Anthem Inc., now Elevance Health, sold its Willow Lawn-area real estate to Kinsale. (Mike Platania photo)
Two insurance companies have struck an eight-figure deal near Willow Lawn that gives the buyer an extra building for expansion and control of nearly 30 acres in a quickly growing part of town.
Kinsale Capital Group last week paid $76.2 million for the two-building Davis Center office complex at 1912-200 Maywill St. and 2015-2103 Staples Mill Road.
The two buildings total around 580,000 square feet and sit on 29 acres, and for years have been occupied by health insurance giant Anthem Inc., which rebranded over the summer as Elevance Health.
The deal closed Dec. 15 and was confirmed by Kinsale CEO Michael Kehoe. The property, which spans four parcels, was most recently assessed by Henrico at $66.7 million, county records show. Entities tied to Anthem and Elevance were the sellers in the deal.
Mike Kehoe
Founded in 2010, Kinsale is a publicly traded insurance company offering casualty, property and specialty insurance policies. It has 460 employees and counting. A few years ago it built a new 150,000-square-foot headquarters at 2035 Maywill St., just to the east of the Elevance property.
Despite that relatively new HQ, Kehoe said Kinsale may soon need more space and its pace of growth is partly what drove the Elevance deal. He said the 254,000-square-foot north building at 2015 Staples Mill Road is unused and will be prepped for his company’s future use.
“We anticipate that we may need to expand into part of that space in the future,” Kehoe said of the north building. “What we’re thinking about right away is renovating (the north building).”
The other the 309,000-square-foot building at 2103 Staples Mill Road is occupied by Elevance on a long-term lease.
Along with securing additional office space, Kehoe said increasing developer interest in the area also drew Kinsale to the property.
“(This deal) also allows us to put our fingerprints on any future development that would happen because it’s right across from our headquarters building,” Kehoe said. “If there were any development there, we’d want it to be thoughtful and well-designed.”
Some of the development Kehoe’s referencing includes the 262-unit Tapestry West apartments, which sit next door to the Kinsale HQ and sold this summer in a recording-setting deal. At the nearby UTurn complex, Fulton Hill Properties is planning a seven-story apartment building.
A bit farther north is 2369 Staples Mill Road, where a group led by local developer and broker Joe Marchetti Jr. is planning a 10-story apartment building. Kehoe said Marchetti is Kinsale’s real estate consultant.
There’s also the ongoing Libbie Mill development from Gumenick Properties.
The Elevance deal gives Kinsale control of nearly all the land bound by Staples Mill Road and West Broad, Thalbro and Maywill streets. The exceptions are the Cook Out and former Burger King buildings front Broad Street, the latter of which is set to be razed to make way for a new Popeyes.
Kehoe said Kinsale would certainly be interested in developing some of the acres of surface parking that it bought from Elevance, but that there are no immediate plans.
Anthem Inc., now Elevance Health, sold its Willow Lawn-area real estate to Kinsale. (Mike Platania photo)
Two insurance companies have struck an eight-figure deal near Willow Lawn that gives the buyer an extra building for expansion and control of nearly 30 acres in a quickly growing part of town.
Kinsale Capital Group last week paid $76.2 million for the two-building Davis Center office complex at 1912-200 Maywill St. and 2015-2103 Staples Mill Road.
The two buildings total around 580,000 square feet and sit on 29 acres, and for years have been occupied by health insurance giant Anthem Inc., which rebranded over the summer as Elevance Health.
The deal closed Dec. 15 and was confirmed by Kinsale CEO Michael Kehoe. The property, which spans four parcels, was most recently assessed by Henrico at $66.7 million, county records show. Entities tied to Anthem and Elevance were the sellers in the deal.
Mike Kehoe
Founded in 2010, Kinsale is a publicly traded insurance company offering casualty, property and specialty insurance policies. It has 460 employees and counting. A few years ago it built a new 150,000-square-foot headquarters at 2035 Maywill St., just to the east of the Elevance property.
Despite that relatively new HQ, Kehoe said Kinsale may soon need more space and its pace of growth is partly what drove the Elevance deal. He said the 254,000-square-foot north building at 2015 Staples Mill Road is unused and will be prepped for his company’s future use.
“We anticipate that we may need to expand into part of that space in the future,” Kehoe said of the north building. “What we’re thinking about right away is renovating (the north building).”
The other the 309,000-square-foot building at 2103 Staples Mill Road is occupied by Elevance on a long-term lease.
Along with securing additional office space, Kehoe said increasing developer interest in the area also drew Kinsale to the property.
“(This deal) also allows us to put our fingerprints on any future development that would happen because it’s right across from our headquarters building,” Kehoe said. “If there were any development there, we’d want it to be thoughtful and well-designed.”
Some of the development Kehoe’s referencing includes the 262-unit Tapestry West apartments, which sit next door to the Kinsale HQ and sold this summer in a recording-setting deal. At the nearby UTurn complex, Fulton Hill Properties is planning a seven-story apartment building.
A bit farther north is 2369 Staples Mill Road, where a group led by local developer and broker Joe Marchetti Jr. is planning a 10-story apartment building. Kehoe said Marchetti is Kinsale’s real estate consultant.
There’s also the ongoing Libbie Mill development from Gumenick Properties.
The Elevance deal gives Kinsale control of nearly all the land bound by Staples Mill Road and West Broad, Thalbro and Maywill streets. The exceptions are the Cook Out and former Burger King buildings front Broad Street, the latter of which is set to be razed to make way for a new Popeyes.
Kehoe said Kinsale would certainly be interested in developing some of the acres of surface parking that it bought from Elevance, but that there are no immediate plans.
So what happened to the hundreds of call center reps and nurses that worked at those buildings. All teleworking now??? Or did their positions transfer to the newer Atlanta center for Elevance???
So they paid $131/ft for the buildings (below today’s replacement cost) and got all that excess land along with it? Seems like a great deal to me. That corner of Staples Mill and Broad st is absolutely ripe for development. Congrats!
I rode by there last Friday and thought the very same thing. It’s right on the PULSE with a stop right in front of Cook Out and the abandoned Burger King.