Kinsale unloads part of Anthem campus on Staples Mill for $66M

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Though the company has rebranded to Elevance Health, Anthem’s logo still adorns the building. (Mike Platania photo)

Nine months after buying a Willow Lawn-area office complex for $77 million, local insurance company Kinsale Capital Group has already recouped much of that investment following a sizable deal last month. 

Kinsale sold the Elevance Health-anchored office building at 2103 Staples Mill Road for $66.1 million, according to Henrico County property records. 

The publicly traded insurance company had picked up the building as part of a $77 million deal in December 2022 that also included an adjacent office building at 2015 Staples Mill Road. The properties are across the road from Kinsale’s recently built headquarters at 2035 Maywill St. 

The 309,000-square-foot office building that Kinsale just sold is leased to Elevance, a health insurance conglomerate that until last summer had been known as Anthem Inc.

The buyer in the deal was The Salus Group, an Arizona-based investment firm that specializes in real estate occupied by government agencies or Fortune 500 companies. The company has previously done deals in Northern and Eastern Virginia, but this looks to be its first in the Richmond region. 

The sale closed Aug. 31 and also included an attached, three-story parking deck at 2000 Maywill St. Following the deal, Kinsale owns about 21 acres near the intersection of Staples Mill Road and West Broad Street. 

Salus Group founder James Jacobson Jr. confirmed that his company bought the office building and parking garage, and said that Elevance is on a 13-year, triple-net lease. 

“They’re also in the middle of substantially reconfiguring and updating the property. They’re completely modernizing all the systems inside,” Jacobson said. 

As for the neighboring, 254,000-square-foot office building at 2015 Staples Mill Road, Kinsale CEO Michael Kehoe said he expects his firm will use it as spillover office space as it outgrows its current headquarters.

Kehoe said the 2015 Staples Mill building is largely vacant and needs to be renovated before Kinsale moves in. He added that Kinsale is still working on plans for the remainder of the site, much of which is used as a surface parking lot. 

Just around the corner, demolition got underway in recent days on the former Burger King at 4800 W. Broad St., which is being razed to make way for a new-construction Popeyes Louisiana Kitchen

POSTED IN Commercial Real Estate

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Leslie Brady
Leslie Brady
10 days ago

I spent 38 years of my life there. Interesting to see what it’s becoming.