NORFOLK, VA. — CBRE | Hampton Roads has arranged a $35.3 million loan for the SunTrust Building, a 225,286-square-foot office building located at 150 W. Main St. in downtown Norfolk. John Richards Jr. of CBRE | Hampton Roads arranged the long-term, fixed-rate loan on behalf of the borrower, 150 Owner LLC, which will use the financing to refinance existing debt on the property.
VIRGINIA BEACH, VA. — Harvey Lindsay Commercial Real Estate has brokered the $8.5 million sale of a 400,000-square-foot industrial development located at 1440 London Bridge Road in Virginia Beach. A local investment group purchased the facility from General Foam Plastics Corp. The property comprises two 200,000-square-foot warehouses on 33 acres, with 10 acres reserved for future development. Lindsay Himelright of Harvey Lindsay represented the seller in the transaction, and John Lee & Associates represented the buyer.
RESTON, VA. — Atlantic Realty Cos. has kicked off construction today on Hunters Woods at Trails Edge Senior Living Community located at 2222 Colts Neck Road in Reston, about 22 miles west of Washington, D.C. The $72 million seniors housing facility will span 230,000 square feet on a 4.3-acre lot. The development team, which comprises Atlantic Realty, AEW Capital Management and IntegraCare, is demolishing the existing United Christian Parish Church to make way for the 210-unit community by January 2019. The property will feature 90 independent living, 81 assisted living, 15 special needs and 24 memory care units. The project will offer 20 percent of the independent living units as affordable units and 4 percent of the assisted living beds will be available for residents who are eligible for the Virginia Department of Aging and Rehabilitative Services Auxiliary Grant Program. Community amenities will include an arts studio, barbershop, salon, advanced security and communication technology and community-wide Wi-Fi. Jim Kornick of Avison Young’s Washington, D.C., office was the lead advisor bringing the project to fruition.
NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.
ARLINGTON, VA. — Jefferson Apartment Group has acquired a 0.6-acre site at 40000 Fairfax Drive in Arlington’s Rosslyn-Ballston area for the development of a new high-rise apartment tower. The 22-story property will be situated at the corner of Fairfax Drive and North Quincy Street and feature 264 below-grade parking spaces and 8,260 square feet of ground-level retail space. The site is approved for up to 330 residential units. Planned amenities at the yet-to-be-named property include a rooftop swimming pool, fitness center, clubroom, rooftop outdoor lounge and 24/7 concierge services. Jefferson Apartment Group plans to break ground in the fourth quarter and pursue LEED Gold certification. The McLean, Va.-based developer is building the high-rise in a joint venture with Mitsui Fudosan America Inc. (MFA), a U.S. subsidiary of a publicly traded Japanese real estate company. MFA is providing equity to the project.
WOODBRIDGE, VA. — The JBG Cos. has signed Alamo Drafthouse Cinema to open its second theater in northern Virginia at Stonebridge at Potomac Town Center in Woodbridge, roughly 23 miles south of Washington, D.C. Spanning eight screens and 865 seats, the dine-in movie theater chain will open next summer or early fall. JBG will develop a Town Square in front of the new theater that will include green space for events and typical park use. Austin-based Alamo Drafthouse Cinema operates 25 locations across the country, with four more to open in the near future. Other tenants at Stonebridge include Wegmans, Apple, Orvis, DSW, REI, Uncle Julio, South Moon Under, Brew Republic Bierwerks, Sushi Jim and BurgerFI.
RICHMOND, VA. — The Virginia Department of Environmental Quality (DEQ) has leased 81,553 square feet of office space in downtown Richmond. The agency will occupy four floors at Bank of America Center, an office building located at 1111 E. Main St. With the Virginia DEQ lease, the office building is 88 percent leased to tenants including the Virginia Cable Telecommunications Association, Haneberg Hurlbert PLC and the Virginia Bar Association. Malcolm Randolph and Scott Durham of CBRE | Richmond represented the owner, a joint venture between District Bay Realty Advisors and developer Joe Ersek, in the lease transaction.
LEESBURG, VA. — LaSalle Hotel Properties has sold Lansdowne Resort, a 296-room hotel and resort located at 44050 Woodridge Parkway in Leesburg, about 33 miles from Washington, D.C. An undisclosed buyer purchased the property from LaSalle Hotel Properties for $133 million. Situated along the Potomac River in Northern Virginia, the property features 55,000 square feet of meeting space, Spa Minerale, The Golf Club at Lansdowne with 45 holes of golf, a health club and fitness center, indoor lap pool, four outdoor pools, driving range, tennis and volleyball courts, horseshoes and a business center. LaSalle Hotel Properties acquired the property in 2003 for $115.8 million. The company has also sold Alexis Hotel in Seattle for $71.6 million and is under contract to sell Hotel Triton in San Francisco for $14.3 million.
HAMPTON, VA. — Marcus & Millichap has brokered the $23.6 million sale of a nine-property 7-Eleven portfolio located in the Tidewater region of Virginia. Three of the 7-Eleven properties are located in Hampton, and two are in Williamsburg. The remaining properties are located in Poquoson, Newport News, Gloucester and Surry. Mark Taylor, Derrick Dougherty and David Becattini of Marcus & Millichap represented the seller, a privately held entity, and procured the buyer, an unnamed REIT.
CHARLOTTESVILLE, VA. — Columbus Pacific has acquired The Pavilion at North Grounds, a 528-bed student housing community located near the University of Virginia campus in Charlottesville. The acquisition was financed with a $58.1 million, 10-year, fixed-rate loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. Columbus Pacific’s planned renovations for the community include new pool furniture; refreshments to the pool area; the addition of an outdoor dog park; and enhancements to the front lobby, to include a more functional and modern cyber café. Homestead U, an affiliate of Columbus Pacific, will manage the property.
