HAMPTON, VA. — White Marsh, Md.-based CSG Partners has acquired the 135,000-square-foot Executive Tower and the 72,000-square-foot Pinewood Plaza from Asset Capital Corp. for $20.7 million. The properties are located near Pennsylvania Town Center in Hampton’s Coliseum Central Business District. CB Richard Ellis’ J. Scott Adams represented the seller.
CSG Partners had previously focused on buying office, flex and industrial properties in the Mid-Atlantic region. The two office purchases represent the company’s first acquisitions in the Hampton Roads region. “We intend to remain active players in the Hampton marketplace,” Alan C. Grabush of CSG Partners says in a statement. “CSG is encouraged by the new energy we see occurring in the Coliseum Central portion of the city.”
CSG purchased the eight-story Executive Tower for $13.3 million. The building is 81 percent leased and houses the tenants General Dynamics, Gibbs & Cox and ARINC. The property features a café, a conference room and retail space. Renovations to the main lobby and elevator lobbies, the bathrooms and other common areas are planned. Pinewood Plaza, which stands at four stories and is 91 percent leased, was sold for $7.4 million. Tenants, who benefit from an on-site fitness center, include GSH Real Estate, the city of Hampton and Northrop Grumman.