Virginia

Washington REIT Breaks Ground on 401-Unit Multifamily Community in Metro DC

by Camren Skelton August 18, 2017

ARLINGTON, VA. — Washington REIT has broken ground on The Trove, a 401-unit apartment community located in the Columbia Pike corridor of Arlington, roughly five miles southwest of Washington, D.C. The property will comprise three seven-story buildings, including a mix of studio to three-bedroom units. KGD Architecture, is designing The Trove to achieve LEED Silver certification. Community amenities will include a rooftop deck, a pool, cabanas, fire pits, grills, movie screens, fitness center, co-working areas and bike storage. The project is slated to deliver in 2019.

August 18, 2017

Georgia Industrial Southeast Virginia

PCCP, Panattoni to Build Industrial Developments in Metro Atlanta, Richmond

by Camren Skelton August 10, 2017

BUFORD, GA. AND RICHMOND, VA. — PCCP LLC, in a joint venture with Panattoni Development Co., has unveiled plans to develop two speculative industrial properties in Buford and Richmond totaling over 1.1 million square feet. In Buford, the 208,656-square-foot, Class A building will be situated on 17 acres at Broadmoor Boulevard in the Northeast Atlanta industrial submarket. The property is part of Panattoni’s Buford Logistics Center, which includes three adjacent warehouses totaling approximately 1.4 million square feet. Construction on the new development is slated for completion in early 2018. In Richmond, the joint venture will develop Commerce Road Logistics Center, a two-phased, two-building, Class A warehouse and distribution center totaling 923,400 square feet. The 62-acre site is situated four miles south of downtown Richmond and is adjacent to the Richmond Marine Terminal. The first building in the development is slated for completion in the third quarter of 2018.

August 10, 2017

Affordable Housing Loans Multifamily Southeast Virginia

Capital One Provides $57.2M in Financing for Development of Affordable Housing Project in Metro DC

by Camren Skelton August 9, 2017

ARLINGTON, VA. — Capital One has provided a $26.1 million construction loan and $31.1 million in Low Income Housing Tax Credits (LIHTC) for Gilliam Place, a 173-unit affordable housing community under development in Arlington, roughly five miles southwest of Washington, D.C. Arlington Partnership for Affordable Housing (APAH) is developing the 122,000-square-foot property, which will include 9,000 square feet of commercial space to be dedicated to local nonprofits. Nine units will be reserved for people with special needs, 32 for those making up to 50 percent of the average mean income (AMI) and the rest for those making up to 60 percent of the AMI. Edmund Delany of Capital One originated the transactions on behalf of APAH for the construction of two projects that will be conducted concurrently on the same campus — Gilliam Place East and Gilliam Place West. The $26.1 million, adjustable-rate loan will be used for the construction of Gilliam Place East, which will comprise 83 units. The company also purchased $21.8 million in LIHTC through Enterprise Community Investments (ECI) for the construction of the property. Capital One also purchased $9.3 million in LIHTC equity through ECI for the construction of Gilliam Place West, which will include 90 …

August 9, 2017

Affordable Housing Maryland Multifamily Southeast Virginia

CBRE Brokers Sale of 43-Property Affordable Housing Portfolio in Mid-Atlantic

by Camren Skelton August 8, 2017

COLUMBIA, MD. — CBRE Affordable Housing has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio spread across Maryland, Virginia and Pennsylvania. Jeff Kunitz of CBRE arranged the transaction on behalf of the seller, Baltimore-based Shelter Group. Columbia, Md.-based Enterprise Community Investment purchased the portfolio for an undisclosed price. The portfolio includes 35 properties across Maryland, one property in Virginia and seven properties in Pennsylvania. All of the properties contain LIHTC, HAP or Senior Housing restrictions, and two were under new construction at the time of sale. In addition to the portfolio, Enterprise Community Investment acquired the property management company that operated the Shelter Group’s affordable housing portfolio.

August 8, 2017

Industrial Southeast 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

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