Virginia

Becknell to Develop 60-Acre Industrial Park Near Richmond International Airport

by Camren Skelton July 13, 2018

RICHMOND, VA. — Becknell Industrial has acquired a 60-acre parcel of land along Laburnum Avenue and Seven Hills Boulevard in Richmond with plans to construct a four-building industrial campus. The 805,190-square-foot development, located roughly two miles from Richmond International Airport, will be known as Airport Logistics Center. The first phase of the project will include a 246,760-square-foot concrete building with 32-foot clear heights, LED lighting with motion sensors, an ESFR sprinkler system, multiple drive-in doors, trailer parking with 135-foot court depths and a 60-foot loading bay. Becknell expects to wrap up construction on the first building in spring 2019. Cliff Porter of Porter Realty Co. will manage the industrial park and handle the property’s leasing assignment.

July 13, 2018

Acquisitions Office Southeast Virginia

Joint Venture Acquires Three-Building Office Portfolio in Arlington for $152M

by Camren Skelton July 11, 2018

ARLINGTON, VA. — PRP, in a joint venture with Riyiad Capital and GMF Capital, has acquired Sequoia Plaza I, II and III in Arlington for $152 million. The name of the seller was not disclosed. The 370,000-square-foot office portfolio, constructed between 1987 and 1991, was fully renovated between 2012 and 2017. The buildings are 98 percent net-leased to The Arlington County Department of Human Services and Arlington Public Schools through 2030 and 2032, respectively. Sequoia Plaza is located at the intersection of Washington Boulevard and Route 50, near the Clarendon Metrorail Station.

July 11, 2018

Acquisitions Multifamily Southeast Virginia

CBRE Arranges $48.4M Sale of Apartment Community in Metro D.C.

by Camren Skelton July 11, 2018

STERLING, VA. — CBRE has arranged the $48.4 million sale of Chase Heritage, a 236-unit apartment community located at 1212 Chase Heritage Circle in Sterling, roughly 30 miles west of Washington, D.C. Continental Realty Corp. sold the asset to Chandler Management Corp. Jonathan Greenberg, Bill Roohan, Bob Dean, Mike Muldowney, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction. Located in the Dulles Tech Corridor, the community is located near the future Innovation Center Metro Station, scheduled to open in 2019 or 2020. Chase Heritage, constructed in 1986, features a playground, fitness center, pool, picnic area and private balconies or patios.

July 11, 2018

Washington-Dulles-Gateway-Loudoun-County-Virginia

Acquisitions Data Centers Industrial Southeast Top Stories Virginia

Sentinel Acquires 280 Acres for Data Center Development in Northern Virginia for $82.5M

by Taylor Williams July 9, 2018

LOUDOUN COUNTY, VA. — New York-based Sentinel Data Centers has acquired Washington Dulles Gateway, a 280-acre tract in northern Virginia, for $82.5 million. The site features 140 acres of net developable land for a new data center project, which equates to a purchase price of about $589,000 per developable acre. The site is one of the largest contiguous tracts for data center development in in Loudoun County, located northwest of Washington, D.C. “Seventy percent of the world’s internet activity runs through Loudoun County,” says Jay Taustin, a representative for the seller. “We are extremely pleased to have sold this important land parcel to Sentinel Data Centers, which provides world-class facility infrastructure, engineering acumen, technical personnel and operations protocols to its users.” Mark Levy, Matthew Gallagher and Jonathan Walk of JLL represented the seller, which according to datacenterdynamics.com was developer and majority owner H. Christopher Antigone, in the sale. “Significant demand continues to exist for data center product in Loudoun County,” says Levy. “When we began the conversation with Sentinel, it was clear it had the market knowledge and sophistication necessary to execute a complex transaction such as this.” Sentinel also acquired 65 acres in Loudoun County for the same purpose …

July 9, 2018

Acquisitions Retail Southeast Virginia

Calkain Arranges $6.1M Sale of Retail Strip Center in Northern Virginia

by Camren Skelton July 6, 2018

LEESBURG, VA. — Calkain Cos. has arranged the $6.1 million sale of a multi-tenant strip center located at 400-416 Sycolin Road S.E. in Leesburg, a city in northern Virginia. The sales price equates to $440 per square foot. The names of the buyer and seller were not disclosed. A 9,300-square-foot Kiddie Academy anchors the center, which is co-located with a Walgreens.

July 6, 2018

Acquisitions Multifamily Southeast Virginia

CBRE | Richmond Arranges $39.3M Sale of Historic Apartment Community in Downtown Richmond

by Camren Skelton July 5, 2018

RICHMOND, VA. — CBRE | Richmond has arranged the $39.3 million sale of First National Bank Apartments in downtown Richmond. GHA Barnaby Associates acquired the asset from Rushmark FNB LLC. Charles Wentworth and Petyton Cox of CBRE | Richmond, in conjunction with Jonathan Greenberg, Yalda Ghamarian and Tom Leachman of CBRE’s Washington, D.C., office, arranged the transaction on behalf of Rushmark. Originally constructed in 1913 as a bank, the 20-story building was converted to a 154-unit apartment property in 2012. The community features a pool, coffee bar, fitness center, bike storage, package service and laundry facilities.

July 5, 2018

Acquisitions Multifamily Southeast Virginia

CBRE Arranges $78M Sale of Apartment Community in Northern Virginia

by Camren Skelton July 3, 2018

ALEXANDRIA, VA. — CBRE has arranged the $78 million sale of Crystal Woods of Alexandria, a 344-unit apartment community located at 4905 Southland Ave. in Alexandria, roughly eight miles south of Washington, D.C. Jonathan Greenberg, Bill Roohan, Bob Dean, Brian Margerum, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction on behalf of the buyer, Republic Properties Corp. Constructed in 1976, Crystal Woods features a fitness center, pool, playground, courtyard, picnic areas and laundry facilities. The previous ownership implemented capital improvements to building systems and common areas. Crystal Woods is located within a 15-minute drive of employment centers including the Pentagon, U.S. Patent & Trademark Office, the Department of Defense Mark Center campus and Inova Alexandria Hospital. In addition, the property is less than a mile from Landmark Mall, which is scheduled for a 2020 redevelopment start by The Howard Hughes Corp.

July 3, 2018

Acquisitions Hospitality Southeast Virginia

Ashford Hospitality Trust Agrees to Acquire Hilton Hotel in Alexandria’s Old Town District for $111M

by John Nelson June 27, 2018

ALEXANDRIA, VA. — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire Hilton Alexandria Old Town for $111 million. The 252-room hotel is situated adjacent to the King Street Metro station in Alexandria’s Old Town district. Opened in 2000, the hotel features 12,967 square feet of meeting and function space, as well as a Starbucks in the lobby and King Street Tavern on the ground floor. Since 2013, the hotel has undergone $9.6 million in renovations. Ashford Hospitality Trust expects to enter into a non-recourse loan totaling $73.5 million at closing. The loan is expected to have a term of five years and feature an interest rate at 2.45 above LIBOR. The company will also fund the acquisition using $11.1 million in cash from Ashford Inc., the REIT’s Dallas-based advisor. The seller was not disclosed.

June 27, 2018

Loans Office Southeast Virginia

HFF Arranges $104M Acquisition Financing for Office Portfolio in Northern Virginia

by John Nelson June 27, 2018

TYSONS, VA. — HFF has arranged $104 million in financing for Greensboro Park, a two-building office portfolio totaling 505,085 square feet in Tysons, about 16 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF arranged the five-year, floating-rate loan through JP Morgan Chase & Co. on behalf of the borrowers, Velocis and Altus Realty. Greensboro Park features a 14-story and an 11-story office tower located at 8180 and 8200 Greensboro Drive. The office campus is anchored by BB&T and is collectively 83 percent leased to 59 tenants. Amenities include a fitness center, conference facilities, tenant lounges, an on-site café and concierge services.

June 27, 2018

Acquisitions Hospitality Southeast Virginia

Lingerfelt, JDI Realty Acquire Hotel in Virginia Beach; Plan Renovation, Rebranding

by John Nelson June 25, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC, in a joint venture with JDI Realty LLC, has acquired the Virginia Beach Resort Hotel & Conference Center for $19 million. The hotel is situated on the Chesapeake Bay at 2800 Shore Drive. The name of the seller was not disclosed. The new ownership will invest $25 million to renovate the property, rebranding it as a Delta Hotel by Marriott — Virginia Beach Bayfront Suites. Delta Hotels is designed for business and leisure travelers and currently has more than 50 operating hotels across the United States, Canada and China. Commonwealth Lodging Management, Lingerfelt’s hotel management affiliate, will operate the hotel as the Virginia Beach Resort & Conference Center until the renovation commences in the fourth quarter.

June 25, 2018

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