Cushman & Wakefield | Thalhimer Capital Markets Group Completes Sale of 5-Building Office Portfolio
Encompassing 414,322 total square feet, the portfolio includes Moorefield I, Moorefield II, Moorefield III, Boulders Center, and the Winchester Building. The portfolio was 87% leased at the time of sale to a diverse mix of tenants including Maximus, Selective Insurance, Conduent State Healthcare, GSA, Stantec Consulting, Accenture, and AIG.
- Moorefield I, 812 Moorefield Park Drive, 46,638 square feet
- Moorefield II, 808 Moorefield Park Drive, 46,973 square feet
- Moorefield III, 804 Moorefield Park Drive, 52,155 square feet
- Boulders Center, 1011 Boulder Springs Drive, 140,746 square feet
- Winchester Building, 10800 Midlothian Tnpk, 127,810 square feet
KAS Partners, out of Miami, Florida, acquired the asset on June 9, 2021, for $39,500,000. The sale was completed by Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer's Capital Markets Group in Richmond, Virginia.
Eric Robison, executive vice president at Cushman & Wakefield | Thalhimer stated, "We were very pleased with the interest the offering received from a multitude of investment groups including investment funds, family office investors, and institutional owners. The marketing process was very competitive and buyer interest focused on solid leasing activity during the pandemic and strong fundamentals in the Richmond office market."
Cushman & Wakefield's Equity, Debt and Structured Finance team of Jason Hochman, Ron Granite, and Brad Geiger secured two separate loans for the Miami-based buyer's acquisition. The Boulders Center was financed with an $11.2 million loan from Ameris Bank while the remainder of the portfolio was financed with a $16.5 million loan from Starwood Mortgage Capital. Both loans had low, fixed rates with interest-only payment periods. "We worked together with our client to create a financing strategy that best aligned with their business plan," said Hochman. "The dual-lender approach worked best, but also required coordination with our teams in closing simultaneously with the Seller."
Cushman & Wakefield | Thalhimer