Guardian Realty Investors Sells VA Office Campus
- Mar 08, 2019
An affiliate of Guardian Realty Investors has sold Twin Oaks, a Class A office complex in Norfolk, Va. Florida-based SF Partners paid $24.9 million for the two-building property, which previously changed hands in 2007 when the seller purchased it from the developer as part of a four-building portfolio, Yardi Matrix data shows. Starwood Capital Group provided $18.2 million in acquisition financing.
Located at 5700 and 5800 Lake Wright Drive, the property comprises two adjacent four-story buildings completed in 1999. According to Yardi Matrix, Twin Oaks I totals 82,888 square feet, while Twin Oaks II is an 85,333-square-foot building with on-site café, ATM and showers. Tenants include Booz Allen Hamilton and Titan America.
The asset is within the Lake Wright Executive Center corporate campus, on an 11-acre site. Major thoroughfares such as Interstate 64, Military Highway and Northampton Boulevard are within walking distance.
A Colliers International team comprising President J. Scott Adams, Executive Vice President Don Crigger and Senior Associate Mac Weaver brokered the sale. Last month, the company represented AXA in the sale of a Munich office portfolio.
Image courtesy of Yardi Matrix