HAMPTON, VA — Rockford Capital Partners announced the acquisition of 400 Butler Farm Rd., an institutionally owned office building located in Hampton. Rockford Capital acquired the property on behalf of its affiliated value-add investment vehicle, Rockford Real Estate Fund IV (Rockford Fund IV). This marks the first acquisition for the recently-launched Rockford Fund IV. The seller, an affiliate of Lexington Realty Trust, was represented by J. Scott Adams of CBRE Hampton Roads in the transaction.
400 Butler Farm Rd is a single-story, 100,632 s/f building that is currently 100% leased. The building is occupied by a division of Wisconsin Physicians Service Insurance Corporation.
“The Butler Farm Rd. transaction provides Rockford Fund IV with excellent in-place yield coupled with long-term upside potential,” said Doug Motley, principal of Wilmington-based Rockford Capital. “This investment is consistent with our approach of acquiring high-quality, well-located office assets in submarkets with limited supply and positive business activity.”