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Colonial Heights shopping center sells for $26.25M

Colonial Square, a Publix-anchored shopping center in Colonial Heights, sold for $26.25 million, JLL announced Thursday. Colonial Square Associates – A Berman Kappler Property sold the shopping center to United Hampshire US REIT.

The shopping center is 168,326 square feet and is 99% leased. It was constructed in 1967 and underwent renovations in 2017, when grocery store Publix opened. Colonial Square is located at 3107 Boulevard, at the intersection of Boulevard (U.S. Route 301) and East Ellerslie Avenue.

The JLL Retail Capital Markets team representing the seller was led by Senior Director Jordan Lex, Director Daniel Naughton and Managing Director Bill Moylan.

KBS sells Fairfax office park for $106M

KBS has sold Willow Oaks Corporate Center in Fairfax County’s Merrifield area to Utah-based Bridge Investment Group for $106 million, Newport Beach, California-based KBS announced Thursday.

The 584,147-square-foot Class A office park was built in three phases in 1986, 1989 and 2003. It includes three buildings located near the intersection of Route 50 and Interstate 495 (the Capital Beltway). KBS has renovated the buildings.

The office park is located at 8260-8280 Willow Oaks Corporate Drive, near Inova Fairfax Hospital.

James Cassidy, Jud Ryan and Grant Marley from Newmark represented KBS in the sale.

This story has been corrected from an earlier version. KBS’s corporate headquarters is located in Newport Beach, California.

Investment group acquires self-storage complex in Va. Beach

Norfolk-based Cohen Investment Group, a commercial real estate investment company, has acquired Castleton Commerce Center, a 390,380-square-foot self-storage complex in Virginia Beach, from Prime Storage.

The complex, at 2424 Castleton Commerce Way, is one of 11 storage properties Cohen Investment Group acquired through five acquisitions this year, according to Eastern Union, which secured $58.15 million in bridge financing for the property.

While the specific purchase price was not disclosed, a spokesman for Eastern Union said it is estimated to be “in the low $80 million range” and includes both the real estate and “certain components of the business.”

David Merkin, managing director of Eastern Union’s mid-Atlantic group, secured the financing.

11-building office portfolio in Henrico sells for $87M

An 11-building office portfolio in Henrico County sold for $87 million, according to Henrico County property records.

A partnership between New York-based Jack Sitt Real Estate LLC and Dubai, United Arab Emirates-based Gulf Islamic Investments LLC bought the portfolio on Dec. 1. Thalhimer did not disclose the seller. The properties are owned by various limited liability companies including Hillcrest Investments, FC Richmond II and Highland II.

The 567,000-square foot Glen Forest Office Portfolio sits on an 85-acre campus between Glenside Drive, Forest Avenue and Interstate 64. It is 86% leased to 89 tenants and includes eight Class A office buildings, one medical office building and two Class B office buildings.

The properties are:

  • Arrington: 93,645 square feet, 1802 Bayberry Court
  • Hillcrest: 97,061 square feet, 1801 Bayberry Court
  • Meridian: 58,114 square feet, 1800 Bayberry Court
  • Bayberry: 46,052 square feet, 1700 Bayberry Court
  • Forest Plaza I: 36,382 square feet, 7201 Glen Forest Drive
  • Forest Plaza II: 37,057 square feet, 7275 Glen Forest Drive
  • Capstone: 41,472 square feet, 7100 Forest Ave.
  • Highland I: 46,768 square feet, 7231 Forest Ave.
  • Highland II: 67,899 square feet, 7229 Forest Ave.
  • Utica: 29,581 square feet, 2701 Emerywood Parkway
  • Willard: 12,970 square feet, 2601 Willard Road

Of the tenants whose leases expired over the past 14 months, 84% renewed or expanded into more space. Over the past year, 28 tenants — more than 157,000 square feet — have signed new, renewal or expansion leases, with an average lease term of 4.9 years.

From Thalhimer’s Capital Markets Group, Eric Robison, executive vice president, and Bo McKown, associate, represented the seller, along with William “Bill” Collins, executive vice chairman, and Eric Berkman, vice chairman, with Cushman & Wakefield’s Washington, D.C. Capital Markets Group.

Amy J. Broderick and Kate Hosko with Cushman & Wakefield | Thalhimer will handle leasing for Highland I and Highland II. The buildings have up to 18,790 square feet available. CBRE will continue to handle leasing for the other buildings.

What will Amazon HQ2 look like? Arlington planners weigh in.

Arlington County Planning Division’s Site Plan Review Committee will review the layout and architectural design for PenPlace, the proposed second phase of Amazon.com Inc.’s East Coast headquarters, as well as the proposed public space, in its Monday night meeting.

Meeting documents show the proposed layout of the Pentagon City site, which puts the would-be 354-feet high Helix building in the 10.4-acre site’s northeast corner.

Diagram courtesy Arlington County Site Plan Review Committee.

The application, submitted by Bethesda, Maryland-based developer JBG Smith Properties, includes three 22-story office towers that would include ground-floor retail space, three retail pavilions ranging from one to three stories, underground parking, a 20,000-square-foot Arlington Community High School, a daycare and 2.5 acres of public space.

The public space proposal includes a central green with an amphitheater setup, an entry and retail plaza at the midpoint of 12th Street, a plaza at about the midpoint of Fern Street that would have food trucks during lunch times, a shaded forest and walk and a dog run.

The architectural changes made after the previous committee meeting include that building heights will vary rather than taper, and that the design will focus on pedestrian movement. The front of retail stores will be in highly visible, high-pedestrian volume spots, such as facing 12th Street, and retail uses will be in building corners.

Additionally, the base — the first to fifth stories — of buildings will be different from the upper levels, either with changes in building materials, terraces and outdoor spaces, changes in plane, building step-backs and/or variation in the architectural design or the façade.

The staff recommendations for the public space are that JBG Smith Properties add greenery to the plazas at Eads and Ferns streets and eliminate redundant pathways to link greenery, and that the developer improve the accessibility of the park’s north entrance on Army Navy Drive. The public space will also have “green ribbons” of planted areas between building fronts and pedestrian paths.

JBG Smith is working with the county’s Department of Parks and Recreation to develop a master plan for the park, which the Arlington County Board will vote on at the same time as the proposed site plan. Before the board votes, the planning commission will review the site plan in a meeting that is yet to be scheduled.

All below renderings courtesy Amazon.com Inc., NBBJ and SCAPE Landscape Architecture DPC.

Commercial real estate sales roundup

Central Virginia

  • A Starbucks at 2627 Emmet St. North in Charlottesville has been sold for $3.85 million, Cushman & Wakefield | Thalhimer announced Dec. 3. Riverbend Development sold the 2,317-square-foot freestanding building, which includes a Wells Fargo ATM. The transaction was completed by Catherine Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group.
  • Landmark Recovery of Louisville LLC has purchased a 27,889-square-foot commercial building on four acres located at 42 Mitchell Ave. in Warsaw from Americare Plus LLC for $2 million. Martin Murden represented the seller and Chris Devine and Elliot Warsof represented the buyer.
  • Express Wash Property Holdings LLC purchased a former SunTrust bank branch at 10300 Midlothian Turnpike in Richmond from Truist Bank for $1.4 million, Colliers International announced Nov. 18. The building sits on 0.82 acres. Peter Vick and Harrison Hall of Colliers International represented the buyer.
  • Steve Worrell purchased a 9,528-square-foot retail property at 2035 West Broad St. in Richmond from 2035 Broad LLC for $1.7 million, Colliers International announced Nov. 18. Peter Vick and Harrison Hall of Colliers represented the buyer. Megan Sullivan, Will Bradley, Mark Williford, and Frank Hargrove of Colliers International represented the seller.
  • Grace Holdings LLC purchased 200 North Otterdale Road in Midlothian for $2.6 million. The property was formerly King Pin Lanes, a 30,360-square-foot bowling alley located within Sommerville Business Park. Peter Vick and Harrison Hall represented the seller, King Pin Properties LLC.

Hampton Roads

  • Moseley Real Estate Advisors Inc. purchased a 10,748-square-foot retail building at 1123 West Mercury Blvd. on 2.3 acres in Hampton from G.C. of Hampton Partners LLC for $2.5 million, Cushman & Wakefield | Thalhimer announced Dec. 1. The buyer plans to redevelop the building into a 9,000-square-foot multitenant building with Freddy’s Frozen Custard & Steakburgers as the anchor. Eric Stanley of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser.
  • Larandon’s Homes LLC has purchased a 24,407 square foot retail/office property on 0.81 acres at 226-230 W. Olney Road and 801 Boush St. in Norfolk from The Runnymede Corp. for $2.05 million. Ben Leon and Sam Rapoport represented the seller.
  • SDL Realty Investments LLC has purchased 1.12 acres of land located at 2336 Elson Green Ave. in Virginia Beach from General Booth Properties Inc. for $1 million. Mike Zarpas and Pierce Jacobson represented the seller.

Northern Virginia

  • SXCW Properties II LLC purchased 1.73 acres of land on Banks Ford Parkway at Warrenton Road in Stafford County for $1.375 million from CPK Southeast LLC, Cushman & Wakefield | Thalhimer announced on Nov. 22. The buyer will develop the first location of a Sam’s Xpress Car Wash in the Fredericksburg area. Robert M. Thornton of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

Roanoke/New River Valley

  • Two apartment buildings in the city of Roanoke were sold to investment group Walters LLC for $1.825 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Wednesday. The buildings are at 618 Day Ave. SW and 801 3rd St. SW and contain 17 apartment units. The sale was finalized on Nov. 15. Clay Taylor of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Roanoke represented the seller in the sale transaction.

VCU pays $7.25M for industrial site for planned athletics village

Virginia Commonwealth University has made another buy as it plans out its future athletics village.

VCU bought the 5.83-acre industrial site at 1609 Sherwood Ave. in Richmond from Bourne Enterprises LC for $7.25 million, Porter Realty announced Friday.

The site contains a 173,580-square-foot existing industrial facility, partially occupied by West End Printing, which will relocate to Henrico County.

The acquisition is the latest for VCU in area near the city’s developing Diamond District built around the Richmond Flying Squirrels’ baseball stadium, The Diamond.

VCU has been buying up properties along Hermitage Road with plans to build a 40-acre athletics village that will include indoor and outdoor tennis courts accessible to the public as part of a major sports practice facility. The village will be located northeast of The Diamond baseball stadium and will have facilities for tennis, soccer and track and field events.

Bob Porter of Porter Realty Co. Inc. handled the marketing and sale negotiations on behalf of the seller.

Divaris hires RVA industrial CRE division head

Virginia Beach-based Divaris Real Estate Inc. has hired Dawn Calabrese as the senior vice president to spearhead its Richmond office’s industrial commercial real estate division, the real estate firm announced Thursday.

“We are very fortunate and excited to have this opportunity to welcome Dawn Calabrese as senior vice president to the Richmond office. She brings a wealth of experience in the industrial sector, and we are excited to leverage her talent,” Divaris principal Loretta Cataldi said in a statement.

Calabrese, who has more than 30 years of experience, launched her career with Cushman & Wakefield | Thalhimer and specializes in industrial leasing and tenant representation. She has closed more than $350 million of commercial real estate deals and her portfolio includes many large warehouse centers in Richmond.

Sterling warehouse sells for $20.8M

Washington, D.C.-based financial technology company Fundrise has purchased a 76,500-square-foot warehouse located at 22480 Randolph Drive in Sterling for $20.8 million, Edge Capital Markets announced Thursday.

Edge Capital Markets declined to name the seller.

The warehouse is in Broad Run Business Park near the intersection of Randolph Drive and Moran Road, north of Dulles International Airport. It was built in 2005 and sits on 6.78 acres of land. Tennessee-based Forward Air Corp., a third-party logistics company and last-mile ground delivery service provider, is currently leasing the building.

Joe Friedman with Edge Capital Markets led a team that included Christine Klein, Wilson Purcell and Joshua Norwitz which represented the seller and original developer and also procured the buyer.

Cushman & Wakefield | Thalhimer name SVP, commercial property services

Amy Marsden has joined the Cushman & Wakefield | Thalhimer Richmond office as senior vice president of commercial property services, the real estate firm announced Wednesday.

The firm’s Commercial Property Services sector manages more than 30 million square feet.

Marsden was most recently a senior area director with The RMR Group, a role in which she handled a portfolio of almost 10 million square feet in Richmond, Hampton Roads and western Virginia and oversaw the property management and project management staff throughout Virginia and the Raleigh-Durham area of North Carolina. She has also served as a group manager with Jones Lang LaSalle Inc. (JLL), a senior facilities manager with AECOM, a property manager with First Potomac Realty Trust and an assistant construction manager with CBRE Group Inc.

Marsden is an active member of the Institute of Real Estate Management Central Virginia chapter, Commercial Real Estate Women Richmond and the Greater Richmond Association for Commercial Real Estate. She holds a bachelor’s degree in English from Ohio State University.

“We are excited to welcome Amy as the new leader of our Commercial Property Services team,” Thalhimer President and CEO Lee Warfield said in a statement. “She has extensive management experience in all asset classes. Amy has worked directly for institutional owners with substantial assets, and she also has expertise in the third-party management sector. Amy has a great track record of team building and performance.”