Richmond Offices Sell for $24M

Equitable Real Estate Partners LLC, based in Boca Raton, FL, paid $24.1 million for a set of five buildings located at Forest Office Park in Richmond, VA.

“This is another instance of an out-of-town buyer coming into the Richmond market, ultimately putting Richmond on the map as the place to purchase real estate over other cities,” said Vera Magdeeva, spokeswoman for CBRE|Richmond, according to the Richmond Times Dispatch.

The properties are about 95 percent leased, including government, health care, financial services and transportation tenants. Totalling 228,879 square feet, they make up roughly a third of the 18-building Forest Office Park complex. The offices were offered at a capitalization rate of 8 percent, according to CBRE’s listing.