Chester industrial site sells for $12.5 million

A Newton, Mass.-based real estate investment trust has purchased The Enterchange at Meadowville, a 228,108-square-foot industrial building in Chester, for $12.5 million.

Built in 1999, the 19-acre property at 2101 Bermuda Hundred Drive was 100% leased to a federal agency, the General Services Administration at the time of the sale, according to Cushman & Wakefield | Thalhimer, which represented the seller.

Government Properties Income Trust acquired the asset on Aug. 28.
                                                                       
Thalhimer Capital Markets Group represented PNC Realty Investors Inc., as advisor to the AFL-CIO Building Investment Trust. Leading the sale was Thalhimer’s Eric Robison in conjunction with Cris Abramson and Brian Kruger of Cushman & Wakefield’s Capital Markets Group out of Baltimore, Md.

Evan Magrill, Dawn Calabrese, Thalhimer’s leasing agents for the property, also collaborated on the assignment.

“This sale, along with other recent investment transactions in Richmond, further shows that there is a significant interest from institutional investors in our market,” Robison said in a statement.

Thalhimer’s Capital Markets Group is an investment sales team that focuses on capital markets and the sale of income producing properties in Virginia and North and South Carolina. 
Government Properties Income Trust owns about $1.7 billion of office properties with 10 million square feet located in 31 states and Washington, D.C.