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byline: Robyn Sidersky

Yorktown, Newport News apartments sell for $45M, $36.7M

Two apartment properties in Roads have been sold by Philadelphia-based Resource Inc., announced last week.

Pines of York, a 248-unit built in 1974 and located at 3100 Hampton Highway in , sold for $45 million. New Jersey-based Riverpass Holdings LLC purchased the property from Resource REIT.

Tech Center Square in sold for $36.7 million. Photo courtesy Colliers

Tech Center Square, an apartment community built in 1985 with 208 , has been sold for $36.7 million. Bethesda, Maryland-based Walde Management LLC purchased the property, located at 128 Jefferson Point Lane in Newport News, from Resource REIT.

The complex is near the Oyster Point Shopping Center, a busier area of Newport News. The new owner plans a comprehensive renovation program for unit interiors and common areas, according to Colliers.

 

VEDP board taps interim president

The Virginia Partnership of Directors’ committee voted unanimously on Nov. 17 to name Jason El Koubi interim president and of the partnership, effective Jan. 1.

‘s executive vice president, El Koubi has been with the organization since July 2017.

“We have succeeded because we have a highly talented, dedicated team, and … a big part of what I’m going to be focused on is continuing to build that great team that’s worked so well together to drive all the progress we’ve helped produce over the last several years,” he said.

The executive committee also voted to commence a national search for the next president and CEO of VEDP. The committee will work with an firm and will consider internal and external candidates.

El Koubi takes the helm as VEDP President and CEO prepares to leave in January for a new position leading Indianapolis-based Strada Education Network. Moret announced his departure on Nov. 10.

Moret recruited El Koubi to work for VEDP and has known him for about 25 years, since both worked in Louisiana. El Koubi served as assistant secretary for economic development in Louisiana when Moret was secretary under then-Louisiana Gov. Bobby Jindal. Before joining VEDP, El Koubi was president and CEO of One Acadiana, a regional economic development organization in Lafayette, Louisiana.

VEDP Chairman Dan Pleasant said that naming El Koubi as interim president and CEO is “a logical choice and a good choice,” given that he was brought onboard by Moret.

Meanwhile, VEDP’s board hopes to have a search firm under contract by mid-December, and is discussing what they want in the next president and CEO, Pleasant said. They want someone who has the vision to continue carrying out VEDP’s current five-year strategic plan and “perhaps improve on it in time.”

One of the biggest priorities right now for VEDP, El Koubi said, is accelerating Virginia’s post-pandemic recovery. He, like Pleasant, mentioned keeping VEDP’s strategic plan on track. “Our whole team is really committed to continuing to move forward with the execution of that plan, so I’d say, big picture, I’m really focused on staying the course on the positive direction we’ve all developed together,” he said.

El Koubi also looks forward to the 2022 General Assembly session, seeking to expand site development programs and the scope of the Virginia Talent Accelerator program, as well as creating a more robust marketing program and implementing the commonwealth’s trade strategic plan.

He will also be throwing his hat in the ring to be Moret’s permanent successor.

“I love my work at VEDP,” El Koubi said. “I’m absolutely interested in doing this permanently and working collaboratively with everyone as we look forward to an exciting new chapter.”

 

 

Metro to keep reduced service levels through end of year

Metro customers will see reduced rail service through the end of the year, the Washington Metropolitan Area Authority announced Monday.

The transit system authority attributed the disruption to its 7000-series fleet, the newest rail cars, still being out of service. These trains make up much of ‘s fleet but have been sidelined since October.

Metro faced its biggest crisis in six years after the Washington Metrorail Safety Commission ordered it to suspend all 748 of its 7000-series rail cars on Oct. 17 following the derailment of a Blue Line train. The suspension has removed about 60% of Metro’s cars from service and the WMATA had to bring out of storage about 40 rail cars, some nearly 40 years.  Initially, officials thought the new 7000-series cars would be back in service within weeks. Metro submitted a testing plan to its oversight agency that would check rail cars every eight days for a wheel defect that has afflicted several of the newer cars over the past four years, The Washington Post reported.

“Engineers, safety and operations teams are preparing return to service and mobilization plans to reposition more than 748, 7000-series railcars,” WMATA wrote in a news release. “The railcars that have been in storage will need to be prepared for service and inspected more frequently once they are back in passenger service.”

Nearly 75% of Metro stations have trains arriving at least every 10 to 12 minutes. More frequent service will depend on available railcars meeting safety standards.

“As we get more parts, we will return more of the [older] railcars to service for our customers during December,” said Metro General Manager and Paul J. Wiedefeld in a statement. “While we know service is not as frequent as customers would prefer, we will add each train as it becomes available to help incrementally improve service reliability and frequency.”
Rail service for next year depends on Metro’s test and restoration plans for the 7000-series railcars, which will require approval from the Washington Metrorail Safety Commission.

Stafford supervisor elected to head VACo

Stafford County Supervisor was elected the next president of the Virginia of Counties () at the group’s annual conference in on Nov. 16.

Bohmke succeeds Chairman Jeffrey C. McKay and becomes the second president from Stafford to lead the association, following Ferris M. Belman who led the group from 1999 to 2000.

“Meg is a thoughtful leader who brings civility and respect to county governments,” VACo Executive Director Dean Lynch said in a statement. “Meg’s background in education, finance and other legislative issues will serve our association well. We are excited to have her as our next president.”

Bohmke was elected in 2013 to represent Stafford’s Falmouth District and served as the county ‘s chairman in 2018 and 2020. She was also on the School Board for four years, beginning in November 2009. Bohmke worked in public finance for 13 years, most recently for Prudential Bache Securities and Sutro & Co.

The rest of the executive committee elected were:

  • President-Elect Jason D. Bellows of Lancaster County
  • First Vice President Ann H. Mallek of Albemarle County
  • Second Vice President Ruth Larson of James City County
  • Secretary-Treasurer Donald L. Hart Jr. of Accomack County.

VACo’s mission statement is to support county officials in the commonwealth and protect the interests of counties to better serve the of Virginia. It is governed by a comprised of officials.

 

Zion Crossroads shopping center sells for $4.85M

L&D Land Trust purchased the Freedom Drive Shops retail center and the land next to it in for $4.85 million from Freedom Drive Shops LLC, announced Friday.

The 100% leased, 10,296-square-foot shopping center is at Freedom Drive and Route 15. Tenants include Dunkin’ Donuts and Anytime Fitness. The center and the land total 3.51 acres.

Catharine Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with John Pritzlaff, in Thalhimer’s Charlottesville office, handled the sale negotiations on behalf of the seller; Jenny Stoner, also in Thalhimer’s Charlottesville office, represented the buyer.

Hampton multifamily property sells for $9.25M

Barrington Woods, a 136-unit property in , has sold for $9.25 million, announced Wednesday.

sold the property, at 607 Michigan Dr. in Hampton, to Los Angeles-based investor DBC Barrington.

Clark Simpson and Erik Conradi of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Hampton Roads and Ari Azarbarzin of Cushman & Wakefield’s Baltimore office represented the seller in the transaction.

Colliers promotes J. Scott Adams to executive managing director

J. Scott Adams has been promoted from regional president to managing director for ‘ Virginia and Raleigh, North Carolina, brokerages, Colliers announced Nov. 9.

Adams will focus solely on the leadership of all brokerage operations in the region. He will be based in but will travel between the Virginia and Raleigh offices weekly.

Adams has more than 30 years of experience in the industry as an investment sales broker, corporate project manager and consultant. He became the regional market leader for Colliers in 2002. As an active investment sales broker, he has completed investment sales of $1.8 billion in properties, including the recent sale of the World Trade Center in Norfolk for $51.27 million.

“I would like to express my gratitude to Scott for his efforts to date establishing Colliers as a market leader in Virginia, and most recently in Raleigh, and for his renewed commitment to now focus his energy and talent purely on our clients, professionals and company,” Ryan Kratz, president of Colliers Southeast and Mid-Central Regions | U.S. Brokerage, said in a statement.“There is great momentum in the Southeast, and I look forward to how much farther we can take our operations, particularly with Scott in this focused leadership.”

Adams began working in the commercial real estate industry as an assistant project manager for CBRE, Colliers’ former parent company. He went to the University of Virginia for his bachelor’s degree and MBA.

$41.9M apartment building coming to Richmond’s Manchester neighborhood

Atlanta and Washington, D.C.-based developer is building a seven-story, 173,000-square-foot project in ‘s neighborhood about a mile from downtown Richmond. , which assisted with the financing, announced the $41.9 million project Nov. 11.

Commodore will have 173 residential units and 3,500 square feet of ground-floor retail space. Construction is set to begin in the fourth quarter and will be complete in the second quarter of 2023, according to a news release from Colliers Structured Finance Advisory Group, which provided the financing. The property will have one-, two- and three-bedroom .

Colliers closed a $41.9 million debt and equity raise for the project.

Colliers’ Jeremy Thornton, Andrew Gibson and Nicole Sayers sourced a loan valued at $27.5 million with a regional bank on behalf of the developer and helped raise $14.4 million in equity with an institutional partner.

Va. Beach apartment complex sells for $98.5M

Coastline , a 600-unit in near Virginia Wesleyan University, has been sold for $98.5 million, Northmarq announced Wednesday.

Northmarq represented the seller, -based Investors, in a joint venture with GMF Capital.

The complex is on 36 acres at 631 Lake Edward Drive. It has a swimming pool, playgrounds, dog park, community club room, flexible lease terms and has 24-hour maintenance. The garden-style apartments were built in 1970 and renovated in 2019.

Northmarq’s investment sales team of Wink Ewing, Mike Marshall, Matt Straughan and Jared Alcorn collaborated on the sale. Beitel Group, a real estate group based in New York, was the buyer.

Two NoVa office properties sell for $118M, $27.6M

Monday Properties has acquired two properties in , the real estate investment firm and developer announced Thursday.

The firm closed deals on , a 330,000-square-foot office building in ‘s Rosslyn-Ballston corridor, for $118 million and a 184,000-square-foot office building at 3141 in the Merrifield submarket of for $27.6 million.

, based in New York and Washington, D.C., has renovation plans for both properties.

Three Ballston Plaza, at 1100 N. Glebe Road, is about five miles from Washington and five miles from Amazon.com Inc.’s HQ2 East Coast headquarters in National Landing.

The lobby and building entry will be fully renovated, and there will be more than 10,000 square feet of new conferencing and flexible lounge amenity spaces, according to Monday Properties. The renovation will include new fitness facility offerings, such as a new cycling system, to better serve commuters and pedestrians traveling the Curtis Trail system. The company will work with California-based Gensler, an architecture firm.

Drew Flood, Bill Collins and Paul Collins of Cushman & Wakefield represented the seller, an entity connected to AEW Capital Management. Monday Properties partnered with Washington Capital on behalf of its clients on the deal, and Cliff Cummings led the acquisition.

Three Ballston Plaza in Arlington’s Rosslyn-Ballston area sold for $118 million to Monday Properties.

At Fairview Park, Monday Properties has the same goal of “connecting the community through enhanced indoor/outdoor spaces and amenities.”

Fairview Park is inside the beltway and has a 17-acre lake, 2.5 miles of wooded jogging trails and shares a courtyard with the Marriott Fairview Park hotel, which is undergoing significant renovations. Monday Properties said in a news release that a 5,000-square-foot indoor/outdoor space would offer room for a café, catering space, lounge and other amenities, and further work will include a fitness center and conference work areas off the entrance and lobby.

“Fairview Park’s location provides tenants with highly desirable and convenient access to major decision and travel center hubs, including downtown D.C., the Mosaic District, the Pentagon, Dulles International Airport, Reagan National Airport and the emerging National Landing submarket with Amazon HQ2 to name a few,” Austin Freeman, vice president of portfolio and investment management at Monday Properties, said in a statement. “3141 Fairview Park is also a stone’s throw away from the Defense Health Agency and Inova Fairfax Medical Campus, surrounded by some of the top defense and health technology tenants in the region.”

James Cassidy and Jud Ryan of Newmark represented the seller, an LLC connected to Brandywine Realty Trust, a Philadelphia-based real estate investment trust. Monday Properties represented itself, with Cliff Cummings leading the acquisition.