The capital markets teams from Cushman & Wakefield | Thalhimer and Cushman & Wakefield in Washington, D.C. represented the sellers, DSC Partners, and Iron Point Partners, both out of Washington, D.C., in the sale of an industrial/flex portfolio located in Chesapeake, Virginia, part of the Norfolk, VA MSA.
The five-building portfolio, on four parcels, comprises 508,814 square feet, including warehouse space, laboratory space, and open office space. An additional ±2.59-acre parcel provides additional parking. The portfolio is currently 84% occupied by a diverse roster of 37 tenants. With immediate access to Interstate 64, it is ideally connected to the port and nearby military bases and shipyards.
Buildings included in the portfolio:
- Battlefield Corporate Center, 535 Independence Pkwy. | 96,720 square feet
- Greenbrier Technology Center I, 814 Greenbrier Circle | 97,194 square feet
- Greenbrier Technology Center II, 816 Greenbrier Circle | 82,229 square feet
- Greenbrier Circle Corporate Center
- 825 Greenbrier Circle, 126,874 square feet
- 1801 Sara Drive, 105,797 square feet
Heritage Capital Group LLC, out of Ridgewood, New Jersey, acquired the portfolio on February 6, 2025, for $45 million. Eric Robison and Bo McKown of Thalhimer’s Capital Markets Group, and Eric Berkman and Kevin Sidney with Cushman & Wakefield’s Capital Markets team in Washington, D.C., represented the seller. Financing was sourced from Cushman & Wakefield’s debt team, Michael Zelin, Marshall Scallan and Ryan McMahon.
About Cushman & Wakefield | Thalhimer
Thalhimer was founded in 1913 and currently has offices in Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, Charlottesville, and Lynchburg, Virginia. The company has nearly 100 broker professionals and employs approximately 530 associates. Thalhimer represents, on behalf of its clients, a property portfolio of 54 million leasable square feet, management of more than 28 million square feet of commercial property, and nearly 12,000 multifamily units. In 2024, Thalhimer completed over 1,800 transactions with a transactional volume of more than $1.96 billion. Thalhimer is the region’s leading provider of comprehensive commercial real estate services, including corporate services, investment sales, tenant representation, project management, asset management, and the sale and leasing of office, industrial and retail properties.
Thalhimer’s Capital Markets 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 throughout Virginia. The team is experienced in office, industrial, retail and multi-family dispositions and since 2012 has completed 424 transactions totaling over $6.2 billion and over 66 million square feet.
To learn more, visit www.thalhimer.com.
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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
