The Simpson Organization Buys Two Innsbrook Office Buildings for $22M
- Nov 13, 2014
Richmond’s hot Insbrook submarket continues to attract office investors. The Atlanta-based Simpson Organization purchased Westerre I and II this month, for $22 million or about $135 per square foot. It is the highest price per square foot paid in the Richmond area this year.
Located in the Westerre Office Park, the four-story buildings offer a total of 163,290 square feet of Class A space. According to Cushman & Wakefield | Thalhimer, which represented the seller in the transaction, both were 92.1 percent occupied at the time of the sales. The roster of 26 tenants includes such companies as Tridium, Inc., Interbake Foods L.L.C., Comcast, and the Batzli Stiles Butler Law Firm.
Eric Robison, also of Cushman & Wakefield | Thalhimer’s Richmond office, completed the sale. The Simpson Organization has retained the firm to represent the buildings, which will be represented by Dean Meyer and Mac Wilson.
According to Cushman & Wakefield | Thalhimer’s latest Richmond office market report, investment activity has bounced back from the recession. In the third quarter, office sales reached $52.1 million, down from $61.7 million in the previous quarter. The Innsbrook submarket is one of the region’s best performers. In August, Highwoods Properties Inc. sold 11 properties in the area, for $40.7 million.
Cushman & Wakefield | Thalhimer predicted that Richmond’s office market will continue to recover as employment growth persists. Vacancies will continue to decrease and rents are expected to rise enough for speculative construction to start by late 2015.
Photo courtesy of Cushman & Wakefield | Thalhimer.