State-Leased Office Portfolio Changes Hands in VA

The portfolio consists of Southeastern Virginia Training Center—a 36,227-square-foot building— and Probation and Parole Office—an 11,139-square-foot building.

Southeastern Virginia Training Center
Southeastern Virginia Training Center

Divaris Real Estate Inc. announced that its investment sales group brokered the sale of a state-leased Virginia office portfolio on behalf of the seller, Armada Hoffler Properties Inc. Boyd Watterson Asset Management purchased the buildings for $13.2 million.

Footprint Increase

The seller developed the two buildings as build-to-suit projects for the Commonwealth of Virginia. The portfolio consists of:

  • Southeastern Virginia Training Center, a 36,227-square-foot building located at 2100 Steppingstone Square in Chesapeake, Va. The building serves as an Intermediate Care Facility, which provides highly structured habilitation services, including life in a residential neighborhood, care support/training and learning opportunities.
  • Probation and Parole Office, an 11,139-square-foot building located at 2520 Nimmo Parkway in Virginia Beach, Va.

Vice President Jason Oliver and Senior Vice President Alex Divaris, both of Divaris Real Estate Inc., represented the seller in the transaction.

Image courtesy of Divaris Real Estate Inc.