Virginia

Panattoni to Deliver 1 MSF Industrial Warehouse in Richmond

by Camren Skelton August 7, 2017

RICHMOND, VA. — Panattoni Development Co. Inc. has unveiled plans to develop a 1 million-square-foot speculative warehouse situated along Commerce Road in Richmond. CBRE | Richmond represented California-based Panattoni in the acquisition of the 62.3-acre parcel of land. Dubbed Virginia I-95 Distribution, the project will be developed in two phases. Each phase will feature a 461,700-square-foot cross-dock warehouse with 36-foot clear heights, LED lighting and multiple trailer drops. Phase I is slated for completion in summer 2018. Matt Anderson of CBRE | Richmond will handle the property’s leasing.

August 7, 2017

Office Southeast Virginia

Divaris Brokers $13.2M Sale of Office Portfolio in Virginia Beach Area

by Camren Skelton August 7, 2017

CHESAPEAKE AND VIRGINIA BEACH, VA. — Divaris Real Estate Inc. (DRE) has arranged the $13.2 million sale of two office buildings in the Virginia Beach area: Southeastern Virginia Training Center, a 36,277-square-foot property located at 2100 Steppingstone Square in Chesapeake, and Probation and Parole Office Building, an 11,139-square-foot building located at 2520 Nimmo Parkway in Virginia Beach. Jason Oliver and Alex Divaris of Virginia Beach-based DRE represented the seller, Armada Hoffler Properties Inc. The Virginia Beach-based real estate company developed both properties as build-to-suits for the Commonwealth of Virginia.

August 7, 2017

Loans Multifamily Southeast Virginia

NorthMarq Capital Arranges $30M Construction Loan for Multifamily Asset in Downtown Richmond

by Camren Skelton July 28, 2017

RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.

July 28, 2017

Multifamily Southeast Virginia

ARA Newmark Closes $100.5M Sale of Multifamily Portfolio in Metro D.C.

by Camren Skelton July 25, 2017

FREDERICKSBURG, VA. — ARA Newmark has arranged the $100.5 million sale of two Class B apartment communities in Fredericksburg: the 200-unit Madison Falls Run and the 476-unit Madison England Run. Centrally located between Richmond, Va., and Washington, D.C., the properties were acquired by Newport News, Va.-based Chandler Management. Drew White, Mike Marshall and Jim Pope of ARA Newmark represented the seller, Philadelphia-based Equus Capital Partners, in the transaction. Constructed in 1989, Madison Falls Run includes a mix of one- and two-bedroom floor plans. Madison England Run, built in three phases in 1991, 1999 and 2001, features a mix of one-, two- and three-bedroom units. Together, the portfolio features amenities including a swimming pool, fitness center, tennis courts and sundecks. Both properties were 95 percent occupied at the time of sale.

July 25, 2017

Industrial Southeast Virginia

Cushman & Wakefield | Thalhimer Closes $7.4M Sale of Industrial Property in Richmond

by Camren Skelton July 24, 2017

RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $7.4 million sale of Windsor VI, a 51,800-square-foot, Class A industrial property located within the Windsor Business Park in Richmond. Constructed in 2004, the property is fully leased on a long-term basis to Williamson Drug, a CVS Health Corp. subsidiary. Los Angeles-based Rich Uncles acquired the asset from the seller, an affiliate of Bethesda-based Fernau LeBlanc Investment Partners. Eric Robison of Cushman & Wakefield | Thalhimer completed the transaction.

July 24, 2017

Office Southeast Virginia

Hogan Lovells to Relocate to New Office Tower in Northern Virginia

by Camren Skelton July 20, 2017

TYSONS, VA. — Hogan Lovells, an international law firm, will relocate its Northern Virginia office to Boro Tower, a new 20-story office tower under construction at The Boro, a planned 15-acre mixed-use development in Tysons. The first phase of The Boro will deliver 700 residential units, 260,000 square feet of retail space and Boro Tower. The Meridian Group and Rockefeller group are codeveloping the project, with the first phase slated for completion in 2019. Rob Faktorow and Terry Reiley of CBRE represented The Meridian Group in the lease transaction, and Rick Rome and Alexandra deVilliers of Savills Studley represented Hogan Lovells. The law firm will relocate from Park Place II in McLean, Va., and will occupy 44,500 square feet of office space at the new building beginning in June 2019. TEGNA, a digital media company, will lease approximately 46,000 square feet at Boro Tower as well.

July 20, 2017

Loans Multifamily Southeast Virginia

Capital One Secures $34.5M Loan for Refinancing of Multifamily Property in Northern Virginia

by Camren Skelton July 18, 2017

RESTON, VA. — Capital One has provided a $34.5 million loan for the refinancing of Springs at Reston, a 362-unit apartment community in Reston, approximately 23 miles west of Washington, D.C. Joel Willard and Michael Antonelli of Capital One secured the fixed-rate loan with 10 years of interest-only payments through Fannie Mae on behalf of the borrower, Lerner Enterprises. Constructed in 1972, Springs at Reston includes 27 three- and four-story garden-style apartment buildings and features a playground, picnic area and laundry facilities. All units are affordable for those making 80 percent or less of the area median income.

July 18, 2017

Retail Southeast Virginia

Peterson Cos. Opens First Publix in Virginia

by Camren Skelton July 17, 2017

GLEN ALLEN, VA. — The Peterson Cos. has opened the first Publix in Virginia at Nuckols Place, a shopping center located at Nuckols Road and Twin Hickory Drive in Glen Allen, about 13 miles north of Richmond. Connie Jordan Nielsen and Alicia Farrell of Cushman & Wakefield | Thalhimer represented Peterson Cos. in the lease negotiations. In addition to Publix, Chipotle, Hair Cuttery, Lee Nails and PetValu joined the shopping center. Zaxby’s, Sedona Taphouse, MOD Pizza, GNC and Dynamic Dental will open their shops at Nuckols Place in the fall.

July 17, 2017

Retail Southeast Virginia

Simon Opens 332,000 SF Norfolk Premium Outlets

by Camren Skelton June 30, 2017

NORFOLK, VA. — Simon has opened the 332,000-square-foot Norfolk Premium Outlets, bringing retailers including Banana Republic Factory, Calvin Klein, Nike Factory Store, Old Navy and Steve Madden to the Norfolk, Chesapeake and Virginia Beach areas. Located at 1600 Premium Outlets Blvd. on Interstate 64, the village-style outlet mall features covered walkways, courtyards, a fountain, fireplace, public artwork, children’s play area, indoor and outdoor dining options and a 1.3-mile walking trail surrounding Lake Wright.

June 30, 2017

Loans Office Southeast Virginia

PCCP Provides $39.4M Loan for Office Building in Metro D.C.

by Camren Skelton June 23, 2017

MCLEAN, VA. — PCCP LLC has provided a $39.4 million senior loan to Westport Capital Partners LLC for the acquisition and renovation of 2000 Corporate Ridge, a 10-story, 288,000-square-foot office building in the Tysons Corner market of McLean, roughly 10 miles west of Washington, D.C. Westport plans to invest approximately $10 million in renovations, which will include modernizing the lobby, atrium, elevators and bathrooms, as well as adding spec suites. Constructed in 1985, 2000 Corporate Ridge includes a four-story parking garage with 915 spaces. Acquired out of receivership, the property was 4 percent occupied at the time of sale.

June 23, 2017

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