Small Office Building Finds New Owner

VIRGINIA BEACH-Ownership of the 32,000-sf Huff Poole & Mahoney Building has changed hands. With the assistance of Michael Divaris, Alex Divaris and Jason Oliver of Divaris Real Estate’s Investment Sales Group, TCC-Essex LLC sold the office property to Racehorse Properties LLC. Read Commercial Properties stood in for the buyer. The parties involved are not revealing the value of the transaction; however, city records note that the 17-year-old property’s current assessed value is just more than $3 million.

“The Huff Poole & Mahoney Building is strategically located in Virginia Beach’s Central Business District, within close proximity of the new Town Center of Virginia Beach,” Divaris’s Jason Oliver tells GlobeSt.com. Situated on a one-acre parcel at 4705 Columbus St. the three-story building carries the name of its lead tenant of 15 years, law firm Huff, Poole & Mahoney PC., the principals of which joined together to form Racehorse Properties. Divaris has committed to staying onboard as the leasing agent for the remaining 6,000 sf of office space, which are being marketed at $16.75 per sf.