Virginia

Cushman & Wakefield | Thalhimer Arranges $56M Sale of Newly Renovated Office Building in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer Capital Markets Group has arranged the sale of Deep Run 3, a 355,449-square-foot office building in Richmond. The Class A office building recently underwent a $19 million renovation, with new additions including a 250,000-square-foot parking garage, roof, fitness center and cafeteria. The renovation also included updating the building’s lobbies and elevators. Deep Run 3 was 98 percent leased at the time of sale to tenants including McKesson Medical-Surgical, Essex Bank’s headquarters and Travelers Insurance. Eric Robison and Erik Berkman of Cushman & Wakefield | Thalhimer represented the seller, Markel | Eagle Partners, in the transaction. An undisclosed buyer acquired the property for $158 per square foot.

January 21, 2019

Acquisitions Multifamily Southeast Virginia

Marcus & Millichap Brokers $33.2M Sale of Multifamily Portfolio in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.

January 21, 2019

Loans Retail Southeast Virginia

KeyBank Provides $25.3M in CMBS Financing for Retail Center in Alexandria

by Alex Tostado January 21, 2019

ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.

January 21, 2019

Acquisitions Industrial Southeast Virginia

HFF Arranges $25.9M Sale of New Pepsi Bottling Distribution Center in Richmond

by Alex Tostado January 18, 2019

RICHMOND, VA. — HFF has arranged the sale of the newly constructed Pepsi Bottling Distribution Center in Richmond. ElmTree Funds purchased the 220,825-square-foot asset for $25.9 million. The center was delivered in November and is triple-net-leased to Bottling Group LLC, a wholly owned subsidiary of Pepsi Beverages Co. Situated along Interstate 95 near Interstates 64 and 295, the facility is located about 12 miles south of downtown Richmond. Steve Conley, Bruce Strasburg, Chris Norvell, Coler Yoakam and Patrick Nally of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction.

January 18, 2019

Acquisitions Hospitality New York Northeast Rhode Island Southeast Virginia

Excel Group Acquires Three-Hotel Portfolio in New York, Rhode Island and Virginia

by David Cohen January 18, 2019

FARMINGVILLE, N.Y., SMITHFIELD, R.I., AND HERNDON, VA. — Washington D.C.-based real estate investment firm Excel Group has acquired three hotel properties in New York, Rhode Island and Virginia. The price and seller were not disclosed. The properties are the 161-room Hampton Inn Long Island Brookhaven in Farmingville; the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield; and the 151-room Hyatt Place Dulles Herndon-East in Herndon.

January 18, 2019

Loans Mixed-Use Southeast Virginia

Capital One Provides $51.3M HUD Loan for Mixed-Use Project in Hampton Roads

by Alex Tostado January 17, 2019

SUFFOLK, VA. — Capital One has provided a $51.3 million HUD 221 (d)(4) loan to BECO Cos. for a mixed-use development in Suffolk. The loan will fund the development of 3800 Acqua, a project that includes 288 apartments and 69,000 square feet of retail and commercial space. The project is the first phase of Bridgeport, which will comprise 150,000 square feet of office space and more than 700 apartment units. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities.

January 17, 2019

Acquisitions Multifamily Southeast Virginia

Colliers Brokers $42.8M Sale of Apartment Complex in Virginia Beach

by Alex Tostado January 17, 2019

VIRGINIA BEACH, VA. — Colliers International Mid-Atlantic has arranged the $42.8 million sale of Woodshire Apartments, a 288-unit complex in Virginia Beach. Amenities include a swimming pool, sundeck, fitness center, dog park, playground and package management services. Will Matthews of Colliers represented the sellers, The Bainbridge Cos. and Core Real Estate Capital, in the transaction. Capital Square 1031 LLC was the buyer.

January 17, 2019

Leasing Activity Office Southeast Virginia

PBS Signs 15-Year Lease to Keep Headquarters in Metro D.C.

by Alex Tostado January 16, 2019

ARLINGTON, VA. — Public Broadcasting Service (PBS) has signed a 15-year lease to remain with landlord JBG Smith Properties. PBS will relocate from JBG Smith’s 2100 Crystal Drive asset in Arlington’s Crystal City district to JBG Smith’s asset situated at 1225 S. Clark St. in Arlington’s National Landing district. National Landing is a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. The two assets are located less than a mile apart. PBS is expected to relocate in mid-2020, where it will occupy 120,328 square feet alongside March of Dimes, Conservation International and other nonprofits. Paul Darr, Dale Powell and Chaise Schmidt of Cushman & Wakefield represented PBS in the lease transaction.

January 16, 2019

Loans Office Southeast Virginia

Square Mile Capital Provides $36M Acquisition Loan to Meridian Group for Office Building in Arlington

by Alex Tostado January 15, 2019

ARLINGTON, VA. — Square Mile Capital Management LLC has provided a $36 million loan to The Meridian Group for the acquisition of a five-story office building situated in Arlington’s Courthouse District. The office building is located at 2500 Wilson Blvd., about five miles north of Ronald Reagan Washington National Airport and about four miles west of downtown Washington, D.C. The loan also includes funds for capital improvement and leasing plans. Joe Donato and Kassi Sardidakis of Newmark Knight Frank arranged the financing.

January 15, 2019

Industrial Leasing Activity Southeast Virginia

Printing Manufacturer Signs 461,700 SF Lease to Relocate East Coast Distribution Warehouse to Richmond

by Alex Tostado January 15, 2019

RICHMOND, VA. — Brother International Corp., a manufacturer of printing, labeling and sewing machines, has signed a 461,700-square-foot lease to fully occupy Richmond’s largest ever speculative warehouse building. Brother International is relocating from New Jersey and is expected to move in to the new warehouse in the second quarter of this year. Matt Anderson of Colliers International represented the landlord, Panattoni Development Co., and Gregg Christoffersen and Andy Zezas of JLL represented Brother International in the lease transaction.

January 15, 2019

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