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Tag: commercial real estate

78-unit apartment complex planned for Petersburg

A 78-unit apartment complex will be developed on a four-acre piece of land recently purchased in Petersburg, Colliers announced Thursday.

Thalhimer Realty Partners purchased the High Street Land Development from Monroe Properties for $875,000, according to Colliers.

Thalhimer will develop the apartments across two phases: With construction starting in 2023, the first phase will feature 14 duplexes and include two- and three-bedroom apartments with rooftop decks. The second phase will be a three- or four-story building with 50 apartments with one or two bedrooms each.

Garrison Gore, Charles Wentworth, Hank Hankins and Victoria Pickett with Colliers represented Monroe Properties in the transaction.

Goodwin House acquires Hermitage Northern Va.

Not-for-profit senior living and health care organization Goodwin House Inc. has acquired Hermitage Northern Virginia, a senior living community in Alexandria, from Pinnacle Living.

The financial terms were not disclosed.

Hermitage has 100 residents and more than 100 employees and offers independent living, assisted living and long-term care. It has two residential buildings and a penthouse, plus walking paths, a gazebo, gardens and a greenhouse.

When the sale is finalized, Pinnacle will own four senior living communities in the commonwealth. Goodwin House owns and operates two others in Northern Virginia: Bailey’s Crossroads at the corner of Arlington and Falls Church and Goodwin House Alexandria.

“Goodwin House is grateful and excited to welcome the residents and team members of Hermitage Northern Virginia into our organization. Together, we will continue to grow our mission to support, honor and uplift the lives of older adults and those who care for them,” GHI President and CEO Rob Liebreich said in a statement. “We are also grateful to Pinnacle Living for its 60 years of service to the older adults and team members who have resided and worked at Hermitage Northern Virginia.”

The sale is expected to close in August.

 

Cortland to invest $1B in Arlington apartments

Cortland, an Atlanta-based multifamily real estate investment, development and management company, will invest $1 billion in four Arlington apartment communities totaling more than 1,500 units, marking the company’s reentry into the metro Washington, D.C., market.

The four properties include the 331-unit Aubrey apartment building — rebranded by Cortland as Cortland Rosslyn — and the 534-unit Aura Pentagon City — now renamed Cortland Pentagon City — as well as two other apartment communities not disclosed by Cortland.

“Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” Cortland’s chief investment officer, Mike Altman, said in a statement. “This is just the start of Cortland’s investment in the region, driven by our commitment to deliver an unrivaled resident-centric, hospitality-driven experience that is changing the standard of apartment living.”

Cortland Pentagon City, a 534-unit apartment building previously branded as Aura Pentagon City, is across the street from Amazon HQ2.

Cortland Rosslyn has three-bedroom apartments, penthouses, two-level townhomes, a rooftop sky lounge and pool. Completed in 2021, it was developed by D.C.-based Penzance Cos. and is part of The Highlands, a luxury residential development in Arlington.

Cortland Pentagon City is situated across from Amazon.com Inc.’s HQ2.

“The combination of these investments allows us to gain a strong foothold in the region at a strategic time, based on our proprietary analysis of market trends. Cortland Rosslyn is a trophy asset, and we plan to match that with Cortland’s value-add capability in our other new communities,” Altman said.

Cortland owns and manages more than 250 apartment communities with about 85,000 units across the country. The company has regional offices in Texas, North Carolina, Florida and Colorado.

“Cortland plans to double its investment in the area with the goal of becoming a top player in the market in the near future,” the company said in a news release.

Chesapeake office park sells for $5.7M

Poplar Hill Medical Center, a four-building medical office park in Chesapeake, has sold for $5.7 million, Divaris Real Estate Inc. announced Thursday.

Texas-based real estate fund manager Woodside purchased the park in December 2020 and sold it to Charlottesville-based Seminole Trail Properties in a deal that closed May 6.

When Woodside bought the property, it hired Divaris to lease and manage the asset. The park is 40,166 square feet and in less than a year went from 45% occupancy to 94% occupancy. The tenants are clinical and other offices, including primary care, dentistry, psychotherapy and wellness.

Jason Oliver and Rachel Salasky, with Divaris, represented the seller and brokered the sale.

Publix to open first South Hampton Roads store

Publix Super Markets Inc. will open its first grocery store in South Hampton Roads in Suffolk, the company announced Thursday.

The 45,000-square-foot Publix will be on the southwest corner of Godwin Boulevard and Kings Fork Road, according to a news release. Publix has not given a timeline for the store’s opening. It will hire about 140 associates, a spokesman said.

Hampton Roads is one of the larger markets in Virginia where the Florida-based grocery giant has not yet expanded. Publix opened a store in Williamsburg in 2018 and has 19 total in the commonwealth.

In the area where the Publix will be built in Suffolk, there are projects in various stages of development.

In the first quarter, Publix’s sales were $13.2 billion, a 13.5% increase from last year. The chain employs more than 230,000 people. The privately-owned grocery chain had $48 billion of sales in 2021 and has 1,295 stores across the Southeast, in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia.

This story has been updated to clarify that the Suffolk location is the first Publix in South Hampton Roads.

Clark Construction to expand in NoVa

Bethesda, Maryland-based Clark Construction Group LLC, the general contractor for several phases of Amazon.com Inc.’s HQ2, announced plans Tuesday to expand the company’s footprint in the mid-Atlantic region, including building a 128,000-square-foot office in McLean.

The office will be at 7900 Westpark Drive in Fairfax County, and will “provide a modern and collaborative hub for Clark’s infrastructure, building and asset solutions teams along with many of Clark’s corporate departments that serve the company’s projects nationwide,” according to a news release. Clark has six other offices in the mid-Atlantic region and will double the size of its Baltimore office.

“Clark’s success for the past century has been deeply rooted in our commitment to creating an exceptional experience for our clients and our communities,” Clark CEO Robby Moser said in a statement. “Continuing to serve the region and harnessing the wealth of opportunities and talent that spans from Baltimore to Richmond requires a network of strategic locations. We are delighted to expand our office footprint throughout the region to meet the needs of our business, better serve our communities, and provide greater opportunities for our team.”

The company is renovating the space and will move there in the fall. It’s Clark’s third location in Virginia. The other two are affiliate Shirley Contracting Co.’s office in Lorton, and Clark Water’s office in Sterling. Clark also is in the process of establishing a Richmond office, it said in the release.

“Clark is an invaluable partner to the commonwealth, and we congratulate them on a new regional expansion into McLean,” Gov. Glenn Youngkin said. “Their continued growth and success is a gain for the commonwealth, and I thank them for their continued endeavors in Virginia. Virginia can and will be a hub for growing businesses like Clark, new companies and job opportunities.”

Clark is the general contractor for the first phase of Amazon.com Inc.’s HQ2 in Arlington, as well as phases six, seven and eight for Metropolitan Park. The company also renovated, repositioned and made improvements to the 14-story building at 1770 Crystal Drive in Arlington. In addition, Clark is involved with the Interstate 95/Route 630 reconstruction and widening project in Stafford County, and it built the 1.1 million-square-foot mixed-use development The Boro in Tysons, the Inova Schar Cancer Institute in Merrifield and other projects throughout Virginia.

“We have created an environment here in Fairfax County where companies like Clark see the value in investing and expanding,” said Fairfax County Board of Supervisors Chairman Jeffrey C. McKay. “Clark Construction has played an important role in infrastructure development for Fairfax County and the region. Their projects have helped move our commuters along faster and strengthen our local businesses. We welcome them to Tysons and look forward to continuing this cooperative effort.”

 

Cobalt Real Estate Solutions names new CIO

Virginia Beach-based investment fund Cobalt Real Estate Solutions has named Tim McCann as its chief investment officer, the company announced Tuesday.

Cobalt, an affiliate of Divaris Real Estate Inc., is seeking to raise $50 million in equity to add $150 million in properties to its portfolio. and McCann will seek investment opportunities, develop investment strategy and policies, and work with equity and lending partners to grow Cobalt’s portfolio.

McCann is a 35-year veteran of the real estate industry and has worked for Broad Street Realty, Transwestern, Penrose, JP Morgan and AEW in roles including acquisitions, underwriting, mortgage origination and asset management, according to a news release.

“Tim brings tremendous competency and experience to this new role,” Gerald Divaris, chairman of Cobalt Real Estate Solutions and chairman and CEO of Divaris Real Estate, said in a statement.

Cobalt was established in 2017 and has assets in Virginia, Florida and Tennessee.

Capital Square names VP of marketing

Capital Square has promoted Sydney Hockaday to vice president of marketing, the Henrico County-based real estate investment firm announced May 9.

Hockaday joined Capital Square in 2018 as the firm’s marketing coordinator and has been promoted three times, first to marketing manager in 2019, then to assistant vice president of marketing in 2021 and most recently to vice president.

Hockaday supervises all social media accounts, coordinates company events, oversees new designs in marketing, advertising, photography and videography materials. She has overseen marketing for more than $4 billion in transaction volume and led the company’s corporate rebranding in 2019.

“I am extremely grateful to Louis and the other executives for providing the tools and opportunities to grow within the company,” Hockaday said in a statement. “I’ve thoroughly enjoyed my role in marketing over the years, and I’m excited to lead bigger, more strategic marketing initiatives in my new role to help Capital Square continue its success.”

Before joining Capital Square, Hockaday worked for a regional restaurant company and was communications manager for the Blacksburg Museum and Cultural Foundation. She earned her bachelor’s in marketing from Virginia Tech.

Two Richmond properties change hands

Two properties in Richmond — an office building in Scott’s Addition and an apartment building in The Fan — have been sold, brokerage firm Marcus & Millichap announced Wednesday.

An 11,130-square-foot building in Scott’s Addition at 3412 W. Leigh St. has sold for $1.8 million, according to Marcus & Millichap. According to city property records, the sale closed on April 21 and was sold by 3410 W. Leigh LLC to 3410 W. Leigh St. LLC. The building is on a quarter-acre rectangular parcel. The seller redeveloped the second floor into an office space, and the first floor was sold as a cold shell, which means it is unfinished.

The property was sold by Kerry Riley, in Marcus & Millichap’s Richmond office.

An apartment building in Richmond sold for $1.175 million.

The apartment property at 2327 Floyd Ave., in Richmond’s Fan District, has six apartments and sold for $1.175 million. Each unit sold for $196,000. The building has three stories, and the apartments have two bedrooms and one bathroom each.

Boatwright Investments LLC sold the property to WWS XXXI LLC, according to Richmond property records.

The transaction was handled by Theo Jolley, Altay Uzun, Justin Ferguson and David Chae of the Uzun Group and Marcus & Millichap’s Hampton Roads and Richmond offices.

Salem apartment complex sells for $12M

A 132-unit apartment complex in Salem has sold for $12 million, Cushman & Wakefield | Thalhimer announced Wednesday.

Viewnorth Apartments LLC purchased the property from Northview Apartments LLC on April 29. The buyer plans to upgrade the community, according to a news release about the transaction.

The apartments are located at 411 to 515 Yorkshire St. in Salem.

Clay Taylor, of Cushman & Wakefield | Thalhimer’s Capital Markets Group, in conjunction with Jorge Rosa and Anthony “TJ” Liberto, of Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group, represented the buyer.