Virginia

Skanska Acquires 94,000 SF Site in Metro D.C. for New Retail, Multifamily Development

by Camren Skelton July 16, 2018

TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.

July 16, 2018

Loans Multifamily Southeast Virginia

Avison Young Arranges $15.7M Refinancing for Apartment Community in Metro D.C.

by Camren Skelton July 16, 2018

ARLINGTON, VA. — Avison Young has arranged a $15.7 million loan for the refinancing of Lyon Village Apartments, a 109-unit multifamily community located at 3004 Lee Highway in Arlington, roughly five miles southwest of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the 20-year loan through John Hancock Financial on behalf of the borrower, Lyon Village Apartments LLC. The community was originally constructed in 1939 and underwent extensive renovations in 2002. In addition to refinancing, the owner will use proceeds of the loan to fund another capital improvement program. Lyon Village Apartments is located within one mile of three different Metro stations and one block from Interstate 66. The community features a fitness room and free parking and storage.

July 16, 2018

Development Multifamily Southeast Virginia

Joint Venture Breaks Ground on Transit-Oriented Multifamily Community in Metro D.C.

by Camren Skelton July 13, 2018

ALEXANDRIA, VA. — A joint venture between Novare Group, Mulberry Development Group and Mill Green Partners has broken ground on Cameron Park, a 302-unit apartment community located adjacent to the Van Dorn Metro Station in Alexandria, roughly eight miles south of Washington, D.C. The community will offer a mix of studio to three-bedroom units. Amenities at Cameron Park will include a pool with sundeck, grilling stations, outdoor cabanas, fitness center, separate yoga room, clubroom, game room, cyber café, business center and private offices. KTGY is the project architect, and Fortune-Johnson is the general contractor. Preferred Apartment Communities (PAC) and Citizens Bank are providing construction financing for the project. PAC provides mezzanine loans to development projects and also enters into purchase options to acquire the projects once stabilized. Construction on Cameron Park is scheduled to take 24 months, with the first move-ins expected in the first quarter of 2020.

July 13, 2018

Development Industrial Southeast Virginia

Becknell to Develop 60-Acre Industrial Park Near Richmond International Airport

by Camren Skelton July 13, 2018

RICHMOND, VA. — Becknell Industrial has acquired a 60-acre parcel of land along Laburnum Avenue and Seven Hills Boulevard in Richmond with plans to construct a four-building industrial campus. The 805,190-square-foot development, located roughly two miles from Richmond International Airport, will be known as Airport Logistics Center. The first phase of the project will include a 246,760-square-foot concrete building with 32-foot clear heights, LED lighting with motion sensors, an ESFR sprinkler system, multiple drive-in doors, trailer parking with 135-foot court depths and a 60-foot loading bay. Becknell expects to wrap up construction on the first building in spring 2019. Cliff Porter of Porter Realty Co. will manage the industrial park and handle the property’s leasing assignment.

July 13, 2018

Acquisitions Office Southeast Virginia

Joint Venture Acquires Three-Building Office Portfolio in Arlington for $152M

by Camren Skelton July 11, 2018

ARLINGTON, VA. — PRP, in a joint venture with Riyiad Capital and GMF Capital, has acquired Sequoia Plaza I, II and III in Arlington for $152 million. The name of the seller was not disclosed. The 370,000-square-foot office portfolio, constructed between 1987 and 1991, was fully renovated between 2012 and 2017. The buildings are 98 percent net-leased to The Arlington County Department of Human Services and Arlington Public Schools through 2030 and 2032, respectively. Sequoia Plaza is located at the intersection of Washington Boulevard and Route 50, near the Clarendon Metrorail Station.

July 11, 2018

Acquisitions Multifamily Southeast Virginia

CBRE Arranges $48.4M Sale of Apartment Community in Metro D.C.

by Camren Skelton July 11, 2018

STERLING, VA. — CBRE has arranged the $48.4 million sale of Chase Heritage, a 236-unit apartment community located at 1212 Chase Heritage Circle in Sterling, roughly 30 miles west of Washington, D.C. Continental Realty Corp. sold the asset to Chandler Management Corp. Jonathan Greenberg, Bill Roohan, Bob Dean, Mike Muldowney, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction. Located in the Dulles Tech Corridor, the community is located near the future Innovation Center Metro Station, scheduled to open in 2019 or 2020. Chase Heritage, constructed in 1986, features a playground, fitness center, pool, picnic area and private balconies or patios.

July 11, 2018

Washington-Dulles-Gateway-Loudoun-County-Virginia

Acquisitions Data Centers Industrial Southeast Top Stories Virginia

Sentinel Acquires 280 Acres for Data Center Development in Northern Virginia for $82.5M

by Taylor Williams July 9, 2018

LOUDOUN COUNTY, VA. — New York-based Sentinel Data Centers has acquired Washington Dulles Gateway, a 280-acre tract in northern Virginia, for $82.5 million. The site features 140 acres of net developable land for a new data center project, which equates to a purchase price of about $589,000 per developable acre. The site is one of the largest contiguous tracts for data center development in in Loudoun County, located northwest of Washington, D.C. “Seventy percent of the world’s internet activity runs through Loudoun County,” says Jay Taustin, a representative for the seller. “We are extremely pleased to have sold this important land parcel to Sentinel Data Centers, which provides world-class facility infrastructure, engineering acumen, technical personnel and operations protocols to its users.” Mark Levy, Matthew Gallagher and Jonathan Walk of JLL represented the seller, which according to datacenterdynamics.com was developer and majority owner H. Christopher Antigone, in the sale. “Significant demand continues to exist for data center product in Loudoun County,” says Levy. “When we began the conversation with Sentinel, it was clear it had the market knowledge and sophistication necessary to execute a complex transaction such as this.” Sentinel also acquired 65 acres in Loudoun County for the same purpose …

July 9, 2018

Acquisitions Retail Southeast Virginia

Calkain Arranges $6.1M Sale of Retail Strip Center in Northern Virginia

by Camren Skelton July 6, 2018

LEESBURG, VA. — Calkain Cos. has arranged the $6.1 million sale of a multi-tenant strip center located at 400-416 Sycolin Road S.E. in Leesburg, a city in northern Virginia. The sales price equates to $440 per square foot. The names of the buyer and seller were not disclosed. A 9,300-square-foot Kiddie Academy anchors the center, which is co-located with a Walgreens.

July 6, 2018

Acquisitions Multifamily Southeast Virginia

CBRE | Richmond Arranges $39.3M Sale of Historic Apartment Community in Downtown Richmond

by Camren Skelton July 5, 2018

RICHMOND, VA. — CBRE | Richmond has arranged the $39.3 million sale of First National Bank Apartments in downtown Richmond. GHA Barnaby Associates acquired the asset from Rushmark FNB LLC. Charles Wentworth and Petyton Cox of CBRE | Richmond, in conjunction with Jonathan Greenberg, Yalda Ghamarian and Tom Leachman of CBRE’s Washington, D.C., office, arranged the transaction on behalf of Rushmark. Originally constructed in 1913 as a bank, the 20-story building was converted to a 154-unit apartment property in 2012. The community features a pool, coffee bar, fitness center, bike storage, package service and laundry facilities.

July 5, 2018

Acquisitions Multifamily Southeast Virginia

CBRE Arranges $78M Sale of Apartment Community in Northern Virginia

by Camren Skelton July 3, 2018

ALEXANDRIA, VA. — CBRE has arranged the $78 million sale of Crystal Woods of Alexandria, a 344-unit apartment community located at 4905 Southland Ave. in Alexandria, roughly eight miles south of Washington, D.C. Jonathan Greenberg, Bill Roohan, Bob Dean, Brian Margerum, Yalda Ghamarian and Thomas Leachman of CBRE arranged the transaction on behalf of the buyer, Republic Properties Corp. Constructed in 1976, Crystal Woods features a fitness center, pool, playground, courtyard, picnic areas and laundry facilities. The previous ownership implemented capital improvements to building systems and common areas. Crystal Woods is located within a 15-minute drive of employment centers including the Pentagon, U.S. Patent & Trademark Office, the Department of Defense Mark Center campus and Inova Alexandria Hospital. In addition, the property is less than a mile from Landmark Mall, which is scheduled for a 2020 redevelopment start by The Howard Hughes Corp.

July 3, 2018

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