REIT Pays $143.6M for Richmond, VA Office Asset

501 South 5th Street in Richmond via LoopNet

A subsidiary of Select Income REIT has acquired the 310,950 square foot office property at 501 South 5th Street in Richmond, VA for $143.6 million, excluding closing costs.

The seller was Foundry Park I, LLC.

The Property is leased solely to MeadWestvaco Corp under a triple net lease.

Providing views of the river and city, 501 South 5th Street in Richmond is a Class A office space that delivered in early 2010. It features floor to ceiling glass, an attached parking deck with 3 parking spaces per 1,000 SF, a full-service cafeteria and a cafe on site, according to LoopNet. Area amenities within walking distance including many hotels, restaurants, and attractions.