CHANTILLY, VA. — Regency Centers Corp. has broken ground on The Field at Commonwealth, a $44.5 million, 180,000-square-foot shopping center located at the intersection of U.S. Highway 28 and Westfields Boulevard in Chantilly, roughly 25 miles west of Washington, D.C. The project will be anchored by a 120,000-square-foot Wegmans, a Rochester, N.Y.-based chain that operates large, upscale supermarkets. Regency Centers plans to deliver the shopping center in 2018.
ALEXANDRIA, VA. — Edens and Gables Residential have broken ground on a new mixed-use project located at 530 First St. in Alexandria. The groundbreaking ceremony was attended by principals of Edens and Gables Residential, as well as Alexandria Mayor Allison Silberberg and members of the city government. The project will include 232 apartment residences and 50,000 square feet of commercial space. The property will also feature an enhanced streetscape, public art on-site and a Capital Bikeshare station. Edens and Gables Residential plan to open the 530 First Street project in 2019.
WOODBRIDGE AND FREDERICKSBURG, VA. — Finmarc Management Inc. has purchased a 15-building, 750,000-square-foot industrial portfolio in northern Virginia’s I-95 corridor from Stewart Investment Co. for $58 million. Contained primarily within the Featherstone Industrial Park in Woodbridge and including a property in Fredericksburg, the portfolio was 91 percent leased at the time of sale to more than 25 tenants, including Coleman American Moving Services, Joe Moholland Moving Inc., The United States General Services Administration, Arven Moving & Storage and Atlantic Transfer Inc. Marc Rampulla, Mark Levy and Jay Wellschlanger of JLL were the brokers of record in the transaction. Finmarc has retained John Detleff of JLL to manage leasing activities for the portfolio.
GLEN ALLEN, VA. — Lingerfelt CommonWealth Partners LLC, a Richmond-based commercial real estate investment firm, has sold the 243-room Richmond Marriott Short Pump for $38.5 million. The hotel is located at 4240 Dominion Blvd. in Glen Allen. The buyer, a partnership of regional investors, has retained Commonwealth Lodging Management, Lingerfelt CommonWealth’s hotel management affiliate, to operate the hotel. In October 2015, Commonwealth Lodging oversaw an $11 million renovation of the hotel. The property features complimentary high-speed internet, a swimming pool, fitness center and event space.
VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has arranged a 39,000-square-foot office lease within Town Center of Virginia Beach, a 17-block mixed-use development in Virginia Beach. The tenant, Mythics Inc., an Oracle systems integrator and consulting firm, will occupy the top floor and majority of the eighth floor of a LEED-certified office building located at 4525 Main St. Mythics retained Vivian Turok of Divaris Real Estate to represent the firm in its search for new corporate headquarters. Mythics will relocate 143 full-time employees to the new headquarters, with plans to create an additional 30 full-time positions. Michael Divaris and Krista Costa, also with Divaris Real Estate, represented the landlord, TCA Block 11 Office LLC, in the lease deal. Town Center of Virginia Beach features seven office buildings totaling 900,000 square feet of office space, including 4525 Main, which was 95 percent leased at the time of the lease.
MCLEAN, VA. — The Meridian Group has purchased Tysons Metro Center, a 763,965-square-foot development of Class A office space in McLean’s Tysons district, roughly 17 miles west of Washington, D.C., from an affiliate of Beacon Capital Partners for $227 million. The portfolio consists of four buildings: Tysons Metro Center I, a 168,006-sqaure-foot, 12-story building constructed in 1984 and renovated in 2012, features a rooftop terrace with outdoor seating, a fitness center and an on-site deli; Tysons Metro Center II, A 129,926-square-foot, six-story property built in 2002 and revamped in 2015, offers an exterior patio and a lounge and gaming center for workplace collaboration; Tysons Metro Center III, a 257,824-square-foot, 12-story site that was erected in 1980 and underwent $18.1 million in improvements in 2014, boasts a 2,800-square-foot café and locker rooms with showers; Tysons Metro Center IV, a 208,219-square-foot, 13-story building, was built in 1999 and later renovated. The four buildings share several amenities, most notably a tenants-only sports court equipped for basketball, short-court tennis and volleyball. The properties span the 8251-8285 stretch of Greensboro Drive, close to the Greensboro Metro station and two malls, Tysons Galleria and Tysons Corner Center. The complex is adjacent to two properties already owned …
ALEXANDRIA AND FAIRFAX, VA. — Bethesda, Md.-based First Potomac Realty Trust has sold Plaza 500, a 502,830-square-foot industrial property located at 6295 Edsall Road in Alexandria. Matan Cos. purchased the asset, which was 90.5 percent leased as of Sept. 30, 2016, for $75 million. First Potomac has also sold One Fair Oaks, a 214,214-square-foot office building located at 4114 Legato Road in Fairfax, for $13.7 million. CACI International, an information technology firm, fully occupied the property through the end of 2016. The buyer was an affiliate of Beacon Capital Partners, according to the Washington Business Journal.
FALLS CHURCH, VA. — Corporate Office Properties Trust (COPT), a publicly traded office REIT, has sold $53 million of suburban assets in Northern Virginia. The REIT sold a 190,500-square-foot office building located at 3120 Fairview Park Drive in Falls Church’s Merrifield submarket for $39 million. The asset was 87 percent leased as of Dec. 31, 2016. The company also sold 5.3 acres of land in northern Virginia for $14 million. COPT has an additional $10 million of asset sales under contract and between $37 million to $47 million in contract negotiations, all of which are expected to close during 2017.
MECHANICSVILLE, VA. — Morgan Property Group has purchased roughly 18 acres of land in Mechanicsville, about six miles northeast of Richmond, for the development of a new grocery-anchored shopping center with an outparcel. Publix will occupy about 50,000 square feet of the 63,000-square-foot property, which is situated along Mechanicsville Turnpike adjacent to Regency Centers’ Hanover Village. Zach Means of Divaris Real Estate Inc. represented the buyer in the land transaction, and Tred Spratley of Sigma National Inc. represented the seller. Morgan Property Group has selected Means to lease the project. Construction is expected to start in late summer, with an opening slated for fall 2018. This will be Morgan Property’s 31st development in Virginia since 2004 and its 11th retail project in the greater Richmond area.
NORFOLK, VA. — The City Council of Norfolk has unanimously approved IKEA’s plans for a new store, the Swedish retailer’s second location in Virginia. Plans call for a 331,000-square-foot store featuring 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant, as well as 1,200 parking spaces. The new store will be situated on 19 acres at the northwest corner of Interstate 64 and Northampton Boulevard, about eight miles east of downtown Norfolk. Pending remaining approvals and permits, construction on the new store is slated to begin this summer with an opening set for summer 2018. The project is expected to create 500 construction jobs and 250 permanent jobs upon opening.
