Regions Hampton Roads

State leased office portfolio sells for $13.2 million

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Photo courtesy Divaris Real Estate Inc.

Divaris Real Estate Inc. (DRE) said Tuesday that its Investment Sales Group brokered the sale of a state-leased office portfolio for $13.2 million to Boyd Watterson Asset Management. 

The seller, Armada Hoffler Properties Inc. in Virginia Beach, had developed the two buildings as build-to-suit projects for the commonwealth of Virginia. DRE’s Jason Oliver and Alex Divaris  represented Armada Hoffler.

The portfolio consists of the Southeastern Virginia Training Center, a 36,227-square-foot building located in Chesapeake, and the Probation and Parole Office building, a 11,139-square-foot building in Virginia Beach.

According to DRE, Boyd Watterson Asset Management serves as the asset manager for a number of institutional investors and manages in excess of $1.5 billion in gross real estate assets.

Armada Hoffler Properties Inc. is a real estate company with experience developing, building, acquiring and managing institutional-grade office, retail and multifamily properties in markets throughout the mid-Atlantic and Southeastern U.S.

 


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