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3160 Fairview Park Drive in Falls Church undergoing major renovations
Newmark Knight Frank (NKF) has been selected as the exclusive office leasing agent for 3160 Fairview Park Drive in Falls Church. Recently purchased by Washington Property Company, based in Bethesda, Md., and partner Bailard, the property is currently undergoing renovations to transform it into an opportunity for a corporate headquarters location.
When the renovations are complete, the 118,000-square-foot building will have a new lobby, fitness center, conference facility and tenant collaboration area with lounge seating.
According to NKF, the improvements also include the complete replacement of all building systems. Located in Northern Virginia’s Fairview Park, the building offers 2.5 miles of jogging trails, a parking garage and proximity to the Dunn Loring-Merrifield Metro Station, the Mosaic District, Tysons and I-495.
“Given its location and new improvements, we believe 3160 Fairview Park Drive is an ideal corporate headquarters opportunity in the highly sought after Fairview Park setting,” NKF’s Executive Managing Director Mike Pepper, said in a statement.
Current tenants at Fairview Park include General Dynamics, Northrop Grumman, Computer Sciences Corp., HITT Contracting and Booz Allen & Hamilton.
Pepper and NKF Managing Director John Henschel will handle leasing for the office space.
GO Virginia board approves a second round of grants
A pharmaceutical accelerator at Virginia Commonwealth University in Richmond, a seed fund in Hampton and a water and sewer project in Roanoke were among a second round of nine grants totaling $2.68 million announced Tuesday by GO Virginia.
The state’s new regional economic development initiative, GO Virginia awards state funds to projects intended to grow and diversify regional economies across the state.
The board has approved 18 projects so far with more than $5 million in state funds. In addition, Go Virginia said the projects also have leveraged $8.5 million from other sources to assist with economic diversification efforts.
“With this second round of projects approved, GO Virginia continues to make progress in addressing our state’s economic challenges and in lifting up our communities. We look forward to carrying out this important work to boost Virginia’s economy and create more higher-paying jobs over the next months and years,” GO Virginia Board Chairman John O. “Dubby” Wynne said in a statement.
The approved projects are:
VCU pharmaceutical accelerator: $500,000. The project will help to create a sustainable pharmaceutical, manufacturing cluster, with research activity based in Richmond and pharmaceutical manufacturing in Petersburg, through a partnership between VCU and several private sector partners.
757 Seed Fund: $140,000. This project will help initiate the 757 Seed Fund in Hampton Roads. The fund fills a gap in the region’s entrepreneurial community by providing seed-stage investments in promising technology startups.
Hampton Roads Unmanned Systems Facility: $150,000. The facility will provide a place — at a newly developed site in York County — that can be used by public institutions, private companies and individuals to develop, test, and demonstrate various surface, aerial, and underwater unmanned systems.
Hollyleaf grading: $150,000. This project will allow the creation of a pad-ready site to accommodate new industrial development in the Southwest part of the state.
Western Virginia Regional Industrial Facility Authority Wood Haven Road water and sewer infrastructure enhancement: $200,150. This project will improve site readiness and marketability by making water and sewer utility connections to the 109-acre site being developed at the intersection of Interstates 81 and 581. It is joint project among the cities of Roanoke and Salem, along with Roanoke County, to have sites shovel-ready for future business prospects.
CCAM Apprentice academy: $430,000. Designed to expand GO Virginia Region 4’s advanced manufacturing workforce development ecosystem, the project will provide two new pilot apprenticeship programs: the mechatronics Workforce Training Center and the New Transitioning Military Program. Once fully operational, CCAM’s Apprentice Academy in Central Virginia will graduate about 200 students a year in mechatronics, machining, and welding to create a pipeline of these workers to fill jobs across the region.
Region 2 Talent Collaborative: $300,000. The collaborative will serve the town of Amhertst, city of Lynchburg, and surrounding counties to stimulate economic growth by closing the skill and interest gaps in middle-to-high skilled occupations in manufacturing, healthcare, and information technology.
GO-TEC Talent Collaborative: $648,000. The project will expand existing curriculum offered by six higher education partners in Region 3 (counties of Charlotte, Halifax, Mecklenburg, Pittsylvania and the city of Danville), build a regional training system of scale for career training for careers in IT and focused areas in advanced manufacturing, and develop a pipeline beginning in middle school to increase the number of students entering the five targeted areas: (precision machining, welding, IT/cyber security, robotics, automation and mechatronics; and advanced materials).
Rockbridge Area Advanced Manufacturing: $100,000. With light manufacturing a target industry sector for Region 8 in the Shenandoah Valley, this project is designed to supply talent for that industry. Through a partnership with Byers Technical Institute, RAAMP will have a particular emphasis on welding and other high-demand occupations.
New solar project approved for Gloucester County
The state Department of Environmental Quality (DEQ) has issued a permit for Strata Solar Development to construct and operate a solar facility, Gloucester Solar LLC, in Gloucester County. The 19.8 megawatt (MW) project will supply enough electricity to power more than 4,000 homes.
“Once complete, the new Gloucester facility will allow thousands of Virginians to sustainably power their homes and businesses,” Gov. Ralph Northam, said in a statement announcing the project. “This latest announcement is proof that Virginia’s solar sector is growing. We will continue to support investments in solar energy infrastructure that will bring low-cost, renewable energy to all corners of the commonwealth.”
The project is expected to offset the generation of tons of 39.6 million pounds of carbon dioxide, 26,908 pounds of nitrogen oxides, and 31,254 pounds of sulfur dioxide.
According to the governor’s office, the commonwealth has seen a dramatic increase in its installed solar capacity during the past five years, growing from 17 MW in 2014 to more than 300MW at the end of last year. DEQ has granted permits to more than 600MW of renewable energy since 2015 and has received notification for an additional 2,300 MW.
CBRE|Hampton Roads to lease Pembroke Park in Virginia Beach
Suburban Capital has selected CBRE|Hampton Roads as the exclusive leasing agent for Pembroke Park, a 300,000-square-foot, six building campus in Virginia Beach.
Suburban Capital has completed capital improvements at the property and has additional improvements planned for the park.
Pembroke Park is in the TownCenter submarket of Virginia Beach with access to Interstate 264 at Independence Blvd. Immediately adjacent to Pembroke Mall, the property is located within walking distance to banking, restaurants, and retail shops.
It offers a newly renovated conference room available to all tenants and a workout facility.
According to CBRE, Suburban Capital plans to break ground on a 137-room Hyatt Hotel in April 2018 that will deliver in spring of 2019.
“We are excited to be working with Suburban Capital and look forward to executing their vision,” Perry Frazer, managing director of CBRE |Hampton Roads, said in a statement.
Frazer and Brian Davidson will handle the park's leasing and marketing.
Office component of Village at Leesburg is for sale
Avison Young has been retained as the exclusive adviser in the sale of two Class A office buildings totaling more than 120,000 square feet that are part of a mixed-use development in Leesburg.
The buildings at 1602 and 1608 Village Market Blvd. comprise the office component of the 55-acre Village at Leesburg. The main building offers 107,642 square feet of office space on three floors above one retail floor, which is not included in the offering.
The second building, occupied by a single office tenant, has 12,494 square feet of office space on two stories.
In addition to the office space, the 1.2 million-square-foot, development includes more than 550,000 square feet of retail space and 335 apartment units. The project’s developers are Rappaport (retail) and Kettler Inc. (multifamily).
According to Washington, D.C.-based Avison, the buildings are 93 percent leased. The property is surrounded by retail outlets, including Wegmans, Cobb Theatres, Bowlero Bowling and LA Fitness.
The property is located on the Route 7/Leesburg Pike, with access to Interstate 495, I-395 and Washington Dulles International Airport.
Twenty-acre site in York County approved for 288 apartments
Work is continuing on a new apartment and single-family residential development in Lightfoot.
Harvey Lindsay Commercial Real Estate in Norfolk announced the closing of the first of four sites in Arbordale, a new 83-acre residential development in York County.
Harvey Lindsay represented the landowner, Bulifants LP, in the $2.4 million sale of the 20.3-acre site approved for 288 apartment units to the master developer, Bulifants Residential LLC, controlled and managed by Peter V. Henderson.
According to Harvey Lindsay, Bulifants Residential LLC successfully rezoned Arbordale last year and has broken ground on the infrastructure needed for the apartments and single-family and townhome portions of the project. Simultaneously with its purchase of the apartment site from Bulifants LP, Bulifants Residential LLC sold the apartment site for $6.1 million to DE Arbordale LLC, an affiliate of Bonaventure Realty Group LLC.
Trip Ferguson and Jay Joseph of Harvey Lindsay represented Bulifants LP in this transaction.
Long & Foster to open new office in Richmond’s historic Church Hill
Long & Foster Real Estate continues to expand in the Richmond market with a new office that will open in Church Hill this spring.
Long & Foster, based out of Chantilly, has leased space at 313-315 N. 24th Street. The company says that initially about 12 sales associates will work from the location. Set to open in April, the office will be Long & Foster’s 17th location in the greater Richmond area.
“The Church Hill area is a prime spot for a new Long & Foster office, because it’s in the middle of one of the fastest growing markets in the Richmond region,” Brian Haug, senior vice president for real estate and mortgage, said in a statement. “We are always looking for opportunities to grow Long & Foster in key locations where agents can engage directly with their community and clients.”
The new office is located a mixed-use development that includes apartments, commercial space and a community center. Part of the project made use of a renovated 90-year-old former industrial building known as Nolde Garage. It sits across the street from historic St. John’s Episcopal Church, a landmark that dates to 1741 and was the site of Patrick Henry’s famous “liberty or death” speech.
David Gragnani will serve as the office's managing broker. He also oversees two other Richmond-area Long & Foster offices. David Seibert, a Long & Foster agent since 2008, also has assisted Long & Foster in establishing the new office. Gragnani is a lifelong Richmond resident who grew up in the nearby Fan District. Seibert lives in Church Hill.
Capital One Arena getting $40 million in renovations
Capital One Arena in Washington, D.C., is getting a $40 million facelift. According to the arena’s owner, Monumental Sports & Entertainment, the renovation will be privately funded.
“Capital One Arena is part of the heartbeat of Washington, D.C.,” Ted Leonsis, Monumental’s chairman said in a statement. “We are incredibly proud to be making this investment in a building that has played a key role in shaping our city, and that has been home to so many great memories for people … These upgrades will ensure that the fan experience at Capital One Arena remains second to none.”
The renovations will begin at the end of the 2017-18 NBA and NHL seasons and are expected to be completed by this fall. They include new padded seats, a new sound system, modernized concourses including new flooring, new lighting and new décor, two destination lounges, including a new premium club for floor and glass row-seat members, and new designed concessions.
The updated concessions, lounges and clubs will offer culinary talent from the D.C. area that Monumental says will bring locally sourced upgrades to traditional arena fare. The renovation also will include the updating of the flagship retail store at Capital One Arena, which will be open to fans year-round.
Capital One Arena is one of the few privately owned arenas in the country. Throughout its ownership, Monumental Sports & Entertainment said it has made more than $100 million in investments to ensure the arena remains a top facility. With a capacity of more than 15,000, Capital One Arena is ranked 9th in the nation and 22nd worldwide among top-grossing venues.
Hotel property in Hopewell sells for $8.5 million
Stay Over Suites in Hopewell, a 108 all-suite property, has sold for $8.5 million to Touchstone Place LLC. According to Cushman & Wakefield | Thalhimer, which brokered the sale, Touchstone made the acquistition as an investment. The 80,400-square-foot property is located at 4115 Old Woodlawn St. on 4.3 acres. Thalhimer's David Butchello handled the sale negotiations on behalf of the seller, 4115 Old Woodlawn LLC & Hopewell-Oaklawn LLC.