OA Development Acquires Stony Point Portfolio Office Assets In Richmond For $42.3 Million

The Stony Point Portfolio is an office asset consisting of three properties located at 8730, 9020 & 9030 Stony Point Parkway in Richmond, Virginia. The portfolio encompasses 357,251 square feet of office space and was sold for $42,300,000, translating to a price per square foot of $118. The portfolio was 92% leased at the time of the transaction, reflecting its appeal in the market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $42,300,000
• Square Footage: 357,251
• Address: 8730, 9020 & 9030 Stony Point Parkway
• Market: Richmond, VA
• Buyer: OA Development
• Seller: Highwoods Properties
• Brokers: Mark Williford, Will Bradley, Evan Wells, Jay O’Meara & Justin Parsonnet - Newmark

Newmark facilitated the sale of the Stony Point Portfolio, emphasizing the ongoing demand for high-quality office assets in growth markets. The involvement of multiple brokers highlights a collaborative effort to execute this substantial transaction.