RICHMOND, VA-Select Income REIT has acquired the MeadWestvaco World Headquarters, a 310,950-square-foot, office building that also features a conference and training center, cafeteria, coffee shop and fitness center. HFF's Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Jess Dickinson represented the seller, NewMarket Corp., in the deal. The nine-story trophy building traded for $143.6 million, free and clear of existing debt.
The pricing was very competitive, Potts says in a prepared statement.
Select Income REIT primarily focuses on properties that are net-leased to single tenants. Approximately half of its current rents are from land it owns in Hawaii, which is leased under long-term leases to tenants, many of whom own buildings and operate their businesses. The remaining revenues come from single-tenant net-leased office and industrial properties located throughout the United States.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
