Brandywine JV Sells Richmond Portfolio for $75M
The assets were 99 percent leased at closing.
Thalhimer Realty Partners has acquired Dabney Center, a 14-building flex-industrial portfolio spanning 642,384 square feet in Richmond, Va., for $75.3 million. A joint venture led by Brandywine Realty Trust sold the collection that also included an 11-acre, 502-space parking lot.
The portfolio comprises general and light industrial properties, according to Richmond Times-Dispatch. The buildings were 99 percent leased at closing, the tenant roster including Thermo Fisher Scientific, Ferguson HVAC Supply and Daltile, to name a few.
The portfolio occupies roughly 56 acres with its northmost facility near the Interstate 64 and U.S. Route 33 junction. The bulk of it is close to the interchange between interstates 195 and 95, next to a CSX railyard.
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More than three-quarters of the facilities are shallow bay industrial properties measuring less than 50,000 square feet. The portfolio’s largest building, totaling 132,548 square feet, is at 2511-23 Brittons Hill Road.
The Dabney Center deal came on the heels of another recent Brandywine disposition. Also in Virginia, the firm sold 4040 Wilson Blvd., a 405,000-square-foot mixed-use asset in Arlington, in partnership with Shooshan Co. The asset traded for $190.5 million.
Richmond industrial investment tempers
The Richmond Tidewater industrial market has witnessed an investment volume of more than $775 million throughout 2024, according to CommercialEdge data. The figure is substantially below last year’s total of roughly $1 billion.
About 8 million square feet of industrial product changed hands this year—2 million less than the amount registered in 2023—trading at roughly $96 per square foot, the same source shows. Last year’s average price clocked in at more than $99 per square foot.
One of this year’s industrial transactions closed in Glen Allen, Va. Eaton Vance Real Estate Group paid $85.4 million for Performance Food Group @ Cardinal North in April. Scannell Properties sold the 328,335-square-foot cold storage asset.
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