Commercial Real Estate Highlights: 11-Building Office Park in West Henrico Sells for $87 Million | Economic news
A portfolio of 11 buildings in the Glen Forest Office Park in Henrico County, including those at Bayberry Court, has been sold for $87 million, county court records show. The 567,000 square feet of office space is spread across eight Class A office buildings, one medical office building and two Class B office buildings. The buildings, which are off Forest Avenue near the exit Glenside Drive off Interstate 64, Have an Overall Occupancy of 86% Leased to 89 Tenants, According to Cushman & Wakefield | Thalhimer, who represented the seller in the transaction. The new owner is a partnership between Jack Sitt Realty of New York and Gulf Islamic Investments of Dubai. The buildings were owned by a subsidiary of Brookfield Asset Management Inc., which acquired them in 2018 as part of its purchase of Forest City Enterprises. Forest City had purchased them from several Pruitt family businesses in 2007.
A portfolio of 11 buildings in the Glen Forest Office Park in Henrico County, including this one on Forest Avenue, has been sold for $87 million, according to county court records. The 567,000 square feet of office space is spread across eight Class A office buildings, one medical office building and two Class B office buildings. The buildings, which are off Forest Hill Avenue near the Glenside Drive exit of Interstate 64, have an overall occupancy rate of 86% leased to 89 tenants, according to Cushman & Wakefield | Thalhimer, who represents the seller in the transaction. The new owner is a partnership between Jack Sitt Realty of New York and Gulf Islamic Investments of Dubai. The buildings were owned by a subsidiary of Brookfield Asset Management Inc., which acquired them in 2018 as part of its purchase of Forest City Enterprises. Forest City had purchased them from several Pruitt family businesses in 2007.
A red and white sign indicating retail space for rent.
Cushman & Wakefield | Thalhimer reports the following sales:
Commonwealth trading partners reports the following sales:
- Marwaha Sarup Singh LLC purchased 38,000 square feet at 2500 and 2505 Pocoshock Place in Chesterfield from Sanadeema LLC for $2.4 million. Tucker Dowdy represented the seller.
- RCS Properties purchased 42,213 square feet at 7545 Midlothian Turnpike in Chesterfield from MW05 Richmond VA LLC for $4 million. Ben Bruni and Carl Blackwell represented the buyer.
- Virginia Electric and Power Co. purchased 11.8 acres at 212 Dry Bridge Road in Chesterfield from Watkins Land LLC for $530,000. Bill Barnett, Joe Buhrman and Chris Jenkins represented the seller.
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