A portfolio of West End office buildings is under new ownership in a deal that brings a local commercial real estate brokerage in as a new tenant.
Grander Capital Partners purchased the office buildings at 7200, 7202, 7204 Glen Forest Drive, along with 7110 Forest Ave in the Glen Forest Office Park on May 4. Grander bought the four buildings for an undisclosed sum from Chevy Chase Land Co., which had owned some of them since the 80s.
The buildings total just under 150,000 square feet and are collectively assessed at $15.46 million. Grander Capital is based in Boston, Massachusetts and has an office in Baltimore, Maryland. The real estate and mortgage brokerage firm owns two other properties in Richmond: 2810 North Parham Rd., an office it bought in 2012, and 8002 Discovery Drive, an office it bought last year.
“We’ve been focused on that little submarket,” Jeff Clary, a Grander partner, said of the area around Glenside Drive and Forest Avenue. “It’s very appealing.”
Clary would not say how much Grander paid for its latest Richmond acquisitions, and Henrico Property records had not yet reflected the sale as of press time. Clary said Grander financed the deal through Webster Bank, which is headquartered in Connecticut. He said no major renovations are planned for the buildings.
Colliers International brokers Christopher Wallace of Richmond, Chris Todd of Norfolk, and Bill Kaye of Washington, D.C. handled the transaction.
The buildings, which are about 90 percent leased, are home to tenants like Bon Secours Health Systems, HCA Virginia, IPC Technologies. And Colliers will soon join that roster.
The company’s Richmond brokerage will relocate one of its offices from 6606 W. Broad St., to 7200 Glen Forest Dr. later this year. The firm has a long-term lease for the building’s entire second floor, which totals 12,375-square-feet. Colliers has been in the Broad Street space since 2004.
David Williams, managing director at Colliers, said the company will have 45 employees based out of its new office.
“It was a business opportunity,” he said, adding that Colliers will handle the leasing at the office buildings for Grander. “Ideally you’re looking for a business opportunity in conjunction with location.”
Colliers also has offices at 1021 E. Cary St. in the James Center downtown and at 5316 Patterson Ave. in the West End.