Article Date: June 6, 2024
Patriot Equities is cashing out of the Patriot Tower in Richmond, Virginia, after selling
the vacant building after nearly two decades of ownership.
The firm finalized a deal to sell the building at 101 Gateway Centre Parkway to Marwaha
Real Estate LLC, the property management arm of the real estate investment group
Marwaha Investments.
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The property traded for $5.75 million, CoStar has confirmed. The deal also included a
parking deck on nearly 5.4 acres and a 6.16-acre satellite surface parking lot on Gateway
Centre Parkway.
The sale price is less than what Patriot Equities paid in 2006 when the Pennsylvania firm
bought the building for a little more than $8.9 million.
Originally built in 1989, Patriot Tower for over a decade was home to defense contractor
Northrop Grumman and accounts receivable management TrakAmerica. However, the
six-story, 126,696-square-foot building off the Midlothian Turnpike has been vacant for
years, according to CoStar data.
“Patriot Equities has done a lot in its 17 years of ownership to bring Patriot Tower up to
Class A standards and make it a compelling investment opportunity in the marketplace,”
David Wilkins, executive managing director of brokerage services at Range Commercial
Partners, said in a statement.
For Marwaha, the acquisition expands the Virginia firm’s holdings in its home state. The
company, which has offices in Richmond, Williamsburg and Petersburg, owns a number
of commercial and residential properties in Virginia, including the 10-acre Marwaha
Business Park in Richmond.
