Axonic Capital, Edgehill Partners Acquire Virginia Office Portfolio
Over the past three years, the former owner spent $6 million on capital improvements at the 14-building property.
Part of Interstate Corporate Center. Image via Google Street View
Axonic Capital and Edgehill Partners have acquired Interstate Corporate Center, a 342,508-square-foot, multi-tenant office complex in Norfolk, Va.
The 14-building portfolio is 77 percent leased, with approximately half of the tenants being from the health-care industry. The tenant roster includes Sentara Healthcare, Virginia Oncology Associates and the Commonwealth of Virginia, among others. The average historical tenure of these tenants is roughly 15 years.
Located at the intersection of interstates 64 and 264, the complex is adjacent to Sentara Leigh hospital. The surrounding area has several retail options, including The Gallery at Military Circle Mall, which is 2 miles from Interstate Corporate Center. Over the past three years, the complex has benefited from approximately $6 million in capital improvements. As part of the renovations, the former owner upgraded some buildings for medical use, while retaining others as medical or traditional offices. Axonic and Edgehill plan to further enhance the properties.
Following the change in ownership, Lingerfelt Commonwealth will continue to handle building management and Colliers will remain the leasing firm. In December, Lingerfelt acquired a 308,337-square-foot asset in downtown Columbus, Ohio.
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