Northmarq investment sales broker Asher Wenig completed the sale of a Class A office building located at 1741 Corporate Landing Parkway in Virginia Beach, Virginia. The 45,061-square-foot office is fully leased to Groundworks, the nation’s leading and fastest-growing foundation and water management solutions company. Asher Wenig represented the buyer, a family office based in New Jersey, who purchased the Groundworks headquarters for approximately $8.7 million without financing. The seller was a private equity firm located in Charlotte, North Carolina.
“In this market, cash is king,” said Wenig. “We were successful in negotiating a healthy yield for our client who also has the upside of bifurcating the parcel to develop a mirrored building in a strong and growing market.”
The three-story office building was built in 2008 and is situated on 14.03 acres. Groundworks operates over 64 offices and has been named multiple times to the Inc. 5000 Fastest Growing Companies, Qualified Remodeler Top 500, BBB integrity award and Best Places to Work. The site is conveniently located on Corporate Landing Parkway, just off Dam Neck Road, and neighbors various service retailers and corporate offices.