Search
 

Newport News Office/Flex Trades for $6M

NEWPORT NEWS, VA-The seller received more than 10 offers for the 77,125-sf property.

By Erika Morphy | Updated on December 01, 2006

NEWPORT NEWS, VA-Austin Fairbanks Trust, a family trust in the northeast, has purchased a 77,125-sf office/flex asset here for $5.9 million in a 1031 exchange from Middle Ground Co. LLC. Eric Robison, Thomas Rowley, Teresa Nettles and Robert Phillips of Thalhimer’s Investment Brokerage Group represented the seller and has been retained as the leasing agent. The buyer, which was investing the proceeds from the sale of an office property in Florida, represented itself.

Located in the Oyster Point Office Park at 709 Middle Ground Blvd., the multi-tenant building is currently 87% occupied, reflecting the strong market here, Robison tells GlobeSt.com. “The total vacancy rate in the market is around 5%.” He adds there is little new supply expected to enter the market. “There are very few, if any, developable parcels within this park and those that are available are owned by the Oyster Point Economic Development Authority.” Average asking rental rates are around $12 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.