Colliers announces sale of 52,056 s/f Crossways Commerce Center IV in Chesapeake, Virginia
CHESAPEAKE, VA — Colliers announced the sale of Crossways Commerce Center IV, at 1408 Stephanie Way in the Greenbrier submarket of Chesapeake. The property was sold by DSC Partners to The Runnymede Corporation.
The multi-tenant building, built in 1998 on a 3.99-acre site, comprises 52,056 s/f and was 100% leased at the time of the sale. The building is anchored by Leidos, a Fortune 500 information technology, engineering, and science solutions and services company headquartered in Reston. Leidos currently occupies 91% of the building with the balance of the building leased to 7-Eleven for its regional corporate office.
“Runnymede is pleased to acquire this institutionally maintained asset in the growing Greenbrier submarket,” said Donald Frederick, vice president and CEO of The Runnymede Corporation. “Hampton Roads’ reliance on the defense sector together with the long-term history of Leidos in the building fit Runnymede’s investment criteria. This well-located asset just blocks from the blooming Dollar Tree corporate campus adds synergy to Runnymede holdings in the park. We value our relationship with Colliers and want to thank Scott, Perry, Michael and the entire Colliers team for making this transaction smooth from start to finish.”
J. Scott Adams, president of Colliers Virginia & Raleigh, NC, and Michael Ettel, senior associate with the Colliers Capital Market Advisory team, represented the seller in the transaction in association with Perry Frazer, Pat Mugler and Ricky Anderson with Colliers.
In other news, Colliers International Group Inc. announced it has been appointed as the leasing agent for two warehouse buildings and a flex business center in Upper Marlboro’s Collington Trade Center. A Colliers team of senior vice presidents Tom Gentner, Brian Watts and Brian Siegel and vice president Jason Sullivan were selected by the owner to handle the 576,356 s/f assignment.
The Collington Trade Center is one of Maryland’s premier office and industrial parks. The property is home to 15800 & 15850 Commerce Court, two class A warehouse/distribution buildings and the Collington Business Center, a four building complex of flex/warehouse space. The warehouse buildings feature 24’ clear height, 40’ x 40’ column spacing, plenty of parking, docking spaces and new LED lighting on motion sensors. The complex features redesigned entrances and facades including canopies, entry doors,signage, a renovated on-site cafe and convenience store and new roofs.