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VIRGINIA BEACH, VA-Pembroke Office Park, a six-building, 12.4-acre business complex in the booming Pembroke region has been sold by Birmingham, AL’s Virginia Beach Associates LP for $15.4 million. The buyer is Pembroke Office Park LLC, a partnership involving principals of Great Atlantic Real Estate/Property Management Company. Real estate owner and manager Great Atlantic is planning a $500,000-upgrade to the property and will relocate its headquarters to a 10,000-sf area at Pembroke by year’s end.

Located at the intersection of Virginia Beach Boulevard and Independence Boulevard, Pembroke Office Park has made its home in the city’s central business district since 1971. Virginia Beach Associates acquired the park 18 years ago for $18.25 million .The partnership came close to losing the property in 1997 when it filed for protection under Chapter 11 of the bankruptcy code, but managed to hold onto the park despite the financial troubles. Today, Pembroke has an assessed value of $13 million and tenants occupy all but 4.5% of its 329,000 sf of office space. Leasing fees in the park range from $13 to $13.50 per sf.

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