About Project:
Location:
1210, 1214, 1224, 1226, 1228 Progressive Drive, Chesapeake, VA 23320
Description:
The Volvo Office Park was an acquisition and repositioning project undertaken by the Ashby Development Team. Previously held by a long-standing ownership group, we initiated contact with an offer to purchase the project. After navigating negotiations, we successfully secured the property under contract and completed the acquisition. Our acquisition team’s market research and local expertise identified strong performance in Chesapeake, Virginia’s Greenbrier office market, with limited new suburban office developments projected. This trend indicated promising potential for higher rental rates and lower vacancy levels moving forward.
After acquisitioning our team has completed a capital improvement plan to the portfolio and our partners at NAI Dominion handling the leasing have increased occupancy with quality tenants and has repositioned the portfolio to an over performing asset.
The Volvo Office Park project consist of 52,000 square feet.
- 1210 Progressive Drive – Two Story 10,000 square feet
- 1214 Progressive Drive – Two Story 10,000 square feet
- 1224 Progressive Drive – One Story 12,000 square feet
- 1226 Progressive Drive – Two Story 10,000 square feet
- 1228 Progressive Drive – Two Story 10,000 square feet
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