Virginia

Perseus TDC, Four Points Start Construction on Multifamily Redevelopment in Metro D.C.

by Camren Skelton March 22, 2018

ALEXANDRIA, VA. — Perseus TDC, in partnership with Four Points LLC, has started construction on a multifamily redevelopment at 200 Stovall St. in Alexandria, roughly eight miles south of Washington, D.C. Perseus TDC is a joint venture formed in 2017 between Perseus Realty LLC and Transwestern Development Co. The site currently houses a vacant, 610,000-square-foot office building, which the joint venture will convert into a 520-unit apartment community with 25,000 square feet of ground-floor retail. The project will offer a mix of studio, one- and two-bedroom units and will feature a three-story fitness facility, sports bar, coworking lounge and more than 10,000 square feet of rooftop amenities including a pool, lounge, fireplace and dining area. Atlanta-based Cooper Carry is the architect for the project, and London-based Balfour Beatty PLC is the general contractor. Boston-based ELV Associates is the majority equity partner. The first units at the development are expected to deliver in the fourth quarter of 2019. The building is located within Hoffman Town Center, which is home to restaurant, retail and entertainment options, as well as the National Science Foundation headquarters. Across the street from the project, a planned 1 million-square-foot, Wegmans-anchored mixed-use development is scheduled to break ground in …

March 22, 2018

Leasing Activity Property Type Retail Southeast Virginia

Big Lots Leases 55,000 SF Anchor Space at Shopping Center in Hampton Roads Area

by John Nelson March 19, 2018

YORKTOWN, VA. — Big Lots has leased vacant anchor space totaling 55,000 square feet at Victory Village, a Hampton Roads-area shopping center formerly known as Williamsburg Marketcenter. Situated on Mooretown Road in Yorktown, the 176,000-square-foot shopping center is also leased to Ross Dress for Less, Holloway Sports and Fitness, Buzz Picasso, Uniforms Plus, Retro Daddio, One Main Financial, Dollar Tree, City Nails and Tropical Smoothie Café. Big Lots plans to open in July in the space formerly housing Ukrop’s Homestyle Foods. The Shopping Center Group’s (TSCG) Virginia office represented the landlord, Miami-based Lionheart Capital, in the lease transaction. Debra Ramey and Karen Mikulski of TSCG are the exclusive leasing agents for Victory Village.

March 19, 2018

Florida Georgia Hospitality Southeast Virginia

Hampton by Hilton Opens Three New Hotels in Southeast

by Camren Skelton March 15, 2018

MCLEAN, VA. — Hampton by Hilton has opened three new Hampton Inn hotels in the Southeast: Hampton Inn & Suites by Hilton Glenarden/Washington, D.C.; Hampton Inn by Hilton Forsyth in metro Atlanta; and Hampton Inn & Suites by Hilton Tallahassee Capitol-University. Each of the hotels feature complimentary breakfast, free Wi-Fi, a fitness center, business center, pool and laundry facilities. In addition to the new locations in the Southeast, McLean-based Hampton by Hilton recently opened a Hampton Inn & Suites by Hilton Chicago Burr Ridge near downtown Chicago and the Hampton Inn & Suites by Hilton Lafayette Medical in Lafayette, Colo., roughly 23 miles north of Denver. The new hotels join Hampton’s portfolio of more than 2,330 properties worldwide.

March 15, 2018

Mixed-Use Retail Southeast Virginia

Broad Street Realty Breaks Ground on Mixed-Use Redevelopment in Williamsburg, Virginia

by Camren Skelton March 12, 2018

WILLIAMSBURG, VA. — Broad Street Realty has broken ground on Midtown Row, a mixed-use redevelopment in Williamsburg. The Bethesda, Md.-based firm is transforming Williamsburg Shopping Center and the adjoining Monticello Shopping Center, which it acquired in 2017 for $13.3 million and $4.2 million, respectively. The project will include ground up construction, as well as renovations. At full build-out, Midtown Row will feature 233,047 square feet of retail, including 56,243 square feet of new retail; up to 628 apartment units; 6,319 square feet of office space; and a $3 million streetscape improvement, developed in partnership with the City of Williamsburg. Earth Fare is the first tenant to break ground at the former Monticello Shopping Center. The Fletcher, N.C.-based organic grocer is expected to open this June or July. Ace Peninsula Hardware, a division of Ace Hardware, will relocate within Midtown Row by the fall. Other restaurants and businesses that already exist in the shopping center, including Sal’s by Victor, the ABC Store and Food Lion, plan to remain in the new development, according to local media reports. Broad Street Realty will deliver Midtown Row in phases between this year and 2020.

March 12, 2018

Industrial Southeast Virginia

CBRE | Richmond Brokers $31.3M Sale of Industrial Park Near Richmond Airport

by Camren Skelton March 12, 2018

RICHMOND, VA. — CBRE | Richmond has brokered the $31.3 million sale of Byrd Corporate Park, a 10-building industrial park located at the intersection of South Laburnum Avenue and Charles City Road in Richmond. The 475,738-square-foot property is located less than two miles from Richmond International Airport. Will Bradley and Matt Anderson of CBRE | Richmond, Scott Adams of CBRE | Hampton Roads and Frank Fallon of CBRE’s Atlanta office arranged the transaction on behalf of the seller, a joint venture between Adler Real Estate Partners and Trigate Capital (AF Byrd Center VA LLC). WestDulles Station LLC, a joint venture between Dreyfuss Investments and Wells Holding Group, acquired the property. The buildings at Byrd Corporate Park were constructed between 1978 and 2003. At the time of sale, the industrial park was 80 percent leased to tenants such as McKesson, Fastenal, Wawa, CarMax and DPR.

March 12, 2018

Office Southeast Virginia

Apex Clean Energy Unveils Plans for New Headquarters at 130,000 SF Office Project in Charlottesville

by Camren Skelton March 5, 2018

CHARLOTTESVILLE, VA. — Apex Clean Energy has unveiled plans for its new corporate headquarters at a planned 130,000–square-foot office building in downtown Charlottesville. The move allows the company to consolidate more than 170 employees currently spread across multiple office buildings in the area. Apex Clean Energy, which develops, constructs and operates wind and solar power facilities across North America, will occupy 60,000 square feet of office space and lease the remaining space to other tenants. In addition, the seven-story building — to be located on Garrett Street — will include 10,000 square feet of ground-floor retail. John Pritzlaff of Cushman & Wakefield | Thalhimer arranged the lease on behalf of Apex Clean Energy. Riverbend Development, the project developer, plans to deliver the building 24 months after construction kicks off this summer. Architecture firm William McDonough + Partners is designing the project.

March 5, 2018

Office Southeast Virginia

Boston Properties Inks 850,000 SF Lease with Fannie Mae at Reston Gateway Project

by Camren Skelton March 2, 2018

RESTON, VA. — Boston Properties Inc. has signed Fannie Mae to an 850,000-square-foot lease at its Reston Gateway project in Reston. The government-sponsored enterprise will lease the space for its new Northern Virginia hub starting in 2022. The first phase of Reston Gateway will span 1 million square feet, but the project could eventually be expanded to include up to 3.5 million square feet of mixed-use, transit-oriented development. The Washington Business Journal reports Reston Gateway could include up to 1,700 residential units, 570 hotel rooms, 200,000 square feet of retail and 1.8 million square feet of office space. The development is located adjacent to the Silver Line’s planned Reston Town Center Metro Station, which is currently under construction and slated to open in early 2020. Fannie Mae’s new national headquarters at Midtown Center in Washington, D.C. is nearing completion and is expected to open later this year.

March 2, 2018

Office Southeast Top Stories Virginia

Harbor Group Buys Amazon-Anchored Office Tower in Northern Virginia from FCP for $226M

by John Nelson March 1, 2018

HERNDON, VA. — Harbor Group International LLC (HGI) has purchased One Dulles Tower, a 13-story office building located in Herndon, a northern Virginia suburb roughly 24 miles west of Washington, D.C. Federal Capital Partners (FCP) sold the 403,622-square-foot asset to HGI for $226 million. Following the departure of its anchor tenant, FCP landed another company in early 2017, Amazon Web Services (AWS). The cloud-computing services provider is the sole occupant of One Dulles Tower, according to FCP. “This is a Class A property with a top-tier tenant in an irreplaceable location in the Dulles Technology Corridor,” says Richard Litton Jr., president of HGI. Last summer, former Virginia Gov. Terry McAuliffe announced that the Amazon.com (NASDAQ: AMZN) subsidiary chose the office tower for its East Coast corporate hub, a move that could ultimately bring up to 1,500 jobs to the Fairfax County area. One Dulles Tower is located within the Woodland Park master-planned development, giving AWS staffers convenient access to more than 140,000 square feet of retail and restaurants. Other walkable attractions include a hotel and five-acre park. The property is also situated within a half-mile of both the future Herndon and Innovation Center Silver Line Metro stations, as well as …

March 1, 2018

Multifamily Southeast Virginia

Aimco Acquires Apartment Community in Metro D.C. for $160M

by Camren Skelton February 27, 2018

CENTREVILLE, VA. — Denver-based Apartment Investment and Management Co. (Aimco) has acquired Bent Tree, a 748-unit apartment community in Centreville, roughly 25 miles southwest of Washington, D.C., for $160 million. The name of the seller was not disclosed. Bent Tree offers a mix of one- to three-bedroom units with average monthly rents of roughly $1,500. Community amenities include a swimming pool, fitness center, clubhouse, sports courts and a playground. Aimco plans to achieve rent growth through capital improvements, but did not specify what renovations would be implemented.

February 27, 2018

Loans Multifamily Retail Southeast Virginia

HFF Arranges $115.4M Construction Financing for Retail, Residential Project in Metro D.C.

by Camren Skelton February 22, 2018

FAIRFAX, VA. — HFF has arranged $115.4 million in construction financing for Scout on the Circle, a 551,000-square-foot residential and retail project in Fairfax, roughly 20 miles west of Washington, D.C. Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged a $100 million floating-rate loan and $15.4 million in preferred equity on behalf of the developer, Washington, D.C.-based Combined Properties Inc. Scout on the Circle will feature a 54,000-square-foot, single-story grocery store, two five-story apartment towers totaling 400 units and 29,000 square feet of ground-floor retail. Apartment units will feature stainless steel appliances, quartz countertops, plank flooring and private outdoor terraces or balconies. Community amenities will include a coffee bar, business center, clubroom, screening room, pool table, fitness center, dog park and two outdoor courtyards with a swimming pool, grilling areas, shuffleboard and a ping pong table. The transit-oriented property will be located one mile from the Vienna Metrorail station and less than four miles from George Mason University’s campus. Combined Properties expects to complete Scout on the Circle in 2021.

February 22, 2018

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