Opal Holdings has acquired Riverside on the James, a 263,700-SF office building in downtown Richmond, Va from American Real Estate Partners for $77 million. Located at 1001 Haxall Point, the property is part of a mixed-use development that also features residential condos, retail space, and a parking garage. Only the office tower was sold.
Dig Deeper: Law firm Troutman Pepper and investment banking firm Harris Williams & Co. occupy 200,000-SF at the property, RTD noted. The 15-story building is 95% occupied.
Flashback: AREP paid $63.8 million for the tower in 2011.
Heard on the Street: AREP’s Brian Katz said in a statement: “While office values may be down where there is short-term leasing risk, trophy assets with long-term leases in secondary cities in the Mid-Atlantic and Southeast are seeing significant interest from investors, and I suspect this trend will continue for the foreseeable future.”
Brokers: JLL’s Chris Lingerfelt, Ryan Clutter, and Stephen Conley brokered the deal. “Given Richmond’s strong economic fundamentals and a growing appetite to place capital in the Southeast, we anticipate this trend to continue for years to come,” Lingerfelt noted. [CPEX+PR+RichmandTimesDispatch]