 |
| 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
