VIRGINIA BEACH, VIRGINIA: Mercer Street Partners, a New York-based private investment firm, has acquired Corporate Center V, a 71,000-square foot office building in Virginia Beach for approximately $9.9 million. Richmond, VA-based Canal Capital Management advised Mercer Street Partners on the transaction, Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller. The property serves as the corporate headquarters for Amerigroup Corporation, a wholly-owned subsidiary of Anthem, Inc. (S&P: AA-).

According to Milan Parekh, managing partner of Mercer Street Partners, Corporate Center V was purchased from a private investor. “We’ve been keen on Virginia Beach for some time and quite pleased that this unique opportunity marks our first foray into the Hampton Roads market where we see a lot of potential. Amerigroup is an ideal tenant that simultaneously “does good and does well” and we’re pleased to partner with the nation’s largest provider of health care for public programs. We admire their growth and are committed to being strong partners in their continued success,” he said.

The Property is located at 4425 Corporation Lane within the prestigious Corporate Center office park and steps away from Pembroke Mall and the vibrant Town Center of Virginia Beach CBD. Built between 2003 and 2017, the Town Center of Virginia Beach provides the city with a vast array of amenities making this downtown a focal point for businesses and residents in Hampton Roads. The $608 million public-private development includes over 800,000 square feet of class A office space, nineteen restaurants, 935 apartment units, 412 hotel rooms, and over 30 shopping and entertainment venues at the corner of one of the busiest intersections in Hampton Roads. 

“This marks our third investment into the Richmond and Hampton Roads markets in the past year and we’re looking to grow our footprint,” Parekh notes. “There is considerable demand for well-located, highly amenitized suburban office buildings such as Corporate Center V and we’re excited about this opportunity.”