Marsh Landing

Virginia Beach, VA

Robinson Development Group partnered with PHLLC in December, 1999 to acquire this single, three-story office building at a bankruptcy auction. Bank of America provided the acquisition loan for the $3,775,000 purchase. After the previous owner-occupant vacated the 61,956 SF facility, RDG spent $1,750,000 to upgrade common areas, then leased the building for a long-term hold.

Marsh Landing was appraised in November, 2006 for $5.2 million over the acquisition price. Presently it is valued at $8,000,000 for a return cost of $2,475,000 – 44%.