Henrico office park sold for $33M

The Windsor Business Park at 8550-8570 Magellan Parkway in Henrico County. (Courtesy Cushman & Wakefield | Thalhimer)

The Windsor Business Park at 8550-8570 Magellan Parkway in Henrico County. (Courtesy Cushman & Wakefield | Thalhimer)

A 62-acre office complex north of Richmond has been sold to a new owner in an eight-figure deal.

Windsor Business Park at 8550-8570 Magellan Parkway in Henrico County was acquired Dec. 2 by Maryland-based Fernau LeBlanc Investment Partners for $33.3 million.

The Bethesda-based commercial realty firm co-invested in the project with Richmond-based real estate investment firm John B. Levy & Co., said Eric Robison, senior vice president of Cushman & Wakefield | Thalhimer’s Capital Markets Group, who handled the transaction with fellow brokers Evan M. Magrill and N. Dean Meyer.

As part of the transaction, Robison said Levy & Co. helped broker and structure the debt and equity of the business park through its affiliate, Pickwick Capital.

No immediate plans for improvements to the property have been released. Windsor Business Park was developed about 15 years ago by Boston-based GID Investment Advisors, which initially managed the property.

With the park at nearly 98 percent occupancy, Robison said the two firms purchased the six-building complex for its in-place income, meaning the new owners plan to collect on lease agreements with existing tenants as their primary source of income.

With nearly 342,000-square-feet of space, Windsor Business Park is home to a number of users that include Bon Secours Health System, CVS and GPM Investments.

Bon Secours leases 35,000 square feet at the park for its nursing school, which it plans to move to the Westhampton School property at the corner of Libbie and Patterson avenues. The hospital system’s lease is set to expire Aug. 31, 2021.

Andy Little, a principal of Levy & Co. and a partner in the deal, said going into the deal he was aware of Bon Secours’ lease agreement and expects the hospital system to vacate the space once the Westhampton School property is renovated. He said the firm is well-positioned, however, to backfill the space once the nursing school vacates.

Little said Levy & Co. is searching for its next deal but does not have any other large-scale purchases in the works.

“We’re not deep into anything at the moment,” Little said. “There’s a lot of activity out there, which is exciting for investors.”

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments