Glen Forest Office Building Sold for $9.3M

Cushman & Wakefield's Southeast Capital Markets Group and Cushman & Wakefield alliance member Thalhimer have represented Parkway Properties in the sale of the Glen Forest office building. The 81,208 SF office building, built in 1985, is located at 7130 Glen Forest Drive in Richmond, Va. The Lingerfelt Companies of Virginia acquired the asset on Aug. 16, 2011. The sale price was $9,300,000. The sale was completed by David Meline and Stewart Calhoun of Cushman & Wakefield of Georgia, in collaboration with Eric B. Robison and Catharine Spangler of Virginia-based Thalhimer.

"Glen Forest sits in a class A corporate park, ideally located between Richmond's central business district and Richmond International Airport, in the traditionally strong mid-Atlantic office market," said Eric B. Robison, Vice President, at Thalhimer. "The Glen Forest Building is a historically well performing asset. Interest in this opportunity was strong and bidding was competitive, indicative of a resurgent investment climate and investor confidence in the Richmond office market.

Cushman & Wakefield's Southeast Capital Markets Group is one of the most experienced and diversified investment sales teams in the southeastern US. Led by top industry executives, the Group's principals are able to leverage over 100 years of combined commercial real estate expertise and $22 billion of investment sales experience for a broad spectrum of clients and investment product types. The Southeast Capital Markets Group is comprised of three regional offices, based in Atlanta, Tampa, and Miami, with a proven track record of executing office, industrial, and retail investment sales in more than 50 markets in the seven-state Southeast region.

Thalhimer's Investment Brokerage Group is the region's leading investment sales team made up of professionals focused solely on capital markets and the sale of income producing properties in Virginia outside of the Washington, D.C. beltway and North Carolina. The team is experienced in office, industrial, retail and multi-family dispositions and has completed over $450 million in transactions since 2008.