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

Mixed-Use Retail Southeast Virginia

Howard Hughes Corp. Acquires Macy’s Store at Landmark Mall in Alexandria

by John Nelson January 9, 2017

ALEXANDRIA, VA. — The Howard Hughes Corp. has purchased a Macy’s store and parking field at Landmark Mall in Alexandria for an undisclosed price. The Macy’s at Landmark Mall is one of 68 stores announced to be closing by Macy’s last week. The company plans to transform the enclosed mall and the Macy’s parcel into an open-air, mixed-use community with retail, residential and entertainment components. The new Landmark will feature multiple plazas and green spaces, outdoor seating, an updated transit center, seasonal entertainment, public art, numerous full-service and fast-casual dining options and an upscale movie theater. The Howard Hughes Corp. is planning to close the interior portion of Landmark Mall at the end of January. A definitive timeline for the redevelopment has not been finalized.

January 9, 2017

Retail Southeast Top Stories Virginia

O’Connor Capital Acquires 265,000 SF Shopping Center in Charlottesville, Virginia for $121.1M

by Kristin Harlow January 6, 2017

CHARLOTTESVILLE, VA. — O’Connor Capital Partners has acquired The Shops at Stonefield in downtown Charlottesville, near the University of Virginia, for $121.1 million. The 265,000-square-foot lifestyle shopping center is located at the intersection of Hydraulic Road and Route 29. The Shops at Stonefield was nearly 90 percent leased at the time of sale to tenants such as Trader Joe’s, lululemon athletica, Vineyard Vines, Pottery Barn, Williams-Sonoma, Brooks Brothers, Orvis, bluemercury and Regal Cinema. The shopping center was built in two phases in 2013 and 2016 and features a Costco, which was not part of the transaction. Concurrent with the acquisition, L.L. Bean has leased 15,000 square feet at the center with plans to occupy the space this summer. O’Connor Capital purchased the asset from Edens. Peter Bergner of O’Connor Capital’s Palm Beach office will handle leasing for The Shops at Stonefield. O’Connor Capital is an institutional real estate investment, management and development firm based in New York City. Edens develops, owns and operates community-oriented shopping places in primary markets across the country. — Kristin Hiller

January 6, 2017

Retail Southeast Virginia

Klein Enterprises Acquires Shopping Center in Virginia for $15.9M

by John Nelson January 5, 2017

WINCHESTER, VA. — An affiliate of Baltimore-based Klein Enterprises has purchased Pleasant Valley Shopping Center, a 104,703-square-foot shopping center located at 2021-2065 S. Pleasant Valley Road in Winchester, for $15.9 million. Pleasant Valley’s tenant roster includes Hobby Lobby, Dollar Tree, Cici’s Pizza, Jimmy John’s, Staples and Verizon Wireless. The seller was undisclosed. The center is Klein Enterprises’ second venture in Virginia, joining a shopping center the developer built in Stafford in 2014.

January 5, 2017

Office Southeast Virginia

CBRE | Richmond Brokers $24.1M Sale of Office Portfolio in Richmond

by John Nelson December 14, 2016

RICHMOND, VA. — CBRE | Richmond has arranged the $24.1 million sale of a five-building, 228,879-square-foot office portfolio within Forest Office Park in Richmond’s West End submarket. The portfolio includes the Almond, Culpepper, Lee, Ratcliffe and Wythe buildings, which have an average 95 percent occupancy rate. The Commonwealth of Virginia’s Department of General Services recently renovated its 127,694 square feet of office space within the portfolio and extended its lease. CBRE | Richmond managed the renovation and negotiated the lease extension. David Wilkons and Matt Anderson of CBRE | Richmond, along with Scott Adams of CBRE | Hampton Roads and Justin Parsonnett of CBRE’s Atlanta office, represented the seller, NNN Forest Office Park LLC, in the transaction. The buyer, Equitable Real Estate Partners LLC, has retained Wilkins and Anderson to lease the office portfolio.

December 14, 2016

Retail Southeast Virginia

KLNB Retail Arranges $15.9M Sale of Retail Center in Virginia

by John Nelson December 13, 2016

WINCHESTER, VA. — KLNB Retail’s investment sales group has brokered the $15.9 million sale of Pleasant Valley Marketplace, a 104,703-square-foot retail center located at 2021-20165 S. Pleasant Valley Road in Winchester. Andy Stape and Vito Lupo of KLNB Retail represented both the seller, Pleasant Valley Marketplace LLC, and the undisclosed 1031 buyer in the transaction. Built in 1995, Pleasant Valley Marketplace was fully leased at the time of sale to tenants such as Hobby Lobby, Staples, Dollar Tree, Jimmy John’s, Cici’s Pizza and Verizon Wireless.

December 13, 2016

Loans Mixed-Use Southeast Virginia

Phillips Realty Capital Arranges $90M Loan for Mixed-Use Project in Metro D.C.

by John Nelson December 12, 2016

FALLS CHURCH, VA. — Phillips Realty Capital has arranged a $90 million permanent loan for West Broad Residences, a newly built seven-story mixed-use complex in Falls Church, roughly nine miles west of Washington, D.C. Developed by Rushmark Properties, the property features 285 residential units, a 60,000-square-foot Harris Teeter grocery store, 2,250 square feet of ancillary retail space and an underground parking garage. West Broad’s apartments began leasing in January and the Harris Teeter opened in July. Stephen Shaw Jr., John Sieber Jr. and Emily Beeler of Phillips Realty Capital arranged the financing on behalf of Rushmark Properties.

December 12, 2016

North Carolina Retail Southeast Virginia

Armada Hoffler Acquires Two Retail Properties in Metro Charlotte, Virginia Beach

by John Nelson December 8, 2016

DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.

December 8, 2016

Industrial Southeast Virginia

GID Investment Advisors Sells Windsor Business Park in Richmond for $33.3M

by John Nelson December 6, 2016

RICHMOND, VA. — Boston-based GID Investment Advisors has sold Windsor Business Park, a 341,960-square-foot, six-building industrial park located on a 62-acre tract at 8550-8570 Magellan Parkway in Richmond. Bethesda, Md.-based Fernau LeBlanc and co-investor John B. Levy & Co. Inc. purchased the asset from GID for $33.3 million. John B. Levy & Co. was the debt advisor and placed the majority of the equity through its affiliate Pickwick Capital. Eric Robison, Evan Magrill and Dean Meyer of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Windsor Business Park was 97.5 percent leased at the time of sale to tenants such as Bon Secours Health System, CVS and GPM Investments.

December 6, 2016

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