Virginia

Erkiletian Development Breaks Ground on $148M Apartment Community in Metro D.C.

by Camren Skelton February 12, 2018

ARLINGTON, VA. — Erkiletian Development Co. has secured financing and subsequently broken ground on The Sur, a 360-unit apartment development located in Arlington’s Potomac Yard neighborhood, roughly seven miles southwest of Washington, D.C. Walter Coker, Brian Crivella and Susan Carras of HFF arranged $35.9 million in preferred equity through PCCP LLC for the project. U.S. Bank provided a construction loan. Total development costs for The Sur are more than $148 million. The 12-story development will feature 16,503 square feet of retail space, an eighth floor party room, outdoor terrace, rooftop spa, fitness center, dog wash area, conference room and a business center. Units will range in size from 557-square-foot studios to 1,419-square-foot three-bedrooms. The community is located within the National Gateway mixed-use development, a 40-acre portion of Potomac Yard that includes residential, office and retail space. The Sur is slated for completion in April 2020.

February 12, 2018

Hospitality Southeast Virginia

Driftwood, Partners Acquire 407-Room Westin Hotel Near Tysons Corner

by Camren Skelton February 12, 2018

FALLS CHURCH, VA. — Driftwood Acquisitions & Development LP, in a joint venture with Sefira Capital and Merrimac Ventures, has acquired the 407-room Westin Tysons Corner. The sales price and seller were not disclosed. The 11-story hotel is located at 7801 Leesburg Pike in Falls Church, roughly four miles southeast of Tysons Corner and 10 miles west of Washington, D.C. Westin Tysons Corner features 12,000 square feet of meeting space, a fitness center, indoor pool, business center, valet parking and complimentary shuttle service to area attractions. In addition, the hotel houses restaurants including The Chop N’ Room, Starbucks Coffee, Blu Restaurant & Lounge and Sushi Nami. The hotel was renovated in 2015 and 2016. The new owners will invest in additional capital improvements to update all guestrooms and common spaces. Driftwood Hospitality Management will continue to manage the hotel.

February 12, 2018

Multifamily Southeast Virginia

Berkadia Brokers $13.5M Sale of Multifamily Community in Hampton Roads Region

by Camren Skelton February 9, 2018

NEWPORT NEWS, VA. — Berkadia has brokered the $13.5 million sale of Suites at Port Warwick, a 100-unit multifamily community in Newport News. Alan Meetze and David Hudgins of Berkadia arranged the transaction on behalf of the seller, University Suites at Port Warwick LLC. Atlantic Multifamily-Port Warwick LLC acquired the asset. Originally developed as student housing, Suites of Port Warwick now offers a mix of market unit rentals and student “per bed” rentals. The buyer will continue to operate the property as both student housing and market townhouses. The community is located roughly two miles from Christopher Newport University. The property was constructed in 2004 and features three- and four-bedroom townhouse floor plans. Community amenities include a fitness center, pool, volleyball court and a tanning bed.

February 9, 2018

Healthcare Office Southeast Virginia

Avison Young Brokers Sale of 72,255 SF Medical Office Building in Northern Virginia

by Camren Skelton January 26, 2018

FREDERICKSBURG, VA. — Avison Young has arranged the sale of Lee’s Hill Plaza, a 72,255-square-foot medical office building located at 10401 Spotsylvania Ave. in Fredericksburg. A joint venture between Flagship Healthcare Properties and Drake Real Estate Partners sold the Class A building. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Other terms of the deal were not disclosed. Flagship and Drake originally acquired the asset in 2014 and increased occupancy by more than 20 percent. Mary Washington Healthcare System anchors the building, which was 91 percent leased at the time of sale. Additional tenants include the U.S. Department of Veterans Affairs, Radiologic Associates of Fredericksburg and Virginia Interventional and Vascular Associates.

January 26, 2018

Retail Southeast Virginia

JCR Buys Shopping Center in Northern Virginia from EDENS for $31M

by Camren Skelton January 24, 2018

MANASSAS, VA. — The JCR Cos. has acquired the Center at Innovation, a 101,990-square-foot shopping center in Manassas, a city in northern Virginia, for $31 million. The center is located on Nokesville Road, just west of the interchange with Prince William Parkway. HFF arranged the transaction on behalf of the seller, EDENS. Super Target shadow-anchors the center, which was more than 90 percent leased at the time of sale to tenants including T.J. Maxx, PetSmart, Chick-fil-A, Tropical Smoothie Café, GameStop, Verizon Wireless and Red Robin. JCR plans to sell the three pad sites that are currently leased to Chick-fil-A, SunTrust Bank and Red Robin, and to fully lease the inline space. Constructed in 2008, Center at Innovation includes five buildings and 482 parking spaces. The property marks JCR’s second shopping center acquisition in Manassas.

January 24, 2018

Retail Southeast Virginia

Wheeler REIT Acquires 888,917 SF Shopping Center in Norfolk for $85.7M

by Camren Skelton January 22, 2018

NORFOLK, VA. — Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) has acquired JANAF Shopping Yard, an 888,917-square-foot shopping center in Norfolk, for $85.7 million. Ann Arbor, Mich.-based McKinley sold the property, according to Inside Business. In addition to retail space, the center includes 37,234 square feet of office space in one building. As part of the transaction, Wheeler REIT assumed a $53.7 million loan with a fixed interest rate of 4.49 percent and a $5.2 million loan with a fixed interest rate of 4.95 percent. The loans mature in July 2023 and January 2026, respectively. In addition, the company utilized a $6.5 million loan with a fixed interest rate of 4.65 percent and one year of interest-only payments to purchase a separate parcel within the center. As of Sept. 30, 2017, JANAF Shopping Yard was 94 percent leased to tenants including BJ’s Wholesale Club and Fuel Center, T.J. Maxx, Petco, Wawa, Big Lots, Panera Bread, Northern Tool + Equipment, The U.S. Postal Service and SunTrust Bank. Originally constructed in 1959, JANAF has undergone several renovations, the latest in 2006.

January 22, 2018

Office Southeast Virginia

USAA, Lowe Acquire Three-Building, 566,000 SF Office Complex in Metro D.C.

by Camren Skelton January 19, 2018

ALEXANDRIA, VA. — A joint venture between USAA Real Estate and Lowe has acquired Park Center, a three-building, 566,000-square-foot office complex in Alexandria, roughly eight miles north of Washington, D.C. The adjacent office buildings are located at 4300 King St., 3101 Park Center Drive and 4401 Ford Ave. Joe Carrol of Lowe and Bruce Childs of USAA Real Estate led the acquisition team internally. HFF represented the undisclosed seller, and arranged acquisition financing for the asset on behalf of the new owners. The sales price was not disclosed. Lowe and USAA most recently teamed up on the development of the 705,000-square-foot National Science Foundation Headquarters building, which was completed in late 2017 at 2415 Eisenhower Ave. in Alexandria.

January 19, 2018

Office Southeast Virginia

Digital Currency Company to Invest $64.8M, Establish 84,000 SF Headquarters in Virginia Beach

by Camren Skelton January 17, 2018

VIRGINIA BEACH, VA. — Bcause LLC, a privately held company that is building the world’s first full-stack cryptocurrency ecosystem, will expand its operations and move its corporate headquarters to 5465 Greenwich Road in Virginia Beach. The company will invest $64.8 million and will occupy 84,000 square feet of the former Hoffman Beverage building. Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the transfer of assets. This type of currency, including bitcoin, is available only in digital form. The U.S. Treasury classified bitcoin as a legal, convertible, decentralized virtual currency in 2013. Bcause plans to create 100 new full-time jobs with the expansion. The new building has an additional 21,000 square feet of space available for future expansion.

January 17, 2018

Market Reports Retail Southeast Southeast Market Reports Virginia

National Retail Trends of Grocery Expansion, Backfilling Vacant Stores Evident in Hampton Roads

by John Nelson January 15, 2018

December of this year will mark the 30th anniversary of the movie “Wall Street” and the introduction of the antihero, Gordon Gekko. In that movie, Gordon delivers the iconic “Greed is Good” speech to the shareholders of a besieged paper company. While things in the end did not turn out well for Gekko due in large part to his greed, the undertones of that speech are uncontentious: Performance and adaptation will come about when there are strong incentives to evolve. The evolutionary spirit of retail real estate is taking shape here in Hampton Roads and great things are happening. Grocers Take Battle Positions The Hampton Roads grocery industry has evolved over the years in large part due to fierce competition from Aldi and Lidl. These two German-based competitors will collectively bring over 20 new locations to the region, and bring with them a new no-frills experience with staple grocery items at a lower price point. Additional grocer announcements in the market include the first Wegmans that committed to a site near Town Center of Virginia Beach, Kroger’s four new developments throughout the region (although a recent freeze in capital projects have stalled those) and Walmart’s recently opened store in Virginia …

January 15, 2018

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges 54,000 SF Lease for Debt Collection Company in Roanoke

by Camren Skelton January 11, 2018

ROANOKE, VA. — Cushman & Wakefield | Thalhimer has secured a 54,000-square-foot lease for Atlantic Credit & Finance (ACF), a subsidiary of Encore Capital Group, at Franklin Plaza in downtown Roanoke. Located at 111 Franklin Road, the five-story office building is now 88 percent leased. Barry Ward and Price Gutshall of Cushman & Wakefield | Thalhimer’s Roanoke office represented the building owner, Times Equities Inc., in the lease transaction. ACF, a servicer of unsecured, consumer-distressed assets, will occupy two floors at Franklin Plaza. The lease is part of ACF’s plan to invest more than $4 million to expand its operations in Roanoke, relocating from its current location on Orange Avenue. The expansion will create more than 115 new jobs, increasing ACF’s employee base in Roanoke to 359 staffers.

January 11, 2018

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