Marcus & Millichap arranges $28 million for 130,000 s/f single-tenant office building sale
BRISTOL, VA — Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the 130,000 s/f Alpha Natural Resources corporate headquarters in Bristol, VA. The $28 million sales price equates to $215 psf.
Preet Sabharwal and Britt Raymond in Marcus & Millichap’s Manhattan office represented the seller. The buyer is an international firm that closed all-cash in 21 days. Bryn Merrey, first vice president and regional manager in Washington, DC, is the firm’s broker of record in Virginia.
“The property is the built-to-suit, LEED-certified corporate headquarters for Alpha Natural Resources, a publicly traded metallurgical coal production company,” said Sabharwal. “Alpha Natural Resources is America’s third-largest metallurgical coal supplier.”
“The transaction is part of a market trend that is the result of a large amount of risk-tolerant capital that has entered the net-lease investment property space seeking high yields from poor balance sheets and declining corporate credit,” said Raymond. “We faced several challenges along the way, including corporate credit downgrades, declining revenue, and a suffering global coal industry.”
The four-story office building is located on 31 acres off I-81 in Bristol at One Alpha Place. The building is LEED certified and features 184 parking spaces.