Multi-Tenant Office Properties

New River Valley and Roanoke Valley Markets

Markets

  • New River Valley sub-markets - Blacksburg, Christiansburg, Fairlawn, Dublin
  • Roanoke Valley sub-markets - SW Roanoke County, Salem

Price Range

Preferred deal size $1 – $5 million.

Size

Preferably 10,000 square feet or more (minimum size somewhat dependent on distance from currently owned properties).

Construction

Single-level to mid-rise; flat or pitched roofs; individual or master-metered HVAC systems.

Age

Open. We currently own properties that range in age from five- to 100-years old.

Property Profile

We look for value-add opportunities, including low-occupancy and significant deferred maintenance issues. Special consideration given to properties with expansion potential.

Underwriting

Current valuation parameters for income-producing properties require a minimum 8% cap rate based on actual performance.

  • Higher valuation will be given to properties with net or modified gross leases as opposed to full-service.
  • For vacant or troubled operations we use replacement cost less renovation costs as base valuation.
  • Pro forma pricing accepted, not preferred.

Typical Due Diligence Deliveries

  • 3-year historical operating statements
  • Current rent roll with all lease data;
  • Current survey, title policy if available;
  • Available 3rd party reports; e.g. environmental, structural/condition report, etc.
  • All existing management, service and vendor contracts
  • If mortgage is to be assumed, copies of the Note, covenants and defeasance agreement, if any.

Closing

Typically a 60-day due diligence period, then a 30-45 day closing period.

Brokerage Fees

Seller responsible for commissions by prior agreement with broker.

Submissions

Please send information for acquisitions to acquisitions@parkrealty.com (PDF files preferred), or call Jared Alcorn at 540-808-4745.

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Our Affiliates

The Blacksburg Partnership Boma International International Council of Shopping Centers Montgomery County Chamber of Commerce New River Valley Economic Development Alliance

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