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| The Oceaneering Building, 2155 Steppingstone Square, Chesapeake, VA |
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| 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.
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| 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 | www.hfflp.com
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