Colliers International Announces Sale of Twin Oaks Office Buildings
Colliers International recently arranged the sale of Twin Oaks, a Class A office portfolio at 5700 and 5800 Lake Wright Drive in Norfolk. The two adjacent four-story buildings comprise approximately 171,000 square feet. SF Partners, a Florida-based real estate investment firm, purchased the buildings from an affiliate of Guardian Realty Investors, LLC of Bethesda, Md. for $24.9 million. The sales and marketing team was led by J. Scott Adams, president of Colliers | Virginia in association with the Colliers International leasing team of Don Crigger and Mac Weaver.
Twin Oaks is located within the Lake Wright Executive Center, a successful corporate campus adjacent to Interstate 64, at the intersection of Military Highway and Northampton Boulevard. The property is leased with prominent tenants such as Booz Allen Hamilton and Titan America, and several high-profile suites are currently available for lease.
“Twin Oaks represents the highest-end suburban office portfolio sale in our market,” stated Adams. “We were pleased to bring new capital to the market that had not invested in Hampton Roads before, and we are encouraged that this market is increasingly attractive to progressive investors considering property throughout the Mid-Atlantic and Southeast region.”