Thalhimer Capital Markets Group Completes $20.8MM Investment Sale of the Waterfront Plaza Office Po

By: Thalhimer
RICHMOND, Va. - Dec. 30, 2021 - PRLog -- RICHMOND, VIRGINIA, Cushman & Wakefield | Thalhimer's Capital Markets Group represented the Seller, Highwoods Properties, in the marketing and sale of the Waterfront Plaza Office Portfolio located within Innsbrook Corporate Park at 4401 and 4421 Waterfront Drive in Richmond (Henrico County), Virginia.

The portfolio is comprised of a total of 97,489 square feet in two buildings. The Hamilton Beach Building is a 58,366 square foot, single-tenant, Class-A office building, fully leased to Hamilton Beach Brands. Waterfront Plaza is 100% leased, consisting of a 39,123 square foot two-level, multi-tenant office building occupied by four tenants, including Hamilton Beach. It is accessible via a connected, climate-controlled walkway to the neighboring single-tenant building. The portfolio is located within the Innsbrook Corporate Park, the Richmond MSA's largest and highest performing office park.

The Hamilton Beach Building has functioned as the international headquarters for Hamilton Beach Brands since the building was developed in 1986. Three additional companies make up the remaining occupancy in the Waterfront Plaza building.

The Runnymede Corporation based in Virginia Beach, Virginia acquired the asset on December 29, 2021 for $20,800,000 ($213/psf). The per square foot pricing is a new record for multi-tenant suburban office sales in the Richmond market. Eric Robison, Executive Vice President and Bo McKown, Associate, of Thalhimer's Capital Markets Group represented the Seller in the transaction.

Paula English
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Industry:Real Estate
Location:Richmond - Virginia - United States
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