Hines Enters Market With Riverfront Acquisition

RICHMOND, VA-A Hines subsidiary has acquired a landmark property in the Riverfront Plaza from Commerz Grundbesitz-Investmentgesellschaft mbH. The acquisition price for the 950,475-sf complex was not disclosed. Eastdil Secured represented Commerz Grundbesitz-Investmentgesellschaft mbH. Hines represented the subsidiary that made the acquisition, Sumisei US Core Office Fund LP (Core Fund).

Core Fund focuses on class A office building investments in the US. Hines vice president John Harned tells GlobeSt.com that this investment–the first foray into the Richmond market for the firm–is likely to be followed by additional investments either through Core Fund or through other investment vehicles. The Central Business District, in particular, is undergoing a revitalization, which may yield additional investment opportunities. “The fundamentals here are great,” he says, “from low vacancy rates, market growth and other factors.”