RICHMOND, VIRGINIA: Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the seller in the sale of the Dori Foods Building located at 3410 Norfolk Street in the burgeoning Scott’s Addition submarket in Richmond, Virginia. This 86,607 square foot class A industrial property is fully leased, long term, to Dori Foods, Inc., a leading food distribution company in the Mid-Atlantic.
Originally constructed in 2004 the property is ideal for multi-temperature storage for Dori Foods’ food distribution business.
The Purchaser, Spy Rock Real Estate Group, of Richmond, Virginia acquired the asset on June 20, 2017 for $7.7 million ($89 PSF).  Taylor Williams, Principal, Spy Rock Real Estate Group stated, “This is an excellent opportunity for us to acquire a property 100% leased to a very strong and recession-resistant tenant in Dori Foods, and to make another long-term investment in Scott’s Addition. This asset is expected to generate strong, stable cash flows and also provides diversification of product types within our portfolio.”
The sale was completed by Eric Robison, Senior Vice President of Cushman & Wakefield | Thalhimer’s Capital Markets Group. Robison stated, “The strength of Dori Foods, coupled with the significant momentum in Scott’s Addition made this a highly sought after investment.  We were pleased with the number and quality of offers we received.”