RICHMOND, VIRGINIA: Another collaborative effort from Cushman & Wakefield | Thalhimer’s Capital Markets Group and their partners in Washington, D.C. has resulted in a significant transaction in the Richmond, Virginia market.  The team represented Bridge Investment Group in the $62.4 million sale of SunTrust Center One and Two, a two-building, Class A office park located at 11011 and 11013 West Broad Street in the Innsbrook submarket of Richmond, Virginia.
Exceptionally well-located, the two buildings total 419,653 square feet and are situated on 32.3 acres. SunTrust Center One, comprised of 214,273 square feet, is 100% leased to SunTrust for ten years. The building recently underwent an extensive renovation with over $30 million invested, transforming the asset into a modern, collaborative workspace that includes a new lobby, fitness center, cafeteria, new glass store front, and all new high efficiency HVAC equipment. SunTrust Center Two, comprised of 205,380 square feet, is also 100% leased to five tenants, Magellan Health, SunTrust Bank, RetailData, Home Care Delivered, and EMC Corporation.
FD Stonewater of Washington, D.C. acquired the asset on May 24, 2018 marking their first investment in the Richmond, Virginia market.  The buildings were purchased within FD Stonewater’s stabilized asset, secondary market investment strategy.  This is the second investment in the firm’s partnership with a multi-family office investor.  They have retained Cushman & Wakefield | Thalhimer to lease and manage the property.
The sale was completed by Eric Robison, a Senior Vice President in Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Eric Berkman Executive Managing Director, and William Collins, Executive Vice Chairman of Cushman & Wakefield in Washington, D.C.
Robison noted, “The asset was highly sought after not only due to the quality of the property and tenancy but also because the fundamentals of the Richmond market, particularly the Innsbrook submarket, are so strong.”
Berkman added, “This opportunity garnered interest from a wide range of investors, including foreign capital.  Our team’s collaborative approach produced offers from a number of institutional investors new to the Richmond market that resulted in a highly competitive bidding environment.”
“We saw great opportunity with this property and with an effective business plan, including a successful leasing strategy, this is an operational success for Bridge,” said Jeff Shaw, Principal with Bridge Office Fund Manager and CEO of Bridge Commercial Real Estate. “This is a true reflection of the company’s specialized, vertically integrated national operating platform and our active ownership style that creates value for both the tenants and our investors.”
Last year, the same Cushman & Wakefield | Thalhimer team completed the $57 million sale of Atlantic at City Walk, a Class A CBD asset in Norfolk, Virginia, 100% leased to ADP.