{"id":1004288483,"date":"2018-12-27T08:05:32","date_gmt":"2018-12-27T16:05:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004288483"},"modified":"2022-12-05T02:35:40","modified_gmt":"2022-12-05T10:35:40","slug":"hertz-investment-acquires-va-asset-for-79m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hertz-investment-acquires-va-asset-for-79m\/","title":{"rendered":"Hertz Investment Acquires VA Asset for $79M"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004288489\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926501511.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004288489\" data-attachment-id=\"1004288489\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hertz-investment-acquires-va-asset-for-79m\/untitled-1-6\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg\" data-orig-size=\"1980,1485\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Untitled-1\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Dominion Tower&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg?w=1024\" class=\"wp-image-1004288489 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg 1980w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Untitled-1-e1545926530754.jpg?resize=1536,1152 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004288489\" class=\"wp-caption-text\">Dominion Tower<\/p><\/div>\n<p>Hertz Investment Group has acquired Dominion Tower, the largest property in Norfolk, Va. Hertz purchased the approximately 403,300-square-foot office building from Harbor Group International in a $79 million transaction, effectively marking its entr\u00e9e into the City of Norfolk.<\/p>\n<p>Dominion Tower last traded in 2004 for $53.3 million.<\/p>\n<p><em>\u201cTruthfully, we like everything about this building\u2014the design, the tenant mix and occupancy rate, the parking availability and just a wonderful location next to the Elizabeth River,\u201d <\/em>said&nbsp;Judah Hertz, chairman of Hertz Investment Group, in a prepared statement.<\/p>\n<p>Located at 999 Waterside Drive in downtown Norfolk in the Hampton Roads MSA, Dominion Tower is a Class A office property that first opened its doors in 1989. The 26-story property underwent a renovation in 2017 and is presently 93 percent leased to a long roster of tenants, including Bank of America, which signed a lease to relocate its headquarters to 15,400 square feet in the building in 2016. The property also features ground-level retail offerings and a 1,224-space parking facility that is one of a handful of privately-owned garages in Norfolk.<\/p>\n<p><em>\u201cWe strive to acquire best-of-class buildings, and with Dominion Tower that mission was accomplished,\u201d&nbsp;<\/em>Hertz added.<\/p>\n<h2><strong>RAPID EXPANSION<\/strong><\/h2>\n<p>Hertz&#8217;s Virginia portfolio also includes 1.4 million square feet of office space in Richmond. The company has made a flurry of acquisitions over the last five years, during which time it has doubled its holdings. The privately held real estate company\u2019s acquisitions in 2018 included the three-building, 806,541-square-foot Brookhollow Central portfolio in Houston, which <a href=\"https:\/\/www.commercialsearch.com\/news\/hertz-investment-acquires-807-ksf-houston-office-campus\/\">Hertz acquired for $70.5 million<\/a>. Hertz also entered the Maryland market with its <a href=\"https:\/\/www.commercialsearch.com\/news\/hertz-investment-snags-baltimores-wells-fargo-tower\/\">$36.8 million acquisition of Wells Fargo Tower<\/a>, a 378,010-square-foot property in Baltimore.<\/p>\n<p>Looking ahead, Hertz also expects to expand its newly established presence in Norfolk, \u201c<em>We really like the market and will be exploring additional opportunities here,\u201d <\/em>said Jim Ingram, chief investment officer of Hertz Investment Group, in prepared remarks. <em>\u201cHertz Investment Group\u2019s strategy in every market is to acquire Class A office properties in markets poised for growth.\u201d<\/em><\/p>\n<p><em>Image courtesy of Hertz Investment Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company purchased Dominion Tower, an approximately 403,300-square-foot building that is the largest office property in Norfolk, Va., from Harbor Group International. <\/p>\n","protected":false},"author":969,"featured_media":1004288543,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747],"tags":[43520,39240,36166],"class_list":["post-1004288483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","tag-dominion-tower","tag-harbor-group-international-llc","tag-hertz-investment-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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