The Byrd Corporate Park at 5625 S. Laburnum Ave. sold for $31.3 million. (CBRE | Richmond)
A group out of Northern Virginia has made an all-cash splash for its first deal in the Richmond market.
An affiliate of WestDulles Properties last month paid $31.3 million for Byrd Corporate Park, a 10-building complex in eastern Henrico at 5625 S. Laburnum Ave., at the intersection with Charles City Road. The 31-acre park sits near Richmond International Airport and totals 476,000 square feet.
The buyers’ group also included an affiliate of Maryland-based Dreyfuss Investments, whose property management division will manage the complex.
Kyle Wells, WestDulles vice president of development, said the deal came about after it searched several sites across the metro Richmond area.
“We searched for potential investment sites in D.C., Maryland, Virginia, North Carolina and South Carolina,” Wells said. “We spent a couple days going all over Richmond and were just impressed with how much Richmond has grown up.”
The seller in the deal was an entity tied to real estate investment firm Adler Real Estate Partners and Trigate Capital. CBRE | Richmond brokers Will Bradley and Matt Anderson, along with fellow CBRE| Hampton Road broker Scott Adams and CBRE | Atlanta broker Frank Fallon, represented the sellers.
The acquisition is the first in metro Richmond for WestDulles, which focuses on industrial and commercial construction and investment.
Wells said most of its investments are concentrated in the greater Washington, D.C. region, where industrial space is becoming increasingly more expensive.
The office park is 80 percent occupied. (CBRE | Richmond)
“There is a data center boom happening up here that is making purchasing industrial properties, or for that matter raw land for industrial development, very difficult,” Wells said. “It’s a good problem to have, because that means the economy is performing well here. But as far as finding deals, it’s becoming harder to do in this area.”
Byrd Corporate Park is home to more than 80 tenants, including CarMax, Wawa, McKesson, Fastenal and DPR.
Many of the buildings were constructed between 1978 and 2003, Wells said, adding that the center is 80 percent occupied.
“We think we can get the occupancy rate to 90 percent,” he said.
WestDulles has hired JLL | Richmond brokers Chris Avellana and Jake Servinsky to lease up the space.
Wells said the firm is planning minor updates to the complex and plans to retain the asset as an income-generating property.
“We looked at this property and thought it would be a great asset for us to hold on to.”
The Byrd Corporate Park at 5625 S. Laburnum Ave. sold for $31.3 million. (CBRE | Richmond)
A group out of Northern Virginia has made an all-cash splash for its first deal in the Richmond market.
An affiliate of WestDulles Properties last month paid $31.3 million for Byrd Corporate Park, a 10-building complex in eastern Henrico at 5625 S. Laburnum Ave., at the intersection with Charles City Road. The 31-acre park sits near Richmond International Airport and totals 476,000 square feet.
The buyers’ group also included an affiliate of Maryland-based Dreyfuss Investments, whose property management division will manage the complex.
Kyle Wells, WestDulles vice president of development, said the deal came about after it searched several sites across the metro Richmond area.
“We searched for potential investment sites in D.C., Maryland, Virginia, North Carolina and South Carolina,” Wells said. “We spent a couple days going all over Richmond and were just impressed with how much Richmond has grown up.”
The seller in the deal was an entity tied to real estate investment firm Adler Real Estate Partners and Trigate Capital. CBRE | Richmond brokers Will Bradley and Matt Anderson, along with fellow CBRE| Hampton Road broker Scott Adams and CBRE | Atlanta broker Frank Fallon, represented the sellers.
The acquisition is the first in metro Richmond for WestDulles, which focuses on industrial and commercial construction and investment.
Wells said most of its investments are concentrated in the greater Washington, D.C. region, where industrial space is becoming increasingly more expensive.
The office park is 80 percent occupied. (CBRE | Richmond)
“There is a data center boom happening up here that is making purchasing industrial properties, or for that matter raw land for industrial development, very difficult,” Wells said. “It’s a good problem to have, because that means the economy is performing well here. But as far as finding deals, it’s becoming harder to do in this area.”
Byrd Corporate Park is home to more than 80 tenants, including CarMax, Wawa, McKesson, Fastenal and DPR.
Many of the buildings were constructed between 1978 and 2003, Wells said, adding that the center is 80 percent occupied.
“We think we can get the occupancy rate to 90 percent,” he said.
WestDulles has hired JLL | Richmond brokers Chris Avellana and Jake Servinsky to lease up the space.
Wells said the firm is planning minor updates to the complex and plans to retain the asset as an income-generating property.
“We looked at this property and thought it would be a great asset for us to hold on to.”