Two Midlo office buildings sell for $4M beside planned five-story apartment building

Salisbury West Office Park

A Google Earth image of a half-completed Salisbury West Office Park, with the purchased sites shaded in red. The Park at Salisbury apartments are visible behind the park.

A $4 million deal has consolidated ownership of a four-building office park in Midlothian’s Salisbury area, next door to the site of a planned apartments development that’s set to get underway.

Buildings I and IV of the Salisbury West Office Park along Wylderose Drive off North Otterdale Road sold earlier this month to an LLC tied to Frank Jenkins Jr., managing partner of CPA firm Adams, Jenkins and Cheatham, which is based in the park’s other two buildings.

201 Wylderose Commons LoopNet

The building at 201 Wylderose Common sold for $1.9 million. (Images courtesy LoopNet)

Building I, at 201 Wylderose Common, sold to Jenkins’ Stanley Building LLC for $1.9 million in a deal recorded with Chesterfield County on June 5. Building IV, at 250 Wylderose Common at the opposite end of the four buildings, sold for $2 million, bringing the total to $3.9 million.

The sellers in the deals were groups that included Ron Evans of Midlothian-based Ronald C. Evans & Associates, which had been headquartered in Building I. Evans developed Building I with Guy Blundon of CMB Development and sold the acreage for the middle II and III buildings to Adams, Jenkins and Cheatham.

Evans, who is now operating out of a home office, said Jenkins plans to make the four buildings a more comprehensive office park with consistent lighting and fencing. He said the look will be consistent with Redfern at Midlothian, a 112-unit apartment building Evans is developing adjacent to the park at 260 Wylderose Drive, a 4-acre parcel at the corner of Wylderose Drive and Otterdale.

250 Wylderose Dr LoopNet

The newer building at 250 Wylderose Common.

“Frank needed to expand his accounting firm, and the buildings being on each side of his two buildings were pretty attractive,” Evans said.

“I was ready to move back to where I’m more familiar, in multifamily,” he said. “His need was equal to my desire to get out of the last two office buildings that I’ve had anything to do with. I’m a multifamily guy, so it all worked out.”

A call to Jenkins seeking comment was not returned.

Evans was represented by Bruce Milam with Bruce Commercial Realty. Milam said the deal came about after Jenkins approached him initially interested in the 4-acre site where Evans is planning the apartments.

“I convinced him that a far better use of his money was to buy buildings I and IV from Ron Evans,” Milam said, adding that both of the two-story, 10,000-square-foot buildings are fully leased.

1.14R Bruce New

Bruce Milam

“This gives Frank the flexibility of expanding his firm into the space as he needs to do so. It also gives him a four-building campus in a great location that he can brand as his firm’s,” Milam said. “For Ron, it was the last of his holdings at that interchange, as he sold the (Park at Salisbury) apartments five years ago.”

Milam noted that Evans also developed The Park at Salisbury, a 320-unit complex adjacent to the office park in the northeast quadrant of the Route 288-Midlothian Turnpike interchange. Evans sold those apartments in 2019 for $60.5 million to an entity tied to Kushner Cos., the New York-based real estate company led by Jared Kushner.

Evans and Milam said Kushner is planning to list The Park at Salisbury for sale.

Meanwhile, Evans said site work is set to start in the next couple months on the Redfern at Midlothian apartments at Wylderose Drive and Otterdale. The 135,000-square-foot building is set to rise five stories on the currently vacant lot and is planned to include 112 apartments that Evans said would later convert to for-sale condominiums.

Evans said the apartments would be upscale with rents ranging from $1,700 to $1,850 a month for one-bedroom units averaging 1,000 square feet, to $2,000 to $2,500 for two-bedrooms averaging 1,250 square feet. Amenities will include a pool, fitness center, clubroom with screened porch and a grilling porch, and the building will include underground parking.

He put the project cost at $33.5 million and said construction would wrap up in late 2025. He said the development plan and land disturbance permit approvals were secured from the county in recent days.

KBS is the general contractor, Winks Snowa Architects is the designer and Townes Site Engineering is the civil engineer. Evans said CD Hall Construction is the site contractor and an investment partner in the project.

POSTED IN Commercial Real Estate

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Peter James
Peter James
1 minute ago

Unrelated to the particulars of the article, but it’s SO nice to be able to put a face with the name, Bruce! Great photo! 🙂