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Tag: office building

11-building office portfolio in Henrico sells for $87M

An 11-building office portfolio in Henrico County sold for $87 million, according to Henrico County property records.

A partnership between New York-based Jack Sitt Real Estate LLC and Dubai, United Arab Emirates-based Gulf Islamic Investments LLC bought the portfolio on Dec. 1. Thalhimer did not disclose the seller. The properties are owned by various limited liability companies including Hillcrest Investments, FC Richmond II and Highland II.

The 567,000-square foot Glen Forest Office Portfolio sits on an 85-acre campus between Glenside Drive, Forest Avenue and Interstate 64. It is 86% leased to 89 tenants and includes eight Class A office buildings, one medical office building and two Class B office buildings.

The properties are:

  • Arrington: 93,645 square feet, 1802 Bayberry Court
  • Hillcrest: 97,061 square feet, 1801 Bayberry Court
  • Meridian: 58,114 square feet, 1800 Bayberry Court
  • Bayberry: 46,052 square feet, 1700 Bayberry Court
  • Forest Plaza I: 36,382 square feet, 7201 Glen Forest Drive
  • Forest Plaza II: 37,057 square feet, 7275 Glen Forest Drive
  • Capstone: 41,472 square feet, 7100 Forest Ave.
  • Highland I: 46,768 square feet, 7231 Forest Ave.
  • Highland II: 67,899 square feet, 7229 Forest Ave.
  • Utica: 29,581 square feet, 2701 Emerywood Parkway
  • Willard: 12,970 square feet, 2601 Willard Road

Of the tenants whose leases expired over the past 14 months, 84% renewed or expanded into more space. Over the past year, 28 tenants — more than 157,000 square feet — have signed new, renewal or expansion leases, with an average lease term of 4.9 years.

From Thalhimer’s Capital Markets Group, Eric Robison, executive vice president, and Bo McKown, associate, represented the seller, along with William “Bill” Collins, executive vice chairman, and Eric Berkman, vice chairman, with Cushman & Wakefield’s Washington, D.C. Capital Markets Group.

Amy J. Broderick and Kate Hosko with Cushman & Wakefield | Thalhimer will handle leasing for Highland I and Highland II. The buildings have up to 18,790 square feet available. CBRE will continue to handle leasing for the other buildings.

Springfield office building sells for $29.3M

The Springfield Corporate Center office building sold for $29.3 million, New York-based real estate company Newmark Group Inc. announced Wednesday.

Located at 6225 Brandon Ave., the five-story building is 138,830 square feet. The building was constructed in 1988 and renovated in 2014 and 2015 in a $2.7 million program. The property is 84% leased, primarily to government contractors like Computer Systems Center Inc., Novetta Solutions LLC, which is part of Accenture Federal Services, and Volkert Inc.

A joint venture between Artemis Real Estate and MRP Realty sold the property to Springfield-based BGP Enterprises. James Cassidy and Jud Ryan with Newmark represented the sellers.

 

Divaris to be Norfolk’s World Trade Center leasing agent

The new ownership of the World Trade Center in Norfolk selected Divaris Real Estate Inc. (DRE) as its management and leasing agent, the brokerage firm announced Tuesday.

“We are both delighted and honored to have been appointed to handle the management and leasing of the World Trade Center building on behalf of the new ownership, and we are looking forward to keeping this iconic building as a flagship in the city of Norfolk,” Michael Divaris, DRE president and chief operating officer, said in a statement.

DRE Executive Vice President Krista Costa, DRE Senior Vice President Marci Phillips and DRE Associate Rachel Salasky form the team.

DRE retained the building’s current on-site team: General Manager Krista Marshall, Assistant Property Manager Karin Kish and Chief Engineer Jeff Ratajczak.

DRE has developed a renovation program for the lobby and suites to attract new tenants.

Headquartered in Virginia Beach, Divaris Real Estate has offices in Newport News, Norfolk, Richmond and Roanoke, as well as in Charlotte, North Carolina; Beverly Hills, California; and Washington, D.C. It currently has about 31.5 million square feet in management and leasing assignments.

Norfolk’s World Trade Center trades hands

The World Trade Center in Norfolk has sold for an undisclosed sum, Colliers announced Monday. On July 1, the property’s assessed value was nearly $51.27 million.

Norfolk-based real estate investment and management firm Harbor Group International LLC, which acquired the property in 2008 for $54 million, has sold it to a private investor that Colliers did not disclose and city property sales records are not yet available.

Located at 101 W. Main St. overlooking the Elizabeth River and Town Point Park, the nine-story office building has 370,000 square feet. The center is 89% leased, with major tenants including McGuireWoods, Davenport & Co., Vandeventer Black LLP and the Port of Virginia. The building features a full service commercial bank in its lobby, a first-floor cafe and an executive fitness center in addition to the private Town Point Club on the third floor.

J. Scott Adams, a certified commercial investor member, Michael Ettel and Perry Frazer with Colliers | Virginia led the marketing for the sale transaction.

CGI Building in Fairfax sells for $55.3M

The CGI Building in Fairfax sold for $55.3 million on Oct. 5.

Located at 12601 Fair Lakes Circle, the 10-story office building is 259,511 square feet and occupies 8.36 acres. It is 88% leased to four tenants, primarily government contractors, and anchored by CGI Federal Inc., part of CGI Inc. The property was recently renovated in a $6.4 million capital improvement plan.

Cognac Fair Lakes LLC sold the property to Opal Holdings. Newmark Group Inc.’s Executive Managing Directors James Cassidy and Jud Ryan represented the seller.

 

NoVa office space market improves after pandemic disruption

The Northern Virginia office real estate market showed improvement in leasing activity and occupancy loss in the third quarter, following four quarters of disrupted activity, according to a report released by commercial real estate services and investment firm CBRE Group Inc. this week.

Gross leasing activity held steady from the second quarter, ending the third at 2.1 million square feet. Although the square footage is down 22% from the 2018 to 2019 quarterly average, it is an improvement from the average leasing volume of 1.7 million square feet in the second half of 2020 and first quarter of 2021.

Net occupancy loss decelerated. The third quarter had 47,000 square feet of negative absorption, but the prior four quarters returned a combined 2.5 million square feet to the market, which was the largest occupancy loss over a 12-month period that the market has recorded since 2012, according to the report.

The overall vacancy rate, however, rose to 20.6%. The market’s peak vacancy level was 20.9% in the first quarter of 2018.

Amazon.com Inc. leased an additional 167,000 square feet in National Landing, which brought its total leased footprint to just over 1 million square feet. CACI International Inc.’s return of 100,000 square feet in the Ballston neighborhood in Arlington offset the gain, though.

Development and construction group Skanska broke ground at 3901 N. Fairfax Drive in the third quarter for a planned 201,000 square foot office development, of which 10,000 square feet will be retail space. The building is slated for completion in mid-2023.

Across the Northern Virginia market, five buildings totaling 1.9 million square feet are currently under construction at a 61% prelease rate.

Virginia Beach office building sells for $10.45M

A building in the Reflections Office Park in Virginia Beach sold for $10.45 million, Cushman & Wakefield | Thalhimer announced Monday.

Built in 1999, the building, Reflections IV, is 79,946 square feet and sits on 4.51 acres. It is located at 2901 S. Lynnhaven Road, and its tenants include Timmons Group, RK&K, Midgett Preti Olansen PC (MPO) and Integrity Bank for Business.

Reflections IV LLC bought the property from Whitehall LLC. Rob Wright and Josh Fulton with Thalhimer handled the sale on behalf of the seller.

Virginia Beach office buildings sell for $15.8M

Three buildings in the Pembroke Office Park in Virginia Beach sold for $15.77 million, S.L. Nusbaum Realty Co. announced Monday.

Pembroke Buildings Four, Five and Six total 167,660 square feet. Pembroke Office Park is a 300,000-square-foot park with five multitenant office buildings.

Seminole Trails Properties LLC bought the buildings. Stephanie Sanker, a certified commercial investment member, and Sam Rapoport from S.L. Nusbaum worked with Ten-X to represent the seller, Suburban Capital Inc.

Chesapeake industrial/flex buildings sell for $61M

A three-building industrial/flex office complex in Chesapeake has sold for $61 million, Cushman & Wakefield | Thalhimer announced Thursday.

Washington, D.C.-based DSC Partners sold the property, which is 100% leased to several tenants, including General Dynamics and Sentara Healthcare, to a New Jersey firm, Heritage Capital Group, which owns Latitudes Apartments in Virginia Beach, among other properties on the East Coast.

Eric Berkman of Cushman & Wakefield’s Washington office and Eric Robison of Cushman & Wakefield | Thalhimer represented the seller. The properties, Crossways Commerce Center I and II, a three-building, 525,082-square-foot industrial/flex portfolio, are part of a 30-acre business park. The buildings are located at 1545 and 1501 Crossways Blvd. and 1449 Kristina Way.

In February, another building owned by DSC in the business park sold for $7.5 million to Virginia Beach property management company The Runnymede Corp.

Richmond office tower sells for $77M

Richmond’s 15-story Riverside on the James office tower has sold for $77 million, McLean-based American Real Estate Partners LLC (AREP) announced on April 6.

Located at 1001 Haxall Point, the 263,752-square-foot building was acquired from AREP by New York-based Opal Holdings and is 95.3% leased. The building’s main tenant is the Richmond office of Atlanta-based law firm Troutman Pepper Hamilton Sanders LLP.

JLL Capital Markets’ Chris Lingerfelt, Ryan Clutter and Stephen Conley represented the seller.

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