• Premier Tech Center - 2810 N Parham Rd, Richmond, VA 23294

For Sale

Office

For Sale

This property is available for sale
3.31
Acres
Negotiable
Sale Price
  • Overview

    Colliers International is pleased to present a rare mark to market value-add office opportunity in Richmond's leading I-64 Corridor. Premier Tech Center ("PTC") is a three-story, 144,390 square foot, Class B+ office building located at the I-64 and Parham Road interchange, making it highly accessible and centrally located in Richmond's prominent west end residential and commercial markets.


    PTC's tenancy boasts a variety of household names such as Fifth Third Bank, University of Virginia (UVA), Virginia Polytechnic Institute and State University (Virginia Tech), Conduent (formerly a part of Xerox) and the United States of America (GSA). In total, the tenant roster consists of over 61% credit and national/global tenancy, providing for superior cash flow stability. 


    PTC presents investors substantial upside through a clear mark-to-market opportunity given the well below market weighted average in-place rents of only $16.11 per square foot versus market rent of $17.50. With an average WALT of 3.7 years, the tenancy expirations provide for orderly, near-term opportunities to significantly increase the asset's cash flows and value. 

    Diverse national, global and credit tenant mix comprises 61% of the rent roll.
    Stable cash flow with mark to market upside opportunity of 8.6%.
    Easily accessible and heavily amenitized sub-market.
    Covered parking field with the ability to expand up to 5.5/1,000 parking ratio.
    Dominant I-64 corridor locaion less than 0.25 miles from the I-64/Parham Road interchange.

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Property Details

Colliers International is pleased to present a rare mark to market value-add office opportunity in Richmond's leading I-64 Corridor. Premier Tech Center ("PTC") is a three-story, 144,390 square foot, Class B+ office building located at the I-64 and Parham Road interchange, making it highly accessible and centrally located in Richmond's prominent west end residential and commercial markets.


PTC's tenancy boasts a variety of household names such as Fifth Third Bank, University of Virginia (UVA), Virginia Polytechnic Institute and State University (Virginia Tech), Conduent (formerly a part of Xerox) and the United States of America (GSA). In total, the tenant roster consists of over 61% credit and national/global tenancy, providing for superior cash flow stability. 


PTC presents investors substantial upside through a clear mark-to-market opportunity given the well below market weighted average in-place rents of only $16.11 per square foot versus market rent of $17.50. With an average WALT of 3.7 years, the tenancy expirations provide for orderly, near-term opportunities to significantly increase the asset's cash flows and value. 

Diverse national, global and credit tenant mix comprises 61% of the rent roll.
Stable cash flow with mark to market upside opportunity of 8.6%.
Easily accessible and heavily amenitized sub-market.
Covered parking field with the ability to expand up to 5.5/1,000 parking ratio.
Dominant I-64 corridor locaion less than 0.25 miles from the I-64/Parham Road interchange.

  • Property Type
    Office
  • Submarket
  • Total Acres
    3.31
  • Number of Floors
    3
  • Building Class
    B
  • Last updated
    May 14, 2020
  • Property ID
    2141797

Landlord's Sales Representatives

  • Mark Williford
    Colliers | Richmond - North
     
  • Will Bradley
    Colliers | Richmond - North