Select Income REIT buys Stony Point II office building

Holliday Fenoglio Fowler (HFF) said Monday that it has closed the sale of Stony Point II, a 50,237-square-foot office building near the historic Bon Air area near Richmond.

HFF marketed the property on behalf of the seller, a partnership affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management, and procured the buyer, Select Income REIT.

According to HFF, the property was purchased clear of debt for an undisclosed price and is now managed by The RMR Group.

Located at 9201 Forest Hill Ave., Stony Point II is less than 10 miles from downtown in the Richmond area’s Stony Point II/Huguenot submarket.  The 6-acre site is surrounded by residential neighborhoods and retail, including Stony Point Shopping Center and Stony Point Fashion Park.

The multi-story property is fully leased to Universal Leaf on a long-term basis.

Senior Managing Director Ryan Clutter, Director Scot Humphrey and Associate Director Chris Lingerfelt led the HFF investment sales team. “Stony Point II was competitively pursued by a deep pool of capital and offers stable long-term cash flow backed by strong credit,” Lingerfelt said in a statement.

Select Income REIT is a real estate investment trust that owns properties that are primarily net leased to single tenants.  SIR is managed by the operating subsidiary of The RMR Group, Inc., an alternative asset management company that is headquartered in Newton, Mass.