PNSC LLC purchased a 7,500-square-foot office building at 501 Baylor Court in Chesapeake for $1.25 million, Cushman & Wakefield | Thalhimer announce on March 22.
PNSC purchased the building from BCGMR LLC as an investment. The purchaser plans to renovate a portion of the building and locate Progressive Neurology and Sleep Center to this location.
Christine M. Kaempfe of Cushman & Wakefield | Thalhimer handled the sale negotiations.
The Roanoke Valley office market saw a 1% increase in office occupancy in 2020, ending the year with an 88% occupancy rate, according to Poe & Cronk Real Estate Group’s 34th Annual Office Market Survey.
These figures are a promising sign “in one of the most challenging years in recent memory,” Poe & Cronk states, adding that “while office users may not be currently using all of their office space, most are not ready to permanently commit to never needing it again.”
The survey incorporates data covering nongovernmental office buildings measuring 10,000 square feet or more.
Three office buildings in Henrico County collectively sold for $19.2 million, Colliers International announced Tuesday.
The office buildings, known as the Midtown Office Portfolio, total 155,368 square feet. The buildings include One Holland Place (at 2235 Staples Mill Road) and Vistas I & II (at 5540 and 5516 Falmouth Street). The portfolio was 92% leased to tenants including Kroger, PPD, the Commonwealth of Virginia and Azura Vascular Care.
“Richmond continues to be a desirable market for capital providing resiliency and stability since last spring,” Colliers Executive Vice President Will Bradley said in a statement. “The Midtown Office Portfolio in particular provides unmatched location, pandemic resilient fundamentals and tenancy which resonated with investors.
The four-story One Holland Place building was constructed in 1987 and totals 85,819, according to Henrico County property records. The building was most recently assessed at $8.3 million. Vistas I & II are collectively 42,429 feet and were also built in 1987, according to property records, and were most recently assessed at $7.37 million.
Bradley and Colliers Vice President Mark Williford represented the seller, Allegiancy, in the transaction. Midtown Richmond LLC purchased the property.
This marks Collier’s second major office building portfolio transaction this year near the Glenside exit from Interstate-64 in Henrico County. In March, Bradley and Williford handled a $15 million transaction for a 116,000-square-foot office portfolio on behalf of Grander Capital.
“We received significant investor interest in one of the most volatile investment climates in recent history, which further speaks to Richmond’s position as a top mid-Atlantic investment market,” Bradley said in a statement.
An office building in Chesapeake has sold for $4.25 million, Colliers International announced Monday.
Located at 661 Independence Parkway, the 50,000-square-foot Class A office building sits on more than 11 acres in the Battlefield Commerce Park area.
Matsushita Real Estate Corp. of America sold the property to Hooked Group LLC, which plans to occupy part of the two-story building.
Hooked Group plans to occupy a portion of the building and will lease out the remaining space, according to Colliers. Agents did not yet have details about the amount of space the group would occupy and how much space it would lease to other tenants.
Executive Vice President Patrick Mugler and Senior Vice President Ricky Anderson with Colliers’ Norfolk office represented the seller in the transaction. George Fox, senior vice president of Virginia Beach-based real estate company Divaris Real Estate Inc., represented the buyer.
An office building in Falls Church sold for $87.5 million, commercial real estate advisory firm Newmark Knight Frank (NKF) announced Tuesday.
Located at 3170 and 3180 Fairview Park Drive, the 284,333-square-foot property is 98% leased, with tenants including General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty.
“Despite the many unknowns during this time, we knew that once our team went to market with the property that the product would speak for itself,” NKF Executive Managing Director Jud Ryan said in a statement. “Our team was blown away by the interest we garnered, and we received pricing higher than pre-COVID-19 expectations.”
NKF was the sole broker on the transaction between the seller, an affiliate of Marcus Partners, and Chicago-based buyer Vanderbilt Properties. This year, Marcus Partners completed a renovation that included more than 25,000 square feet of amenities such as a café with an outdoor terrace, a 100-person auditorium, a 100-person conferencing facility, a fitness club and indoor and outdoor seating areas.
“Marcus Partners executed an outstanding renovation of the asset, including an amenity package that truly exceeds anything else we’ve seen in the market for properties of this scale – arguably one of the best assets out there,” NKF Executive Managing Director James Cassidy said in a statement. “Today, as more investors flock to quality assets with credit tenants, we believe that this acquisition will prove itself to be a great addition to Vanderbilt’s portfolio as they continue to expand in the region.”
Cassidy and Ryan along with NKF Vice President Cliff Cummings represented the seller in the transaction while Joe Donato, vice chairman of debt and structured finance, and Managing Director Kassi Saridakis worked with the buyer on the financing of the acquisition.
A 17,112-square-foot office building in Henrico County sold for $1.1 million, commercial real estate brokerage firm Marcus & Millichap announced last week.
Located at 2120 Staples Mill Road, the building was constructed in 1974 and sits on 0.73 acres. The building was vacant at the time of the sale, and the new owners plan on a complete renovation of the existing structure. 2120 Staples Mill LLC, the new owner, is a local real estate investment partnership.
The renovations will allow for rentable square footage and the buyer is seeking new office tenants at the present, says Kerry Riley, an investment specialist in Marcus & Millichap’s Richmond office who marketed the property on behalf of Sam Salhab, the seller.
An office building in Henrico County has sold for $5.85 million, Cushman & Wakefield | Thalhimer announced Wednesday.
Located at 4461 Cox Rd. in the Innsbrook Corporate Center, the 70,000-square-foot office building was approximately 50% occupied at the time of the sale, with printing software company TriMech as the main tenant, says Evan M. Magrill with Cushman & Wakefield | Thalhimer.
Mortgage lender CapCenter, also currently located in Innsbrook, purchased the three-story Class A office building from Banks Bros. Building LLC. to accommodate its growth.
Magrill and N. Dean Meyer with Cushman & Wakefield | Thalhimer represented the seller in the transaction.
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An office building in Hampton has sold for $1.325 million, Cushman & Wakefield | Thalhimer announced Monday.
Located at 2310 Tower Place, the 13,500-square-foot property was purchased by Temple Realty I LLC, which will partially occupy the building. Real estate company Harrison & Lear Inc., which sold the property, will also remain in the building as a tenant.
The building had been long occupied by Coldwell Bankers, leasing 6,000 square feet of the building, while Harrison & Lear also occupied 6,000 square feet. When Coldwell and Harrison & Lear occupied the building, there was 1,500 square feet of vacant space, says Andy Dallas of Cushman & Wakefield | Thalhimer, who handled the sale on behalf of the seller.
“Prior to closing, Coldwell Banker vacated and the buyer, Temple Realty, plans to occupy their 6,000 square feet, and … Harrison & Lear will remain,” Dallas says. It is not yet determined whether Temple Realty will occupy the vacant 1,500 square feet of space or find a tenant to fill the space, Dallas says.
Dallas and Teresa Nettles of Cushman & Wakefield | Thalhimer handled the sale on behalf of the seller.
Henrico County-based commercial real estate firm Lingerfelt CommonWealth Partners LLC announced Monday it has sold a $10.35 million office building in Tampa, Florida, to Virginia Beach-based real estate investment company Continental Capital Partners.
The two-story, 78,000-square foot Buschwood III office building was 92% leased at the time of the sale to tenants including CoAdvantage, BluePearl Veterinary Services and the General Services Administration. Lingerfelt CommonWealth Partners purchased the property in February 2018 for $8.9 million, when the building was 86% leased.
The property located in Tampa’s Northwest submarket has been managed by Richmond-based Commonwealth Commercial Partners, an affiliated commercial real estate operating firm of Lingerfelt CommonWealth Partners, since the time of the 2018 sale and will continue to do so following the transaction. Commonwealth Commercial Partners manages approximately 360,000 square feet in Florida alone.
“We are thrilled to continue our relationship with Continental Capital and this asset in Tampa,” Scott Holman, Commonwealth Commercial Florida managing director, said in a statement. “We have had the opportunity to work with the last two ownership groups at this project and we look forward to continuing to provide excellent service to the tenants under Continental Capital’s ownership, as well as creating additional value for our client’s new asset.”
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An office building in Suffolk sold for $8.5 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Monday.
Located at 7025 Harbour View Blvd. in Bridgeway Commerce Park, Bridgeway Technology Center I is a 123,407-square-foot, single-story office building sitting on 16.03 acres.
The office building was 69% leased at the time of the sale to the U.S. Army, Bon Secours Maryview Medical Center, Liberty Baptist Church and Western Tidewater Community Services Board.
Bridgeway 7025 LLC purchased the building from ML-CFC 2007-8 Harbour View Boulevard LLC in a transaction that closed on April 22. Eric Robison, Rob Wright and Christine M. Kaempfe of Thalhimer’s Capital Markets Group represented the seller.
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