Waukeshaw picks up former Aetna office building in Henrico for $3.8M

Aetna vacated the two-story office building around the same time it was sold. (Mike Platania photo)

One of Petersburg’s more prolific developers has taken a bite out of western Henrico. 

Waukeshaw Development last month purchased the former Aetna office building at 9881 Mayland Drive for $3.8 million, Henrico County records show. In addition to the 43,000-square-foot building, the deal included a 1.6-acre parking lot across the street at 9851 Mayland Drive. 

The building had been the longtime home for the health insurance giant, which was acquired by CVS Health in 2018 for $69 billion. Aetna, which was the seller in the deal, vacated the office shortly after Waukeshaw closed on its purchase on March 18. 

Led by Dave McCormack and Emily Sanfratella, Waukeshaw is known for its adaptive reuse developments in Old Towne Petersburg, including Trapezium Brewing Co., while also branching out in the region with projects like the renovation of the old Boy Scouts office building on Broad Street in Richmond. 

Dave McCormack and Emily Sanfratella

McCormack said they saw the Aetna office as a good opportunity and are planning to renovate the building to bring it up to modern standards. 

“It’s a ’90s-era building. It’s in great shape, but it’s just a little tired,” McCormack said. 

Planned renovations include expanding the lobby, improving the façade and adding a patio area. 

Meanwhile, Waukeshaw is looking to flip the parking lot across the street. It recently listed the lot for sale with an asking price of $1.3 million. One South Commercial’s Ken Campbell and Chris Corrada have the listing on the lot and are also handling leasing for the building.

Campbell, along with One South colleague Tom Rosman, also represented Waukeshaw in the building acquisition. 

Henrico most recently assessed the Mayland properties at a combined $4.8 million. 

Back in Petersburg, McCormack said they’re nearing completion of an 85-unit warehouse-to-apartment conversion at 221 Bollingbrook St. They’ve also listed for sale 600 W. Wythe St., where Waukeshaw has been planning to convert another warehouse into nearly 300 apartments. McCormack said they’re still working on those plans but are testing the market with the listing.