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Tag: commercial real estate

Williamsburg apartments sell for $100M

Alexandria-based real estate company Bonaventure has sold The Bend Arbordale apartments in Williamsburg for $100 million.

Bonaventure sold the 289-unit apartment complex to Illinois-based The Inland Real Estate Group, Bonventure announced Friday. Located at 401 Bulifants Blvd., the community has two- and three-bedroom apartments with private balconies or patios. It has a swimming pool, fitness center, business center, clubhouse and dog park. The community is near Sentara Williamsburg Regional Medical Center.

Drew White and Carter Wood, both of Berkadia, facilitated the sale for Bonaventure.

Roanoke business center sells for $6.8M

Century Business Center in Roanoke has sold for $6.8 million, Cushman & Wakefield | Thalhimer announced this week.

ABMAR Century Business Center LLC, a regional investment group purchased the 52,306-square-foot multitenant flex-office building from Planta LLC. The property was 92% leased at the time of the sale.

Price Gutshall and Wyatt Poats of Cushman & Wakefield | Thalhimer handled the sale negotiations for the seller.

 

 

Alexandria apartments sell for $50.1M

Baltimore-based Continental Realty Corp. has sold 101 North Ripley Apartments in Alexandria for $50.1 million, the company announced last week.

Washington, D.C.-based real estate investment and management firm Willow Creek Partners acquired the apartment community, formerly known as Parkwood Court. The community has 189 units, with one-, two- and three-bedroom floorplans.

It was first acquired by CRC in 2011 on behalf of CRC Fund III General Partner LLC for $23 million.

CBRE’s Bill Roohan, Robert Dean and Jonathan Greenberg represented CRC in the transaction.

The site is less than a mile from Landmark Mall, which is being redeveloped into a $1 billion-plus hospital campus by Inova Health System.

 

Lingerfelt sells Va. Beach hotel for $82M

Richmond-based commercial real estate investment firm Lingerfelt Commonwealth Partners LLC has sold the Delta Hotel by Marriott Virginia Beach Bayfront Suites for $82 million to New York-based Black Pearl Capital, Lingerfelt announced June 17.

Lingerfelt Commonwealth Partners acquired the hotel in 2018 for $19 million and completed a $29 million renovation and rebranding. Located in the Chic’s Beach area of Virginia Beach, the hotel has 295 rooms and features sweeping views of the Chesapeake Bay. The hotel has a restaurant, Tin Cup Oyster Bar + Kitchen, outdoor patio, meeting and event spaces, and a pool, fitness center, beach access and watersport rentals.

Commonwealth Lodging Management operated the property.

Lingerfelt was founded in 1957 and the company and its partners have built, acquired and managed more than 25 million square feet of commercial real estate valued at $3 billion across the mid-Atlantic and Southeast.

VCU buys former Va. ABC property for $16M

Virginia Commonwealth University on Friday purchased the former Virginia Alcoholic Beverage Control Authority’s former central office and warehouse at 2901 Hermitage Road in Richmond for approximately $16 million, according to Virginia ABC.

The sale of the 292,285-square-foot warehouse was included in the state operating budget. The Virginia ABC moved its headquarters and distribution center to a larger property in Hanover County in June 2021.

Purchasing the property is key to VCU’s plans for its Athletic Village project, which will be spread over about 40 acres (including the 20-acre parcel acquired through this transaction).

In December 2021, VCU bought 5.83 acres on Sherwood Avenue to be part of the project.

The whole project is expected to take five to seven years to complete in phases and will have a soccer stadium, indoor-outdoor tennis complex, outdoor track-and-field facility, practice fields and a multipurpose facility.

“The ABC parcel provides the final key piece for our vision of a VCU Athletic Village and allows us to move forward with the project. We have worked on the planning phase of these facilities for some time and now that we have the needed property, we will clear the site in the near future,” Ed McLaughlin, VCU vice president of athletics, said in a statement.

The Athletic Village is part of the city’s master plan for the Diamond District, which includes replacing the Richmond Flying Squirrels’ baseball stadium and revitalizing the area near the Scott’s Addition neighborhood. Three development teams have been chosen as finalists to develop the area, and they are expected to respond to a request for offers by June 28.

 

Blacksburg apartments sell for $4.75M

Ridgeview Apartments in Blacksburg have been sold for $4.75 million, Cushman & Wakefield | Thalhimer announced Thursday.

The 96-unit community is located at 768 Triangle St. in Blacksburg. Ridgeview Apts. Land Trust sold the community to GFI Ridgeview LLC, which intends to renovate the units.

Clay Taylor of Cushman & Wakefield | Thalhimer’s Capital Markets Group out of Roanoke and Jorge Rosa and Anthony “TJ” Liberto of Cushman & Wakefield’s Mid-Atlantic Advisory Team completed the sale.

The Breeden Co. names brand and development manager

The Breeden Co. has named Richard George its brand and development manager, the Virginia Beach company announced June 6.

George will be responsible for maintaining brand integrity across all corporate and divisional marketing initiatives and communications, but will also oversee business functions including communication channels, product development and market research, Breeden wrote in a news release. George was Breeden’s corporate media strategist.

A graduate of Old Dominion University, George has a bachelor’s in TV broadcasting and cinematography.

“Richard has been a key part of our global marketing strategy and success. We are thrilled to promote him to this important role,”  Vice President of Marketing and Public Relations Christine Gustafson said in a statement. “In Richard’s new role, with his innovative ideas and sensibilities, I am confident we will continue to produce more engaging, more memorable and more relatable experiences for the audiences we serve.”

Va. Beach office building sells for $12.15M

Windwood Centre, a four-story Class A office building in the Lynnhaven area of Virginia Beach, has been sold for $12.15 million, Divaris Real Estate Inc. announced Wednesday.

CCP Commercial Real Estate sold the 78,619-square-foot building, located at 780 Lynnhaven Parkway, to Charlottesville-based Seminole Trail Management. Tenants include Regus and Moseley Architects.

It’s not the first acquisition in Hampton Roads for Seminole Trail Management. In April, the company bought Poplar Hill Medical Center in Chesapeake for $5.7 million.

Divaris will handle leasing and management of Windwood Centre.

Jason Oliver and Michael Divaris, of the Divaris Investment Sales Group, represented CCP in the transaction.

Norfolk warehouse sells for $9M

A warehouse in Norfolk has been sold for $9 million, Cushman & Wakefield | Thalhimer announced June 6.

Selko Real Estate Ventures LLC purchased the 109,609-square-foot industrial building from NorfolkCo LLC as an investment. The property is leased to American Tire Distributors (ATD) as the company’s Hampton Roads tire warehouse and distribution center.

The warehouse is on 7.19 acres at 4554 Progress Road in the Norfolk Industrial Park.

Brett Sain of Cushman & Wakefield | Thalhimer represented the seller and Geoff Poston, also with Thalhimer, represented the buyer.

 

Va. Beach post office building sells for $5M

A 29,813-square-foot property leased to the U.S. Post Office in Virginia Beach has been sold for $5 million.

U.S. Post Office Acredale-Annex at 1700 Centerville Turnpike was built in 2000 and was sold by Faith Irrevocable Trust to Postal Realty Trust.

The property is on a 25-year net-leased structure with the tenant.

Michael J. Early and Vince Schwab with Marcus & Millichap’s Hampton Roads and San Francisco offices, respectively, marketed the property on behalf of the seller.