Left hanging at a foreclosure auction last year, a 16-acre office park near Virginia Center Commons mall has found a new owner.
Citizens Bank Office Park at 10561 Telegraph Road sold last week to Oklahoma-based Radix Equity for $15.7 million, according to county property records.
The seller was CWCapital Asset Management, a special servicer firm that handled the foreclosure of the two-building, 169,000-square-foot complex in August 2017.
The sale to Radix came via online auction through RealINSIGHT Marketplace and was held Oct. 24, said Will Bradley, who with his CBRE | Richmond colleagues Patrick Arangio and Jack Howard helped broker the deal.
Radix Equity is a real estate investment firm specializing in the acquisition of office, industrial and retail space – mainly throughout Oklahoma, according to its website.
This is the firm’s first buy into Richmond, Bradley said.
The transaction was recorded on Dec. 4, according to a deed filed with the county.
That sales price does not include a buyer’s premium to the auctioneer, nor the assumption of funding tenant improvements related to Citizens Bank’s lease renewal.
As its name implies, the park is anchored by Citizens Bank, a Pennsylvania-based financial firm that has hundreds of employees onsite. The complex consists of two buildings: a four-story, 120,000-square-foot structure and the two-story, 49,000-square-foot office at 10571 Telegraph Road.
Citizens Bank occupies all of the larger building with a lease that runs through 2031. Other major tenants of the complex include Bon Secours and The Pediatric Center. It is 89 percent leased.
A separate 3.3-acre plot at 10551 Telegraph Road also was part of the sale. The vacant land can accommodate a 50,000-square-foot office building.
The complex was built in 2001 and most recently was assessed by the county at a combined $19.1 million.
The property will be an income-generating investment for Radix, with the potential for additional revenue growth.
“The Citizen Bank tenancy provides for stable in-place cash flow with the ability for additional upside in the two-story 10571 Telegraph Road building,” Bradley said.
Radix could not be reached for comment Tuesday afternoon.
CBRE | Richmond will lease and manage the complex.