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Capital Markets Group Completes $22M Sale of Westerre I and II

RICHMOND, VIRGINIA:  Cushman & Wakefield | Thalhimer’s Capital Markets Group has represented the Seller in the sale of Westerre I and II, a 163,290 SF class A office portfolio near Innsbrook Corporate Center in Richmond’s largest and most successful suburban office submarket. The portfolio was purchased by The Simpson Organization out of Atlanta, Georgia for $22,000,000 ($135 psf).  Eric Robison of Cushman & Wakefield | Thalhimer’s Richmond office completed the sale.
   Westerre is an institutional quality portfolio, consisting of two, four-story office buildings located in the Westerre Office Park. The portfolio is 92.1% occupied by 26 tenants, including Tridium, Inc., Interbake Foods, LLC, Comcast, and Batzli Stiles Butler Law Firm. The buildings feature outstanding architectural design in a park setting with distinctive fountains and water features. Their strategic location just off of West Broad Street, with direct access to I-64 and an abundant amenity base, yields a superior acquisition in a thriving submarket of Richmond.
   The Simpson Organization has hired Cushman & Wakefield | Thalhimer’s office leasing team of Dean Meyer, SIOR and Mac Wilson to represent them in leasing the property going forward.

Written on November 10, 2014