Patrick Henry Corporate Center Sells for $15M

NEWPORT NEWS, VA-Columbia Equity Trust Inc. has acquired the 99,000-sf Patrick Henry Corporate Center in a $14.5-million deal. The seller was a fund of Sterling American Property Inc., which purchased it in early 2004 for approximately $10.8 million.

In taking over ownership of the class A building at 12350 Jefferson Ave., Washington, DC-based Columbia assumed an existing debt of $8.5 million and paid the remaining $6 million with proceeds from its recent initial public offering. According to real estate records for the city, the building and the five-acre parcel it occupies have a total current assessed value of $11.7 million.