438,000-SF Office Park Trades in Record Deal for Submarket

NORFOLK, VA-Interstate Corporate Center, a 438,000-sf office campus spanning 31.5 acres, has found a new owner in a recent deal that is said to be the largest transaction in suburban area here in 2004. Miami-headquartered Adler Group Inc. acquired the 17-building property from Interstate Office Holdings LLC, an affiliate of Norfolk-based Harbor Group.

Real estate services firm CB Richard Ellis orchestrated the sale, with the company’s New York Tri-State investment team members Jeffrey R. Dunne and Steven P. Bardsley working with Norfolk-based colleague Patrick M. Gill to close the deal. All parties involved are keeping mum on the financial terms of the exchange, but according to real estate records for the City of Norfolk, Harbor Group purchased the property for $26.7 million back in 1999.

Situated just near the intersection of I-65 and I-264, Interstate has approximately 170 businesses that make their home in the compound giving it a 90%-occupancy level. Divaris Real Estate Inc. is handling leasing activities on behalf of the new owner; the company is marketing space in one of the park’s facilities, the two-story class B Albemarle Building, for $15 per sf.