A Miami-based real estate company has acquired five buildings in two office parks in Chesterfield County for $39.5 million.
KAS Partners bought the buildings in the Boulders and Moorefield office parks from Hertz Investment Group, the California-based real estate firm that also owns the twin 20-story towers of Riverfront Plaza that overlooks the James River in downtown Richmond.
The five acquired buildings — Moorefield I, Moorefield II, Moorefield III, Boulders Center and the Winchester Building — have a total of 414,322 square feet, according to Cushman & Wakefield | Thalhimer’s Capital Markets Group, which handled the sale.
The buildings are Moorefield I at 812 Moorefield Park Drive with 46,638 square feet; Moorefield II at 808 Moorefield Park Drive with 46,973 square feet; Moorefield III at 804 Moorefield Park Drive with 52,155 square feet; Boulders Center at 1011 Boulder Springs Drive with 140,746 square feet; and the Winchester Building at 10800 Midlothian Turnpike with 127,810 square feet.
The portfolio was 87% leased at the time of sale on June 9. Its tenants include Maximus, Selective Insurance, Conduent State Healthcare, GSA, Stantec Consulting, Accenture and AIG.
Hertz Investment had acquired the five buildings in 2012.
The portfolio received interest “from a multitude of investment groups including investment funds, family office investors, and institutional owners,” said Eric Robison, executive vice president at Cushman & Wakefield | Thalhimer. “The marketing process was very competitive and buyer interest focused on solid leasing activity during the pandemic and strong fundamentals in the Richmond office market.”
Two separate loans were secured to buy the buildings. The Boulders Center building was financed with an $11.2 million loan from Ameris Bank while the remainder of the portfolio was financed with a $16.5 million loan from Starwood Mortgage Capital, according to Cushman & Wakefield | Thalhimer, which helped secure the financing.