Capital Square 1031 completes sale of Forest Office park for $24.1 million
Capital Square 1031 in Richmond said Monday that affiliates of the firm completed the stabilization and sale of Forest Office Park in Richmond for $24.1 million.
“Capital Square stepped in during the eleventh hour of a failed refinance effort and provided the necessary lender guarantees required to successfully refinance the project. These actions resulted in significant investor savings and further enabled the asset to progress toward a successful sale,” Bradford Bodley, an owner in the tenant-in-common arrangement that owned the property, said in a statement.
Capital Square said it assumed sponsorship and management in February 2016, replacing the previous manager after more than a decade, to take over sponsorship, management and to serve as loan guarantor for the TIC program.
Forest Office Park is located in Richmond’s West End at the corner of Three Chopt Road and Forest Avenue. The property is close to the Interstate 64 /Glenside interchange and West Broad Street corridor. According to Capital Square, the property was about 95 percent leased at the time of the sale in December.
CBRE|Hampton Roads, CBRE|Richmond and the Atlanta office of CBRE Group Inc. brokered the sale on behalf of the TIC ownership.