Premier Acquires Office Park

In July 2017 Premier acquired the 8.5 acre, 68,000 sf office park known as Cloverleaf Office Park, a six building campus located in Richmond (Midlothian) Virginia.  At the time of purchase, Cloverleaf was 70% occupied, mostly by a mix of small professional and service firms.  Premier was able to acquire the property at an especially attractive price, and will promptly undertake a re-branding and cosmetic refresh.  This acquisition brings Premier’s presence in Richmond to 550,000 sf of office, retail, and medical real estate.

Premier acquired Cloverleaf from the Hamilton Real Estate Fund.  Acquisition debt was provided by Symetra, a west coast life insurance company.  Mortgage brokerage services were provided by Keith Wells at Northmarq.  Jason Guillot with Thalhimer represented the Seller.  Equity was provided by a small group of private investors led by Jonathan Cutler, president of Premier.

Property management will be handled by Premier Management Services, L.C.  Premier Management is an Accredited Management Organization (AMO) under auspices of the Institute of Real Estate Management and manages commercial real estate throughout the Mid-Atlantic region.