143 KSF of Richmond Industrial Commands $11M
- Mar 11, 2016
Richmond, Va.—Cushman & Wakefield | Thalhimer’s Capital Markets Group, alongside Newmark’s Baltimore Capital Markets team, represented the seller in the disposition of 8000 Villa Park Drive in Henrico County, Va. The sale of the industrial property was closed by Eric Robinson of Thalhmier and Cris Abramson, Nick Signor, and Brian Kruger of Newmark.
An entity controlled by Fernau LeBlanc Investment Partners sold the 143,000-square-foot industrial building to York, Pa.-based Stewart Cos. for $11 million. This transaction constitutes Stewart’s second acquisition in the area after the 2012 purchase of the xTeriors plant in Doswell, Va., less than 30 minutes north of central Richmond.
“We are interested in discovering additional acquisition opportunities in the region,” Cameron Wick, director of business development for the Stewart Cos. in Virginia, said in a prepared statement.
The 8000 Villa Park Drive property, which saw completion in 1989, is fully leased to direct mail marketing company Colortree Group. Sitting minutes away from Interstate 95 and with good connections to I-295 and I-64, the property can be reached from Richmond’s city center in less than 15 minutes. Colortree will continue to use the building as headquarters under a long-term lease.
Image courtesy of Cushman & Wakefield | Thalhimer’s Capital Markets Group