With its nationwide portfolio set to be sold in a multibillion-dollar deal, a Cleveland-based real estate firm has farmed out management of some of its Richmond holdings to local brokers after years of keeping it in-house.
Forest City Realty Trust has hired Colliers International | Richmond to oversee its stake of the 11-building Glen Forest Office Park in Henrico County, as well its Edgeworth Office Building at 2100 E. Cary St. in Shockoe Bottom.
Colliers brokers Chris Wallace, Andrew Ferguson, Tim Allison and Jeff Compton will oversee leasing and management of the office properties, which likely soon will come under new ownership, as Forest City has a deal in the works to be acquired for $11.4 billion cash by New York-based Brookfield Asset Management.
Colliers would not disclose how, if at all, the pending portfolio sale would affect its agreement with Forest City.
As part of the management agreement, Colliers will oversee tenancy and leasing at Glen Forest Office Park’s:
– Bayberry Building at 1700 Bayberry Court;
– Meridian Building at 1800 Bayberry Court;
– Hillcrest Building at 1801 Bayberry Court;
– Arrington Building at 1802 Bayberry Court;
– Emerywood Building at 2701 Emerywood Parkway;
– Capstone Building at 7100 Forest Ave.;
– Highland II Building at 7229 Forest Ave.;
– Highland I Building at 7231 Forest Ave.;
– Forest Plaza I Building at 7201 Glen Forest Drive;
– Forest Plaza II Building at 7275 Glen Forest Drive; and
– Glen Forest Medical Center at 1800 Glenside Drive.
Those buildings total 540,000 square feet and tenants include the Disorders Centers of Virginia, The Brink’s Co. and Virginia Commonwealth Bank.
The 139,000-square-foot Edgeworth Building is anchored by law firm Hirschler Fleischer and has about 18,000 square feet available for lease.
The agreement does not include several other properties Forest City owns in the metro Richmond market, such as six apartment buildings in Tobacco Row and its one-third stake ownership in Short Pump Town Center.
Over at Libbie Mill-Midtown, a new mixed-use development rising near Willow Lawn, developer Gumenick Properties is trying out another local brokerage firm to handle leasing of its retail sapce.
Divaris Real Estate’s Brett McNamee, Harrison Hall and Peter Vick will work to fill about 54,000 square feet of retail storefronts. That includes about 42,000 square feet of ground floor retail at the Penstock Quarter project – a 327-unit apartment project under construction near the intersection of Libbie Mill East Boulevard and Libbie Mill East Street in the development.
Libbie Mill has not had a third-party firm lease retail at the development since Aug. 1, 2017. Prior to that, Cushman Wakefield | Thalhimer had been the retail leasing agent since 2015.
A big chunk of the commercial vacancy at Libbie Mill was recently spoken for, as Lumber Liquidators announced it would move its headquarters to the development’s long-vacant Southern Season space.
Other retail tenants include Shagbark,TowneBank, 9Round Fitness, Salon 33, Custom Fat Loss and Midtown Design Gallery.