Virginia

Bridge Investment Group Purchases 416,311 SF Office Campus in Richmond

by John Nelson February 14, 2017

RICHMOND, VA. — Bridge Investment Group has purchased WestMark Office Park, a 416,311-square-foot, two-building office complex located on a 40-acre campus at 11000 W. Broad St. in Richmond. Bridge purchased the asset with equity partner Mandalay-CRE Venture II from RER/New Boston West Broad LLC for an undisclosed price. Bridge will rebrand the asset SunTrust Center once SunTrust Bank takes occupancy of the entire 211,689-square-foot WestMark One building. WestMark was previously home to Capital One. Cushman & Wakefield | Thalhimer and Cushman & Wakefield’s Washington, D.C., office represented the seller in the transaction. Bridge will invest in improvements to WestMark’s lobbies, common areas and the exterior façade.

February 14, 2017

Multifamily Southeast Virginia

Federal Capital, Kettler Sell Apartment Community in Northern Virginia for $55.3M

by John Nelson February 3, 2017

LEESBURG, VA. — Federal Capital Partners and joint venture partner Kettler have sold Fields of Leesburg, a 405-unit garden-style apartment community located at 75 Plaza St. in Leesburg, for $55.3 million. Built in the 1970s, the property participates in a tax credit program that provides affordable residences for renters who qualify. Jeff Kunitz, Brandon Grisham and Jonathan Greenberg of CBRE represented FCP and Kettler in the transaction. The buyer was not disclosed.

February 3, 2017

Office Southeast Virginia

Nestle USA Moves Corporate Headquarters from California to Arlington in $39.8M Move

by John Nelson February 3, 2017

ARLINGTON, VA. — Nestle USA, a subsidiary of global food and drink company Nestle S.A., has decided to move its corporate headquarters from Glendale, Calif., to Arlington’s Rosslyn district. The company will invest $39.8 million to relocate to 206,000 square feet of office space at 1812 N. Moore St. beginning in September. The move is expected to create nearly 750 jobs in the metropolitan Washington, D.C., region. As part of the deal, Nestle USA will receive $6 million from the Commonwealth of Virginia. The grant comprises a $4 million Industrial Development Authority Performance Incentives grant from Arlington County and an additional $2 million from the county for infrastructure purposes. Nestle USA worked closely with Arlington Economic Development in the move.

February 3, 2017

Multifamily Southeast Virginia

Greysteel Brokers $13.5M Sale of Apartment Community in Arlington

by John Nelson February 2, 2017

ARLINGTON, VA. — Greysteel has arranged the $13.5 million sale of Whispering Oaks, a 49-unit mid-rise apartment community located at 1310 N. Oak St. in Arlington’s Rosslyn neighborhood. Whispering Oaks’ amenities include covered and uncovered parking, a telephone entry system call box, fitness center, laundry facilities, secluded rear patio sitting area and a renovated lobby. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel’s Washington, D.C., office represented the sellers, 401 Commonwealth LLC and HJL Properties LLC, and procured the buyer.

February 2, 2017

Office Southeast Virginia

Paramount Group to Sell 24-Story Office Building in Metro D.C. for $460M

by John Nelson February 1, 2017

ARLINGTON, VA. — New York-based Paramount Group Inc., a publicly traded office REIT, has entered into an agreement to sell Waterview, a 24-story, 647,000-square-foot office building in Arlington’s Rosslyn neighborhood, for $460 million. Paramount Group sold the asset to Morgan Stanley Real Estate, according to Washington Business Journal. Situated along the Potomac River, Waterview’s office space is currently 99 percent leased to a single tenant, whose lease expires in January 2028. The transaction is expected to close in the second quarter of 2017.

February 1, 2017

Office Southeast Virginia

Navy Federal Credit Union Starts Construction on $100M Office Building in Virginia

by John Nelson January 30, 2017

WINCHESTER, VA. — Navy Federal Credit Union, the world’s largest credit union, has broken ground on its new 180,000-square-foot office building in Winchester. Navy Federal has invested $100 million to expand into the three-story facility, which is expected to be fully operational by the end of 2018. The Winchester facility will house about 1,400 employees, which are currently spread between two different facilities in Virginia’s Frederick County. Vienna, Va.-based Navy Federal has more than $79 billion in assets, 6 million members and 296 branches.

January 30, 2017

Retail Southeast Virginia

Wegmans to Open 130,000 SF Store at Town Center of Virginia Beach

by John Nelson January 24, 2017

VIRGINIA BEACH, VA. — Wegmans plans to open a new 130,000-square-foot grocery store at Town Center of Virginia Beach. Situated near the intersection of Virginia Beach and Independence boulevards, the store will feature a parking deck in front and a mezzanine level for café seating. Wegmans is expected to create hundreds of jobs and invest millions of dollars in the new store. The Rochester, N.Y.-based grocer currently has 10 other stores in Virginia.

January 24, 2017

Office Southeast Virginia

Capital Square 1031 Sells Forest Office Park in Richmond for $24.1M

by John Nelson January 24, 2017

RICHMOND, VA. — Capital Square 1031 has completed the stabilization and sale of Forest Office Park, a 19-building, 710,000-square-foot office campus in Richmond, for $24.1 million. The firm served as a replacement sponsor and manager of NNN Forest Office Park LLC, a tenant-in-common (TIC) ownership. Forest Office Park was under TIC ownership for the past 11 years. Capital Square 1031 assumed sponsorship and management in February 2016, replacing the previous manager after more than a decade, to take over sponsorship, management and serve as loan guarantor for the TIC program. Forest Office Park is situated in Richmond’s West End at the corner of Three Chopt Road and Forest Avenue. Located within six miles of Short Pump and downtown Richmond, the property was approximately 95 percent leased at the time of sale. CBRE | Hampton Roads, CBRE | Richmond and the Atlanta office of CBRE Group Inc. brokered the sale on behalf of the TIC ownership.

January 24, 2017

Office Southeast Top Stories Virginia

Riverstone Properties Buys James Center Office Towers in Downtown Richmond for $108M

by Jeff Shaw January 23, 2017

RICHMOND, VA. — Riverstone Properties has acquired James Center, three office towers in the heart of Richmond’s central business district, for $108 million. The James Center comprises the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center, all developed in 1985. LNR Property, a subsidiary of Starwood Property Trust, sold the towers free and clear of existing debt. The three buildings include 986,000 square feet of Class A office space, a fitness facility, five restaurants, 1,600-car parking garage and a 50,000-square-foot retail atrium that connects to the Omni Richmond Hotel. Additionally, an outdoor area named The Plaza hosts activities, concerts and the Grand Illumination holiday lighting tradition. Situated on 3.4 acres at 901, 1021 and 1051 E. Carey St., James Center is located in downtown Richmond’s River District along the James River. The HFF investment sales team of Ryan Clutter, Dek Potts, Scot Humphrey and Christopher Lingerfelt represented LNR in the transaction. Starwood Property Trust Inc. (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, claims to be the largest commercial mortgage real estate investment trust in the United States. Riverstone Properties is the commercial real estate arm of the Riverstone …

January 23, 2017

Hospitality Maryland Southeast Virginia

Hersha Hospitality Trust Sells Two Hotels in Metro D.C. for $62M

by John Nelson January 16, 2017

ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms in New York, Boston, Philadelphia, Miami, select markets on the West Coast and Washington, D.C.

January 16, 2017

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