AREP sells Class-A office asset in Richmond

AREP sells Class-A office asset in Richmond
Riverside on the James Aerial

American Real Estate Partners (AREP) has sold Riverside on the James, a 263,752-square-foot Class-A office asset in Richmond, Virginia to Opal Holdings.

Located at 1001 Haxall Point, Riverside on the James is one of only four trophy properties in the Central Business District of Richmond.

“Our success in raising the occupancy of Riverside on the James from 82% at acquisition to 95% as well as expanding and extending two of the building’s long term, credit-worthy tenants multiple times exemplifies the quality of the asset, AREP’s customer-first platform and its demonstrated ability to go beyond the expected when elevating experiences for tenants, associates and visitors. We have been excited to be a part of the Richmond community for the past decade and pleased to pass the stewardship of this trophy asset to the team at Opal,” said Brian Katz, co-founder and President of AREP.

Riverside on the James features views of the James River, an attached six-level parking deck, an onsite fitness center and contemporary interior design, amid surroundings that include a robust amenity base of more than 100 restaurants, eight hotels, more than 200 residential units and 630,000 square feet of retail space.

The Class-A office asset in Richmond benefits from access to the region’s primary economic drivers, including numerous Fortune 500 headquarters, The Federal Reserve Bank of Richmond, the Virginia State Capitol and the Virginia Commonwealth University Medical Center.

The JLL Capital Markets team representing the seller was led by Chris Lingerfelt, Ryan Clutter and Stephen Conley.

“It’s exciting to see Northeast capital sources take an interest in the Richmond office investment market,” said Lingerfelt. “Given Richmond’s strong economic fundamentals and a growing appetite to place capital in the Southeast, we anticipate this trend to continue for years to come.”

Riverside on the James is one of the first properties in Richmond to receive the UL Industries Verified Healthy Building Mark for Indoor Air as well as the WELL Health & Safety Rating. AREP was one of the first companies in the US to achieve the UL verification and WELL Health & Safety Rating portfolio-wide.