Richmond $9M Office Sale Livens SW Quadrant

RICHMOND,VA-LandAmerica recently sold its office asset in Richmond’s southwest quadrant for $8.9 million to Patriot Equities in Philadelphia as it prepares to move into its newly leased space across town. CB Richard Ellis brokers Joe Marchetti, Tom Vonzenlick, Alex Hamilton, Zach Roski, and Rebecca Barricklow represented LandAmerica. Patriot Equities was represented inhouse.

Marchetti tells GlobeSt.com that, for a vacant single-tenant building, LandAmerica received the best price it could have gotten in the market. Comparable transactions to the 127,000-sf class A building included the sale of the Owens & Minor Building, a 65,000-sf building that RPM Investments Inc. bought for $4.46 million in Q3; the Fairfax Building, a 148,812-sf class B building in the southwest quadrant that sold for approximately $20 million during the second quarter and Innsbrook Place, a 30,000-sf building in the northwest quadrant that sold for $3.89 million.

LandAmerica’s departure from the building is stirring up the normally static rental submarket here. Between the building’s sale and Philip Morris’ departure across the street there is now more than 200,000 sf available, Marchetti says. “The southwest quadrant has a lot of energy right now, while the northwest quadrant, where the bulk of the market, has been fairly stable or in a slight decline,” he says.