Patriot Tower Sold to Property Management Group, Marwaha Real Estate

Richmond, VA – June 5, 2024 – 101 Gateway Centre Parkway, Richmond, VA 23235, also known as Patriot Tower, sold this Friday, May 31st, 2024. The deal was brokered by Range Commercial Partners’ Joe Marchetti; David Wilkins, SIOR; and Rebecca Barricklow who represented the seller, Patriot Equities. The buyer, Marwaha Real Estate, LLC, is the property management arm of the real estate investment group Marwaha Investments and was represented by Tucker Dowdy and Eric Hammond of Commonwealth Commercial.

The six-story, Class A building is located in Bon Air near the intersection of Powhite Parkway and Midlothian Turnpike. Included with the 124,100 SF of rentable office space are a parking deck on 5.392-acres and a 6.16-acre satellite surface parking lot on Gateway Centre Parkway. Patriot Tower was 100% unoccupied at the time of sale.

“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. We’ve enjoyed working with them over the years and congratulate them on the sale,” said David Wilkins, Executive Managing Director of Brokerage Services at Range Commercial Partners.

For more information, requests for photography, and requests for interviews please contact Julia Howard (jhoward@rangecommercial.com) at Range Commercial Partners.

About Range Commercial Partners

Range Commercial Partners is a full-service commercial real estate brokerage firm headquartered in Richmond, VA, specializing in strategic leasing and sales, tenant representation, property management, project & construction management, and building engineering & maintenance. As a dedicated team of industry experts with over a century of collective experience, Range Commercial Partners delivers comprehensive solutions tailored to meet the unique needs of clients across various sectors. Range Commercial Partners has been independently owned and operated since 2023.

About Patriot Equities

Patriot Equities has a specific focus on the acquisition, ownership, and operation of formerly corporate-owned real estate. They have acquired more than 27 million square feet with a development history in excess of $1.8 billion and work across the entire spectrum of corporate real estate from portfolios to one-off transactions, with varying risk diversity including, leased, vacant, or partially-occupied.