Industries Commercial Real Estate

Parkway Properties exits Richmond market with $25 million sale of suburban properties

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It’s official.  With the closing of a $25 million sale of five suburban office properties in Midlothian, Parkway Properties has left the Richmond market.  The portfolio — which represented 10 percent of the total office product in the Midlothian submarket —  included the Boulders Center at 1011 Boulders Spring Dr. in the Boulders Office Park; Moorefield I, II and III located at 804, 808 and 812 Moorefield Park Dr. in the Moorefield Office Park and the Winchester Building at 10800 Midlothian Turnpike. 

The assets totaled 419,126 square feet and were acquired by The Hertz Group of California in late February. The occupancy rate at time of sale over the entire portfolio was 74 percent. 

Thalhimer’s Investment Brokerage Group and Cushman & Wakefield’s Southeast Capital Markets Group represented Parkway Properties, an Orlando, Fla.-based real estate investment trust, in the sale.  The deal was completed by Eric B. Robison and Catharine Spangler of Virginia-based Cushman & Wakefield Thalhimer in collaboration with David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield.

“This portfolio … gives the buyer an immediate, competitive presence when competing for tenants to fill existing vacancies.”  Eric Robison, a vice president at Thalhimer, said in a statement. “As the fundamentals in the Richmond office market continue to improve and Class A space continues to be absorbed, we expect to see increases in both occupancy and long-term rental rates for this portfolio.”

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