Arboretum office building in Chesterfield County sells for $6.7 million
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Dominion Realty Partners (DRP) has purchased Arboretum IX, a three-story office building in the larger Arboretum Office Park in Chesterfield County, for $6.7 million. Eric Robison of Cushman & Wakefield | Thalhimer’s Richmond office, in conjunction with office leasing agent Mark Douglas, also with Thalhimer, represented the seller in the transaction.
Arboretum IX is a multi-tenant, suburban class A office building located in a nearly 600,000-square-foot office park in Richmond’s Southside office market, off Midlothian Turnpike.
The property includes 74,772 square feet of lakefront office space on nearly six acres. According to Thalhimer, Arboretum IX was 77 percent leased at the time of the sale to tenants including Philip Morris International, JMT engineering firm and IBM.
Dominion Realty Partners has offices in Richmond and Raleigh. The company said it plans to make capital improvements to the building, including upgrades to restrooms and corridors. “We have been working really hard to find acquisition opportunities like this” Chris Carlino of DRP, said in a statement. “This building is a great fit for us. The fact that it is 77% leased means that there is an opportunity to unlock additional value, both through leasing and capital improvements.”
DRP says it plans to continue purchasing assets and is still actively seeking acquisition opportunities in Richmond, Hampton Roads, and throughout North and South Carolina.
The purchase closed on November 25th. Raleigh, NC based Yadkin Bank provided the loan for the purchase. Malcolm Randolph and Megan Sullivan from CBRE |Richmond will be handling leasing at the property.
