Built in 1989, Westerre I sits just east of Innsbrook. (Mike Platania photo)
About a year after taking a nine-figure bite out of Innsbrook, a Hooville investment firm is back with another deal in western Henrico.
Charlottesville-based Seminole Trail Management last week purchased the Westerre I and II office buildings at 3951 and 3957 Westerre Parkway for a combined $25 million, county records show.
The seller was Atlanta-based The Simpson Organization, which bought the buildings in 2014 for a total of $22 million, county records show.
Seminole Trail primarily invests in and manages apartment buildings, with a portfolio that totals over 6,500 units. The majority of its holdings are in the Hampton Roads region, and locally it also owns the 410-unit Ashton Square and 240-unit Southwood apartments in Richmond’s Southside.
The firm made a splash in Henrico last year when it bought 11 Innsbrook office buildings from locally based Lingerfelt for $119 million.
The two buildings total over 170,000 square feet combined. Westerre I is 80,700 square feet and houses tenants such as insurance company Richmond National Group. Westerre II is 90,000 square feet and is anchored by law firm Stiles Ewing Powers. The building also recently landed Hampton-based Old Point National Bank as a tenant. Though the buildings are on separate parcels, they were sold in a single, $25 million deal.
Westerre II was built in 1998 and is anchored by a divorce law firm. (BizSense file)
Seminole Trail’s purchase closed Oct. 17. Henrico County most recently assessed both properties at a combined $19.2 million.
Calls and emails to Seminole Trail went unreturned by press time. The Simpson Organization couldn’t be reached for comment.
The deal is one of the largest office sales in Henrico County this year, trailing Kinsale’s late summer sale of Elevance Health’s office building at 2103 Staples Mill Road. That 309,000-square-foot office building sold to an Arizona-based investment firm for $66 million.
Built in 1989, Westerre I sits just east of Innsbrook. (Mike Platania photo)
About a year after taking a nine-figure bite out of Innsbrook, a Hooville investment firm is back with another deal in western Henrico.
Charlottesville-based Seminole Trail Management last week purchased the Westerre I and II office buildings at 3951 and 3957 Westerre Parkway for a combined $25 million, county records show.
The seller was Atlanta-based The Simpson Organization, which bought the buildings in 2014 for a total of $22 million, county records show.
Seminole Trail primarily invests in and manages apartment buildings, with a portfolio that totals over 6,500 units. The majority of its holdings are in the Hampton Roads region, and locally it also owns the 410-unit Ashton Square and 240-unit Southwood apartments in Richmond’s Southside.
The firm made a splash in Henrico last year when it bought 11 Innsbrook office buildings from locally based Lingerfelt for $119 million.
The two buildings total over 170,000 square feet combined. Westerre I is 80,700 square feet and houses tenants such as insurance company Richmond National Group. Westerre II is 90,000 square feet and is anchored by law firm Stiles Ewing Powers. The building also recently landed Hampton-based Old Point National Bank as a tenant. Though the buildings are on separate parcels, they were sold in a single, $25 million deal.
Westerre II was built in 1998 and is anchored by a divorce law firm. (BizSense file)
Seminole Trail’s purchase closed Oct. 17. Henrico County most recently assessed both properties at a combined $19.2 million.
Calls and emails to Seminole Trail went unreturned by press time. The Simpson Organization couldn’t be reached for comment.
The deal is one of the largest office sales in Henrico County this year, trailing Kinsale’s late summer sale of Elevance Health’s office building at 2103 Staples Mill Road. That 309,000-square-foot office building sold to an Arizona-based investment firm for $66 million.