Hertz Investment Group Enters Norfolk Real Estate Market with Purchase of Dominion Tower

Dominion Tower, 999 Waterside Drive
Woodland Hills, CA

 WOODLAND HILLS, CA – Hertz Investment Group has entered the Norfolk, Virginia, commercial real estate market in a big way with the acquisition of Dominion Tower, the largest property in the city.

Judah Hertz

The 26-story, 341-foot tall structure includes 403,276 square feet of Class A office space with an average of 15,800 square feet per floor.

Built in 1989 and remodeled last year, Dominion Tower offers one of the few privately-owned garages in the city, with parking available for 1,224 vehicles.

Located in the city’s Central Business District at 999 Waterside Drive, Dominion Tower offers an unparalleled view of the waterfront and is located near the Waterside District entertainment destination.

Hertz Investment Group acquired the property for $79 million.

“Dominion Tower is one of the most iconic properties in the Norfolk skyline, and Hertz Investment Group is proud to include it in our portfolio of properties,” said Judah Hertz, chairman of Hertz Investment Group.

Jim Ingram

 “Truthfully, we like everything about this building – the design, the tenant mix and occupancy rate, the parking availability and just a wonderful location next to the Elizabeth River. We strive to acquire best-of-class buildings, and with Dominion Tower that mission was accomplished.”

The building is 93 percent leased, and the diverse tenant base includes Bank of America (whose signage is on top of the property), Merrill Lynch, Wells Fargo, Williams Mullen law firm, Harbor Group real estate investments, defense contractor CACI and digital marketer Trader Interactive.

The property also has a café, fitness center, full service restaurant, wine shop and conference center.

Norfolk marks Hertz Investment Group’s second market in Virginia, as it owns and manages six properties in Richmond totaling 1.4 million square feet.

Hertz Investment Group’s portfolio includes 72 properties totaling more than 22 million square feet in 24 cities in 18 states. The privately-held company has actively been acquiring properties, more than doubling its portfolio in the last five years.

It has also entered the Fort Worth, Houston, Baltimore and Las Vegas markets in the past year.

Norfolk is part of the Hampton Roads MSA (metropolitan statistical area), the second largest in the state. Hampton Roads also includes Newport News, Virginia Beach and Williamsburg. The population for the area is more than 1.7 million, representing a 10 percent growth since 2000. 

“We really like the market and will be exploring additional opportunities here,” said Jim Ingram, Chief Investment Officer.

“Hertz Investment Group’s strategy in every market is to acquire Class A office properties in markets poised for growth.”

Contact

Jim Ingram

601-974-8138 

  jingram@hertzgroup.com

http://www.hertzgroup.com.