Virginia

Chatham Lodging Trust Acquires 219-Room Embassy Suites Hotel in Metro D.C. for $68M

by Camren Skelton December 7, 2017

SPRINGFIELD, VA. — Chatham Lodging Trust has acquired a 219-room Embassy Suites by Hilton hotel in Springfield, roughly 15 miles southwest of Washington, D.C., for $68 million. Other terms of the transaction were not disclosed. Opened in 2013, the LEED-certified hotel features steel and concrete construction and 26 extended-stay suites with full kitchens. The hotel is located less than two miles from Fort Belvoir, the nation’s fifth largest military base, and the new headquarters of the Transportation Security Administration, which is expected to open in August 2020.

December 7, 2017

Multifamily Southeast Virginia

CIM Group Acquires 1,180-Unit Multifamily Community in Metro D.C.

by Camren Skelton December 6, 2017

ALEXANDRIA, VA. — CIM Group has acquired EOS Twenty-One, a 1,180-unit apartment community located at 140 S. Van Dorn St. in Alexandria, roughly eight miles south of Washington, D.C. Other terms of the transaction were not disclosed. Constructed in phases between 1968 and 1972, EOS Twenty-One comprises 14 four-and five-story buildings. Renovations in recent years have updated buildings, units, common areas and amenities. The community features recreation areas, a fitness center, game room, business center, theater room, on-site convenience store, two swimming pools, tennis courts, barbecue areas, playground and a dog park.

December 6, 2017

Office Southeast Virginia

Meridian Group Purchases 209,669 SF Office Building in Tysons Corner

by Camren Skelton December 5, 2017

TYSONS CORNER, VA. — The Meridian Group has acquired 8280 Greensboro Drive, a 209,669-square-foot office building in Tysons Corner. The sales price was not disclosed, but the Washington Business Journal reports the building is valued at approximately $41.5 million. Bill Collins, Drew Flood and Sean Collins of Cushman & Wakefield represented the undisclosed seller in the transaction, and Marshall Scallan of Cushman & Wakefield represented Meridian in securing its senior structured debt. The nine-story building is located within the Boro District, Meridian Group’s 4.2 million-square-foot mixed-use development. Upon completion, the project will feature 10 office buildings spanning 2 million square feet, apartments, condominiums, retail, restaurants and entertainment. The building on Greensboro Drive features a new conference center, new fitness center, on-site eatery, on-site structured parking, outdoor seating and green space. In addition, the property is LEED Gold-certified and located within a five-minute walk to the Greensboro Metro station. At the time of sale, the building was 83 percent leased.

December 5, 2017

Retail Southeast Virginia

JLL Arranges Sale of 98,066 SF Shopping Center in Hampton Roads

by Camren Skelton November 20, 2017

HAMPTON, VA. — JLL has arranged the sale of Mercury Plaza, a 98,066-square-foot shopping center located at the intersection of West Mercury Boulevard and Power Plant Parkway in Hampton, roughly 10 miles southeast of Newport News in the Mid-Atlantic’s Hampton Roads region. Margaret Caldwell and Margaret Jones of JLL arranged the transaction on behalf of the seller, New York-based Olshan Properties. Atlanta-based Branch Properties acquired the property for an undisclosed price. Walmart Neighborhood Market and Marshalls anchor Mercury Plaza, and Burlington shadow-anchors the property. The center also includes five national tenant outparcels and additional development opportunities.

November 20, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Westminster Canterbury Receives $38.2M Loan for Seniors Housing Project in Central Virginia

by Camren Skelton November 16, 2017

LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.

November 16, 2017

Office Southeast Virginia

Lowe, USAA Deliver 700,000 SF Office Building for National Science Foundation in Metro D.C.

by Camren Skelton November 9, 2017

ALEXANDRIA, VA. — Los Angeles-based Lowe (formerly Lowe Enterprises) and San Antonio-based USAA Real Estate have completed construction on a 19-story, 700,000-square-foot office building located at 2415 Eisenhower Ave. in Alexandria, eight miles south of Washington, D.C. The new building will serve as the headquarters for the National Science Foundation (NSF), a U.S. government agency that supports research and education in all the non-medical fields of science and engineering. Balfour Beatty Construction and WDG Architecture led the design team for the project, which is LEED Silver-certified. The building includes two interconnected towers with 19,000 square feet of ground floor retail space and three levels of below-grade parking. The NSF headquarters building features 36 conference rooms, a fitness center, health center, bike storage and electric vehicle charging stations. In addition, the property is located adjacent to the Eisenhower Avenue Metro Station.

November 9, 2017

Retail Southeast Virginia

Mall Owners Refresh Common Areas to Attract Customers

by John Nelson November 8, 2017

As online retail continues to grab market share from traditional bricks-and-mortar shopping malls, retail center owners are looking for ways to create an experience for shoppers. For many, this entails redeveloping portions of their centers to include dining, entertainment and event experiences to build a sense of community to their centers. When retail owners plan these kinds of renovations, they should engage architects and general contractors early and come into the project with a realistic expectation of the costs and challenges that may arise. Some suburbs are using their shopping centers as de facto downtown areas, complete with holiday events, festivals and farmers markets. Graycor Construction has helped three such centers in Richmond to improve their common area space to meet these needs. Richmond Projects At Short Pump Town Center, owner Forest City Enterprises engaged Graycor to demolish and replace a pedestrian bridge and fountain, replace brick pavers, relocate escalators and add a feature elevator, fireplace, pavilion and trellises. This made the center a more modern and attractive place for members of the community to gather, and Graycor was able to use its “live environment” approach to keep the mall and all of its stores open during construction. As a …

November 8, 2017

Loans Multifamily Southeast Virginia

KeyBank Arranges $73.3M Acquisition Loan for Multifamily Property in Metro D.C.

by Camren Skelton November 6, 2017

ALEXANDRIA, VA. — KeyBank Real Estate Capital has arranged a $73.3 million acquisition loan for The Parker at Huntington Metro, a 360-unit multifamily community in Alexandria, roughly eight miles south of Washington, D.C. Chris Black and Caleb Marten of KeyBank arranged the 10-year Fannie Mae loan with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Constructed in 2016, The Parker features a 24-hour fitness center, bike racks, outdoor TVs, pool, virtual golf simulation room, game room, dog park and a pet spa. Of the 360 units, 54 are reserved for affordable housing.

November 6, 2017

Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges Sale of 18,316 SF Retail Center in Blacksburg, Virginia

by Camren Skelton October 30, 2017

BLACKSBURG, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of University Crossroads, an 18,316-square-foot retail center located at the main entrance of Virginia Tech in Blacksburg. Eric Robison and Catharine Spangler of Cushman & Wakefield | Thalhimer arranged the sale on behalf of the undisclosed seller. Additional terms of the transaction were not disclosed. Constructed this year, the center is part of the larger University Crossroads mixed-use development, which includes additional retail space, a freestanding CVS/pharmacy and two hotels with a total of 250 rooms. Graystone Cos. developed University Crossroads. At the time of sale, the center was home to Chipotle Mexican Grill, Panda Express and Tropical Smoothie Café. John Nielsen of Cushman & Wakefield | Thalhimer completed the lease-up of the property. The Thalhimer Commercial Property Services team will manage the asset under the new ownership.

October 30, 2017

Mixed-Use Retail Southeast Virginia

Williams-Sonoma, Pottery Barn to Join Town Center of Virginia Beach

by Camren Skelton October 27, 2017

VIRGINIA BEACH, VA. — Williams-Sonoma and Pottery Barn have inked leases at the Town Center of Virginia Beach, a multi-phase mixed-use development in Virginia Beach. The homeware and home furnishings retailers will occupy a combined 18,000 square feet as part of the project’s sixth phase of development. A public-private partnership between the City of Virginia Beach and Virginia Beach-based Armada Hoffler Properties, Town Center is an ongoing development that started in 2000. The project spans 17 city blocks and features retail, dining, office space, residential units, hotels and entertainment venues. The two new retailers will be part of the latest addition to Town Center, which will include 39,000 square feet of retail and restaurant space, a 300-seat performing arts theater, an open-air public plaza and a pedestrian bridge. Williams-Sonoma and Pottery Barn are expected to open in spring 2018. Divaris Real Estate is handling retail leasing for Town Center, and S.L. Nusbaum is managing the project’s residential component.

October 27, 2017

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