The day after it picked up a Florida hotel, an Innsbrook-based real estate firm unloaded another in its own backyard.
Lingerfelt CommonWealth Partners, which earlier this week announced its purchase of a Hilton Garden Inn | Homewood Suites hotel in downtown Jacksonville for $24.7 million, followed up that deal with a sale of the 243-room Richmond Marriott Short Pump at 4240 Dominion Blvd.
The deal, valued at $38.5 million, closed Wednesday. Lingerfelt managing director Kenneth Strickler said the buyer is a partnership of regional investors. He did not disclose their names.
Commonwealth Lodging Management, Lingerfelt’s hotel management affiliate, will continue to operate the hotel under the new ownership.
Lingerfelt acquired the 154,000-square-foot hotel in June 2014 when it was facing foreclosure. Commonwealth Lodging oversaw an $11 million renovation in October 2015.
The sale comes one day after Lingerfelt acquired the dual-branded Hilton Garden Inn | Homewood Suites hotel in Jacksonville. The purchase is one of several deals the firm has made in recent months.
Last summer, the company purchased the 10-story, 200,000-square-foot Stein Mart Building in Jacksonville for $26.62 million. In December, it sold the 28-story, 441,000-square-foot Riverplace Tower in Jacksonville for $53.4 million and acquired two office towers in Greenville, South Carolina.
In Richmond, Lingerfelt has a sizable portfolio of offices around Innsbrook. The firm also is behind the development of the West Creek Medical Park, which is expanding to accommodate new medical tenants.