Colliers International is pleased to announce the sale of The Midtown Office Portfolio in Richmond, Virginia for $19,200,000.00.
The Midtown Office Portfolio is a 155,368 SF, three building office portfolio with prominent positions in the highly sought after Glenside I-64 and Midtown office submarkets in Richmond’s West End with direct I-64 access via two prominent interchanges. Comprised of three suburban Richmond office assets, One Holland Place (2235 Staples Mill Road) and Vistas I & II (5540 & 5516 Falmouth Street), the portfolio is 92% leased to a reputable tenant roster including Kroger, PPD, Commonwealth of Virginia and Azura Vascular Care.
Will Bradley, Executive Vice President, and Mark Williford, Vice President, represented the seller, Allegiancy. The Buyer was Midtown Richmond, LLC.
“Richmond continues to be a desirable market for capital providing resiliency and stability since last Spring, said Will Bradley. The Midtown Office Portfolio in particular provides unmatched location, pandemic resilient fundamentals and tenancy which resonated with investors. 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”
The Midtown Portfolio is the second notable office portfolio transaction in the Glenside I- 64/Midtown submarket in 2020. In March, the 116,000 sq. ft. Glen Forest Portfolio sold for $15,000,000. Will Bradley and Mark Williford handled that transaction on behalf of Grander Capital. The Colliers Capital Markets Team has closed over $160,000,000 in transactions since the start of the pandemic most recently closing Moorefield Commons ($8.2 million) and The City of Richmond Registrar’s Office ($8.9 million) in Richmond’s suburban market at the end of December.
Colliers has offices in Charlottesville, Fredericksburg, Richmond, and Norfolk. To learn more about Colliers or to view other investment sales opportunities, please visit: www.colliers.com/richmond
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.
