Dealmaker: Richmond, Va., Office Property Sells for $56M

The RMR Office Property Fund LP, Newton, Mass., acquired multi-tenant Class A office building 9954 Mayland Drive in Richmond, Va., for $56 million.

Cushman & Wakefield Thalhimer Capital Markets Group, Richmond, represented property seller Markel Eagle Partners, Richmond. Thalhimer Capital Markets Group Senior Vice President Eric Robison and Cushman & Wakefield Washington, D.C. Capital Markets Group Executive Managing Director Eric Berkman completed the sale.

The 355,500-square-foot building, also called Deep Run 3, recently received a $19 million renovation. The property is 98 percent leased to seven tenants including McKesson Medical-Surgical’s headquarters and the East Coast claims and billing center for Travelers Insurance.

The Richmond Times-Dispatch newspaper reported Markel Eagle Partners acquired the former Circuit City office building for $12.4 million in 2011. Circuit City, formerly headquartered in Richmond, filed for bankruptcy protection in November 2008 and closed its last stores in March 2009.

RMR Group Vice President and Portfolio Manager Chris Bilotto said the property is in one of Richmond’s healthiest suburban office markets near retail and dining amenities with direct access to Interstate 64. “[This asset] underscores the target characteristics we seek for the fund,” he said.