Virginia

Bridge Investment Sells Office Park in Richmond for $62.4M

by Camren Skelton May 30, 2018

RICHMOND, VA. — Bridge Investment Group has sold SunTrust Center One and Two, a two-building office park located at 11011 and 11013 W. Broad St. in Richmond. Washington, D.C.-based FD Stonewater acquired the buildings, which total 419,653 square feet, from Bridge for $62.4 million. SunTrust Center One is fully leased to SunTrust Banks Inc. for 10 years. The building recently underwent a $30 million renovation that included a new lobby, fitness center, cafeteria, new glass storefront and collaborative workspaces. SunTrust Center Two is fully leased to five tenants: Magellan Health, SunTrust Banks, RetailData, Home Care Delivered and EMC Corp. Eric Robison of Cushman & Wakefield | Thalhimer and Eric Berkman and Williams Collins of Cushman & Wakefield’s D.C. office arranged the transaction on behalf of Bridge. Cushman & Wakefield | Thalhimer will manage the property and handle the buildings’ leasing assignments.

May 30, 2018

Acquisitions Property Type Retail Southeast Virginia

JCR Acquires Shopping Center in Metro D.C. for $6.7M

by John Nelson May 25, 2018

ALEXANDRIA, VA. — The JCR Cos. has acquired Krispy Korner Shopping Center in Alexandria, located eight miles south of Washington, D.C., for $6.7 million. The 16,680-square-foot center formerly housed a Krispy Kreme. Krispy Korner LLC sold the property, according to local media reports. The transaction marks JCR’s 10th shopping center acquisition since 2012 and its second for 2018. The center is home to tenants such as Wing Stop, Sprint, One Main Financial, a dentist and a dry cleaner.

May 25, 2018

Healthcare Loans Property Type Southeast Virginia

Ready Capital Provides $5.6M Acquisition Loan for Medical Office Building in Richmond

by John Nelson May 25, 2018

RICHMOND, VA. — Ready Capital Structured Finance has provided a $5.6 million acquisition loan for an approximately 40,000-square-foot medical office facility located at 7301 Forest Ave. in Richmond’s West End. The undisclosed borrower will use proceeds from the floating-rate loan to renovate and lease up the asset. The interest-only, non-recourse loan features a 36-month term with two extension options. The medical office building is situated less than a mile from Henrico Doctors’ Hospital, a 340-bed community hospital operated by HCA Virginia.

May 25, 2018

Development Mixed-Use Southeast Virginia

BECO to Develop Mixed-Use Project in Coastal Virginia

by Camren Skelton May 17, 2018

SUFFOLK, VA. — BECO, a Virginia-based multifamily and commercial property developer, has unveiled plans for Bridgeport, a mixed-use development in Suffolk. The first phase of the waterfront project will include 3800 Acqua, a 288-unit multifamily community; 10,000 square feet of Class A office space; and 60,000 square feet of retail space. The multifamily portion of the project is scheduled to open in spring 2019. Construction on Phase I is expected to begin later this summer, and additional phases are in the planning stages.

May 17, 2018

Acquisitions Development Hospitality Southeast Virginia

Lingerfelt CommonWealth to Acquire Hotel in Virginia Beach for $19M, Invest $25M for Renovation

by Camren Skelton May 16, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC will acquire the Virginia Beach Resort Hotel & Conference Center, a 295-room hotel located at 2800 Shore Drive in Virginia Beach, for $19 million. The Richmond, Va.-based company plans to invest $25 million to renovate the property, and will rebrand it as Delta Hotel by Marriott, a hospitality brand designed for business and leisure travelers. The 263,328-square-foot property is situated on 3.6 acres along the Chesapeake Bay. Commonwealth Lodging Management LLC, Lingerfelt’s hotel management affiliate, will operate and manage the hotel. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant of $200,000 based on the company’s capital investment of $25 million. The new operators will continue to run the hotel through the season and close it sometime in October to complete the 14-month renovation project, according to Warren Harris, director of Virginia Beach Economic Development.

May 16, 2018

Loans Office Southeast Virginia

NXT Capital Provides $19M Refinancing for Office Building in Reston, Virginia

by Camren Skelton May 16, 2018

RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.

May 16, 2018

Loans Multifamily Southeast Virginia

HFF Arranges $95.5M Acquisition Loan for Apartment Community in Metro D.C.

by Camren Skelton May 15, 2018

ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at Old Town. Located at 401 Holland Lane, the property is adjacent to a Whole Foods Market and within walking distance to the King Street Metro Station. Community amenities include a resort-style pool, barbecue area, putting green, fitness center, clubroom with billiards, concierge services and on-site dry cleaning service.

May 15, 2018

Hospitality Loans Southeast Virginia

Phillips Realty Capital Arranges $30M Loan for Hotel Near Dulles International Airport

by Camren Skelton May 10, 2018

HERNDON, VA. — Phillips Realty Capital has arranged $30 million in permanent financing for the 324-room Crowne Plaza Dulles Airport Hotel in Herndon. Mark Remington of Phillips Realty Capital arranged the loan through Bank of America Merrill Lynch on behalf of the hotel owner, Rocks Engineering. The Virginia-based company originally developed the hotel in 1986 as a Days Inn. The company has since rebranded the property to Crowne Plaza, part of InterContinental Hotels Group’s (IHG) brand family. In 2016, Rocks Engineering invested $12 million to renovate the hotel, which now features 10,000 square feet of meeting space, a business center, 24-hour fitness center and an on-site restaurant. The hotel is located roughly two miles from Dulles International Airport.

May 10, 2018

Acquisitions Hospitality Southeast Virginia

HREC Secures Sale of 295-Room Hilton-Branded Hotel in Williamsburg, Virginia

by Camren Skelton May 8, 2018

WILLIAMSBURG, VA. — HREC Investment Advisors has brokered the sale of the 295-room DoubleTree by Hilton Hotel in Williamsburg. Ketan Patel and Monty Levy of HREC arranged the transaction on behalf of the seller, an affiliate of Waramaug Hospitality. An affiliate of Shamin Hotels, a Virginia-based hotel owner and operator, acquired the asset. The sales price was not disclosed. The DoubleTree by Hilton Hotel is located adjacent to the Busch Gardens theme park, a half-mile from Anheuser Busch’s Williamsburg Budweiser brewery and five miles from the Yorktown Naval Weapons Station.

May 8, 2018

Data Centers Development Industrial Southeast Virginia

PointOne Development to Deliver $1.6B Data Center Campus in Northern Virginia

by Camren Skelton May 7, 2018

REMINGTON, VA. —Canada-based PointOne Development Corp. is underway on Remington Technology Park (RTP), a 234-acre data center campus in Remington, a city in northern Virginia. PointOne is investing $1.6 billion to develop the project, which will be supported by 300 megawatts of utility power and will have connectivity to terrestrial and undersea fiber-optic cables. Diode Ventures, in conjunction with Enfinite Capital, secured initial funding for RTP and will continue to provide financial modeling support and capital assembly for the balance of the project. Black & Veatch is providing design-build services. The Diode/Enfinite partnership will operate and maintain the campus upon completion. The project marks PointOne’s first investment in the U.S. data center market. A construction timeline was not disclosed.

May 7, 2018

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