RICHMOND—One of the city's oldest high-rise office buildingstraded on one of the real estate industry's newesttools—Auction.com. The MutualBuilding, a 132,434-square foot, 12-story officeconstructed in 1904, sold for $3.2 million to 909 Main, LLC anentity associated with Shamin Hotels. The buildingwas 31% leased at the time of its acquisition by a single tenantthat occupies the top floor.
Eric Robison and CatharineSpangler of Cushman & Wakefield | Thalhimer'sCapital Markets Group represented Parmenter RealtyPartners in the sale.
Despite its high vacancy rate, the Mutual Building, located at909 East Main St, in the city's CBD, has strong potential. Itoffers views of the James River and the State Capitol. It alsooffers frontage on East Main Street adjacent to SunTrust Center,which Parmenter Realty Partners owns and manages.
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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.
