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

Office Southeast Virginia

Washington REIT to Acquire Office Tower in Metro D.C. for $250M

by Camren Skelton January 5, 2018

ROSSLYN, VA. — Washington REIT plans to acquire Arlington Tower, a 398,000-square-foot office tower in Rossyln, less than three miles southwest of Washington, D.C., for $250 million. The name of the seller was not disclosed. Washington REIT is expected to close on the 19-story tower in the first quarter. Located at 1300 N. 17th St., Arlington Tower is situated two blocks from the Rosslyn Metrorail station, offering access to Ronald Reagan Washington National Airport, the Pentagon and the national capital area. Over the past five years, the building underwent $16 million in renovations, including the addition of a private rooftop deck, fitness center, updated onsite retail amenities, a landscaped outdoor plaza, updated lobby and improved five-level underground parking. Washington REIT plans to further enhance the building with pre-built spec suite options, allowing small and mid-size tenants the option to move in quickly. At the time of sale Arlington Tower was leased to tenants including B. Riley FBR, Raytheon/BBR Technologies, Promontory Interfinancial Network, Pepco, the National Electrical Manufacturers Association and Graham Holdings Co. Carol Weld King and David Reina of Morris, Manning & Martin LLP represented Washington REIT in the acquisition.

January 5, 2018

Healthcare Office Southeast Virginia

Avison Young Arranges $62.5M Sale of Medical Office Building in Metro D.C.

by Camren Skelton January 4, 2018

FAIRFAX, VA. — Avison Young has arranged the sale of Merrifield-Fairfax Medical Campus, a 119,788-square-foot medical office building located at 3023 Hamaker Court in Fairfax, roughly 20 miles west of Washington, D.C. Grosvenor Americas Inc. sold the asset for $62.5 million to Harrison Street Real Estate, according to the Washington Business Journal. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Situated adjacent to the Inova Fairfax Hospital campus, the building was 84.5 percent leased at the time of sale to tenants including Children’s National Health System and Pediatric Specialists of Virginia, a venture between Children’s and Inova. In addition, the transaction included a 120,000-square-foot adjacent site that has been approved for a second phase of development.

January 4, 2018

Multifamily Southeast Virginia

Donaldson Group, Angelo, Gordon Acquire Multifamily Community in Metro D.C. for $111M

by Camren Skelton December 22, 2017

ALEXANDRIA, VA. — The Donaldson Group, in partnership with Angelo, Gordon & Co., has purchased Cityside at Huntington Metro, a 569-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C., for $111 million. Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman and Yalda Ghamarian of CBRE arranged the all-cash transaction on behalf of the seller, an affiliate of The Carlyle Group. The community was constructed in 1968 and 1974 and features a mix of studio to three-bedroom floor plans. Community amenities include a rooftop fitness center, rooftop lounge, pool and sundeck, outdoor patio and grill area, playgrounds and a dog park. In addition, the community is located within walking distance to the Huntington Metro Station. The new ownership plans to renovate the property with a modernized leasing center, enhanced signage, new windows, common area and entryway improvements, exterior façade renovations and interior unit upgrades.

December 22, 2017

Multifamily Southeast Virginia

StoneBridge Buys Apartment Community in Richmond for $54.2M

by Camren Skelton December 18, 2017

RICHMOND, VA. — StoneBridge Investments has acquired Copper Spring, a 366-unit apartment community located at 3301 Copper Mill Trace in Richmond, for $54.2 million. Eastdil Secured arranged the transaction on behalf of the seller, an affiliate of Atlanta-based Clarion Partners. Constructed in 1989 and renovated in 2006, the property features two resort-style pools, a fitness center, business center, lighted tennis courts, racquetball court, grilling stations, gaming area and a coffee bar. StoneBridge plans to upgrade the clubhouse and other common-area amenities, as well as some individual residences. ZRS Management, an affiliate of StoneBridge, will mange Copper Spring.

December 18, 2017

Hospitality Southeast Virginia

Chatham Lodging Trust Acquires 219-Room Embassy Suites Hotel in Metro D.C. for $68M

by Camren Skelton December 7, 2017

SPRINGFIELD, VA. — Chatham Lodging Trust has acquired a 219-room Embassy Suites by Hilton hotel in Springfield, roughly 15 miles southwest of Washington, D.C., for $68 million. Other terms of the transaction were not disclosed. Opened in 2013, the LEED-certified hotel features steel and concrete construction and 26 extended-stay suites with full kitchens. The hotel is located less than two miles from Fort Belvoir, the nation’s fifth largest military base, and the new headquarters of the Transportation Security Administration, which is expected to open in August 2020.

December 7, 2017

Multifamily Southeast Virginia

CIM Group Acquires 1,180-Unit Multifamily Community in Metro D.C.

by Camren Skelton December 6, 2017

ALEXANDRIA, VA. — CIM Group has acquired EOS Twenty-One, a 1,180-unit apartment community located at 140 S. Van Dorn St. in Alexandria, roughly eight miles south of Washington, D.C. Other terms of the transaction were not disclosed. Constructed in phases between 1968 and 1972, EOS Twenty-One comprises 14 four-and five-story buildings. Renovations in recent years have updated buildings, units, common areas and amenities. The community features recreation areas, a fitness center, game room, business center, theater room, on-site convenience store, two swimming pools, tennis courts, barbecue areas, playground and a dog park.

December 6, 2017

Office Southeast Virginia

Meridian Group Purchases 209,669 SF Office Building in Tysons Corner

by Camren Skelton December 5, 2017

TYSONS CORNER, VA. — The Meridian Group has acquired 8280 Greensboro Drive, a 209,669-square-foot office building in Tysons Corner. The sales price was not disclosed, but the Washington Business Journal reports the building is valued at approximately $41.5 million. Bill Collins, Drew Flood and Sean Collins of Cushman & Wakefield represented the undisclosed seller in the transaction, and Marshall Scallan of Cushman & Wakefield represented Meridian in securing its senior structured debt. The nine-story building is located within the Boro District, Meridian Group’s 4.2 million-square-foot mixed-use development. Upon completion, the project will feature 10 office buildings spanning 2 million square feet, apartments, condominiums, retail, restaurants and entertainment. The building on Greensboro Drive features a new conference center, new fitness center, on-site eatery, on-site structured parking, outdoor seating and green space. In addition, the property is LEED Gold-certified and located within a five-minute walk to the Greensboro Metro station. At the time of sale, the building was 83 percent leased.

December 5, 2017

Retail Southeast Virginia

JLL Arranges Sale of 98,066 SF Shopping Center in Hampton Roads

by Camren Skelton November 20, 2017

HAMPTON, VA. — JLL has arranged the sale of Mercury Plaza, a 98,066-square-foot shopping center located at the intersection of West Mercury Boulevard and Power Plant Parkway in Hampton, roughly 10 miles southeast of Newport News in the Mid-Atlantic’s Hampton Roads region. Margaret Caldwell and Margaret Jones of JLL arranged the transaction on behalf of the seller, New York-based Olshan Properties. Atlanta-based Branch Properties acquired the property for an undisclosed price. Walmart Neighborhood Market and Marshalls anchor Mercury Plaza, and Burlington shadow-anchors the property. The center also includes five national tenant outparcels and additional development opportunities.

November 20, 2017

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