East Shore II at 120 Eastshore Dr. (Photos by Burl Rolett)
A potential new owner is moving in on a trio of office buildings near Innsbrook.
The three East Shore office buildings off Nuckols Road in Glen Allen, which total 223,000 square feet, are under contract to be acquired.
Cushman & Wakefield | Thalhimer broker Eric Robison confirmed the deal’s status Thursday but would not give any information about the portfolio’s suitor, citing a confidentiality agreement.
The properties, known as East Shore I, II and III, sit at 100, 120 and 140 Eastshore Dr., respectively. They were most recently assessed by the county at a combined $28.42 million.
The three East Shore Buildings were put on the market in summer 2013 by owner Lexington Realty Trust, the same New York-based REIT that has agreed to purchase downtown’s forthcoming Gateway Plaza building.
Capital One leases 130,000 square feet between East Shore I and East Shore II.
East Shore is 97 percent occupied across the three buildings, Robison said. Capital One leases 130,000 square feet between East Shore I and East Shore II. Elephant Auto Insurance and Sheltering Arms are two of the other major tenants.
Highwoods Properties built East Shore in 1998 and 1999 and sold the property to Wells Operating Partnership in 2002. Lexington Realty Trust bought the portfolio for $32.9 million in 2005, according to Henrico County property records.
By 2000, Capital One occupied all three East Shore buildings, but it vacated all but East Shore II in 2005. Capital One moved back into East Shore I in 2012 by leasing 60,000 square feet of space, adding to the 70,000 square feet the banking giant occupies in East Shore II.
The Innsbrook area office market has had rising rental rates and dropping vacancy numbers in recent years, particularly for Class A space, said CBRE broker David Wilkins. East Shore’s buildings are considered in the industry as Class A, or upper-tier office properties. Wilkins cited East Shore’s location within the northwest quadrant as a draw for tenants and investors.
“They were well built, they’re well located outside of the gut of Innsbrook, if you will, so you don’t have the traffic issues,” Wilkins said. “It is an aesthetically pleasing campus, and a couple of the buildings have a diverse tenant roster.”
Another trio of office buildings further east in Henrico County found a buyer in December, when a local real estate investment firm picked up a portfolio of 153,700 square feet near Staples Mill Road for $13.1 million.
East Shore I at 100 Eastshore Dr.
East Shore II at 120 Eastshore Dr. (Photos by Burl Rolett)
A potential new owner is moving in on a trio of office buildings near Innsbrook.
The three East Shore office buildings off Nuckols Road in Glen Allen, which total 223,000 square feet, are under contract to be acquired.
Cushman & Wakefield | Thalhimer broker Eric Robison confirmed the deal’s status Thursday but would not give any information about the portfolio’s suitor, citing a confidentiality agreement.
The properties, known as East Shore I, II and III, sit at 100, 120 and 140 Eastshore Dr., respectively. They were most recently assessed by the county at a combined $28.42 million.
The three East Shore Buildings were put on the market in summer 2013 by owner Lexington Realty Trust, the same New York-based REIT that has agreed to purchase downtown’s forthcoming Gateway Plaza building.
Capital One leases 130,000 square feet between East Shore I and East Shore II.
East Shore is 97 percent occupied across the three buildings, Robison said. Capital One leases 130,000 square feet between East Shore I and East Shore II. Elephant Auto Insurance and Sheltering Arms are two of the other major tenants.
Highwoods Properties built East Shore in 1998 and 1999 and sold the property to Wells Operating Partnership in 2002. Lexington Realty Trust bought the portfolio for $32.9 million in 2005, according to Henrico County property records.
By 2000, Capital One occupied all three East Shore buildings, but it vacated all but East Shore II in 2005. Capital One moved back into East Shore I in 2012 by leasing 60,000 square feet of space, adding to the 70,000 square feet the banking giant occupies in East Shore II.
The Innsbrook area office market has had rising rental rates and dropping vacancy numbers in recent years, particularly for Class A space, said CBRE broker David Wilkins. East Shore’s buildings are considered in the industry as Class A, or upper-tier office properties. Wilkins cited East Shore’s location within the northwest quadrant as a draw for tenants and investors.
“They were well built, they’re well located outside of the gut of Innsbrook, if you will, so you don’t have the traffic issues,” Wilkins said. “It is an aesthetically pleasing campus, and a couple of the buildings have a diverse tenant roster.”
Another trio of office buildings further east in Henrico County found a buyer in December, when a local real estate investment firm picked up a portfolio of 153,700 square feet near Staples Mill Road for $13.1 million.
East Shore I at 100 Eastshore Dr.