Virginia

Akelius Residential Acquires Apartment Community in Metro D.C. for $170M

by Camren Skelton August 13, 2018

ARLINGTON, VA. — Swedish investor Akelius Residential has acquired Ballston Place, a 383-unit apartment community in Arlington, for $170 million. AvalonBay Communities sold the property, according to Real Estate Alert. Constructed in 1999, Ballston Place is located roughly seven miles west of Washington, D.C., and is within walking distance to the Ballston Metro station and near numerous restaurants and retailers. The community features a swimming pool with sundeck, fitness center, package acceptance services, an onsite convenience store and an underground parking garage. AvalonBay recently renovated unit interiors with granite countertops, vinyl plank wood flooring, dark cabinetry and stainless steel appliances.

August 13, 2018

Loans Retail Southeast Virginia

Avison Young Secures $32M Acquisition Loan for Shopping Center in Metro D.C.

by Camren Skelton August 10, 2018

VIENNA, VA. — Avison Young has arranged a $32 million acquisition loan for Maple Avenue Shopping Center, a 111,810-square-foot retail property in Vienna, roughly 17 miles west of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the loan through PGIM Real Estate Finance on behalf of the borrower, GRI Maple Avenue LLC. Giant Food and CVS/pharmacy anchor Maple Avenue Shopping Center, which was fully leased at the time of sale. The retail center is also home to Michaels and other smaller stores.

August 10, 2018

Data Centers Development Industrial Southeast Virginia

CoreSite Receives County Approval to Expand Data Center Campus in Northern Virginia by 289,000 SF

by Camren Skelton August 10, 2018

RESTON, VA. — CoreSite Realty Corp. has received final approval from the Fairfax County Board of Supervisors to expand the scope of its planned data center campus in Reston. With the approval, CoreSite can build an additional 289,000 square at the campus, bringing the total square footage to 900,000, or more than 100 megawatts. CoreSite acquired the 21.2-acre light industrial/office park in 2016. The data center provider already owns an existing facility in Reston. Upon full build-out of the expansion, its Northern Virginia data center footprint will span nearly 1.4 million square feet. CoreSite is one of the world’s largest data center providers, with 20 facilities under management across New York, Boston, Denver, Chicago, Miami, Silicon Valley, Los Angeles and Northern Virginia.

August 10, 2018

Acquisitions Florida Georgia Healthcare North Carolina Southeast Tennessee Virginia

Catalyst HRE Acquires Healthcare Portfolio Located Across Eight States for $150M

by Camren Skelton August 7, 2018

PENSACOLA, FLA. — Pensacola-based Catalyst Healthcare Real Estate (Catalyst HRE) has acquired a 21-property healthcare portfolio for $150 million. Of the properties, 17 were purchased directly from Physicians Realty Trust. The portfolio is located across eight states and totals 530,182 square feet. Florida has the most significant square footage of buildings at 149,824, and Tennessee has the largest number of buildings at six. The rest of the properties are located in Georgia, Texas, Virginia, Illinois, Indiana and North Carolina. Regional and hospital orthopaedic, oncology, neurology and surgical practices represent 40 percent of the portfolio’s leased space; primary care and internal medicine practices of regional and hospital tenants represent 33 percent; and women’s health and gastroenterology combined represent 10 percent of the leased space. The remainder of the portfolio is leased to physical therapy, imaging, behavioral health and pain management providers. Capital One provided senior debt financing for the acquisition.

August 7, 2018

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $18.6M Sale of Office Tower in Downtown Norfolk

by Camren Skelton August 7, 2018

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $18.6 million sale of Main Street Tower, a 14-story office building located at 300 E. Main St. in downtown Norfolk. A Chicago-based investment fund acquired the asset from an undisclosed seller. Eric Robison and Rob Wright of Cushman & Wakefield | Thalhimer arranged the transaction. The 199,621-square-foot office building was 73 percent leased to seven tenants at the time of sale. The United States Coast Guard anchors the building.

August 7, 2018

Development Mixed-Use Southeast Virginia

S.L. Nusbaum to Develop 250,000 SF Mixed-Use Project in Virginia Beach

by Camren Skelton July 26, 2018

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has acquired 33 acres in Virginia Beach for the development of Burton Crossing, a 250,000-square-foot mixed-use project. The development will be located along Interstate 64 at the intersection of Northampton and Premium Outlets boulevards, adjacent to the recently opened Norfolk Premium Outlets and near a future IKEA store that is scheduled to open in spring 2019. S.L. Nusbaum’s sponsored entity, Northampton Development LLC, acquired the land from the Economic Development Authority of the City of Norfolk for an undisclosed price. Burton Crossing will feature retail, restaurants, office space and a lakefront public park. A construction timeline for the project was not disclosed.

July 26, 2018

Loans Multifamily Seniors Housing Southeast Virginia

STCC Provides $11.2M Financing for Two Seniors Housing, Retail Redevelopment Projects in Richmond

by Camren Skelton July 20, 2018

RICHMOND, VA. — SunTrust Community Capital (STCC) has provided $11.2 million in financing for two redevelopment projects in Richmond’s historic Jackson Ward neighborhood. The Community Preservation and Development Corp. (CPDC) is leading the redevelopments, which will replace current public housing with new workforce housing, seniors housing and retail. The first project, dubbed Jackson Ward, will include 72 newly constructed, one-bedroom seniors housing units in a four-story building. The second project will provide 82 units of mixed-income housing and 6,000 square feet of retail in one building that will be located adjacent to the seniors housing building. CPDC’s Jackson Ward project is part of a larger redevelopment effort to provide replacement housing for 200 units at the Fay Towers Senior Public Housing site in Richmond’s Gilpin neighborhood. CPDC is utilizing the United States Department of Housing and Urban Development (HUD)’s Rental Assistance Demonstration (RAD) program to fund the . CPDC is currently developing replacement housing at three other sites in Richmond.

July 20, 2018

Development Multifamily Retail Southeast Virginia

Skanska Acquires 94,000 SF Site in Metro D.C. for New Retail, Multifamily Development

by Camren Skelton July 16, 2018

TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.

July 16, 2018

Loans Multifamily Southeast Virginia

Avison Young Arranges $15.7M Refinancing for Apartment Community in Metro D.C.

by Camren Skelton July 16, 2018

ARLINGTON, VA. — Avison Young has arranged a $15.7 million loan for the refinancing of Lyon Village Apartments, a 109-unit multifamily community located at 3004 Lee Highway in Arlington, roughly five miles southwest of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the 20-year loan through John Hancock Financial on behalf of the borrower, Lyon Village Apartments LLC. The community was originally constructed in 1939 and underwent extensive renovations in 2002. In addition to refinancing, the owner will use proceeds of the loan to fund another capital improvement program. Lyon Village Apartments is located within one mile of three different Metro stations and one block from Interstate 66. The community features a fitness room and free parking and storage.

July 16, 2018

Development Multifamily Southeast Virginia

Joint Venture Breaks Ground on Transit-Oriented Multifamily Community in Metro D.C.

by Camren Skelton July 13, 2018

ALEXANDRIA, VA. — A joint venture between Novare Group, Mulberry Development Group and Mill Green Partners has broken ground on Cameron Park, a 302-unit apartment community located adjacent to the Van Dorn Metro Station in Alexandria, roughly eight miles south of Washington, D.C. The community will offer a mix of studio to three-bedroom units. Amenities at Cameron Park will include a pool with sundeck, grilling stations, outdoor cabanas, fitness center, separate yoga room, clubroom, game room, cyber café, business center and private offices. KTGY is the project architect, and Fortune-Johnson is the general contractor. Preferred Apartment Communities (PAC) and Citizens Bank are providing construction financing for the project. PAC provides mezzanine loans to development projects and also enters into purchase options to acquire the projects once stabilized. Construction on Cameron Park is scheduled to take 24 months, with the first move-ins expected in the first quarter of 2020.

July 13, 2018

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