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Colliers International Announces Sale of Twin Oaks Office Buildings in Norfolk for $24.9 Million

Colliers International recently arranged the sale of Twin Oaks, a Class A office portfolio at 5700 and 5800 Lake Wright Drive in Norfolk. The two adjacent four-story buildings comprise approximately 171,000 square feet. SF Partners, a Florida-based real estate investment firm, purchased the buildings from an affiliate of Guardian Realty Investors, LLC of Bethesda, Md.  The sale price was $24.9 million. The sales and marketing team was led by J. Scott Adams, president of Colliers | Virginia in association with the Colliers International leasing team of Don Crigger and Mac Weaver. 

Twin Oaks is located within the Lake Wright Executive Center, a successful corporate campus adjacent to Interstate 64, at the intersection of Military Highway and Northampton Boulevard.  The property is well leased with prominent tenants including Booz Allen Hamilton and Titan America, and several high-profile suites currently available for lease.

“Twin Oaks represents the highest-end suburban office portfolio sale in our market,” stated Adams. “We were pleased to bring new capital to the market that had not invested in Hampton Roads before, and we are encouraged that this market is increasingly attractive to progressive investors considering property throughout the Mid-Atlantic and Southeast region.”

Daniel Stuzin, president of SF Partners, added “Twin Oaks fit right in with our strategy of acquiring high quality cash flowing assets at reasonable valuations.  We see the Hampton Roads market as very stable and offering a lot of commercial opportunity.”

Guardian Realty Investors, LLC is a privately held, vertically integrated real estate firm. Established in 1966, Guardian is one of the premier real estate firms in the Washington DC Metropolitan Area. Its capabilities encompass development, construction, acquisition, asset management, leasing, property management and maintenance. Guardian Realty Investors, LLC currently owns approximately three million square feet of commercial office properties, and has developed over 1,000 apartment units and more than 1,800 residential lots. Guardian is an owner operator, and via its affiliate Guardian Realty Management, Inc., manages and oversees leasing for its portfolio of 37 properties.