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Tag: commercial real estate

Capital Square 1031 acquires Powhatan apartments

Henrico-based Capital Square 1031 purchased the Artistry at Winterfield, a 200-unit apartment community in Powhatan County, just over the Chesterfield County line in Midlothian, the company announced Dec. 23.

The acquisition was on behalf of CS1031 Artistry at Winterfield Apartments DST, which is raising $35.2 million in equity from accredited investors. The purchase price was not disclosed.

The one-, two- and three-bedroom apartments are located at 1000 Artistry Drive. Rents average $1,450 for 759-square-foot, one-bedroom units and $1,980 for 1,178-square-foot, two-bedroom units.

Powhatan County property records show the property, 8.8 acres, was assessed at $24.29 million.

As of mid-December, the property was 77% leased and is in the process of initial leasing.

Chester distribution facility sells for $17.7M

The Old Stage Distribution Center in Chesterfield County sold for $17.7 million, Cushman & Wakefield | Thalhimer announced Tuesday.

LNR Partners sold the 375,000-square-foot building, which sits on 33 acres, to New York-based Diamond Acquisitions. The distribution center is at 11200-11300 Old Stage Road in Chester, near Interstate 95. The facility is fully leased to a manufacturer of commercial refrigeration products.

The sale was completed by Bo McKown and Eric Robison of Thalhimer’s Capital Markets Group, with assistance from Thalhimer’s Graham Stoneburner. Brad Geiger of Cushman & Wakefield’s equity, debt & structured finance team secured financing for the buyer.

 

Charlottesville land sells for $3.5M

Charlottesville-based Riverbend Development purchased 1.15 acres of land in Charlottesville for $3.5 million, with plans for retail development, Cushman & Wakefield | Thalhimer announced Tuesday.

Located at 1150 5th St. at the former site of a Hardees restaurant, the property was sold by Rocky Mount, North Carolina-based Boddie-Noell Enterprises Inc., which owns and operates more than 340 Hardee’s locations in four states.

Ed Kimple and David Machupa of Cushman & Wakefield | Thalhimer handled sale negotiations on behalf of the buyer.

Suffolk industrial park sells for $10.3M

Flint Acquisitions LLC bought the 275-acre Waverton Commerce Park, which includes two industrial buildings, in Suffolk for $10.3 million, Cushman & Wakefield | Thalhimer announced Tuesday.

Flint purchased the property along Carolina Road from Waverton Associates Inc. and will rebrand the industrial park as Coastal Logistics Center.

The buildings total 27,000 square feet.

William C. Throne of Cushman & Wakefield | Thalhimer handled negotiations on behalf of the buyer.

Franklin Johnston Group plans Va. Beach apartments

The Franklin Johnston Group, based in Virginia Beach, has purchased a 37,500-square-foot industrial building in Virginia Beach with plans to redevelop it into apartments.

The building, which sits on 9.44 acres at 925 S. Military Highway, was sold by Wildwood Park LLC for $4.75 million.

Robert M. Thornton of Cushman & Wakefield | Thalhimer represented the buyer and William C. Throne, also with Thalhimer, represented the seller.

Norfolk shopping center sells for $25M

A shopping center on Tidewater Drive in Norfolk with 20 acres of land sold for $25 million, Cushman & Wakefield | Thalhimer announced Monday.

River City Capital LLC purchased the 246,000-square-foot Southern Shopping Center from Southern Shopping Center LLC.

Situated on 20 acres, Southern Shopping Center is anchored by a Food Lion grocery store; other tenants include Shoe Dept., GameStop, The Athlete’s Foot, Sally Beauty Supply, Dollar Tree, H&R Block, America’s Best Wings and Rent-A-Center, among others. The property also has standalone buildings, including a Ruby Tuesday restaurant, Chartway Federal Credit Union and Bojangles.

Sharon Ryals-Taylor of Cushman & Wakefield | Thalhimer handled sale negotiations on behalf of the seller.

Ashburn Walgreens store sells for $9M

A Walgreens drugstore retail location in Ashburn sold for $9 million on Dec. 1, according to Loudoun County online property records.

Tater Ashburn LLC purchased the 88,862-square-foot building at 20321 Susan Leslie Drive from Wirrulla Livermore LLC. The building sits on about two acres of land and is leased to Walgreens.

Marcus & Millichap Capital Corp. arranged a $5.85 million debt acquisition loan. Financing was arranged by Jared Cassidy. Dan Zang and David Crotts of Marcus & Millichap’s Washington, D.C., office, executed the transaction on behalf of the seller and secured the buyer.

Va. Beach office building sells for $4.25M

A Virginia Beach office building has sold for $4.25 million to Sharanya Ventures LLC, Cushman & Wakefield | Thalhimer announced Monday.

Located at 3704 Pacific Ave., at the Oceanfront, the 11,967-square-foot building, which is 100% leased, was sold by York Street Suites Inc. The three-story building was built in 2003 and sits on about half an acre of land.

The building is occupied by long-term tenants including attorneys Bischoff & Martingayle PC and investment firm Edward Jones.

Rob Wright of Cushman & Wakefield | Thalhimer handled sale negotiations on behalf of the seller. Jason Oliver,  and Rachel Salasky of Divaris Real Estate’s Investment Sales Group, represented the buyer.

$40.8M apartment building in Alexandria sells

A 227-unit apartment building in Alexandria assessed at $40.8 million sold for an undisclosed sum, JLL Capital Markets announced Tuesday.

JLL Capital Markets arranged a three-year $34.34 million loan for commercial real estate company Washington Property Co., which brought the property from 100 South Reynolds LLC. The loan was secured through MetLife Investment Management.

Located at 100 S. Reynolds St., The Mark is 183,268 square feet. It has 34 un-renovated units, 90 partially renovated units and 103 fully renovated units. Its amenities include a pool, an outdoor lounge and terrace, a grilling patio and fire pit, a lobby with a coffee bar, a fitness center and a business center.

The Mark is positioned between Interstate 495 and Duke Street and is a 0.5-mile walk to the Landmark Mall redevelopment, which will be a 4.2-million-square-foot mixed-use project anchored by an Inova Health System hospital when completed.

JLL Capital Markets Senior Director Jimmy Conley and Director Drake Greer led the debt advisory team representing the Washington Property Co.

Construction starts on $100M industrial center in Hanover

Construction started Dec. 9 on the $100 million, 1.1-million-square-foot East Coast Commerce Center in Hanover County.

The speculative industrial project is slated for completion in mid-summer 2022. The 129-acre center will have 120 truck docks, 540 trailer parks, 8-foot floor slabs, a 2:1 parking ratio and more than 35 surplus acres.

“We’re very eager for what’s to come at East Coast Commerce Center,” Nelson Hioe, managing partner at Raith Capital Partners, said in a statement. “We moved aggressively to lock in steel pricing early in the development process and with construction underway, we will deliver the building in Q3 2022.”

The site is located at 10462 Hickory Hill Road, near the intersection of state routes 641 and 646.

“This asset has exceptional access to many major consumer markets along the East Coast, and we look forward to delivering this property in order to serve the supply chain and logistics needs of the mid-Atlantic region,” Equity Industrial Partners CEO Bruce Levine said in a statement.

Raith Capital Partners and Equity Industrial Partners own the property, and Becknell Industrial is the developer. JLL announced Tuesday that it would be marketing the center, and Adam Lawson and Jake Servinsky will oversee leasing and marketing.