Henrico-based Markel | Eagle Partners has placed the Deep Run III building at 9954 Mayland Drive in Innsbrook for sale. (J. Elias O’Neal)
A local private equity firm is looking to recoup an investment it made seven years ago in the wake of the collapse of Circuit City.
Markel | Eagle Partners has listed for sale Deep Run III, the 355,000-square-foot former headquarters building of the once-mighty electronics retailer.
J.B. Gurley, a principal with the real estate-focused investment firm, said there’s no firm asking price on the property, which sits on 18 acres at 9954 Mayland Drive in Henrico.
Gurley said selling the building allows the firm to capitalize on its initial investment, which began in 2011 when it bought the building for $12.4 million out of foreclosure.
Markel | Eagle then invested about $16 million into the property in late 2013 – constructing a 250,000-square-foot parking garage, fitness center, 7,500-square-foot cafeteria, 4,000-square-foot conference room and new lobby areas.
Tenants include McKesson Corp., insurance company Travelers and Essex Bank. (J. Elias O’Neal)
That helped fill the building with new tenants, including McKesson Corp., insurance company Travelers and Essex Bank. The building is currently 98 percent occupied and was most recently assessed by the county at around $42 million.
Gurley said the firm hopes to close on a deal later this quarter or during the first quarter of 2019 for an undisclosed amount.
Eric Robison and Eric Berkman with Cushman & Wakefield | Thalhimer are handling the sale.
Deep Run III was formerly part of Circuit City’s three-building corporate campus. The neighboring Deep Run I and Deep Run II buildings and surrounding surface parking lots were sold to different buyers over the years after the retailer was put into a bankruptcy, a process that is still running its course in federal bankruptcy court in Richmond.
Henrico-based Markel | Eagle Partners has placed the Deep Run III building at 9954 Mayland Drive in Innsbrook for sale. (J. Elias O’Neal)
A local private equity firm is looking to recoup an investment it made seven years ago in the wake of the collapse of Circuit City.
Markel | Eagle Partners has listed for sale Deep Run III, the 355,000-square-foot former headquarters building of the once-mighty electronics retailer.
J.B. Gurley, a principal with the real estate-focused investment firm, said there’s no firm asking price on the property, which sits on 18 acres at 9954 Mayland Drive in Henrico.
Gurley said selling the building allows the firm to capitalize on its initial investment, which began in 2011 when it bought the building for $12.4 million out of foreclosure.
Markel | Eagle then invested about $16 million into the property in late 2013 – constructing a 250,000-square-foot parking garage, fitness center, 7,500-square-foot cafeteria, 4,000-square-foot conference room and new lobby areas.
Tenants include McKesson Corp., insurance company Travelers and Essex Bank. (J. Elias O’Neal)
That helped fill the building with new tenants, including McKesson Corp., insurance company Travelers and Essex Bank. The building is currently 98 percent occupied and was most recently assessed by the county at around $42 million.
Gurley said the firm hopes to close on a deal later this quarter or during the first quarter of 2019 for an undisclosed amount.
Eric Robison and Eric Berkman with Cushman & Wakefield | Thalhimer are handling the sale.
Deep Run III was formerly part of Circuit City’s three-building corporate campus. The neighboring Deep Run I and Deep Run II buildings and surrounding surface parking lots were sold to different buyers over the years after the retailer was put into a bankruptcy, a process that is still running its course in federal bankruptcy court in Richmond.