Forest Park Sells for $35M Plus

The property had been part of JP Morgan Fleming's Strategic Property Fund,said Mark DeRiemer, managing director for Jones Lang LaSalle. He said thecomplex was sold for a price between $35 million to $39 million."The fund has reached a good level of stabilization, and this property wasone that could be pared," DeRiemer said. "The property is in a good infilllocation."

The complex totals 710,000 sf and is located at the intersection ofThree Chopt Road and Forest Avenue in the northwest quadrant of Richmond.The office park is 80% leased and is home to 187 tenants, includingCapital One, Virginia Rehabilitative Services, USDA, Virginia SocialServices and HCA Healthcare.

Jones Lang LaSalle has managed and leased the property during the past 20months with the assistance of the Richmond Advantis office.The average age of the buildings is 27 years old, DeRiemer said.

He said Capital One, the main tenant, has been vacating offices at theproperty, but it's not clear whether the company will leave altogether.However, he said there's also good news for the buildings."The Altria Group Inc. is moving its headquarters offices in New York andinto an existing office building in Richmond, not too far from Forest OfficePark," DeRiemer told GlobeSt.com.

Altria is the new name for the parent company of Philip Morris, the tobaccocompany. DeRiemer said the company may have a need for satellite offices, orsuppliers may have an interest in Forest Park.

Jones Lang LaSalle was able to generateregional and local investors, said Peter Nicoletti, vice president and headof dispositions for JP Fleming."Ultimately, we selected a buyer that could underwrite the future lease-upof the park aggressively," Nicoletti said.