A Dallas-based real estate investment firm has made a Texas-sized splash in the Richmond office market.
An affiliate of Westdale Real Estate Management this week closed on the acquisition of the three-building East Shore Office Park near Innsbrook in Henrico County.
It’s the company’s first office buy in the Richmond market, said Eric Robison of Cushman & Wakefield | Thalhimer, who brokered the deal on behalf of the seller. Westdale has had the three buildings, which total 223,000 square feet, under contract for at least four months.
The East Shore buildings, known as East Shore I, II and III, are 97 percent occupied with seven tenants, Robison said. Capital One, the campus’s largest tenant, holds 130,000 square feet between East Shores I and II. Other tenants include Elephant Auto Insurance and Sheltering Arms.
The properties were put on the market in summer 2013 by then-owner Lexington Realty Trust, the same New York-based REIT that has agreed to purchase downtown’s forthcoming Gateway Plaza Building.
“The market fundamentals in Richmond continue to improve and Richmond is on the radar for institutional and out-of-market buyers that may have not previously looked at Richmond,” Robison said. “I think these are properties that are regularly referred to as some of the best suburban assets in our market.”
Robison would not provide a purchase price, and the deed for the properties has yet to be recorded at the Henrico County Courthouse.
Messages left for Westdale representatives were not returned by press time.
The East Shore deal figures to be the largest year-to-date real estate transfer in Henrico County.
The three properties last sold in a $32.9 million deal in 2005, when Lexington Realty bought the complex. The properties were most recently assessed by the county at a combined $28.42 million.
The richest real estate deal in Henrico County so far in 2014 was the $14 million sale in January of the Laurel Springs apartment complex.