Forest Office Park sells for $24.1 million
CBRE|Richmond announced on Monday the sale of the 228,879-square-foot, five-building Forest Office Park portfolio in Henrico County to Equitable Real Estate Partners LLC for $24.1 million. The seller was NNN Forest Office Park LLC.
The portfolio includes the Almond, Culpepper, Lee, Ratcliffe and Wythe buildings. CBRE/Richmond said the buildings are about 95 percent leased with a government, health-care, financial services and transportation tenants.
In addition to the sale, CBRE|Richmond completed a long-term renewal of 127,694 square feet in the portfolio by Virginia’s Department of General Services. The renewal follows a renovation to the spaces leased by the commonwealth.
Forest Office Park is located at the corner of Three Chopt Road and Forest Avenue. It’s about a mile from the from the Interstate 64/Glenside interchange and is near retail/office corridors in West Broad Street area, Innsbrook, Short Pump and downtown.
David Wilkins and Matt Anderson of CBRE|Richmond, Scott Adams of CBRE|Hampton Roads and Justin Parsonnett of CBRE Group Inc. in Atlanta represented the seller in the transaction. Wilkins and Anderson will handle leasing for Equitable Real Estate Partners, a real estate investment and development company based in Miami.