16 — July 2026 — Virginia — DelMarVa — M id A tlantic Real Estate Journal
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V irginia Private fund acquires 41.74-acre site in Rural Retreat, VA Resolute Structured Capital arranges $10.9 Million
Lawson breaks ground on phase III of Miller’s Rest Apts.
URAL RETREAT, VA — Resolute Structured Capital a r r ang ed $10.875 mil- lion in acqui- sition financ - ing for the purchase of a 362,235 s/f headquarters and manufac- turing facil- ity located at 200 Shoal Ridge Dr. in Rural Retreat, VA. A Dallas-based private fund acquired the 41.74-acre site in a sale-leaseback with Musser Biomass and Wood Co., an es - tablished operator in the wood fiber industry for 60 years. “We secured very favor- able and flexible financing for our client with a local R Benjamin Markiles
Lawson celebrated the groundbreaking of phase III of Miller’s Rest Apts. Design units.
LYNCHBURG, VA — Law- son celebrated the ground- breaking of phase III of Mill- er’s Rest Apartments, a new 160-unit affordable housing development that will further expand housing opportunities for individuals and families in Lynchburg earning at or below 80% AMI. Upon completion, Miller’s Rest Apartments will include 355 affordable apartment homes across three phases, making it one of the region’s most sig - nificant affordable housing communities. The new phase builds upon the success of phase I, which delivered 80 affordable apartment homes, and phase II, which added 115 affordable apartment homes. Phase III will feature 160 apartment homes designed to serve households earning between 20% and 80% of the area’s median income. The development will include one-, two-, and three-bedroom floor plans, with accessibility fea- tures incorporated through- out the community, including ADA-compliant and Universal
Residents will enjoy access to the community’s existing amenities, including a fitness center, dog park, playground, outdoor gathering spaces, club- house, and bicycle storage. The expansion will also enhance the property’s wellness offerings through the addition of a new yoga studio connected to the existing fitness center. The development is being financed through the feder- al Low-Income Housing Tax Credit program and will be constructed to Energy Star and EarthCraft Gold standards, promoting long-term sustain- ability and reduced utility costs for residents. The groundbreaking ceremo- ny was attended by community leaders, development partners, and housing advocates who gathered to celebrate the start of construction and the contin- ued investment in affordable housing opportunities in the Lynchburg region. Construction is expected to be completed by mid-2028. MAREJ
200 Shoal Ridge Dr.
credit union that includes high leverage and no pre- payment penalties, an ideal fit for the sponsor’s invest - ment strategy regarding this unique multi-building HQ campus,” said Benjamin Markiles , VP, Resolute
Structured Capital. Markiles and Vishal Van- jani , a principal of Los Ange- les-based Resolute Structured Capital, represented the buy - er. A Matthews team led by Aria Pournazarian advised the seller. MAREJ
Construction is underway as Gilbane Dev. announces the official naming of Renley
ARLINGTON, VA — Gil- bane Development announced that construction is underway to convert a 121,200 s/f, six-story vacant office building at 3601 Wilson Blvd. into Renley, a new multifamily residential com- munity in Arlington’s Virginia Square neighborhood. The reimagined Renley will deliver 94 market-rate resi- dences ranging from one- to three-bedroom homes. De - signed around the principles of thoughtful scale, enduring design and everyday livability, the community offers expan- sive windows, custom closets, refined finishes and spacious floorplans rarely found in new multifamily developments. Se- lect sixth-floor residences will feature 12-foot-deep private bal- conies, creating a distinctive in- door-outdoor living experience in one of Northern Virginia’s most connected neighborhoods. Located directly across from the Virginia Square-GMU Met - ro station, Renley represents one of the first projects to take advantage of Arlington Coun - ty’s updated adaptive reuse policy, adopted in November 2024, which was designed to streamline office-to-residential conversions and create incen- tives for developers to bring underutilized office buildings back to life. “The transformation of 3601 Wilson Blvd. into Renley re - flects Gilbane’s commitment to creating communities that
Marcus & Millichap brokers $3.75M sale of fully occupied shopping center
Renley rendering — SR&A ©
are both responsive to market needs and rooted in the char- acter of their surroundings,” said Bobby Gilbane , senior VP at Gilbane Development. “Rather than starting over, we’re building upon an exist - ing asset and reimagining it for a new generation of residents. Renley offers a more intimate residential experience—one defined by thoughtful design, connectivi- ty and a sense of place—while bringing much-needed hous- ing to one of the region’s most desirable neighborhoods.” The redevelopment plan will preserve the building’s exterior façade while introducing a com- plete interior transformation. Resident amenities will include tenant storage on every floor, a wellness center, coworking spaces, lounges and gathering areas designed to support both productivity and connection.
Renley will also offer 5,637 s/f of ground-floor retail space and 207 parking spaces located in a below-grade garage adjacent to the Virginia Square-GMU Metro entrance. With only 94 residences, Renley is intentionally scaled to foster a more personal resi- dential experience. Situated within walking distance of cultural destinations, neigh- borhood parks, dining and transit, the community is designed for residents seek- ing both convenience and connection in an established urban neighborhood. Set for completion in April 2027, Renley will add much- needed housing supply to a high-demand submarket while demonstrating how adaptive reuse can play a meaningful role in addressing the region’s evolving housing and office market needs. MAREJ
Stonewall Square
The 15,922 s/f retail center sits on a 2.13-acre lot and was built in 2008. The property has seven units and was fully oc- cupied at the time of sale. Ten- ants include Firehouse Subs, Benchmark Physical Therapy, a Thai restaurant and other local businesses. The property is surrounded by retailers and restaurants, including a $40 million, 123,000 s/f Kroger expansion. MAREJ
MECHANICSVILLE, VA — Marcus & Millichap an- nounced the sale of Stonewall Square, a fully occupied retail center in Mechanicsville, VA, a suburb of Richmond. The asset sold for $3.75 million. Chase Hensen, Dean Zang and David Crotts of Marcus & Millichap marketed the prop- erty on behalf of the seller. Stonewall Square is located at 6300 Mechanicsville Tpke.
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