Windsor Business Park in Richmond sells for $33.2 million

Cushman & Wakefield | Thalhimer’s Capital Markets Group announced the sale Tuesday of the Windsor Business Park in Richmond for $33.2 million, or about $97 per square foot.

The 341,960-square-foot  business park, located at 8550-8570 Magellan Parkway, consists of six buildings situated on about 62 acres of land and was 97.5% leased at the time of sale. Major tenants include Bon Secours Health System, CVS and GPM Investments.

Thalhimer represented the seller, GID Investment Advisors of Boston.

“GID did an outstanding job developing this project over the past 15+ years and we were glad to partner with them on the successful disposition of this asset. With a strong, credit tenant rent roll and long lease terms in place,  we are confident the new owner will continue the success of this portfolio”, Eric Robison, senior vice president with Cushman & Wakefield | Thalhimer’s Capital Markets Group, said in a statment.

With a co-invest from John B. Levy & Co. Inc., based in Richmond, Fernau LeBlanc of Bethesda, Md. acquired the asset.  In addition to investing with the sponsor, John B. Levy & Co.  was the debt advisor and placed the majority of the equity through their affiliate Pickwick Capital.

“We are excited to put our proprietary capital to use with Fernau LeBlanc in this well leased and located property.  We hope to continue the fantastic relationship the former owners enjoyed with the tenants and at the same time create outsized investment returns for our partners,” said Andy Little, a partner in the transaction and principal of John B. Levy & Company, Inc.  “This asset provides a lower cost space alternative to both suburban and downtown office properties while also providing convenient access to I-95, I-295 and I-64 for service oriented tenants.”

The transaction was completed by Robison along with leasing advisors Evan M. Magrill and N. Dean Meyer of Thalhimer’s Richmond office.