Virginia

Cushman & Wakefield | Thalhimer Brokers $7.5M Sale of Office Building in Richmond

by Alex Tostado March 14, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $7.5 million sale of Windsor I, a single-story, 58,000-square-foot office/flex building situated at 8550 Magellan Parkway within Windsor Business Park in Richmond. The asset was built in 1999 and was 100 percent leased at the time of the sale to Bon Secours Nursing School and Patterson Dental Supply. Windsor I is one of six buildings in the 62-acre business park, which is located about eight miles north of downtown Richmond. Eric Robinson and Evan Magrill of Cushman & Wakefield | Thalhimer represented the seller, Magellan Investors LLC, in the transaction. Gregg Beck of Thalhimer represented the buyer, JBW Winsdor Investment Co.

March 14, 2019

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $125M Sale of Five-Property Shopping Center Portfolio in Metro Richmond

by Alex Tostado March 13, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $125 million sale of a five-property shopping center portfolio in metro Richmond spanning 745,000 square feet. Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer represented the seller, Marchetti Properties, in the transaction. Rosenthal Properties and PGIM Real Estate purchased the portfolio, which includes Stonehenge Village, a 180,000-square-foot power center anchored by Wegmans. The shopping center also features 71,300 square feet of inline space and five outparcels. Other assets in the portfolio include Staples Mill Marketplace, a 156,476-square-foot, Kroger-anchored retail center, with additional tenants including Panda Express and Zaxby’s; Staples Mill Square, a 96,488-square-foot center leased to Petco, Aldi and a separately owned Target, as well as Discount Tire, McDonald’s and Taco Bell; Parham Plaza is a 177,450-square-foot center anchored by Walmart, T.J. Maxx and Petco; Ridge Shopping Center, situated across from Parham Plaza, is a 101,163-square-foot center anchored by The Fresh Market, with other tenants including Sherwin Williams, Chick-fil-A, Hallmark, Virginia ABC and Sugar Shack.

March 13, 2019

Development Retail Southeast Virginia

Life Time Athletic Opens 173,000 SF Gym Near Alexandria

by Alex Tostado March 12, 2019

GAINESVILLE, VA. — Life Time Athletic has opened a 173,000-square-foot gym in Gainesville, about 40 miles west of Alexandria. The new property features a 123,000-square-foot building and a 50,000-square-foot outdoor oasis. This is Life Time’s 143rd location in North America and seventh in the northern Virginia/Maryland market. The new site is located at 13978 Promenade Commons St. and will house 270 employees.

March 12, 2019

Acquisitions Office Southeast Virginia

Klein Enterprises Purchases Four-Building Office Park in Northern Virginia

by Alex Tostado March 11, 2019

CHANTILLY, VA. — Klein Enterprises has purchased Chantilly Plaza I-IV, a four-building, 150,000-square-foot property in Chantilly. Chantilly Plaza was 76 percent leased at the time of the sale to tenants including DaVita Kidney Care, Dulles GeoTech and United Bank. The asset is situated at 14225 Sullyfield Circle, about 20 miles west of downtown Arlington and about seven miles south of Dulles International Airport. Transwestern Commercial represented the seller, Veslor Properties, in the transaction. The sales price was not disclosed.

March 11, 2019

Acquisitions Multifamily Southeast Virginia

Blackfin, GMF Capital Purchase 600-Unit Apartment Complex in Virginia Beach

by Alex Tostado March 8, 2019

VIRGINIA BEACH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have purchased Baker Crossing, a 75-building, 600-unit apartment complex in Virginia Beach. Amenities at Baker Crossing include a clubhouse, swimming pool, sundeck, grilling area, fitness center, playground, basketball court and a racquetball court. As part of the transaction, the buyers assumed an agency loan originated by Newmark Knight Frank. The sales price and seller were not disclosed.

March 8, 2019

Company News Property Type Retail Southeast Top Stories Virginia

Family Dollar to Potentially Close Nearly 400 Stores

by David Cohen March 6, 2019

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections. The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday. On March 6, Dollar Tree …

March 6, 2019

Acquisitions Office Southeast Virginia

Colliers Arranges $24.9M Sale of Two-Building Office Campus in Norfolk

by Alex Tostado March 5, 2019

NORFOLK, VA. — Colliers International has arranged the $24.9 million sale of Twin Oaks, two four-story office buildings totaling 171,000-square-feet in Norfolk. The two buildings are situated at 5700 and 5800 Lake Wright Drive within Lake Wright Executive Center. Florida-based SF Partners purchased the assets from Bethesda, Md.-based Guardian Realty Investors. Twin Oaks’ tenant roster includes Booz Allen Hamilton and Titan America. J. Scott Adams, Mac Weaver and Don Crigger of Colliers represented the seller in the transaction.

March 5, 2019

Acquisitions Multifamily Southeast Virginia

Pollack Shores Acquires 339-Unit Apartment Complex in Metro Richmond

by Alex Tostado March 5, 2019

GLEN ALLEN, VA. — Atlanta-based Pollack Shores has entered the Mid-Atlantic market with the acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen. Pollack Shores has planned $4.5 million in renovations to the asset, which is situated above ground-floor retail between a Whole Foods Market and Trader Joe’s. Anticipated renovations include the addition of new stainless steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring. The purchase includes 8,300 square feet of ground-floor retail space that the buyer will transform into the leasing office and a fitness center. The Flats at West Broad Village is located at 3930 Wild Goose Lane, about 14 miles northeast of downtown Richmond. The sales price and seller were not disclosed.

March 5, 2019

Acquisitions Retail Southeast Virginia

Federal Realty Purchases Retail Center in Northern Virginia for $22.5M

by Alex Tostado February 28, 2019

FAIRFAX, VA. — Federal Realty Investment Trust has purchased Fairfax Junction, a 75,000-square-foot retail center in Fairfax, for $22.5 million. The center sits on seven acres and was fully leased to Aldi, Planet Fitness and CVS/pharmacy at the time of the sale. Fairfax Junction is situated about 17 miles west of downtown Washington, D.C. Michael Gorsage of H&R Retail Investment Properties represented the seller, Glazer Properties, in the transaction.

February 28, 2019

Development Mixed-Use Multifamily Southeast Virginia

Mill Creek Residential Breaks Ground on Mixed-Use Development in Northern Virginia

by John Nelson February 27, 2019

FALLS CHURCH, VA. — Mill Creek Residential has broken ground on Modera Founders Row, the multifamily component of Founders Row, a mixed-use project that will feature 394 apartment units and 90,000 square feet of retail space in Falls Church. The development team for Founders Row includes CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC and PNC Financial Services. Chris Wilkinson of JBG Smith is handling retail leasing for Founders Row. Studio Movie Grill and City Works Eatery & Pour House will be tenants in the retail component of Founders Row, which will span 4.5 acres at the corner of West Broad and North West streets, about 12 miles west of Washington, D.C. Modera Founders Row will offer 322 apartment homes and 72 apartment homes dedicated to age-restricted living for individuals 55 and older. The 322 units will be a mix of one- and two-bedroom floor plans. Shared community amenities for residents will include an expansive resident clubhouse, 24-hour fitness center, outdoor pool and sundeck, business center, game room, barbecue area, Zen garden, private demonstration kitchen, pet spa, controlled-access garage parking, self-serve package lockers and a coffee bar. The age-restricted community will feature an additional community room, fitness center and business …

February 27, 2019

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