Select Income REIT Selects to Shop in Richmond
- Jul 31, 2015
July is turning into “Office Sales Month” for the city of Richmond. After Rockford Capital Partners purchased a three-story Class A office building in the 80-acre Gateway Center campus, another investor bought not one, but three office properties in the city.
In a transaction which closed on July 20, Select Income REIT paid $12.75 million to acquire the Parham Place office portfolio from South Carolina-based JEDD. Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller. The team included Eric Robison and Evan Magrill, SIOR.
Parham Place is a single-tenant, headquarters office portfolio consisting of one two-story and two single-story buildings. The two-story asset was constructed in 2012. The other two were built in 1989 and 2002, and were both renovated last year. Together, Parham Place I, II and III, as the properties are known, offer a total of 88,890 square feet of space. The portfolio has been fully leased to a leading marketing firm since 2001.
Parham Place marks Select Income REIT’s second acquisition in the Richmond area. The company also purchased the MeadWestvaco building in the city’s downtown in July 2013.
Photo credit: Cushman & Wakefield | Thalhimer