Local real estate lawyer buys Interstate Business Park for $ 7.7 million
Nestled between highways 95, 64 and 195, the aptly named Interstate Business Park has a new owner behind the wheel.
The two-building complex at 3601 Saunders Ave. sold at the end of last month for $ 7.7 million.
City real estate records show the buyer was Barry Wilton, a local real estate attorney at Parker, Pollard, Wilton & Peaden who has also been interested in real estate development over the years.
The seller was real estate investment company Fernau LeBlanc, which bought the park as part of a portfolio transaction for $ 4.8 million in 2018. Blair Fernau, a partner at Fernau LeBlanc, said in the years that followed the move to over 90 percent leased, which motivated them to sell.
“Over the past three years, we’ve leased vacant spaces, renewed most existing leases, improved landscaping and replaced roofs,” Fernau said in an email. “There wasn’t much more we could do to add value at this point.”
The park, built in the mid-1980s, consists of two 32,000 square foot flexible industrial buildings on approximately 6 acres. Tenants include rooftop chimney sweeps and the Virginia State Police Security Division.
The sale ended on April 29. The plot was recently valued by the city at $ 4.7 million.
Wilton was not available for comment at press time, but Fernau said he understands Wilton’s intentions are to own the property.
Fernau LeBlanc is still present in the Richmond area following the sale. The company still owns Windsor Business Park in Henrico, which it bought for $ 33 million in 2016.
Fernau said his company is also preparing to unload another of its local holdings at the Interchange Enterprise Center at 3850 Gaskins Road.
“We will sell (the Interchange Corporate Center) once the rent stabilizes,” Fernau said. “It will be an opportunity for a small user who wants to own his own building.”
The company also partnered with Henrico-based John B. Levy & Co. last fall to purchase a business park in the home state of Fernau LeBlanc, Md., For $ 30 million. .