O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — April 23 - May 20, 2021 — Section 19A
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353,044 s/f facility to be first speculative development in Meadowville Technology Park Red Rock begins construction of manufacturing and logistics building in Chesterfield County, VA
HI-LIGHTS April 23 - May 20, 2021 Landmark wins ‘Grand Conceptor’ Engineering Award for Avenue North Channel restoration H E S T E R F I E L D COUNTY, VA — Red Rock Developments & Westport Capital Part - ners LLC have announced the commencement of construc- tion of an industrial facility on Digital Dr. in Chesterfield County. This will be Red Rock Developments first project in the Greater Richmond Region. The 353,044 s/f building will be marketed to manufacturing and logistics users and will be the first speculative devel - opment within Meadowville Technology Park, which is C
Digital Drive rendering
Greater Richmond aerial
Virginia market. We look for- ward to working with Ches- terfield to aggressively market this building in a market that is increasingly tight on supply”, said John Barker , president and chief development officer with Red Rock Developments. Jim Holland , Board of Su- pervisors (Chair) said, “We are excited to work with Red Rock to develop product in Chesterfield County. Red Rock
has close relationships with many of the exceptional manu- factures in our target sectors. We’re looking forward to Red Rock developing a Class-A in- dustrial facility inMeadowville attracting additional quality employers into the county.” Site development on the project will begin this Spring with completion of the building slated for the fourth quarter 2021. MAREJ
and AdvanSix. The property will feature state-of-the-art specifications, including 36’ clear height, -dock and drive in loading, full site circulation, above market standard truck and auto parking and 185’ truck courts. “Red Rock has long consid- ered Meadowville Technology Park a prime location for our entrance into the Richmond,
ARLINGTON, VA — A joint venture between Black- fin Real Estate Investors and GMF Capital LLC has closed on the acquisition of three Low Income Housing Tax Credit (LIHTC) communities in Virgina. The portfolio total- ing 452 units included Oaks of Dunlop Farms in Richmond, VA (144 units), Crescent Place (156 units), and Independence Square (152 units) both in Portsmouth, VA. The prop- erties all operate under the LIHTC program and offer the partnership a unique opportu- nity to purchase nearly fully oc- cupied assets (99% average oc- cupancy) in the growing Rich- mond and Portsmouth/Suffolk submarkets. This transaction represented the venture’s 6th acquisition together. This is Blackf in’ s third transaction in the Hampton Roads Market in the past four months. Blackfin co-founder and managing partner, Doug Root , said “We are excited to be adding more LIHTC prod- uct to our portfolio. We have owned by the Chesterfield Economic Development Authority (EDA) . The new industrial center is situated on 54 acres of land along newly extended Digital Drive fronting I-295 and Rte. 10 within Meadowville Tech- nology Park. Nearby facilities are operated by distinguished users including Amazon, Ni- agara Bottling, Medline, Altria
Blackfin Real Estate Investors and GMF Capital close on three asset Virginia LIHTC portfolio for $48MM
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Woodmont Industrial Partners announces $18m sale of industrial property in Morrow, GA
Oaks of Dunlop Farms
Crescent Place
Independence Square
found that LIHTC communi- ties have generally held up better than other multifamily product types during the global pandemic. This acquisition will help us diversify our portfolio and it will give us a chance to take advantage of the strong growth that we anticipate for these regions.” This is the sixth transaction between GMF and Blackfin and their third acquisition to- gether in the region. In March 2019, the JV acquired Coast- line Apartments and just re- cently the venture closed on
Pepperwood Townhomes and Towne Point Apartments in Portsmouth in February 2021. GMF chief investment officer Jeff Selinger said, “We are delighted to add these proper- ties to our growing portfolio of multifamily properties located in Richmond and Portsmouth. We expect the planned prop- erty upgrades to enhance the affordable housing stock in the region and to bolster each property’s competitive position in its respective submarket.” Andrew Buchanan and Doug Root founded Blackfin
in August 2016. Since that time, the team has acquired a portfolio of over 5,300 units in markets from Boston to the Carolinas. Senior managing di- rector Drew White of Berka- dia’s Chevy Chase, MD office and director C arter Wood of Berkadia’s Newport News, VA office represented the seller, The Franklin Johnston Grou p. Financing was ar- ranged by senior managing director Mitch Sinberg and associate director Matthew Robbins of Berkadia’s Boca Raton office. MAREJ
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