Nestled between Interstates 95, 64 and 195, the aptly-named Interstate Business Park has a new owner behind the wheel.
The two-building complex at 3601 Saunders Ave. sold late last month for $7.7 million.
City property records show the buyer was Barry Wilton, a local real estate attorney at Parker, Pollard, Wilton & Peaden who’s also dabbled in real estate development over the years.
The seller was real estate investment firm Fernau LeBlanc, which bought the park as part of a portfolio deal for $4.8 million in 2018. Blair Fernau, a partner at Fernau LeBlanc, said in the years since they’ve brought its occupancy up to over 90 percent leased, which helped motivate them to sell.
“Over the last three years, we had leased up the vacant spaces, rolled most of the existing leases, improved the landscaping and replaced the roofs,” Fernau said in an email. “There wasn’t much more that we could do to add value at this point.”
The park, built in the mid-1980s, consists of two 32,000-square-foot industrial flex buildings on about 6 acres. Tenants include Rooftop Chimney Sweeps and the Virginia State Police’s Safety Division.
The sale closed April 29. The parcel was most recently assessed by the city at $4.7 million.
Wilton was not available for comment by press time, but Fernau said it’s his understanding Wilton’s intentions are to hold the property.
Fernau LeBlanc still has a presence in the Richmond region following the sale. The firm still owns the Windsor Business Park in Henrico, which it bought for $33 million in 2016.
Fernau said his firm also is preparing to offload another one of its local holdings in the Interchange Corporate Center at 3850 Gaskins Road.
“We will be selling (the Interchange Corporate Center) once the rent roll is stabilized,” Fernau said. “It will be an opportunity for a small user who wants to own their own building.”
The company also partnered last fall with Henrico-based John B. Levy & Co. to purchase a business park in Fernau LeBlanc’s home state of Maryland for $30 million.