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Tag: commercial real estate

Florida firm buys two Henrico buildings for nearly $19M

Hollywood, Florida-based investment group Savlan Capital announced Monday that it has purchased two medical offices in Henrico County for $18.96 million. The buildings are part of the Windsor Business Park in the western part of the county and were bought from Newport Beach, California-based REIT Modiv.

Savlan acquired a 51,800-square-foot flex building at 8575 Magellan Parkway, constructed in 2004 and currently leased to Williamson Drug Co., a wholly-owned subsidiary of Omnicare Inc., for $8.76 million. The facility is a pharmacy distribution, medicine storage, laboratory and prescription fulfillment center for other Omnicare locations across the region.

The second building Savlan acquired was at 8570 Magellan Parkway, a 72,890-square-foot office building constructed in 2001. It is being leased by Bon Secours Mercy Health and houses the company’s back-office IT and data center operations. Savlan acquired the building for $10.2 million.

Both buildings are in the 62-acre Windsor Business Park.

The purchases are part of Savlan Capital’s expansion of its medical office portfolio across the country. Savlan also purchased a medical office building in Dallas for $7.02 million from Modiv as part of the acquisition.

The Henrico deal is Savlan’s first purchase in Virginia, but the firm has another property under contract in Fredericksburg.

“We like the diversified economy of Virginia and plan on growing our holdings in the state,” Savlan CEO Zusha Tenenbaum said in an email. “We are actively looking at other medical and flex opportunities in Virginia.”

Tenenbaum said there are no major upgrades planned for the buildings.

Since May 2021, Savlan has purchased 20 medical offices.

Newport News apartments sell for $51M

The Cottage Grove Apartments complex in Newport News has been sold for $51 million.

New York-based real estate company Beachwold Residential LLC sold the 112 building complex with 552 units to Virginia Beach-based real estate firm Featherstone Partners. The complex was originally built in 1948 and renovated in 2009. Featherstone plans to add amenities and operational improvements through new management. Featherstone selected Newport News-based Drucker & Falk LLC for property management.

Located at 614 Peninsula Drive, the apartments are 6.3 miles from Christopher Newport University, 6.5 miles from Thomas Nelson Community College and 7.4 miles from Hampton University.

Hunter Wood, of Northmarq’s Richmond debt and equity team, secured acquisition financing of $42.72 million for the property through a bridge loan.  Wink Ewing, Mike Marshall, Matt Straughan and Jared Alcorn on Northmarq’s Richmond investment sales team arranged the sale. Northmarq represented both the buyer and the seller.

“This opportunity presented a blank canvas with tremendous upside for the buyer as the property was built with great bones and has a neighborhood feel that nearby competitors lack,” said Ewing, with Northmarq, in a statement. “At the time of closing, new leases were seeing 20%+ trade-outs and occupancy was at an all-time high.”

Beachwold controls over 15,000 multifamily units in Connecticut, New Jersey, Virginia, Georgia, Florida, Texas and Tennessee. The primary focus of Featherstone Partners is on multifamily assets in the Southeast and mid-Atlantic.

 

JLL announces NoVa office move

JLL is moving its Northern Virginia office from Vienna to 1800 Tysons Blvd. in McLean, the commercial real estate company announced Monday.

JLL will occupy nearly 24,000 square feet of the building, owned by Lerner Enterprises, with the move set during the first quarter of the year. Form Architects designed the office, which meets LEED and WELL requirements.

1800 Tysons Blvd. is a 12-story, 320,000-square-foot office tower a block from the Tysons Corner Metro station.

“The office is central to our work experience and culture, and we are excited to introduce a new, innovative, tech-forward space for our employees to collaborate, learn and most importantly, service our clients,” Chris Molivadas, mid-Atlantic market director for JLL, said in a statement. “In planning the new space, we infused ideas of home, warmth and fun, with the work needs requiring connectivity, efficiency and production to address the needs of our people to reconvene in the office.”

 

Lowe’s warehouse to create 70 jobs in Roanoke County

A new Lowe’s warehouse and distribution center is expected to create 70 jobs in Roanoke County, the $11 million project’s developer announced Monday.

Lowe’s Cos. Inc. has hired Roanoke-based Cherney Development, in partnership with North Carolina-based Samet Corp., to build a 60,000-square-foot distribution warehouse and distribution center on an 8.45-acre site in Roanoke County’s Valley TechPark. Construction is expected to begin in the next few months and be completed within about a year.

“We’re on the cusp of great leaps in logistics and the delivery of consumer goods enabled by the rollout of 5G and IOT technology,” Cherney Development founder and CEO Jim Cherney said in a statement. “To realize the full benefits this provides, we need physical infrastructure in place, and I’m proud to work with Samet Corp. and Roanoke County Economic Development who helped pave the way to make that possible right here in the Roanoke Valley.”

Cherney bought the site in January 2021. In addition to Lowe’s, the company also has plans to construct several 1,500-square-foot industrial warehouses.

Cushman & Wakefield | Thalhimer handled the brokerage. First Community Bank is financing the project.

Chesapeake shopping center sells for $6.85M

Woodford Square Shopping Center in Chesapeake has sold for $6.85 million, Harvey Lindsay Commercial Real Estate announced Friday.

The 85,323-square-foot shopping center sits on 9.19 acres at 701 N. Battlefield Blvd. Its tenants include Harbor Freight Tools and Dollar General.

Woodford Square Associates LP sold the property to Moxie Equities Woodford Square LLC. Ryan King, Peter Abraham and Susan Pender of Harvey Lindsay and Jeff Fritz and Jay O’Donnell of Colliers represented the seller.

Va. Beach industrial building sells for $6.79M

An industrial building in Virginia Beach has sold for $6.79 million, Cushman & Wakefield | Thalhimer reported.

The 69,120-square-foot industrial building is located on 3.93 acres at 5740 Bayside Road, near Norfolk International Airport in the Airport Industrial Park. It was built in 1975 and renovated in 2015 and has six loading docks.

5740 Bayside Road LLC bought the property from JBL Property Associates LLC as an investment.

Janet Whitbeck of Cushman & Wakefield | Thalhimer handled negotiations on behalf of the seller.

Prince William data center sells for $222.5M

Columbia, Maryland-based Corporate Office Properties Trust (COPT) sold DC-6, a data center in Prince William County, for $222.5 million to Cloud Capital, an affiliate company of Washington, D.C.-based CloudHQ, COPT announced Jan. 25.

The data center, which was built in 2009, is located at 9651 Hornbaker Road and has 100,000 square feet in raised floor space.

“We are pleased to transfer DC-6 to the Cloud Capital team, whose extreme professionalism supported a smooth underwriting process and imbues us with confidence that our tenants will be well-served,” COPT President and CEO Stephen E. Budorick said in a statement. “Furthermore, this sale provides our company with cost-effective equity capital to fund our highly successful and value accretive development pipeline, simplifies our corporate profile by removing the only multitenant data center from our portfolio and further concentrates our capital allocation to defense/IT locations.”

A real estate investment trust that owns, manages, leases, develops and acquires office and data center properties, COPT has 1.8 million square feet of development projects, which, as of Sept. 30, 2021, were 94% leased, according to the company.

“We are pleased to have worked with the COPT team on this transaction and are excited to add the DC-6 facility to the Cloud Capital portfolio,” Hossein Fateh, CEO and founder of Cloud Capital, said in a statement. “Northern Virginia is the largest data center market in the world and continues to see high levels of tenant demand. Our highly skilled team, with a proven track record of successfully managing data center investments, will be looking to add value through various asset management initiatives in the short and medium term. In addition, we are actively looking at several interesting acquisition opportunities in the U.S. and internationally which we are excited about.”

Founded in 2020, Cloud Capital is a global investment management firm that has acquired data centers across the world. Washington, D.C. -based CloudHQ has built and leased 2.4 million square feet of data center space in the past five years.

 

 

 

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 a seasoned technology leader join us to architect more robust integrated solutions to improve our operating performance and efficiency,” said Chris Finlay, firm CEO and managing partner, in a statement. “As a fully integrated real estate company, investing across multiple regions of the country, leading technology solutions are critical to advancing and managing the growth of our business strategies.”

Health holds an MBA from Harvard Business School and a bachelor’s degree from The University of Oklahoma, where he earned degrees in management information systems and energy management.

Middleburg has acquired and developed approximately 22,000 apartment units and executed more than $3 billion in transactions since 2004.

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 President Jeffrey Messenger in a statement. “Our goal is to offer the city of Danville a beautiful facility to address the growth and increased demand that we’re seeing. This store will provide residents with convenient access to our self-storage products and shared mobility services.”

The storage facility will open in 2023. Messenger will hire at least 15 employees to staff the new facility.

 

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 Supplies Plus, Starbucks and Truist. It is located at 1425-1499 Main St. in Salem.

Will Bradley, Mark Williford, Peter Vick and Harrison Hall of Colliers International represented the seller.