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

Loans Multifamily Southeast Virginia

Walker & Dunlop Provides $34.4M HUD Loan for Multifamily Community in Hampton Roads Region

by Camren Skelton February 22, 2018

NEWPORT NEWS, VA. — Walker & Dunlop has provided a $34.4 million loan through the United States Department of Housing and Urban Development (HUD) for the refinancing of Meridian Parkside, a 308-unit multifamily community in Newport News in Virginia’s Hampton Roads region. Hal Reinauer, Tom Toland and Chris Rumul of Walker & Dunlop worked with HUD’s Baltimore office to originate the 35-year HUD 223(f) loan on behalf of the borrowers, Bonaventure Realty Group and Phillip Roper III. The partnership originally acquired the property in 2016. Constructed in 2008, Meridian Parkside offers one- to three-bedroom units and features a 24-hour fitness center, business center, game room, grilling stations, resort-style pool and a sundeck. Section 223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily housing.

February 22, 2018

Office Southeast Virginia

Avison Young Brokers Sale of Vacant 79,880 SF Office Building in Metro D.C.

by Camren Skelton February 15, 2018

MCLEAN, VA. — Avison Young has brokered the sale of a 79,880-square-foot office building located at 1764 Old Meadow Lane in McLean, roughly 14 miles west of Washington, D.C. Rob Walters, Chip Ryan, John Kevill and Jim Kornick of Avison Young arranged the transaction. Young Group Inc. acquired the six-story building for an undisclosed price. The vacant building is situated on 1.9 acres of land. Young Group plans to convert the building into a self-storage facility. Butz-Wilbern is providing design services for the project.

February 15, 2018

Multifamily Southeast Virginia

Erkiletian Development Breaks Ground on $148M Apartment Community in Metro D.C.

by Camren Skelton February 12, 2018

ARLINGTON, VA. — Erkiletian Development Co. has secured financing and subsequently broken ground on The Sur, a 360-unit apartment development located in Arlington’s Potomac Yard neighborhood, roughly seven miles southwest of Washington, D.C. Walter Coker, Brian Crivella and Susan Carras of HFF arranged $35.9 million in preferred equity through PCCP LLC for the project. U.S. Bank provided a construction loan. Total development costs for The Sur are more than $148 million. The 12-story development will feature 16,503 square feet of retail space, an eighth floor party room, outdoor terrace, rooftop spa, fitness center, dog wash area, conference room and a business center. Units will range in size from 557-square-foot studios to 1,419-square-foot three-bedrooms. The community is located within the National Gateway mixed-use development, a 40-acre portion of Potomac Yard that includes residential, office and retail space. The Sur is slated for completion in April 2020.

February 12, 2018

Hospitality Southeast Virginia

Driftwood, Partners Acquire 407-Room Westin Hotel Near Tysons Corner

by Camren Skelton February 12, 2018

FALLS CHURCH, VA. — Driftwood Acquisitions & Development LP, in a joint venture with Sefira Capital and Merrimac Ventures, has acquired the 407-room Westin Tysons Corner. The sales price and seller were not disclosed. The 11-story hotel is located at 7801 Leesburg Pike in Falls Church, roughly four miles southeast of Tysons Corner and 10 miles west of Washington, D.C. Westin Tysons Corner features 12,000 square feet of meeting space, a fitness center, indoor pool, business center, valet parking and complimentary shuttle service to area attractions. In addition, the hotel houses restaurants including The Chop N’ Room, Starbucks Coffee, Blu Restaurant & Lounge and Sushi Nami. The hotel was renovated in 2015 and 2016. The new owners will invest in additional capital improvements to update all guestrooms and common spaces. Driftwood Hospitality Management will continue to manage the hotel.

February 12, 2018

Multifamily Southeast Virginia

Berkadia Brokers $13.5M Sale of Multifamily Community in Hampton Roads Region

by Camren Skelton February 9, 2018

NEWPORT NEWS, VA. — Berkadia has brokered the $13.5 million sale of Suites at Port Warwick, a 100-unit multifamily community in Newport News. Alan Meetze and David Hudgins of Berkadia arranged the transaction on behalf of the seller, University Suites at Port Warwick LLC. Atlantic Multifamily-Port Warwick LLC acquired the asset. Originally developed as student housing, Suites of Port Warwick now offers a mix of market unit rentals and student “per bed” rentals. The buyer will continue to operate the property as both student housing and market townhouses. The community is located roughly two miles from Christopher Newport University. The property was constructed in 2004 and features three- and four-bedroom townhouse floor plans. Community amenities include a fitness center, pool, volleyball court and a tanning bed.

February 9, 2018

Healthcare Office Southeast Virginia

Avison Young Brokers Sale of 72,255 SF Medical Office Building in Northern Virginia

by Camren Skelton January 26, 2018

FREDERICKSBURG, VA. — Avison Young has arranged the sale of Lee’s Hill Plaza, a 72,255-square-foot medical office building located at 10401 Spotsylvania Ave. in Fredericksburg. A joint venture between Flagship Healthcare Properties and Drake Real Estate Partners sold the Class A building. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Other terms of the deal were not disclosed. Flagship and Drake originally acquired the asset in 2014 and increased occupancy by more than 20 percent. Mary Washington Healthcare System anchors the building, which was 91 percent leased at the time of sale. Additional tenants include the U.S. Department of Veterans Affairs, Radiologic Associates of Fredericksburg and Virginia Interventional and Vascular Associates.

January 26, 2018

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