100,000-SF Airport Area Office Property Brings in $11M

NEWPORT NEWS-Patrick Henry Corporate Center, a 100,000-sf class A office building, has found a new owner in a recent deal valued at nearly $11 million. Acting through its Fund IV investment fund, Sterling American Property Inc. acquired the structure from IDS Life Insurance Co. Drucker & Falk, which will manage the building, represented Sterling in the transaction, while Advantis Real Estate Services Co. stood in for IDS. The property has a 2003 assessed value of $10.35 million.

Developed 15 years ago, Patrick Henry Corporate Center sits on a five-acre parcel off I-64 just a stone’s throw from the Newport News/Williamsburg International Airport. “The economic outlook for the metropolitan area is sound and we feel confident that the airport submarket is not overly exposed to any one industry, with minimal high-tech exposure,” explains Sterling American vice president of acquisitions Robert Watman. The four-story structure boasts a 90% occupancy level and is home to such tenants as Northrop Grumman, Patten Wornom Hatten & Diamondstein, and Bank of America, all of whom account for a total of approximately 76,000 sf.