Six buildings sell for total of $72M in pair of regional office deals

A five-building portfolio in Midlothian sold to a California-based firm for $39.5 million. (Courtesy of Thalhimer)

The Richmond region closed out the spring with a pair of office deals totaling $72 million.

Earlier this month a five-building portfolio in the Boulders and Moorefield business parks in Chesterfield sold for $39.5 million. And in Henrico, the recently-renovated Brookfield Commons office at 6600 W. Broad St. sold for $32.5 million.

Located at 804, 808 and 812 Moorefield Park Drive, 1011 Boulder Springs Drive, and 10800 Midlothian Turnpike, the Chesterfield offices total about 414,000 square feet and were purchased by Miami-based KAS Partners.

The seller in the deal was Hertz Investment Group, the California-based firm that also owns the Riverfront Plaza twin towers downtown.

Neither Hertz nor KAS responded to requests for comment.

County records show the five-parcel assemblage was most recently assessed at a combined $30.4 million. The deal closed June 9 and the buildings are collectively 87 percent leased, per a Thalhimer announcement. Thalhimer’s Eric Robison and Bo McKown represented Hertz in the deal.

Meanwhile, in Henrico, the Brookfield Commons office building sold on June 16 to Nashville’s Montecito Medical Real Estate.

The 90,500-square-foot medical office building recently underwent an extensive renovation by local development firm Stanley Shield, which bought the building in 2016 for $3 million after it nearly fell into foreclosure three years prior.

Fresh off a full renovation, Brookfield Commons is now fully leased and under new ownership. (Mike Platania photo)

The 44-year-old building is now fully leased with tenants such as The Virginia Women’s Center, Virginia Ear, Nose & Throat Associates and Pulmonary Associates of Richmond.

Montecito’s portfolio spans 31 states and includes over $4 billion in medical office real estate. Locally, it owns an OrthoVirginia-anchored portfolio in Mechanicsville and in late 2020 it bought GreenGate’s medical office building for $18 million.

The Brookfield Commons office building was most recently assessed by Henrico County at $17 million. Thalhimer’s Robison, along with colleagues Catharine Spangler and Birck Turnbull, represented Stanley Shield in the deal.

Montecito and Stanley Shield principal Jimmy Stanley were not available for comment by press time.

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