Dominion Realty Partners buys three Boulders office buildings

Richmond-based Dominion Realty Partners (DRP) continues to expand its office portfolio in the Richmond region. The firm has purchased three office buildings in the Boulders Office Park in Chesterfield County for an undisclosed price.

Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller in the transaction, with Eric Robison completing the sale.

The 288,416-square-foot portfolio includes: Boulders I, 78,995 square feet; Boulders II, 76,981 square feet; and Boulders III, 132,440 square feet. The buildings are located near Powhite and Chippenham Parkways as well as Midlothian Turnpike.

According to Thalhimer, the class A office portfolio was 76 percent leased at the time of sale with 34 tenants.  Tenants include the Timmons Co., an engineering consulting firm, and Tredegar Corp.

DRP said in a press release that it plans capital improvements for the buildings, including upgrades to lobbies, corridors and restrooms as well as parking lot resurfacing and landscaping improvements. 

Chris Carlino, who works in acquisitions and development for DRP, said in a statement,  “These buildings are a great fit for us. The fact that they are 76 percent leased means that there is an opportunity to unlock additional value, both through leasing and capital improvements.”