California firm buys 26-story Norfolk building for $79 million

Published December 21, 2018 by Robert Powell, III

A California-based real estate investment firm has bought the 26-story Dominion Tower in Norfolk for $79 million.

The deal represents Hertz Investment Group’s entry in the Norfolk commercial real estate market.

“We really like the market and will be exploring additional opportunities here,” Jim Ingram, the chief investment officer at Hertz, said in a statement.

Based in Woodland Hills, Calif., Hertz owns and manages six properties in the Richmond area, totaling 1.4 million square feet.

The Dominion Tower, which was built in 1989 and remodeled last year, includes 403,276 square feet of Class A office space with an average of 15,800 square feet per floor.

The building is 93 percent leased. Its tenant base includes Bank of America, Merrill Lynch, Wells Fargo, the law firm Williams Mullen, Harbor Group real estate investments, defense contractor CACI and digital marketer Trader Interactive.

The property also has a café, fitness center, restaurant, wine shop and conference center.

The Hertz portfolio includes 72 properties totaling more than 22 million square feet in 24 cities in 18 states.