Chesterfield business park portfolio sold for $39.5M

Boulders, Moorefield parks purchased by Miami-based investor

Published June 16, 2021 by Kate Andrews

A Miami-based investor purchased a five-building Chesterfield County office portfolio for $39.5 million, Cushman & Wakefield | Thalhimer announced Wednesday.

The Boulders and Moorefield business parks — totaling 414,322 total square feet that is 87% leased to several tenants that include AIG, Accenture and others — were sold by Hertz Investment Groups, represented by Thalhimer’s Capital Markets Group, to KAS Partners, which closed the acquisition June 9. The sale was completed by Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Richmond.

The buildings include:

• Moorefield I, 812 Moorefield Park Drive, 46,638 square feet
• Moorefield II, 808 Moorefield Park Drive, 46,973 square feet
• Moorefield III, 804 Moorefield Park Drive, 52,155 square feet
• Boulders Center, 1011 Boulder Springs Drive, 140,746 square feet
• Winchester Building, 10800 Midlothian Tnpk, 127,810 square feet

The Boulders Center was financed with an $11.2 million loan from Ameris Bank, while the remainder of the portfolio was financed with a $16.5 million loan from Starwood Mortgage Capital. Cushman & Wakefield’s equity, debt and structured finance team of Jason Hochman, Ron Granite and Brad Geiger secured two separate loans for the buyer’s acquisition.

Subscribe to Virginia Business. Get our daily e-newsletter.