Another large batch of Henrico County office space was unloaded last week by a major landlord.
Highwoods Properties sold a four-building, 163,000-square-foot suburban office portfolio in the Concourse at Wyndham off of Nuckols Road to Dallas-based Westdale Real Estate Investment and Management.
The deal included office West Shore buildings I, II and III and Grove Park I.
North Carolina-based Highwoods sold a separate package of Innsbrook office properties to Lingerfelt CommonWealth Partners in a $19.85 million deal last week.
For Westdale, the acquisition brings its total holdings in the Richmond market to about 386,000 square feet. In April, the company bought the nearby three-building East Shore office park. The company now owns a
“They certainly appreciate the competitive location there in Wyndham, near so many decision makers that call Wyndham home,” said Eric Robison, a broker with Cushman & Wakfield | Thalhimer who handled the Wyndham deal on behalf of the seller.
The deeds for the Westdale deal had not yet been recorded online with Henrico County by Tuesday evening, but a Thalhimer press release valued Highwoods’ West Shore and Innsbrook sales at a combined $40.7 million. That pegs the Westdale sales price at about $20.85 million.
Robison said potential buyers had interest in both Highwoods’ West Shore and Innsbrook offerings, but splitting them drew a higher combined price. After closing the $26.7 million East Shore deal last April, Robison said Westdale was one of his first calls on the West Shore package.
The three West Shore buildings sit across a pond from East Shore at Nuckols Road and Concourse Boulevard. Grove Park I, the largest of the four buildings at about 62,470 square feet, is less than a half-mile west near Nuckols and Shady Grove roads. The entire portfolio is about 90 percent occupied, Robison said.
The Westdale and Lingerfelt CommonWealth deals are the second and third eight-figure Henrico County office deals closed this summer. In June, Lingerfelt Cos. sold the T-Mobile office building at Westgate I for $17.5 million.
“It’s been a very active office sales environment over the last year-and-a-half or so as Richmond continues to recover from the recession and shows strong fundamentals as opposed to a lot of other secondary and tertiary markets in the Southeast,” Robison said. “It’s really gotten on the radar for a number of investors across the country that maybe hadn’t looked at Richmond.”