Atlanta firm buys three-property portfolio from Highwoods Properties
By Scott Crue with
CoStar AI
CoStar Research
February 26, 2026 | 6:13 P.M.
An Atlanta firm has acquired a three-building office park in Richmond, Virginia, for its first investment in the market.
OA Development paid $42.3 million for 8730, 9020 and 9030 Stony Point Parkway, three mid-rise buildings that together total 357,345 square feet. The deal with the seller, Highwoods Properties, came out to nearly $120 per square foot.
OA had been targeting Richmond for some time because of the market’s strong fundamentals, CoStar confirmed. Virginia’s capital region is seeing above-average net absorption — meaning more space
is being occupied versus vacated — positive rent growth and vacancies well below the national average, driven by strong demand and slowing construction, according to CoStar’s latest market report.
The deal is the second in the past six months for OA, which paid more than $50 million to acquire an office building in Atlanta late last year.
The Richmond portfolio was 92% leased at the time of sale, with a weighted-average lease term of 3 1/2 years and a weighted-average tenant tenure of 13.8 years. The tenant roster includes container shipping company Ocean Network Express, wholesale distributor Ryan Turner Specialty, United Healthcare, Fulton Bank and Shady Grove Fertility, according to CoStar data.
“This transaction highlights the ongoing demand for high-quality, well-leased office assets in growth markets with limited supply,” Mark Williford of Newmark said in a release. “Stony Point’s durable tenancy, performance, and location make it an exceptional long-term investment opportunity.”
The properties are strategically positioned adjacent to Richmond’s beltway, offering access to the broader metropolitan area.
Highwood confirmed the sale of what it called non-core office buildings in the company’s fourth-quarter earnings report.
For the record
Mark Williford, Will Bradley, Evan Wells, Jay O’Meara, Justin Parsonnet and Ryan Reethof of Newmark represented Highwoods Properties in the sale.