Three Henrico County office buildings sell for $19.2M total
Buildings located across from Libbie Mill on Staples Mill Road
Three office buildings in Henrico County collectively sold for $19.2 million, Colliers International announced Tuesday.
The office buildings, known as the Midtown Office Portfolio, total 155,368 square feet. The buildings include One Holland Place (at 2235 Staples Mill Road) and Vistas I & II (at 5540 and 5516 Falmouth Street). The portfolio was 92% leased to tenants including Kroger, PPD, the Commonwealth of Virginia and Azura Vascular Care.
“Richmond continues to be a desirable market for capital providing resiliency and stability since last spring,” Colliers Executive Vice President Will Bradley said in a statement. “The Midtown Office Portfolio in particular provides unmatched location, pandemic resilient fundamentals and tenancy which resonated with investors.
The four-story One Holland Place building was constructed in 1987 and totals 85,819, according to Henrico County property records. The building was most recently assessed at $8.3 million. Vistas I & II are collectively 42,429 feet and were also built in 1987, according to property records, and were most recently assessed at $7.37 million.
Bradley and Colliers Vice President Mark Williford represented the seller, Allegiancy, in the transaction. Midtown Richmond LLC purchased the property.
This marks Collier’s second major office building portfolio transaction this year near the Glenside exit from Interstate-64 in Henrico County. In March, Bradley and Williford handled a $15 million transaction for a 116,000-square-foot office portfolio on behalf of Grander Capital.
“We received significant investor interest in one of the most volatile investment climates in recent history, which further speaks to Richmond’s position as a top mid-Atlantic investment market,” Bradley said in a statement.