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Middleburg Communities hires CTO
Vienna-based Middleburg Communities hired Heath Flowers as its chief technology officer, the company announced Jan. 27. Flowers has overall responsibility for technology operations and strategies for the multifamily development, investment, construction and management company. “Middleburg has long embraced a tech-forward approach to the real estate investment business and we are excited to have [...]
U-Haul to build self-storage facility in Danville
U-Haul Moving & Storage of Riverview will build a 100,000-square-foot, multistory self-storage unit on nine acres in Danville, the company announced Friday. The facility, which will contain at least 700 indoor storage units, will be built northwest of Riverview Drive and east of Park Avenue. “We’re in expansion mode,” said U-Haul Co. of Southern Virginia […]
Salem’s Spartan Square sells for $16.5M
Spartan Square, a 180,346-square-foot shopping center in Salem, has been sold for $16.5 million, Colliers announced on Jan. 18. Spartan Square Limited Partnership sold the 91% leased shopping center to a joint venture between Essential Growth Acquisition Properties and Viking Partners. The shopping center is anchored by a Kroger and tenants include Dollar Tree, Pet […]
JBG Smith breaks ground on two mixed-use towers in Arlington
Maryland-based developer JBG Smith Properties announced Tuesday that it had started construction on two mixed-use towers in National Landing. The multifamily towers, located at 2000 and 2001 S. Bell St., will bring 775 rental apartments and nearly 27,000 square feet of retail space to National Landing. “The start of construction at 2000 and 2001 S. […]
Kingstowne office buildings sell for $13M
Two office buildings in the Kingstowne area of Fairfax County have sold for $12.9 million, Avison Young announced last week. Melrose Solomon Enterprises purchased two office buildings at 5901 Village Parkway and 5695 King Centre Drive from The Halle Cos., based in Maryland. The larger property, 5695 Kings Centre Drive, is three stories, and was […]
Park West End apartments sell for $59M
Henrico County-based property development company McCann Realty Partners LLC acquired a 312-unit apartment community in its own backyard for $59.25 million on Dec. 27, according to Henrico County property records. Built in 1985, the 224,768-square-foot apartment community sits on 18 acres at 5300 Glenside Drive. The buildings have one- and two-bedroom floor plans, and amenities […]
Fifth District economy has moderate growth, Fed says
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) saw modest growth but was constrained by supply issues and labor shortages, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information gathered [&hellip[...]
Ore. vacation rental company buys two Va. Beach businesses
Portland, Oregon-based vacation rental management company Vacasa announced Monday it had acquired two Virginia Beach companies: Sandbridge Realty and Beach Pros Realty. Vacasa did not disclose financial details of the transactions. The acquisitions mark Vacasa’s entry into Virginia. “Virginia Beach is a highly sought-after East Coast vacation spot. …The homes managed by Sandbridge Realty[...]
Breeden Co. names new president and CEO
More than 60 years after Ramon W. Breeden Jr. founded his Virginia Beach-based real estate development company, The Breeden Co. has new leadership. Chief Operating Officer Timothy Faulkner has been promoted as the company’s next president and CEO, after more than 20 years with the Virginia Beach-based company, and Breeden, who founded the company in […]
Recent commercial real estate sales in Virginia
Central Virginia An 8,540-square-foot mixed-use building in Lynchburg sold for $1.3 million. Built in 2018, the property, located at 1285 Enterprise Drive, includes three two-bedroom, two-bathroom apartments and two first-floor commercial suites, both under long-term leases. It was 100% occupied at the time of sale. Virginia Beach-based Anjuna LLC bought the property from FOF LLC. […]
White Marsh Shopping Center sells for $4.1M
White Marsh Shopping Center in Gloucester County has sold for $4.1 million to Nexus Capital LLC. The seller of the property was White Marsh Properties LLC, which was the owner for more than 40 years. The shopping center, first developed in 1961, has 110,029 square feet, which includes 15,046 square feet of mini storage units […]
Commercial real estate leases across Va.
The following leases were completed between Dec. 14, 2021, and Jan. 10: Central Virginia Matt Gentry Agency renewed 1,151 square feet at 8401 Patterson Ave. in Richmond. Catherine Walker of Colliers Virginia handled the transaction on behalf of the landlord. American Pest Management leased 5,007 square feet at 1750 E Parham Road in Richmond. Joe […]
