StonebridgeCarras completes capitalization of Oakville mixed-use development project in Alexandria, VA

 Susan Carras

 ALEXANDRIA, VA  – StonebridgeCarras and PCCP announced  a series of transactions had been completed that will allow the development of the Oakville Triangle mixed-use development project in Alexandria, Virginia, proximate to the Del Ray neighborhood, National Landing, the new Potomac Yard Metro Station and the Virginia Tech Innovation Campus.

Rina Bansal

Oakville Triangle is a 1 million square foot master planned development.  The initial phase will include:

 

·         Inova Health System’s new four story, 95,000 square foot HealthPlex

·         84 townhouses under contract to be developed by Tri-Pointe Homes

·         Potomac Yard Mini U Storage, a 103,000 square foot self-storage building that will be completely renovated and is now owned and managed by affiliates of Dahn Corporation.

·         571 new multi-family units and 37,000 square feet of retail fronting on Richmond Highway.

Walter Coker

The Oakville Triangle project is located prominently on the Richmond highway (Route 1) adjacent to National Landing, Potomac Yard and Del Ray neighborhoods. 

 

This area is Northern Virginia’s fastest-growing submarket that includes major employers like Virginia Tech’s Innovation Campus and Amazon’s soon to be HQ2 among others.

 

Stonebridge and PCCP formed a joint venture for the development of the site and ownership of the residential and retail components.

Brian Crivella

Demolition of the existing industrial buildings will commence immediately, and development of the new projects will start this Fall with the initial components delivering in the Fall of 2023 and final completion in the Winter of 2024.

”We are very pleased to bring the Oakville Triangle project to fruition after many years of planning,” said Douglas M. Firstenberg, a Principal with Stonebridge.

“There are many partners that have been working with us and will contribute to the long term success of this dynamic, walkable mixed-use project adjacent to National Landing that will benefit from the soon to open Amazon HQ2, the Virginia Tech Innovation Center and the Potomac Yard Metro Station.”

Owen Claypool

 “PCCP is excited to kick-off its first joint-venture with Stonebridge, a highly experienced local developer,” said Ryan Dodge, Senior Vice President with PCCP.

“The project is extremely well located within the center of Northern Virginia’s healthy employment environment, which is home to the Pentagon, over 100 defense contractors, and technology companies including Google, Facebook, and Amazon’s soon-to-be HQ2.

"We see this project helping to meet a demand for housing in this area as population and jobs have been growing.”

Steve Mellon

“We are excited that the project has met this new milestone. The new Inova facility in Oakville Triangle will help meet the growing healthcare needs in our community and complement our existing full-service acute care hospital in Alexandria,” said Rina Bansal, MD, MBA, and President of Inova Alexandria Hospital.

 “Inova’s continued commitment to the City of Alexandria promises even greater access to the world class healthcare services Inova provides throughout the region.”

 

"We're honored to work alongside the StonebridgeCarras and PCCP teams on an incredibly dynamic mixed-use project, such as Oakville," says Brad Blank, president of Tri Pointe Homes DC Metro Division.

Steve Conley

With a 40-year presence building connected communities in the DMV area, we're excited to bring premium townhomes to the area and offer Alexandria residents a convenient and unique living experience with nearby shopping, amenities and transportation."

 The JLL Capital Markets team representing Stonebridge in creating the joint venture with PCCP was led by Steve Conley, Susan Carras, Walter Coker, Brian Crivella and Owen Claypool.

 

The JLL team that arranged the transaction with Dahn was led by Steve Mellon, who co-leads the firm’s national self-storage group, Bruce Strasburg and Craig Childs.

Bruce Strasburg 

The Avision Young team representing Inova was led by Dave Millard and Peter Berk.

 The Enterprise Realty team of Steven Varga and Stepan Varga arranged  the Tri-Pointe transaction.

 About Stonebridge: 

 Stonebridge is a privately held real estate development and investment firm focused on creating exceptional places in the Greater Washington area.

Craig Childs

The company’s portfolio includes several of the region’s most successful mixed-use projects including Constitution Square, 200 Eye Street, SE and Flats at Bethesda Avenue and The Darcy. 

During the past twenty years, the principals of Stonebridge  have been involved in the acquisition, development, joint

 venture, financing and disposition of real estate assets in the Washington area exceeding $6 billion in value. 

Dave Millard

About PCCP, LLC:  

PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.

  PCCP has $13.1 billion in assets under management on behalf of institutional investors.  

With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 23-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. 

Peter Berk

PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. 

Since its inception in 1998, PCCP has managed, raised or invested over $26.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  

PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

.CONTACTS:

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

STONEBRIDGE – Douglas M. Firstenberg

301/652-8292

 

PCCP: Darcie Giacchetto 949/278-6224

 

INOVA:Tracy Connell 703-289-2087

 

Stonebridge.us.com