By IvyLee Rosario
A joint venture between Dominion Realty Partners and Blue Vista Capital Management has acquired Synergy Business Park, an office park located in the St. Andrews submarket of Columbia, S.C., for $24.3 million. Cushman & Wakefield’s Managing Director Rob Cochran, Director Jared Londry and Associate Nolan Ashton represented the seller.
Located at 121 Executive Center Drive, the property features four buildings totaling 315,919 square feet. Dominion plans to implement a significant capital improvements plan to renovate and enhance the overall look and marketing of the assets. The buildings range from 51,000 to 71,580 square feet across two to three stories. The property is 78 percent occupied and situated within close proximity to interstates 26 and 20. According to Yardi Matrix, the last known owner was The RMR Group, which purchased three of four properties in 2010 from Equity Commonwealth. The first asset was bought in 2006 from Harbor Group International. Current tenants include Navitas Credit Corp., South Carolina Board of Nursing, American Foundation for the Blind and The Risk Authority Stanford.
Continued market growth
This purchase marks the 18th property in Dominion’s office portfolio across North Carolina, South Carolina and Virginia.
“DRP’s investment in Columbia extends the geography of its value-add office acquisition strategy, adding to other recent acquisitions across the region in Raleigh, Richmond, Durham, and Greenville,” Beau McIntosh, partner at DRP, said in a prepared statement.
In March, Dominion signed FNB Corp. to serve as the anchor tenant at FNB Tower-Charlotte, a new 31-story, mixed-use tower development. The building will include 160,000 square feet of Class A office space, 215 luxury units and street-level retail space.
Image courtesy of DRP