Parham Place office complex sells for $12.7 million
Select Income REIT based in Newton, Mass., has acquired its second property in the Richmond market: the three-building Parham Place office portfolio in Henrico County. The REIT paid $12.7 million for the 88,890-square-foot complex.
According to Cushman & Wakefield | Thalhimer's Capital Markets Group, which represented seller JEDD of South Carolina, the sale of the buildings at 1920 East Parham Road was completed on July 20. Eric Robison and Evan M. Magrill represented the seller.
Parham Place is a single-tenant, headquarters office portfolio that has been 100 percent occupied by Royall & Co., a college marketing firm, since 2001.
Two of the single-story properties were built in 1989 and 2002, and both of them were renovated last year. There’s also an additional, 27,000-square-foot, brick and glass two-story building that was constructed in 2012.
The deal marks the second Richmond buy for Select Income, a real estate investment trust that primarily owns office and industrial properties that are net leased to single tenants throughout the U.S.
In July 2013, a subsidiary of the company acquired the MeadWestvaco corporate headquarters building in downtown Richmond for $143.6 million.
Select Income also owns a third building, the Amazon distribution center in Chester, which it acquired as a result of its merger with Cole in 2014.