11-building office portfolio in Henrico sells for $87M

Glen Forest portfolio is 86% leased

Published December 7, 2021 by Katherine Schulte

An 11-building office portfolio in Henrico County sold for $87 million, according to Henrico County property records.

A partnership between New York-based Jack Sitt Real Estate LLC and Dubai, United Arab Emirates-based Gulf Islamic Investments LLC bought the portfolio on Dec. 1. Thalhimer did not disclose the seller. The properties are owned by various limited liability companies including Hillcrest Investments, FC Richmond II and Highland II.

The 567,000-square foot Glen Forest Office Portfolio sits on an 85-acre campus between Glenside Drive, Forest Avenue and Interstate 64. It is 86% leased to 89 tenants and includes eight Class A office buildings, one medical office building and two Class B office buildings.

The properties are:

• Arrington: 93,645 square feet, 1802 Bayberry Court
• Hillcrest: 97,061 square feet, 1801 Bayberry Court
• Meridian: 58,114 square feet, 1800 Bayberry Court
• Bayberry: 46,052 square feet, 1700 Bayberry Court
• Forest Plaza I: 36,382 square feet, 7201 Glen Forest Drive
• Forest Plaza II: 37,057 square feet, 7275 Glen Forest Drive
• Capstone: 41,472 square feet, 7100 Forest Ave.
• Highland I: 46,768 square feet, 7231 Forest Ave.
• Highland II: 67,899 square feet, 7229 Forest Ave.
• Utica: 29,581 square feet, 2701 Emerywood Parkway
• Willard: 12,970 square feet, 2601 Willard Road

Of the tenants whose leases expired over the past 14 months, 84% renewed or expanded into more space. Over the past year, 28 tenants — more than 157,000 square feet — have signed new, renewal or expansion leases, with an average lease term of 4.9 years.

From Thalhimer’s Capital Markets Group, Eric Robison, executive vice president, and Bo McKown, associate, represented the seller, along with William “Bill” Collins, executive vice chairman, and Eric Berkman, vice chairman, with Cushman & Wakefield’s Washington, D.C. Capital Markets Group.

Amy J. Broderick and Kate Hosko with Cushman & Wakefield | Thalhimer will handle leasing for Highland I and Highland II. The buildings have up to 18,790 square feet available. CBRE will continue to handle leasing for the other buildings.

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