Henrico County industrial building sells for $11 million

A 142,993-square-foot industrial building in Henrico County that’s fully leased to a single tenant has sold for $11 million.

Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Newmark’s Baltimore Capital Markets team, said Tuesday that it represented the seller in the sale of 8000 Villa Park Drive.

Built in 1989, the building is fully leased to Colortree Group, a direct mail marketing company that has its headquarters at the facility. According to Thalhimer, Colortree will continue operations at the property under a long-term lease.

The seller was an entity controlled by Maryland-based Fernau LeBlanc Investment Partners. The buyer was the Stewart Cos. out of York, Pa.

The sale represents Stewart’s second acquisition in the region.  In 2012, the Stewart Cos. acquired the xTeriors plant in Doswell, securing the space for concrete products producer, NewLine Hardscapes, which has been in operation since the acquisition.

“We are interested in discovering additional acquisition opportunities in the region,” Cameron Wick, director of business development for the Stewart Cos. in Virginia, said in a statement.  “Smart, planned growth of our portfolio will ensure the future growth of the company and the local communities in which we invest.”

Thalhimer’s Eric Robison and Newmark’s Cris Abramson, Nick Signor and Brian Kruger completed the sale.