Case Studies

Devon Portfolio

Richmond, VA | 1,930,856 sq. ft.

Triad Commercial brokered the sale of Devon USA’s 1,930,856 SF Class A industrial portfolio in Richmond, Virginia to Weingarten Real Estate Investment Trust (NYSE: WRI) for $138 million. The Devon Portfolio was the premier industrial portfolio in the Central Virginia industrial market, with properties including Enterchange at Walthall, Enterchange at Meadowville, Interport and Northlake business parks. Devon chose to pursue a cash transaction after thorough examination of a potential UPREIT transaction. The final deal structure involved a complex series of master leases and accommodated ongoing involvement by the seller as a service provider to Weingarten.