Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Stony Point II, a 50,237-square-foot office building in the historic Bon Air area of Richmond, Virginia.
HFF marketed the property on behalf of the seller, a partnership affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management, and procured the buyer, Select Income REIT. The property was purchased free and clear of debt and is now managed by The RMR Group.
Located at 9201 Forest Hill Avenue, Stony Point II is less than 10 miles from downtown Richmond in the Stony Point II/Huguenot submarket of Richmond. The 6.036-acre site is surrounded by high-end residential neighborhoods and has a full array of retail amenities nearby, including Stony Point Shopping Center and Stony Point Fashion Park. The multi-story property is fully leased to Universal Leaf on a long-term basis.
The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, director Scot Humphrey and associate director Chris Lingerfelt.
“Stony Point II was competitively pursued by a deep pool of capital and offers stable long-term cash flow backed by strong credit,” Lingerfelt said.
“The Richmond market continues to be perceived favorably by institutional investors who recognize the region’s strong fundamentals and growing economic base,” added Humphrey.
About Banyan Street Capital
Banyan Street Capital is a private equity firm focused on acquiring and managing office properties directly or in joint ventures with institutional capital partners. With a concentrated presence in the Eastern United States, the company capitalizes on the team’s experience and expertise to remain at the forefront of today’s emerging economic growth and investment strategies. Banyan Street Capital’s mission is to implement strategies that add value and deliver high risk-adjusted returns to its investors. More information about Banyan Street Capital is available at www.banyanstreet.com.
About Oaktree Capital Management
Oaktree is a leader among global investment managers specializing in alternative investments, with $98 billion in assets under management as of September 30, 2016. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
About Select Income REIT
Select Income REIT (SIR) is a real estate investment trust, or REIT, which owns properties that are primarily net leased to single tenants. SIR is managed by the operating subsidiary of The RMR Group, Inc., an alternative asset management company that is headquartered in Newton, Massachusetts.
About The RMR Group
The RMR Group is an alternative asset management company that was founded in 1986 to invest in real estate and manage real estate related businesses. RMR's business primarily consists of providing management services to four publicly owned real estate investment trusts, or REITs, and three real estate operating companies. As of September 30, 2016, RMR had $23.8 billion of real estate assets under management, including more than 1,350 properties.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
