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Richmond Suburban Office Complex

Investment Highlights:

  • Investment Grade Tenancy with Long Term InPlace Cash Flow
  • Additional LeaseUp / Value-Add Opportunity
  • Optionality / Potential Resale
  • Location / Desirable Submarket
  • Quality Improvements / Generous Parking
  • Limited Rollover

CBRE Capital Markets and RealINSIGHT Marketplace are pleased to present the sale of Citizens Bank Office Park (the “Property” or “Park”), a 164,163 square foot, dual-building office complex located in Glen Allen, VA, just 12 miles north of Richmond. This sale presents investors with the opportunity to acquire a Class A office complex anchored by Citizens Bank, who recently signed a 12-year NNN lease renewal through February 2031 to occupy 100% of 10561 Telegraph Road (117,142 SF). Citizens Bank N.A. benefits from its investment grade credit rating and is the 22nd largest bank in the United States.

Constructed in 2001, the two building complex sits on Telegraph Road and is strategically positioned adjacent to and visible from Interstate 95, offering tenants convenient north/south access to the region’s main thoroughfares. The buildings are situated in the Glen Allen suburb of Richmond, on 17.64 total acres (including an additional building site located on approximately 3.3 acres). The Park is located within the Virginia Center Regional retail market and is directly across the street from the Virginia Center Commons Mall, offering tenants a wide variety of shopping and dining amenities.

Citizens Bank Office Park is currently 89% occupied by 8 tenants. 10561 Telegraph Road is a four-story, single tenant office building with 117,142 square feet of rentable area (100% leased to Citizens Bank). The second building, 10571 Telegraph Road, consists of a 2-story, multi-tenant office building with 47,021 square feet of rentable area that is currently 62% occupied, offering investors the opportunity to add-value through lease up the remaining vacant space.

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Citizens Bank Office Park-Financing

All investors who are interested in engaging CBRE Debt & Structured Finance (“CBRE”) and CW Capital Markets (“CW”) (collectively “CBRE/CW”), a financial intermediary, to assist in arranging financing for the property should contact Jason Gaccione at CBRE (; (212) 895-0906).

Throughout the marketing period, CBRE will provide investors with real-time debt quotes from various capital sources. It is to the investor’s benefit to contact Jason Gaccione early in the process to discuss available lending terms, along with the advantages of engaging CBRE/CW on the financing versus completing an all-cash acquisition.

Benefits of Engaging CBRE/CW In Arranging Financing Include:

  • Transparency: Continued transparency in the debt capital markets for the subject opportunity based on real-time conversations CBRE is having with lenders
  • Access to Property: Lender will have access to the property, post-contract, to complete their diligence prior to closing
  • Financing In-Place: Allows the investor to close with financing in place

Note: Benefits referenced above will only be made available to investors who engage CBRE/CW prior to the auction start date. It is recommended that investors contact CBRE early in the process.

CBRE Capital Markets: Debt & Structured Finance

CBRE Capital Markets combines property sales, financing and investment banking for all property types in a cohesive, cross-disciplinary service offering. They leverage global scale and hyperlocal acumen to execute every type of CRE transaction.

Debt and Structured Finance unlocks a global ecosystem of lenders and capital sources for debt and equity financing for all property types on the best terms:

  • Permanent Financing
  • Bridge Loans
  • Mezzanine Debt
  • Construction Financing
  • Joint Venture Equity
  • Loan Sale Advisory
  • Loan Servicing

Jason Gaccione, Executive Vice President, has a 17-year commercial real estate career at CBRE, active in all areas of real estate finance. His expertise lies in origination, structuring, and negotiating complex transactions. He has executed in excess of 200 transactions totaling more than $7 billion in volume throughout the United States, with a strong focus on the east coast. Jason graduated with a BS from Cornell University and a MS in Real Estate from NYU.

Key Takeaways:

  • The CBRE DSF team will evaluate the full array of financing solutions to deliver the best terms and execution available.
  • As your advisor/broker, we will do all the work, allowing you to focus on making key decisions that will help realize your business plan.
  • Running a full marketing process will result in interest savings that will more than absorb our advisory fee.
  • CBRE is the #1 capital markets advisory firm in the U.S., leading the market in sales volume and loan originations.
  • CBRE is the largest commercial real estate services firm in the world and is publicly traded on the New York Stock Exchange under the ticker symbol CBRE. The firm has a current market cap of $13.5 billion.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Citizens Bank Office Park

10561 and 10571 Telegraph Road, Glen Allen, VA 23059


Asset Snapshot

  • Asset Type
  • Real Estate
  • Land Area
  • 17.65 Acres
  • Year Built
  • 2001
  • Number of Floors
  • 4 & 2
  • Number of Buildings
  • 2
  • Parking Count
  • 818
  • Occupancy
  • 89.00%
  • Occupancy as of
  • Jul 31, 2018
  • Office Type
  • Suburban Office
  • Property Size
  • 164,163 Sq Ft
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Cooperating Broker Fee Available!

    Cooperating brokers may be eligible for a 0.50% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.

  • Auctioneer

    1. Lamar P. Fisher

      Fisher Auction Company Inc.

      License: #2907003627