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Colliers Announces Sale of Liberty Commons in Newport News for $3.25 Million

NEWPORT NEWS, Va. – November 29, 2021 – Colliers is pleased to announce the sale of Liberty Commons from LC Offices, LLC to YSJ, LLC for $3.25 million. The property, located at 12695 McManus Blvd, Newport News, Va., includes seven free-standing medical office buildings totaling 25,356 square feet on 3.53 acres.

Built in 1989 and periodically renovated, Liberty Commons offers an attractive natural setting surrounding a pond and quality medical office space at reasonable lease rates. The free-surface parking and location next to Bon Secours Mary Immaculate Hospital make the office park very appealing to a host of medical and healthcare-related users. Additionally, the property offers easy access to I-64 via Jefferson Ave.

Liberty Commons is located in a Qualified Opportunity Zone, which offers tax incentives to businesses and investors who operate there. The office park is currently 92% leased to a total of nine tenants.

Jeff Parker, senior vice president, and Brian Davidson, senior associate, with Colliers represented the seller in the transaction.

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Jeff Parker

Senior Vice President

Norfolk - Main

Jeff Parker, CCIM, is a Senior Vice President in the Norfolk office of Colliers International. Jeff is a Hampton Roads native and has over 22 years of experience in commercial real estate as a broker, national retailer, manager, and principal. Jeff started his career in the Norfolk office of CBRE specializing in investment sales and leasing. Mr. Parker transitioned to Dollar Tree Inc./ Family Dollar as real estate portfolio manager where he handled lease restructuring and portfolio improvement for over 1,200 stores and received a hands-on education from one of the most prominent international retailers. He then transitioned to Director of Leasing for a Virginia based REIT where his team consistently exceeded industry average rent spreads increasing value for a portfolio of 60 shopping centers with over 5.5 million square feet in 12 states.

Jeff returned to his former CBRE office, now Colliers International, after the acquisition of the Virginia offices. Jeff leads his own investment properties brokerage team, and since his return has completed many notable investment sales and leases.

Jeff is a seasoned and trusted advisor who has a comprehensive understanding of multiple asset classes which allows him to consistently create and preserve value for his clients.

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Brian Davidson

Assistant Vice President

Norfolk - Main

After graduating from the University of Virginia in 2016, Brian Davidson quickly became an integral part of the brokerage team representing owners and occupiers of office and industrial properties. Since 2016, Brian has negotiated over 400 transactions valued at over $200 million. Clients have included defense contractors, REITS, national corporations, medical practices and local businesses and developers. A lifelong area native, Brian has a wellfounded knowledge of the local market and has relationships with many local firms and business leaders. With support from his entire Colliers team, Brian provides the following services to his clients with a strong emphasis on teamwork, communication, and the highest level of customer service:
• Market Evaluation
• Lease Renewal vs Relocation Analysis
• Lease/Purchase Agreement Negotiation Support
• Workplace Strategy

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