WASHINGTON, DC—Two locally-based HFF teams arranged the sale and acquisition financing of The Oceaneering Building, a 154,000-square-foot, industrial flex manufacturing facility in Chesapeake, Va. The industrial/flex facility sold for $30 million, $21 million of which was financed by the, LCN Capital Partners. The long-term loan was placed with Goldman Sachs Mortgage Co.
The seller was the a REIT, Armada Hoffler Properties.
The Oceaneering Building was completed in 2015 as a build-to-suit office and manufacturing facility. It is fully leased on a triple net basis to Oceaneering International, a deep-water engineering and applied technology company. The building has two adjacent pad sites that can accommodate 58,000 square feet of future expansion.
Developed by Armada Hoffler, the two-story building has 86,000 square feet of office space, and 68,000 square feet of warehouse/manufacturing space.
The HFF investment sales team included Stephen Conley Dek Potts, Timothy Hall, Jim Meisel and Andrew Weir. Carl Abod led the debt placement.
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