Saturday, November 14, 2015

HFF arranges $30 million sale of and secures $21 million acquisition financing for industrial manufacturing facility in Chesapeake, VA

The Oceaneering Building, 2155 Steppingstone Square, Chesapeake, VA

Dek Potts
WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged the $30 million sale of and secured $21 million in acquisition financing for The Oceaneering Building, a 154,000-square-foot, industrial flex manufacturing facility with Class A office space located at 2155 Steppingstone Square in Chesapeake, Virginia.

HFF marketed the property on behalf of the seller, Armada Hoffler Properties.  LCN Capital Partners purchased the asset.  Additionally, HFF worked on behalf of the new owner to place the long-term acquisition loan with Goldman Sachs Mortgage Company.  

The Oceaneering Building was completed in 2015 as a build-to-suit office and manufacturing facility that is 100 percent leased on a triple net basis to Oceaneering International, Inc., a leading deep-water engineering and applied technology company. 

The building has two adjacent pad sites – one on either side of the current structure – that can accommodate 58,000 square feet of future expansion.  Developed by the seller, the two-story building features 86,000 square feet of office space, and 68,000 square feet of warehouse/manufacturing space.

Timothy Hall
 The Oceaneering Building is less than nine miles from both Norfolk International Airport and downtown Norfolk and 14 miles from Norfolk Naval Base.  

Route 64, the 300-mile long primary connector in the region that spans from Chesapeake into West Virginia, runs directly adjacent to the property and along with Route 264, offers direct access to the greater Hampton Roads region, which stretches from James City County and Williamsburg to the Outer Banks of North Carolina.

The HFF investment sales team representing the seller was led by executive managing director Stephen Conley and senior managing directors Dek Potts, Timothy Hall, Jim Meisel and Andrew Weir.

The HFF debt placement team representing the new owner was led by managing director Cary Abod.

“The Oceaneering Building attracted significant investor interest due to the credit of the tenant and the long-term lease commitment that Armada Hoffler secured as part of the build-to-suit for this state-of-the-art facility,” Potts said.

   For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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