Please ensure Javascript is enabled for purposes of website accessibility
Upcoming Event

Best Places to Work in Virginia

Hamburger Menu Hamburger Menu

byline: Paula C. Squires

Chesterfield Marketplace sells for $12 million

Chesterfield Marketplace, a 199,391-square-foot community shopping center in Chesterfield County that's anchored by national tenants, has sold for $12 million.

According to CBRE|Charlottesville, which announced the sale, Y-C Group 1 LLC purchased the property from WP Chesterfield Associates LP.

The center, located at 1201-1385 Carmia Way in Midlothian, is anchored by PetSmart and Staples. The co-anchor is a 40,000-square-foot Thunderbolt Indoor Kart Racing track and a 37,500-square-foot Skyzone. Other tenants include Rugged Warehouse, Dollar Tree, Subway and Sally Beauty Supply.

Jay O’Donnell of CBRE|Charlottesville along with Bill Kent and Ryan Sciullo of the Washington, D.C. CBRE office represented the seller in the transaction.

CBRE|Richmond promotes Peyton Cox to vice president

CBRE|Richmond announces that the commercial real estate firm has promoted Peyton Cox to vice president.

“Peyton joined the team and immediately hit the ground running,” Joe Marchetti, managing director of CBRE|Richmond, said in a statement. “He has made
valuable contributions to the multifamily investment sale team …”

Cox joined CBRE|Richmond in June 2016. He specializes in multifamily sales and acquisitions in Central Virginia as part of CBRE|Richmond’s Multifamily Team.

NorthMarq Capital’s Richmond office adds a new vice president


NorthMarq Capital, a firm that finances commercial real estate throughout the U.S., has hired Reina Abboud as vice president at its Richmond office.


The firm said Abboud would be responsible for the origination, underwriting, marketing and closing of commercial real estate loans. These transactions involve debt and equity solutions for clients sourced through a variety of lending sources including life insurance companies, conduit lenders, agency lenders, commercial banks and credit unions.


Abboud comes to the Richmond team after serving as a financial analyst for Phillips Realty Capital, where she underwrote and financed more than 20 transactions totaling over $230 million of debt and equity. Phillips Realty, based in Bethesda, Md., also has offices in Richmond and Charlottesville. Abboud earned her master’s degree in real estate finance and development from Georgetown University.


NorthMarq Capital provides debt, equity and commercial loan servicing through 37 offices. The company said it closes $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion.

U. S. General Services Administration expands and renews lease in downtown Norfolk

 

 

 

The U.S. General Services Administration has expanded and renewed its lease for a total of 129,968 square feet at 300 E. Main St. in the Main Street Tower in downtown Norfolk.

 

Christine Kaempfe and Rob Wright of Cushman & Wakefield | Thalhimer handled the lease negotiations. 

 

In other transactions reported by Thalhimer in Hampton Roads:  

 

Cryomax USA Inc. renewed a 31,330-square-foot lease at 3732 Cook Blvd. in Chesapeake. Patrick Mumey handled the lease negotiations on behalf of the tenant.  

 

Huntington Ingalls Inc. leased 30,694 square feet of office space in Maritime Square at 2600 Washington Ave. in Newport News. Teresa Nettles handled the lease negotiations on behalf of the landlord

 

Engineering Services Network Inc. leased 19,918 square feet at 1420 Kristina Way in Chesapeake. Kaempfe handled lease negotiations on behalf of the tenant while John P. Duffy Jr. and William Throne, also of Thalhimer, represented the landlord.  

 

Northrop Grumman Systems renewed a 16,214 square-foot in Gateway Executive Center at 468 Viking Drive in Virginia Beach.  Duffy handled the lease negotiations.  

 

 

Aria Legacy Group makes first purchase in Virginia

Aria Legacy Group (ALG) has acquired the Maple Ridge Apartments in Lynchburg’s historic district from the Virginia Housing Development Authority. The $8.5 million purchase represents the Lakewood, N.J.-based firm’s first multifamily investment in the state.

The 152-unit, garden-style community on Reusens Road sits on 15 acres and was renovated by the previous owner before the acquisition. The renovation included remodeling the main lobby, auxiliary entrances, fitness center and common corridors. Built in 1981, the property is a mix of one- to three-bedroom apartments with kitchens, fireplaces, and balconies or patios.

“We are excited to make our first investment in the historic city of Lynchburg,” Joe Novoseller, managing principal of ALG, said in a statement.  “The city, especially its downtown area, with its dynamic and walkable commercial areas is attractive to college students and young professionals.”

Amenities include an on-site laundry, fitness center, swimming pool, playground and picnic area, and basketball and tennis courts. The complex is near downtown, major health-care facilities, universities, restaurants and shops. It also has access to Route 29 and the Lynchburg Expressway 501.

Adelle Ross of Eastern Union Funding arranged acquisition financing through Greystone.

RailField Realty Partners buys a 292-apartment complex in Henrico County for $17.1 million

 

 

RailField Realty Partners, a multi-family investment firm based in Bethesda, Md., has purchased the Village at the Arbors, a 292-unit apartment complex in western Henrico County for $17.1 million.  The acquisition, late in the year, was the company's second n the Richmond market in 2017.

Railfield said it bought the property from a New York based-institutional investor. The property is located in an infill setting, less than 5 miles from downtown Richmond.  It has access to both I-95 and I-64 and is close to shopping and other neighborhood amenities.

RailField plans to invest $2.3 million in upgrades to the property’s common areas and its units.

“We obviously like the Richmond market, given our purchase of Courthouse Green back in August. There has been solid job growth and limited new construction, which has led to strong occupancy and market performance,” RailField’s Chief Investment Officer Jon Siegel said in a statement.

Founded in 2013, RailField Realty said it owns about 2,000 units and is active in markets in Texas, Virginia, the Carolinas and Florida.

TDI Property Group buys office building in Virginia Beach for its headquarters

TDI Property Group LLC has purchased a 15,002-square-foot office building in Virginia Beach for $1.5 million.

According to Cushman & Wakefield | Thalhimer, which brokered the sale of the building at 641 Phoenix Drive, TDI plans to use it for a corporate headquarters in addition to manufacturing, printing, and distribution.

Rob Wright of Thalhimer handled the sale negotiations on behalf of the seller.

In another sales transaction for Thalhimer in Hampton Roads, G.H.S. II LLC purchased a 15,750-square-foot industrial property on 4.95 acres from Astro Pak for $1.24 million.

The company plans to occupy the building at 1624 Steel St. in Chesapeake.

Geoff Poston and Patrick Mumey of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

Berkadia secures $52 million in financing for multifamily property in Fredericksburg


Berkadia announced Thursday the recent financing of Allure at Jefferson, a multifamily community to be constructed in Fredericksburg. Senior Managing Director David Blake and Senior Director Stephen Murden of the Richmond office originated the $52 million construction loan through Berkadia’s HUD program. The borrower was The Breeden Co., a Virginia Beach-based real estate services firm. 

The loan offers a 3.69 percent fixed interest rate and an 85 percent loan-to-cost ratio.

“The Fredericksburg and greater mid-Atlantic market has been experiencing dynamic growth to close the year,” Blake said in a statement. “It was a pleasure to help a longtime client expand their geographic footprint into such thriving area.”

“We are very excited to begin construction on the Allure at Jefferson,” said Terry Marshall, CFO of The Breeden Co.  “This is our largest HUD multifamily project to date, and it is our first venture into this market.’’

The project will be located along Jefferson Davis Highway, providing access to nearby downtown Fredericksburg, Washington, D.C., and Richmond. The property will consist of 14 three- and four-story buildings offering 338 one, two- and three-bedroom units. The property also will offer 42 attached garages, 18 detached garages and 142 storage spaces.

Due to the recent growth of the Fredericksburg market, The Breeden Co. has plans for a second phase that will provide an additional 112 apartment units adjacent to the subject site.

Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corp. It offers a suite of services to multifamily and commercial property clients, including mortgage banking and investment sales.

Cushman & Wakefield | Thalhimer to lease Pulaski Plaza

Cushman & Wakefield | Thalhimer has been selected to provide property management and exclusive leasing services for Pulaski Plaza, a 112,340-square-foot retail center in Pulaski that’s anchored by a Food Lion.

Other tenants at the center, located at 1200 East Main St, include Family Dollar, Peebles and Aaron’s.

Chrissy Price of Cushman & Wakefield | Thalhimer is the portfolio manager. Jessica J. Gauldin, also with Thalhimer, is the exclusive leasing representative.

Harrison Street Real Estate buys Merrifield-Fairfax Medical Campus for $62.5 million

 

 

Harrison Street Real Estate has purchased the 119,788-square-foot Merrifield-Fairfax Medical Campus in Fairfax for $62.5 million.

 

 Avison Young, which brokered the sale, announced it on Wednesday.

 

The building at 3023 Hamaker Court is located near the campus of Inova Fairfax Hospital, the flagship hospital of Inova Health System.

 

Built in 2009, the building is 84.5 percent leased. The largest tenants — leasing two-thirds of the building’s space — are Children’s National Health System and Pediatric Specialists of Virginia, a venture between Children’s and Inova.

 

The offering also included an adjacent site, where a twin 120,000-square-foot second phase has been designed and approved.

 

The property is located at Arlington Boulevard (U.S. Route 50) near its interchange with the Capital Beltway (I-495). It’s also within walking distance of the mixed-use Mosaic District and 1.7 miles from the Dunn Loring Metro station.

 

“We were very pleased to generate significant interest from investors worldwide — including those who normally do not invest in medical office buildings,” Jim Kornick, a principal in Avison Young’s Washington, D.C., office said in a statement.

 

The Avison Young team also included Principal Chip Ryan of the Washington office, and three members of the firm’s Chicago office. All are members of an Avison Young Capital Markets Group that specializes in health-care investments.