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Capital Markets Group Completes $12M Sale of Parham Place

RICHMOND, VIRGINIA:  Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented JEDD of South Carolina in the sale of Parham Place I, II and III (“Parham Place”) in Richmond, Virginia. 
   Select Income REIT acquired the asset on July 20, 2015 for a sale price of $12,750,000.  The sale was completed by Eric Robison and Evan M. Magrill, SIOR.   
   Parham Place is a single-tenant, headquarters office portfolio consisting of three buildings; two single-story assets built in 1989 and 2002, (both of which were renovated in 2014), as well as an additional two-story building that was constructed in 2012. Together, the three buildings total 88,890 square feet.  The acquisition marks Select Income REIT’s second in the Richmond marketplace after acquiring the MeadWestvaco building downtown in July 2013 and will be its third property in the region after it acquired the Amazon distribution center in Chester by way of its merger with Cole in 2014.  Parham Place has been 100% occupied by a leading marketing firm since 2001.

Written on July 29, 2015