For the second time in six years, an out-of-town firm has dropped eight figures on a trio of West End office buildings.
South Florida-based Douglas Management & Realty last week acquired 7200, 7202 and 7204 Glen Forest Drive for $15 million.
Douglas – not to be confused with D.C.-based Douglas Development, which owns more than 20 properties in Richmond – bought the Glen Forest buildings from Boston-based Grander Capital Partners, which bought the three buildings As well as 7110 Forest Ave. for $14.25 million in 2016. Grander sold 7110 Forest Ave. to an entity tied to NAI Dominion last fall for $3.9 million, county property records show.
The buildings total 116,000 square feet on about 12 acres. The assemblage most recently was assessed at a combined $14.1 million, per Henrico County property records.
Colliers International’s Will Bradley and Mark Williford represented Grander in the deal.
Kate Murphy, a manager at Douglas, said the company saw the buildings as a good investment given their occupancy rate of over 90 percent.
“We’ve been really happy with Richmond. We have a couple apartments in Prince George County and others in Newport News,” Murphy said. “We have had daily interest in these properties since we closed last week, so it’s a pretty tight market.”
Tenants in the buildings include Sandpiper Hospitality, Stauer Jewelry, Cargill and Keeping Current Matters.
Murphy said they have no plans to redevelop the buildings and there’ll be no dramatic change.
Murphy said Douglas primarily invests in office buildings and multifamily apartments, and that the firm is continuing to look around the Richmond region for further investment.