JLL Completes Largest Portfolio Sale in Hampton Roads in 2018
Successful leasing program yields $167M from Washington, DC-based investor
Hampton Roads, VA, April 4, 2019 – JLL announces today the sale of a 1.6M square foot portfolio in Hampton Roads, Virginia. Office Properties Income Trust (Nasdaq: OPI) sold the portfolio of 16 offices and industrial properties to Washington, DC-based DSC Partners.
“We had significant interest in the opportunity from both local and out-of-town investors,” stated Jim Molloy, Executive Vice President, JLL. “The mix of office and industrial, combined with the great access along the east coast made it a very attractive opportunity in the Hampton Roads region.”
In addition to facilitating the sale of the OPI portfolio, JLL’s Hampton Roads Agency Leasing team has managed all leasing efforts for the portfolio since 2014 - successfully increasing occupancy to nearly full occupancy by the time of the sale.
“We were pleased the OPI team and JLL were able to increase the occupancy level to almost 97 percent at the time of sale,” added Deborah Stearns, Senior Vice President, JLL.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
For more information about JLL, visit https://www.us.jll.com/en/locations/mid-atlantic
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com