RESTON, VA. — Capital One has provided a $34.5 million loan for the refinancing of Springs at Reston, a 362-unit apartment community in Reston, approximately 23 miles west of Washington, D.C. Joel Willard and Michael Antonelli of Capital One secured the fixed-rate loan with 10 years of interest-only payments through Fannie Mae on behalf of the borrower, Lerner Enterprises. Constructed in 1972, Springs at Reston includes 27 three- and four-story garden-style apartment buildings and features a playground, picnic area and laundry facilities. All units are affordable for those making 80 percent or less of the area median income.
GLEN ALLEN, VA. — The Peterson Cos. has opened the first Publix in Virginia at Nuckols Place, a shopping center located at Nuckols Road and Twin Hickory Drive in Glen Allen, about 13 miles north of Richmond. Connie Jordan Nielsen and Alicia Farrell of Cushman & Wakefield | Thalhimer represented Peterson Cos. in the lease negotiations. In addition to Publix, Chipotle, Hair Cuttery, Lee Nails and PetValu joined the shopping center. Zaxby’s, Sedona Taphouse, MOD Pizza, GNC and Dynamic Dental will open their shops at Nuckols Place in the fall.
NORFOLK, VA. — Simon has opened the 332,000-square-foot Norfolk Premium Outlets, bringing retailers including Banana Republic Factory, Calvin Klein, Nike Factory Store, Old Navy and Steve Madden to the Norfolk, Chesapeake and Virginia Beach areas. Located at 1600 Premium Outlets Blvd. on Interstate 64, the village-style outlet mall features covered walkways, courtyards, a fountain, fireplace, public artwork, children’s play area, indoor and outdoor dining options and a 1.3-mile walking trail surrounding Lake Wright.
MCLEAN, VA. — PCCP LLC has provided a $39.4 million senior loan to Westport Capital Partners LLC for the acquisition and renovation of 2000 Corporate Ridge, a 10-story, 288,000-square-foot office building in the Tysons Corner market of McLean, roughly 10 miles west of Washington, D.C. Westport plans to invest approximately $10 million in renovations, which will include modernizing the lobby, atrium, elevators and bathrooms, as well as adding spec suites. Constructed in 1985, 2000 Corporate Ridge includes a four-story parking garage with 915 spaces. Acquired out of receivership, the property was 4 percent occupied at the time of sale.
RICHMOND, VA. — Phillips Realty Capital has secured $36.5 million in permanent financing for the Altria Building at Reynolds Crossing located at 6603 W. Broad St. in Richmond. Phillps Realty Capital’s Charles DuBose arranged the financing on behalf of the borrower, Reynolds Development. The 222,057-square-foot, Class B office building was built in 1968 and renovated in 2007. The Altria Building is fully leased to a single credit tenant, Philip Morris USA, which is headquartered at the property.
TYSONS, VA. — Lerner Enterprises has received $200 million in permanent financing for 1775 Tysons Boulevard, a 17-story office tower located in Tysons, Virginia. The developer, Lerner, delivered the property in late 2016. The 476,000-square-foot office tower is LEED Platinum certified, and features a state-of-the-art fitness center, conference center, café, indoor and outdoor social areas, and an onsite Fogo de Chão restaurant. Tenants at the property include EY, DXC Technology and WeWork. JLL is handling leasing at the tower. KPF designed the project. Towers Golde was landscape architect, Dewberry handled engineering and Paladino was LEED consultant. The office complex is the newest building in the Tysons II master plan, which features office, retail, dining, hotel and residential space. The 117-acre development is home to Tysons Galleria, an 800,000-square-foot luxury retail center, and a Ritz-Carlton. TH Real Estate — the real estate investment management arm of TIAA — provided the capital for the financing, which John Sieber Jr. of Phillips Realty Capital structured. Rockville, Md.-based Lerner Enterprises is one of the largest development and management companies in metro Washington, D.C. The company’s portfolio includes Dulles Town Center, a 1.4 million-square-foot regional mall in Loudoun County, Va., and Washington Square, a 1 …
MANASSAS, VA. — Finmarc Management Inc. has purchased Festival at Manassas, a 117,000-square-foot shopping center located at 10280-10388 Festival Lane in Manassas, from Katz Properties for $20 million. Bill Kent of CBRE represented Bethesda, Md.-based Finmarc Management in the transaction. The Global Food-anchored center was 97 percent leased at the time of sale. Potbelly Sandwich Works, CiCi’s Pizza, 360 Buffet, Nutritional Wellness Center and Furniture House are among the center’s other retail tenants.
Marcus & Millichap Arranges $10.5M Sale of Mixed-Use Property in Richmond’s Shockhoe Bottom District
RICHMOND, VA. — Marcus & Millichap has brokered the $10.5 million sale of Haxall View, a mixed-use property in Richmond comprising 29 one- and two-bedroom apartments and 24,307 square feet of office and restaurant space. Located at 2101 E. Main St. in Richmond’s Shockhoe Bottom district, the two conjoined buildings are situated on 22,815 square feet at the corner of East Main and South 21st streets. The apartments at the former cigar factory feature exposed brick, private balconies, hardwood floors, bay doors and new kitchen appliances. Property amenities include secured parking, a fitness center and a rooftop deck. Christopher Chadwick and Dawson Rinder of Marcus & Millichap’s Washington, D.C., office represented the undisclosed seller in the transaction. The buyer purchased the asset in a 1031 exchange.
WOODBRIDGE, VA. — Sterling Organization has sold Market at Opitz Crossing, a 157,724-square-foot, grocery-anchored retail center in Woodbridge, a suburb of Washington, D.C., in northern Virginia. Klein Enterprises purchased the asset from Sterling for $29.3 million. Price Rite anchors the center, which is located one mile east of Interstate 95 at the intersection of Jefferson Davis Highway and Opitz Boulevard. Other tenants include Advance Auto Parts, Dollar Tree, Checkers, Subway, BB&T Bank, Taco Bell, Edible Arrangements, Papa Johns, Hair Cuttery, Mariner Finance, Quest Diagnostics and T-Mobile. Geoffrey Millerd and Mat Adler of Newmark Grubb Knight Frank represented Sterling, which sold the asset through its institutional fund Sterling Value Add Partners LP. Marc Tropp of Eastern Union Funding arranged an acquisition loan through Apple Federal Credit Union on behalf of Klein Enterprises. Sterling purchased the asset in 2013 for $17.8 million and increased its occupancy rate from 77 percent to 96 percent. During its ownership, Sterling added an outparcel retail building leased to Chipotle Mexican Grill at the center.
CHESAPEAKE, VA. — Southeastern has brokered the $38.7 million sale of Greenbrier Square, a 260,602-square-foot shopping center located in Chesapeake, about seven miles south of Norfolk in Virginia’s Hampton Roads area. Principal Real Estate Investors purchased the asset from a regional developer. Anchored by the market’s first Kroger Marketplace, Greenbrier Square was 99 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Five Below, Tuesday Morning and Field & Stream. Ryan McArdle, David Rivers and Steve Collins of Southeastern’s investment sales team brokered the transaction.