Virginia

JCR Cos. Acquires Retail Center in Northern Virginia for $17.7M

by Camren Skelton September 22, 2017

FRONT ROYAL, VA. — Washington, D.C.-based The JCR Cos. has acquired Riverton Commons, a 69,496-square-foot shopping center in Front Royal, for $17.7 million. CBRE represented the seller, EDENS, and First Virginia Community Bank provided acquisition financing. Constructed in 2007, Riverton Commons is home to tenants including Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Anytime Fitness, Hibbett Sports and Tropical Smoothie Café. The property is part of a 500,000-square-foot regional shopping center anchored by a Walmart Supercenter and a Lowe’s Home Improvement store. JCR plans to lease up the existing vacant space and either develop or sell the property’s five pad sites, two of which are vacant land.

September 22, 2017

Loans Multifamily Seniors Housing Southeast Virginia

SunTrust Provides $18M Construction Loan for Seniors Housing Expansion in Culpeper, Virginia

by Camren Skelton September 20, 2017

CULPEPER, VA. — SunTrust Bank has provided an $18 million construction loan for the 125,000-square-foot expansion of The Culpeper, a retirement community in Culpeper, a town situated equidistant from Richmond, Va., and Washington, D.C. LifeSpire of Virginia, a provider of continuing care retirement communities, will build 133 new units in the community and offer additional care services to current and future residents. The updated Culpeper community will replace the previous building, originally built in 1951, with 54 assisted living, 32 memory care and 47 skilled nursing units. Other enhancements to the community will include an outdoor courtyard, cook-to-order dining options, an on-site clinic, chapel, on-site physical therapy, wellness gym and a health and beauty spa.

September 20, 2017

Loans Mixed-Use Southeast Virginia

Berkadia Arranges $157M Construction Loan for Target-Anchored Mixed-Use Project in Metro D.C.

by Camren Skelton September 15, 2017

ARLINGTON, VA. — Berkadia has secured a $157 million construction loan for 750 North Glebe, a mixed-use project under construction in Arlington, roughly five miles west of Washington, D.C. Upon completion, 750 North Glebe will feature 491 residential units and 61,000 square feet of retail space, which will be anchored by a 41,000-square-foot Target store. J. Tyler Blue, Paul Wallace and Jimmy Meadows of Berkadia secured the 18-year loan through Northwestern Mutual Life Insurance Co. on behalf of the developer, Bethesda, Md.-based Saul Centers.

September 15, 2017

Multifamily Southeast Virginia

S.L. Nusbaum to Deliver 126-Unit Multifamily Community in Downtown Norfolk

by Camren Skelton September 15, 2017

NORFOLK, VA. — S.L. Nusbaum Realty Co. has broken ground on The St. Paul’s Apartments, a 126-unit multifamily community located in downtown Norfolk. The design team includes TS3 Architects, Siska Aurand, The Livas Group, Pace Collaborative, Speight Marshall Francis and Details Interior Design. Hoy Construction Co. will lead construction of the community. The St. Paul’s Apartments will feature a mix of one-, two- and three-bedroom units with walk-in closets and patios or balconies. Community amenities will include a clubhouse, swimming pool, playground, barbeque area, fitness center and a dog park. The project is slated for completion by the first quarter of 2019.

September 15, 2017

Multifamily Southeast Virginia

Franklin Johnston to Deliver 248-Unit Multifamily Asset in Virginia Beach

by Camren Skelton September 13, 2017

VIRGINIA BEACH, VA. — The Franklin Johnston Group has unveiled plans to develop Coastal 61 at Oxford Village, a 248-unit multifamily community in Virginia Beach that will be located next to Virginia Wesleyan University and the Norfolk Premium Outlets. Coastal 61 will feature one-, two- and three-bedroom units ranging in size from 833 to 1,395 square feet. Individual units will include stainless steel appliances, granite countertops, walk-in closets and in-unit washers and dryers. Community amenities will include a rooftop sky park, two-story clubhouse, fitness center, outdoor recreation center and a resort-style swimming pool.

September 13, 2017

Multifamily Seniors Housing Southeast Virginia

Humanities Foundation, James Doran Break Ground on $16M Seniors Housing Community in Virginia

by Camren Skelton September 6, 2017

SPOTSYLVANIA, VA. — Humanities Foundation, in conjunction with James Doran Co., has broken ground on Keswick Senior Apartments, a 100-unit seniors housing community in Spotsylvania. The $16 million development is located within Keswick, a residential community under development by Jarrell Properties Inc. Located at the intersection of Lake Anna Parkway and Old Robert E. Lee Drive, the community will include 700 townhomes, single-family homes and apartments. Keswick Senior Apartments will features a security system, a community space with a meeting area, business center, exercise room, laundry facility, gazebo and a garden area. The project is being built utilizing Low Income Housing Tax Credits administered by the Virginia Housing and Development Authority. Citi Community Capital provided construction financing for the project with Boston Capital as the syndicator. The project team includes architect Martin Riley Associates, civil engineer Webb & Associates and land broker Coldwell Banker Elite/Coldwell Banker Commercial.

September 6, 2017

Healthcare Southeast Virginia

American College of Osteopathic Surgeons Leases 7,867 SF at Office Building in Metro D.C.

by Camren Skelton September 5, 2017

ALEXANDRIA, VA. — The American College of Osteopathic Surgeons (ACOS) has leased 7,867 square feet at 1680 Duke Street, a five-story boutique office building in Alexandria, roughly eight miles south of Washington, D.C. Donahoe Real Estate Services represented the landlord, KP Duke Street LLC, in the lease transaction, and CRESA DC represented ACOS. The 48,000-square-foot building has undergone renovations including a new entrance and lobby and modernized elevators. ACOS will occupy the fifth floor of the building. With the lease, 1680 Duke Street is 90 percent leased to tenants including the National School Boards Association and CVS/pharmacy.

September 5, 2017

Multifamily Retail Southeast Virginia

Morgan Properties Acquires Multifamily, Retail Portfolio in Metro D.C. for $509M

by Camren Skelton August 30, 2017

ALEXANDRIA, VA. — Morgan Properties has acquired the Mark Center portfolio, a multifamily and retail portfolio comprising 2,664 apartment units and a 63,320-square-foot retail center in Alexandria, for $509 million. Located in the Seminary Road submarket, the 150-acre Mark Center portfolio is roughly eight miles south of Washington, D.C. CBRE represented the undisclosed seller in the transaction. The Apartments at Mark Center include six adjacent garden-style communities: Hillwood, Stoneridge, Meadow Creek, Lynbrook, Brookdale and Willow Run. King of Prussia, Pa.-based Morgan Properties will consolidate the six assets into four apartment communities and invest approximately $35 million in capital improvements, including updated interiors and appliances and a new fitness center, business center, movie theater, club room, putting green and a dog park. The Shops at Mark Center is leased to tenants including CVS/pharmacy, Global Foods, Starbucks Coffee and SunTrust Bank. The Mark Center acquisition is Morgan Properties’ second largest transaction in the company’s history. With the acquisition, the company obtained the former owner’s right to maximize the allowable density of the center from 2.5 million square feet to 6.4 million square feet over the long-term.

August 30, 2017

Multifamily Southeast Virginia

Waterton Purchases Apartment Community in Metro DC for $144M

by Camren Skelton August 24, 2017

ARLINGTON, VA. — Waterton has acquired Windsor at Shirlington Village, a 404-unit multifamily community located within The Village at Shirlington, a transit-oriented neighborhood in Arlington, roughly five miles southwest of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports the Chicago-based real estate owner and operator acquired the asset for $144 million. Constructed in 1992, the property will be rebranded as The Citizen at Shirlington Village and will undergo capital improvements including the upgrade of unit interiors, renovation of the fitness center and community room and enhancement of outdoor amenity spaces. The apartment community includes one- to three-bedroom floor plans and features a swimming pool, grilling stations, courtyard areas, clubhouse, fitness center and a racquetball court.

August 24, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Pinnacle Living Secures $50.6M Loan for Expansion of Seniors Housing Asset in Richmond

by Camren Skelton August 23, 2017

RICHMOND, VA. — Pinnacle Living, a Glen Allen, Va.-based provider of retirement and seniors housing communities, has secured a $50.6 million loan from SunTrust Bank for the renovation and expansion of Cedarfield, a 90-acre retirement community in Richmond. Formerly known as Virginia United Methodist Homes Inc., the company rebranded to Pinnacle Living in June. The company owns and operates seven seniors housing communities in Virginia. Cedarfield’s renovation will include upgrades to the dining spaces, including the addition of a new pub, marketplace and a fine dining concept. Other planned improvements include a new health and wellness center, additional parking and upgrades to additional facilities and outdoor gathering places.

August 23, 2017

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