Please ensure Javascript is enabled for purposes of website accessibility
Upcoming Event

Best Places to Work in Virginia

Hamburger Menu Hamburger Menu

Tag: commercial real estate

Construction begins on $135M Loudoun biz park’s first phase

Construction has started on the first four buildings in an approximately $135 million, 10-building business community in Dulles, project owner-developer St. John Properties Inc. of Baltimore announced Wednesday.

The project, Arcola Center, will be a 34-acre business park at the intersection of Loudoun County Parkway and Dulles West Boulevard with eight flex/research and development buildings — totaling 288,840 square feet — and two single-story office buildings, as well as parking. The office buildings will total 48,080 square feet, according to a St. John Properties brochure for the center.

“We have been active in Loudoun County for more than two decades and have delivered more than 20 buildings which serve the commercial real estate needs of more than 150 companies,” Matt Holbrook, St. John Properties’ regional partner for Virginia and central Maryland, said in a statement. “This area does not have enough of the flex/R&D product, which we are developing now, to support the local companies that need this type of building to operate and grow.”

The first phase, which is expected to be complete in the first quarter of 2024, will consist of 100,000 square feet of flex/R&D space across four buildings, ranging from 22,240 square feet to 45,120 square feet. The buildings will have flexible suite sizes, and the single-story buildings have been designed to earn LEED certification from the U.S. Green Building Council.

The whole center does not have a pinned completion date, since St. John Properties will continue to speculatively develop new space as it leases the first four buildings.

The Loudoun County Board of Supervisors approved a zoning change for the property in January.

“Loudoun County has more than 3 million square feet of flex and warehouse space, with a vacancy rate of under 1%,” Ashburn District Supervisor Michael Turner said in a statement. “This flex/R&D product is among the main pillars of economic activity in Loudoun County, and it is gratifying to see Arcola Center moving forward.”

Founded in 1971, St. John Properties Inc. is a privately held real estate company that has developed more than 23 million square feet of flex/R&D, office, retail and warehouse space and has investments in more than 3,000 residential units. The company has more than 2,500 clients across Virginia, Colorado, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Texas, Utah and Wisconsin.

Two retail, office buildings in Chesapeake sell for $3.1M

Two buildings with retail and coworking spaces on South Military Highway in Chesapeake have sold for $3.1 million, Cushman & Wakefield | Thalhimer announced Monday.

The 38,800-square-foot and 10,000-square-foot buildings sit on 4.7 acres at 2211 S. Military Highway. The property’s 31 tenants include Amazon.com Inc., FedEx Corp., U-Haul and Laundry Land.

Advisory Investments LLC purchased the property from Chesapeake Virtual Offices & Property Rentals Inc. and plans to allow tenants to lease monthly or annually and to maintain coworking space at the site. Janet Whitbeck with Cushman & Wakefield | Thalhimer represented the seller.

Richmond loft apartment community sells for $14.8M

A 70-unit apartment community in Richmond’s Manchester neighborhood sold for $14.8 million May 12.

Putnam Mill LLC, an entity connected to First Priority Management of Washington, D.C., purchased The Mill at Manchester Lofts, a former paper mill and warehouse that now consists of studio, one-, two-, and three-bedroom loft style apartments at 815 Perry St. as an investment. The seller was Fulton Street Partners, a Raleigh, North Carolina-based multifamily investment firm.

The apartments were 95% leased at the time of the sale. According to the community website, the property is managed by BH Management Services LLC, with rentals starting at $1,005.

Jenny Stoner and John Pritzlaff, of Cushman & Wakefield | Thalhimer, represented the purchaser in the sale. Putnam Mill will complete an interior and overall renovation after closing.

Divaris restructures C-suite, names new execs

Virginia Beach-based Divaris Real Estate announced Thursday that it is restructuring its top leadership amid growth following recent acquisitions and partnerships.

David Sutliff, who has worked as an adviser to the company for 12 years, is the new chief financial officer. Tony Divaris, who was previously the company’s international controller and CFO, has been promoted to chief operating officer, the company said in a news release.

Sutliff will guide the firm’s financial strategy and drive operational efficiency. He has previously worked at accounting firm KPMG and is a certified public accountant licensed in Virginia. He has a bachelor’s degree in business administration and accountancy and a master’s degree in accounting from East Carolina University.

In his new role, Tony Divaris will enhance company operations while implementing strategic changes to improve and complement the firm’s growth trajectory. He is the cousin of Gerald Divaris, chairman and CEO of the firm.

“With the addition of David Sutliff as our new CFO and the appointment of Tony Divaris as COO, we have assembled a talented executive team with diverse expertise, forward-thinking leadership and a shared commitment to driving company growth,” Divaris said in a statement. “Together, we will further the positioning of the Divaris Group as a national market and industry leader.”

The leadership restructuring comes as Divaris has grown through recent acquisitions and a partnership with KLNB that have added more than 200 employees to the company. In March, the company announced it acquired North Carolina-based McGarey Group, adding offices in that state, Maryland, Michigan and California.

The executive committee now includes Gerald Divaris as chairman and CEO, Michael Divaris as president and Gwen Gilbert as chief human resources officer, along with the addition of Sutliff and Tony Divaris.

Founded in 1974 in South Africa and headquartered in Virginia since 1981, Divaris Group is an international real estate services, brokerage and property management company that manages and/or leases more than 37.3 million square feet of office, retail and industrial space throughout the nation. Divaris Real Estate has offices in Virginia Beach, Newport News, Norfolk, Richmond and Roanoke, as well as in Charlotte and Raleigh, North Carolina, Beverly Hills, California, and Washington, D.C.

Charlottesville car dealerships acquired

Flow Automotive Cos. has completed its acquisition of five Umansky Automotive Group dealerships in Charlottesville, the company announced April 18.

Terms of the deal were not disclosed.

Flow’s acquisition includes locations selling Honda, Toyota, Subaru, Mercedes-Benz, Chrysler, Dodge, Jeep and Ram automotive brands, according to a news release. Flow currently has dealerships representing Audi, BMW, Mazda, Porsche and Volkswagen brands in Charlottesville.

“For the last 50 years, our family has had roots in Charlottesville and with the University of Virginia. We are grateful and excited for the opportunity to expand in Charlottesville and create a unique customer experience in a community that is so important to us,” Don Flow, chairman and CEO of Flow Automotive Cos., said in a statement.

Founded in 1957 in Winston-Salem, North Carolina, Flow has expanded to nine cities throughout Virginia and North Carolina, with 53 franchises representing 27 brands.

Roanoke medical building sells for $2.8M

The Asthma and Allergy Center medical office building in Roanoke has changed hands. 

The 9,120-square-foot building, built in 2000 and sitting on a nearly 1-acre parcel at 1505 Franklin Road SW, was acquired by HKM LLC, which will lease it back to the asthma and allergy practice.

Clay Taylor of Cushman & Wakefield | Thalhimer’s Capital Markets Group and Boyd Johnson, also with Thalhimer, represented the seller.

Va. Beach strip mall sells for $1.7M

The CheckSmart Plaza strip mall in Virginia Beach has a new owner. 

5650 Virginia Beach Blvd purchased the strip mall at 5650 Virginia Beach Blvd. from the Lenhart-Frauenberg Partnership for $1.7 million as an investment, according to Cushman & Wakefield | Thalhimer. Built in 2006, the shopping center is 8,537 square feet, with tenants including a CheckSmart, Liberty Tax, and Subway. It’s near the intersection of East Virginia Beach Boulevard and Newtown Road.

Ted Levin, of Cushman & Wakefield | Thalhimer, handled the sale negotiations on behalf of the seller.

Chesterfield industrial property sells for $1.7M

An industrial/flex space property in Chesterfield County has sold for $1.7 million. 

11300 Business Center LLC purchased a 9,100-square-foot building on 11300 Business Center Drive from AdvanceTEC Properties LLC as an investment, according to Cushman & Wakefield | Thalhimer. The building has been the corporate headquarters for AdvanceTEC LLC, a builder and designer of industrial cleanrooms.

Graham Stoneburner and David Crawford, of Cushman & Wakefield | Thalhimer, handled the sale negotiations on behalf of the seller. Birck Turnbull, also with Thalhimer, represented the purchaser.

Roanoke apartment complex sells for $1.1M

The Eastgate Apartments in Roanoke have been sold for $1.1 million, Cushman & Wakefield | Thalhimer announced Monday. 

Restoration Turnkey Investments LLC acquired the community on March 28 from Rafan LLC. The buyer is planning extensive interior and exterior renovations. 

The complex, built in 1977, has 14 townhouse-style apartments and is three miles from downtown Roanoke. Each apartment is about 1,000 square feet, with two bedrooms and one bathroom each. 

Clay Taylor, of Cushman & Wakefield | Thalhimer’s Capital Markets Group, represented the seller. 

Moseley Architects names next CEO

Jeffrey M. Hyder will step into the role of president and CEO for Richmond-based Moseley Architects beginning Aug. 1, the firm announced.

Hyder, who joined the firm in 1993, will replace Stewart D. Roberson, who will step aside as president and CEO but continue to serve as the company’s chair. Roberson has been at the helm since 2011, after retiring as superintendent of Hanover County Public Schools.

Under Roberson’s leadership, the firm’s annual revenue increased 153%, from $32.4 million to $81 million. Moseley’s portfolio has grown with the addition of senior living and multifamily housing projects and the firm has merged with three other companies, expanding its footprint as far north as Baltimore and as far south as Charleston, South Carolina, and it now has 11 offices. It has designed facilities in 36 states and 14 countries.

“Moseley Architects has enjoyed a strong reputation as a national leader in client service and quality design,” Roberson said in a statement. “With Jeff as president, our future is remarkably bright. Our team members and clients will thrive through his strong leadership and genuine brand of care and attention. I am very pleased that our succession plan is producing this very promising result.”

Hyder joined Moseley after earning his bachelor’s degree from Virginia Tech’s School of Architecture and over the past 30 years he has served as an architect, operations manager and then leader of its higher education sector as well as vice president and secretary of the board of directors. Since 2015, the higher education sector of the firm has increased its revenue 62%, from $10.4 million to $16.8 million. Its client base has expanded north to include Johns Hopkins University and as far south as the College of Charleston in South Carolina. In that time, Moseley has earned 24 design awards for higher education facilities.

“I am deeply honored to have this opportunity to lead the firm which has given me so much throughout my career,” Hyder said in a statement. “Taking our team’s and clients’ needs to the next level will be exciting. Our board of directors places a major emphasis on thoughtful leadership succession. With this transition, we are all focused on continuing to build an even greater future and an increasing national presence as a design leader. Our firm greatly values the highly effective leadership Stewart has provided for the past 12 years to successfully position us for this moment.”

Moseley Architects, founded in 1969, serves clients in the K-12, higher education, civic, justice, senior living and multifamily housing sectors.