About Project:
Location:
733, 737, 747 Volvo Parkway, Chesapeake, VA 23320
Description:
The Volvo Parkway Portfolio 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 portfolio. 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 Parkway Portfolio consist of a total of 127,000 square feet.
- 733 Volvo Parkway – a three story medical office building.
- 737 Volvo Parkway – a 77,000 square foot Class “A” office/flex building
- 747 Volvo Parkway – a three-unit office/retail building with frontage on Volvo Parkway.
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