 SF Office Complex in Metro D.C.

by Camren Skelton June 12, 2018

TYSONS, VA. — Velocis, in partnership with Altus Realty, has acquired Greensboro Park, a two-building, 505,085-square-foot office complex located at 8180 and 8200 Greensboro Drive in Tysons, roughly 16 miles west of Washington, D.C. CBRE arranged the transaction on behalf of the seller, an affiliate of Beacon Capital Partners LLC. The sales price was not disclosed. Greensboro Park includes one 11-story and one 14-story building, which were collectively 83 percent leased at the time of sale. Amenities include a fitness center, conference center, tenant lounge and an on-site café. Located within walking distance to the Greensboro Metro Station and Tysons Galleria, the property is situated adjacent to The Boro, a mixed-use development. The previous ownership renovated Greensboro Park in 2015, and Velocis and Altus plan to further renovate the building’s lobbies, common areas, restrooms and green space. JLL will manage the property.

June 12, 2018

Northern-Virginia-Industrial-Park-Springfield-Virginia

Acquisitions Industrial Southeast Top Stories Virginia

PS Business Parks Acquires 1.1 MSF Industrial Portfolio in Northern Virginia for $143.3M

by Taylor Williams June 11, 2018

SPRINGFIELD, VA. — PS Business Parks Inc. (NYSE: PSB), a California-based office and industrial REIT, has acquired a portfolio of industrial properties totaling roughly 1.1 million square feet in northern Virginia. The purchase price was $143.3 million. The portfolio consists of the 19 buildings located within the 813,725-square-foot Northern Virginia Industrial Park and the 241,000-square-foot Fullerton Industrial Park. Both of these developments, which span a combined 65 acres, are located in Springfield, about 15 miles southwest of Washington, D.C. PS Business Parks already owns three industrial parks totaling 606,000 square feet in this area. Those properties have posted a historical average occupancy of 95 percent since 2000. With the acquisition of these two properties, the company’s footprint in the Springfield/Newington submarket totals approximately 1.7 million square feet, roughly 11 percent of the submarket supply. “We are confident that these properties will achieve the same occupancy and rent growth we have accomplished in our other locations in this market,” says Maria Hawthorne, president and CEO of PS Business Parks. “The location is superb as it is adjacent to Fort Belvoir and just south of the Pentagon in a densely populated area with excellent access to transportation.” The average lease size at …

June 11, 2018

Acquisitions Multifamily Southeast Virginia

STAR III Acquires Multifamily Community in Hampton Roads Region for $30.1M

by Camren Skelton June 7, 2018

CHESAPEAKE, VA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Cottage Trails at Culpepper Landing, a 183-unit multifamily community in Chesapeake, for $30.1 million. The name of the seller was not disclosed. Completed in 2015, the Hampton Roads property include eight, three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a community clubroom with catering kitchen, saltwater pool, fitness and yoga studio, dog park, playground, residential storage units, cyber café and grilling areas. STAR III plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms, as well as renovate and update some of the common amenities.

June 7, 2018

Office Southeast Virginia

Bridge Investment Sells Office Park in Richmond for $62.4M

by Camren Skelton May 30, 2018

RICHMOND, VA. — Bridge Investment Group has sold SunTrust Center One and Two, a two-building office park located at 11011 and 11013 W. Broad St. in Richmond. Washington, D.C.-based FD Stonewater acquired the buildings, which total 419,653 square feet, from Bridge for $62.4 million. SunTrust Center One is fully leased to SunTrust Banks Inc. for 10 years. The building recently underwent a $30 million renovation that included a new lobby, fitness center, cafeteria, new glass storefront and collaborative workspaces. SunTrust Center Two is fully leased to five tenants: Magellan Health, SunTrust Banks, RetailData, Home Care Delivered and EMC Corp. Eric Robison of Cushman & Wakefield | Thalhimer and Eric Berkman and Williams Collins of Cushman & Wakefield’s D.C. office arranged the transaction on behalf of Bridge. Cushman & Wakefield | Thalhimer will manage the property and handle the buildings’ leasing assignments.

May 30, 2018

Acquisitions Property Type Retail Southeast Virginia

JCR Acquires Shopping Center in Metro D.C. for $6.7M

by John Nelson May 25, 2018

ALEXANDRIA, VA. — The JCR Cos. has acquired Krispy Korner Shopping Center in Alexandria, located eight miles south of Washington, D.C., for $6.7 million. The 16,680-square-foot center formerly housed a Krispy Kreme. Krispy Korner LLC sold the property, according to local media reports. The transaction marks JCR’s 10th shopping center acquisition since 2012 and its second for 2018. The center is home to tenants such as Wing Stop, Sprint, One Main Financial, a dentist and a dry cleaner.

May 25, 2018

Healthcare Loans Property Type Southeast Virginia

Ready Capital Provides $5.6M Acquisition Loan for Medical Office Building in Richmond

by John Nelson May 25, 2018

RICHMOND, VA. — Ready Capital Structured Finance has provided a $5.6 million acquisition loan for an approximately 40,000-square-foot medical office facility located at 7301 Forest Ave. in Richmond’s West End. The undisclosed borrower will use proceeds from the floating-rate loan to renovate and lease up the asset. The interest-only, non-recourse loan features a 36-month term with two extension options. The medical office building is situated less than a mile from Henrico Doctors’ Hospital, a 340-bed community hospital operated by HCA Virginia.

May 25, 2018

Development Mixed-Use Southeast Virginia

BECO to Develop Mixed-Use Project in Coastal Virginia

by Camren Skelton May 17, 2018

SUFFOLK, VA. — BECO, a Virginia-based multifamily and commercial property developer, has unveiled plans for Bridgeport, a mixed-use development in Suffolk. The first phase of the waterfront project will include 3800 Acqua, a 288-unit multifamily community; 10,000 square feet of Class A office space; and 60,000 square feet of retail space. The multifamily portion of the project is scheduled to open in spring 2019. Construction on Phase I is expected to begin later this summer, and additional phases are in the planning stages.

May 17, 2018

Acquisitions Development Hospitality Southeast Virginia

Lingerfelt CommonWealth to Acquire Hotel in Virginia Beach for $19M, Invest $25M for Renovation

by Camren Skelton May 16, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC will acquire the Virginia Beach Resort Hotel & Conference Center, a 295-room hotel located at 2800 Shore Drive in Virginia Beach, for $19 million. The Richmond, Va.-based company plans to invest $25 million to renovate the property, and will rebrand it as Delta Hotel by Marriott, a hospitality brand designed for business and leisure travelers. The 263,328-square-foot property is situated on 3.6 acres along the Chesapeake Bay. Commonwealth Lodging Management LLC, Lingerfelt’s hotel management affiliate, will operate and manage the hotel. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant of $200,000 based on the company’s capital investment of $25 million. The new operators will continue to run the hotel through the season and close it sometime in October to complete the 14-month renovation project, according to Warren Harris, director of Virginia Beach Economic Development.

May 16, 2018

Loans Office Southeast Virginia

NXT Capital Provides $19M Refinancing for Office Building in Reston, Virginia

by Camren Skelton May 16, 2018

RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.

May 16, 2018

Loans Multifamily Southeast Virginia

HFF Arranges $95.5M Acquisition Loan for Apartment Community in Metro D.C.

by Camren Skelton May 15, 2018

ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at Old Town. Located at 401 Holland Lane, the property is adjacent to a Whole Foods Market and within walking distance to the King Street Metro Station. Community amenities include a resort-style pool, barbecue area, putting green, fitness center, clubroom with billiards, concierge services and on-site dry cleaning service.

May 15, 2018

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