2810 Centre at 2810 N. Parham Road sold for $10 million. (Courtesy of CBRE | Richmond)
A Maryland-based firm is adding to its Richmond-area holdings with the acquisition of a North Parham Road office property.
The Premier Companies bought 2810 Centre at 2810 N. Parham Road for $10.4 million from North Parham Road LLC on July 15. The three-story, 142,000-square-foot property was purchased through an entity called Premier Tech Center LLC.
Built in 1982, 2810 Centre is 87 percent occupied and used by Xerox, healthcare tech company Infian, Virginia Tech and University of Virginia.
Founder Jonathan Cutler said The Premier Companies was attracted to the office building “for its strong cash-on-cash returns and the stability of the large corporate tenants.”
Cutler said the purchase of 2810 Centre is being financed with a loan from Farm Bureau Life Insurance Company. He said about $1 million will go toward improving 2810 Centre’s interior and exterior over the next five years.
Cutler formed The Premier Companies in 1992, and today the company owns and manages real estate in Maryland, Virginia, Washington, D.C., New Jersey and Delaware.
The purchase of 2810 Centre is the latest deal the Bethesda, Maryland-based company has struck in Richmond. In January, it sold a 216-unit apartment property called Premier Gardens. It also owns a stake in and manages Brookhill Shopping Center at 5214 Chamberlayne Road, as well as a five-building, 10-acre medical park in Richmond, according to its website.
“Premier’s holdings in the Richmond area total approximately 500,000 square feet of retail, medical office, and office,” Cutler said.
North Parham Road LLC had owned 2810 Centre since 2012, when it bought the property for $6.4 million, according to a Henrico County record. 2810 Centre was most recently assessed at $12.33 million. The property’s length of time on the market could not be verified Friday.
CBRE | Richmond vice president Will Bradley represented the seller in the 2810 Centre deal.
The Premier Companies isn’t the only firm investing in Henrico County office space in 2016. In May, a Glen Forest Drive office complex sold to a Boston-based company for $14.25 million, and in March, a handful of Henrico office buildings sold to a Pennsylvania-based company as part of a $400 million multi-state portfolio deal.
2810 Centre at 2810 N. Parham Road sold for $10 million. (Courtesy of CBRE | Richmond)
A Maryland-based firm is adding to its Richmond-area holdings with the acquisition of a North Parham Road office property.
The Premier Companies bought 2810 Centre at 2810 N. Parham Road for $10.4 million from North Parham Road LLC on July 15. The three-story, 142,000-square-foot property was purchased through an entity called Premier Tech Center LLC.
Built in 1982, 2810 Centre is 87 percent occupied and used by Xerox, healthcare tech company Infian, Virginia Tech and University of Virginia.
Founder Jonathan Cutler said The Premier Companies was attracted to the office building “for its strong cash-on-cash returns and the stability of the large corporate tenants.”
Cutler said the purchase of 2810 Centre is being financed with a loan from Farm Bureau Life Insurance Company. He said about $1 million will go toward improving 2810 Centre’s interior and exterior over the next five years.
Cutler formed The Premier Companies in 1992, and today the company owns and manages real estate in Maryland, Virginia, Washington, D.C., New Jersey and Delaware.
The purchase of 2810 Centre is the latest deal the Bethesda, Maryland-based company has struck in Richmond. In January, it sold a 216-unit apartment property called Premier Gardens. It also owns a stake in and manages Brookhill Shopping Center at 5214 Chamberlayne Road, as well as a five-building, 10-acre medical park in Richmond, according to its website.
“Premier’s holdings in the Richmond area total approximately 500,000 square feet of retail, medical office, and office,” Cutler said.
North Parham Road LLC had owned 2810 Centre since 2012, when it bought the property for $6.4 million, according to a Henrico County record. 2810 Centre was most recently assessed at $12.33 million. The property’s length of time on the market could not be verified Friday.
CBRE | Richmond vice president Will Bradley represented the seller in the 2810 Centre deal.
The Premier Companies isn’t the only firm investing in Henrico County office space in 2016. In May, a Glen Forest Drive office complex sold to a Boston-based company for $14.25 million, and in March, a handful of Henrico office buildings sold to a Pennsylvania-based company as part of a $400 million multi-state portfolio deal.