State leased office portfolio sells for $13.2 million
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.