As published in the Richmond-Times Dispatch on December 5, 2016.
The Windsor Business Park in Henrico County sold Friday for nearly $33.3 million to a Maryland-based commercial real estate owner and operator along with a local investment group.
The property, one of the largest business parks in the Richmond area, was acquired by Fernau LeBlanc Investment Partners and an affiliate of John B. Levy & Co., a Richmond based real estate investment firm.
The 341,960-square-foot park at 85508570 Magellan Parkway, is made up of six buildings on 62 acres of land. It is 97.5 percent leased. Major tenants include Bon Secours Health System, CVS Pharmacy and GPM Investments.
Cushman & Wakefield |Thalhimer’s Capital Markets Group represented the seller, GID Investment Advisors of Boston.
“GID did an outstanding job developing this project over the past 15plus years,” said Eric Robison, senior vice president with Cushman & Wakefield | Thalhimer’s Capital Markets Group.
With strong tenants and long leases in place, the property provides a good investment for the new owners, Robison said.
Rich Sullivan, vice president at GID, said he is pleased to achieve the company’s development and investment objectives with this property.
In addition to investing with the sponsor, John B. Levy & Co. was the debt adviser and placed the majority of the equity through an affiliate investment company, Pickwick Capital.
“We are excited to put our proprietary capital to use with Fernau LeBlanc in this wellleased and located property,” said Andy Little, a partner in the transaction and principal of John B. Levy & Co. “We hope to continue the fantastic relationship the former owners enjoyed with the tenants and at the same time create outsized investment returns for our partners.”