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Sale of Parkway Property’s Richmond Office Portfolio

Cushman & Wakefield | Thalhimer's Investment Brokerage Group andCushman & Wakefield’s Southeast Capital Markets Group have represented Parkway Properties in the sale of their Richmond, Virginia office portfolio.   The portfolio consists of five suburban office buildings built between 1984 and 1987: Boulders Center, located at 1011 Boulders Spring Drive in the Boulders Office Park, Moorefield I, II and III located at 804, 808 and 812 Moorefield Park Drive and the Winchester Building located at 10800 Midlothian Turnpike.  The properties total 419,126 SF and are located in the Southwest Quadrant of Richmond in the Midlothian Corridor submarket.  The Hertz Group of California acquired the assets on February 24, 2012.  The sale price was $25,000,000 and the occupancy at sale over the entire portfolio was 74%.  The sale was completedby Eric B. Robison andCatharine Spangler of Virginia-based Thalhimer in collaboration with David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield. 

“This portfolio represents 10% of the total office product in the Midlothian submarket and gives the Buyer an immediate, competitive presence when competing for tenants to fill existing vacancies.” said Eric Robison, Vice President at Thalhimer. “As the fundamentals in Richmond’s office market continue to improve and Class A space continues to be absorbed, we expect to see increases in both occupancy and long term rental rates for this portfolio.” 

Thalhimer’s Investment Brokerage Group is the region’s leading investment sales team made up of professionals focused solely on capital markets and the sale of income producing properties in Virginia outside of the Washington, D.C. beltway and North Carolina.  The team is experienced in office, industrial, retail and multi-family dispositions and has completed over $475 million in transactions since 2008.

Cushman & Wakefield’s Southeast Capital Markets Group is one of the most experienced and diversified investment sales teams in the southeastern US.  Led by top industry executives, the Group’s principals are able to leverage over 100 years of combined commercial real estate expertise and $22 billion of investment sales experience for a broad spectrum of clients and investment product types. The Southeast Capital Markets Group is comprised of three regional offices, based in Atlanta, Tampa, and Miami, with a proven track record of executing office, industrial, and retail investment sales in more than 50 markets in the seven-state Southeast region.