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Frontier Financial Buys Chesapeake M-F Complex from Property Capital

13 Feb 2014, 11:15 pm

By Adrian Maties, Associate Editor

An affiliate of Frontier Financial has acquired Marina Point Apartments in Chesapeake from Property Capital Group. The selling price was not disclosed. CBRE Hampton Roads marketed the property for Property Capital.

The 104-unit complex is located at 1301 Canal Drive in Chesapeake’s Deep Creek section on the banks of a tributary of the Elizabeth River’s southern branch. It was constructed in 1965 and consists of 104 one-, two-, and three-bedroom units.

According to CBRE, the property has a net rentable residential area of 95,900 square feet. Units range in size from 790 square feet to 1,140 square feet. Amenities include hardwood floors, a children’s play area, and a slipway, which  residents can use to bring boats to and from the water. The property is surrounded on three sides by water.

The property’s location on the VA Route 17/George Washington Highway transportation corridor offers access to the shopping, entertainment and employment centers of Chesapeake and Portsmouth. Major employers located within a few miles of the property include Portsmouth Naval Hospital, the Norfolk Naval Shipyard, the Chesapeake Municipal Center, Chesapeake Regional Medical Center and Sentara Healthcare.

Marina Point Apartments is one of part of an eight-property, 1,644-unit portfolio  in the Richmond and Hampton Roads areas that CBRE Hampton Roads is marketing for Property Capital. The list includes Falling Creek, Village of Woodshire, Misty Woods, Jefferson East, Riverwalk, Cherokee Park and Great Bridge.  The CBRE team that represented Property Capital in the sale of the Marina Point Apartments includes Senior Vice President Dan Johnson and Vice President Hank Hankins of CBRE Hampton Roads, as well as Executive Vice President Andrew Boyer and Senior Vice President Jonathan Greenburg of CBRE’s  Washington/Baltimore  multi-housing team.

Photo credits: CBRE



Coastal Equities Buys Newport News Retail Center from Harbor Group for $12.9M

6 Feb 2014, 11:44 pm

By Adrian Maties, Associate Editor

In a $12.9 million deal, Coastal Equities Real Estates has acquired Newport Crossing Shopping Center in Newport News from Harbor Group International L.L.C.

Located on a 22-acre parcel on Oriana Rd. in the city’s Denbigh area, Newport Crossing is a 194,000-square-foot grocery-anchored community center with 1,300 parking spaces. Norfolk-based Harbor Group recently renovated the property. Coastal Equities, also of Norfolk, was represented by Gil Neuman, a managing director with Bethesda, Md.-based Greysteel Co.

“The sellers recently added a long term leased state-of-the-art Riverside Health Systems facility and regional headquarters,” Neuman noted in a statement. “The purchasers acquired a well-entrenched center with high grocery sales, the post-recession ‘new normal’ of a solid medical co-anchor and the opportunity to add value through further leasing.”

Newport Crossing’s tenant roster also includes Food Lion, Dollar Tree, Citi Trends, USA Discounters, First Virginia Financial Services.

“Harbor Group is pleased to have added value and through Greysteel’s institutional sales process secured a quality purchaser,” said Jordan E. Slone, Chairman of Harbor Group International L.L.C. “We congratulate Coastal Equities on their acquisition and wish them further success.”

 Photo credit: Harbor Group International LLC



Lingerfelt to Develop $20M Medical Facility in Mechanicsville

23 Jan 2014, 3:50 pm

By Adrian Maties, Associate Editor

OrthoVirginia and Bon Secours Richmond Health System announced last week that they will soon start construction of a $20 million medical facility on the Bon Secours Memorial Regional Medical Center campus  in Mechanicsville.

The facility will bring together under one roof a team of orthopedic and sports medicine specialists who currently occupy multiple locations in the Richmond area.

Lingerfelt Cos., the project’s developer, is scheduled to complete the three-story, 63,490-square-foot facility in December. Also on the project team are DPR Construction, architectural firm Price Studios, and engineering firm Rummel, Klepper  &  Kahl. The building is designed to achieve LEED certification and will create about 150 construction jobs.

Previously, Lingerfelt built a 70,000-square-foot medical office building for OrthoVirginia at Boulders Office Park in Richmond. That $25 million project opened in October 2012.

Photo credits: Price Studios



Cushman & Wakefield | Thalhimer Starts Year With 3 Residential Deals

11 Jan 2014, 7:27 pm

By Adrian Maties, Associate Editor

Cushman & Wakefield | Thalhimer has kicked off the new year at full speed, handling three separate residential deals.

Thalhimer Realty Partners Inc., an investment and development affiliate of the firm, acquired Timbercreek Apartments in a $3.5 million deal. Located at 2200 Chateau Drive, close to Chippenham Parkway and downtown Richmond, the property comprises 160 2-bedroom units averaging 777 square feet.

Thalhimer Realty Partners said in a statement that the property was about 95 percent leased at the time of purchase. Timbercreek Apartments was acquired through auction.com from an entity controlled by C-III Asset Management. Cushman & Wakefield | Thalhimer will manage the property.

In another Richmond multi-family transaction, Cushman & Wakefield | Thalhimer arranged the sale of Brookland Park Plaza, a 77-unit, age-restricted complex at 1221 E. Brookland Park Blvd.  Community Housing Inc. paid $600,000 for the asset and plans to redevelop the property. The seller, Wells Fargo Bank N.A., was represented  by Cushman & Wakefield | Thalhimer’s Jeffrey Cooke.

Built in 1909 as a city school, Brookland Park Plaza was converted to multifamily use in 1990. The three-story, 127,632-square-foot building is listed on the National Register of Historic Properties.

And in Chesterfield County, Cushman & Wakefield | Thalhimer’s Pete Waldbauer represented Cornerstone Homes L.L.C. in the $1 million acquisition of a 30-acre parcel in the Pointe at Magnolia Lakes neighborhood. Located on Ironbridge Road at Chalkley Road, the parcel was sold by Atlas VA I SPE L.L.C. Cornerstone Homes plans to build no-maintenance, energy-efficient  homes designed for active lifestyles.

Photo credits: http://www.thalhimer.com

 



Rouse to Buy Chesterfield Towne Center From Macerich as Part of $293M Deal

12 Dec 2013, 11:37 pm

By Adrian Maties, Associate Editor

As the holidays approach, Rouse Properties Inc. is about to find a major Richmond retail property in its Christmas stocking. The New York City-based REIT announced on Dec. 11 that it is under contract to buy Chesterfield Towne Center from Macerich as part of a two-property, $292.5 million deal.

Chesterfield Towne Center would be the first Virginia shopping center acquired by Rouse. Home to some 130 stores and restaurants, the 1 million-square-foot regional mall is anchored by Sears, Macy’s, Garden Ridge and JCPenney.

As part of the deal, Rouse is also acquiring the Centre at Salisbury, an 862,000-square-foot regional mall in the Eastern Shore community of Salisbury, Md.

Santa Monica, Calif.-based Macerich acquired Chesterfield in 1994 and renovated it in 2008. Rouse reported that inline sales average $360 per square foot and that the property is about 88 percent occupied.

For its part, Macerich has closed sales of eight retail properties so far in 2013  for approximately $560 million, generating $466 million of equity. Chesterfield Towne Center is one of four additional properties it is currently under contract to sell.

CBRE reports that Chesterfield Towne Center led Richmond’s southwest quadrant to outperform the region’s overall vacancy rate, which rose slightly to 8.4 percent during the third quarter. The quadrant registered positive net absorption of 25,000 square feet, the only Richmond submarket to post an improvement.

Photo credits: Google Maps
Charts courtesy of CBRE Group Inc..