Dominion Realty Partner buys Virginia Beach office building for $3.5 million

Dominion Realty Partners (DRP), based in Richmond, has acquired an 87,205-square-foot office building in Virginia Beach for $3.5 million.  Known as One Guardian, the building at 2829 Guardian Lane is located in the Oceana West/ Lynnhaven Corridor.

The acquisition marks the second purchase in the last two months for DRP. The company said the buy is part of an initiative that began late last year to purchase existing real estate assets.

Vacant at the time of purchase, DRP said it plans to spend nearly $2 million to improve the building. Upgrades will include a new lobby and common areas, new restrooms, open concept tenant spaces and improved landscaping.  “We are very excited about the potential that this building has, ” Michael Campbell, a spokesman for Dominion Realty, said in a statement. “Our intent is to breathe new life into an asset that has sat neglected and unoccupied for quite some time now.  We believe that once gutted and rebranded, the building will serve as an ideal location for tenants seeking those hard-to-find big block spaces in this submarket.” 

DRP also recently closed on a 63,000-square-foot office building in Durham, N.C.