American Real Estate Partners (AREP) has completed the sale of Riverside on the James, a 263,752-square-foot office community that is one of only four trophy properties in the central business district of Richmond, Va. Located at 1001 Haxall Point, Riverside on the James was acquired by Opal Holdings. The sales price was not disclosed.
Riverside on the James is leased to a diverse, creditworthy customer roster that has demonstrated a long-term commitment to Riverside. The asset also 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.
“It’s exciting to see Northeast capital sources take an interest in the Richmond office investment market,” said Chris Lingerfelt of JLL Capital Markets, which represented the seller. “Given Richmond’s strong economic fundamentals and a growing appetite
