Lingerfelt expands the portfolio

7130GlenForestDriveA local real estate development firm has picked up another office building to add to its expanding portfolio.

Lingerfelt Development just purchased the 81,000-square-foot property at 7130 Glen Forest Drive in Henrico County from Mississippi-based Parkway Properties for $9.3 million. Parkway owns five other office buildings, all of them south of the river.

Brian Witthoefft, a principal of Lingerfelt, said the building fits well into the large portfolio the company recently purchased from Liberty Property Trust.

“This is just part of our goal to continue to grow and enhance the portfolio we recently purchased here in Richmond,” said Witthoefft. “It is a well-located asset and is well-leased.”

In May, Lingerfelt closed on a portfolio of 14 suburban office buildings for $100 million. It was one of the biggest local deals in the past decade.

Witthoefft said the firm continues to look for other deals locally and regionally.

Jim Ingram, chief investment officer for Parkway, said it was a good time for them to sell the property.

“All assets have a time to be harvested, and this building was 99 percent leased,” Ingram said.

Market rent for space in the building is $19 per square foot, according to Parkway’s website.

“Our team in Richmond has done a great job leasing the building to a host of strong creditworthy tenants,” Ingram said.

Parkway bought the building in 1998 for just over $10 million. It was built in 1985.

“It has been a very good performing asset with us and I am sure it will be for the buyer,” Ingram said.

7130GlenForestDriveA local real estate development firm has picked up another office building to add to its expanding portfolio.

Lingerfelt Development just purchased the 81,000-square-foot property at 7130 Glen Forest Drive in Henrico County from Mississippi-based Parkway Properties for $9.3 million. Parkway owns five other office buildings, all of them south of the river.

Brian Witthoefft, a principal of Lingerfelt, said the building fits well into the large portfolio the company recently purchased from Liberty Property Trust.

“This is just part of our goal to continue to grow and enhance the portfolio we recently purchased here in Richmond,” said Witthoefft. “It is a well-located asset and is well-leased.”

In May, Lingerfelt closed on a portfolio of 14 suburban office buildings for $100 million. It was one of the biggest local deals in the past decade.

Witthoefft said the firm continues to look for other deals locally and regionally.

Jim Ingram, chief investment officer for Parkway, said it was a good time for them to sell the property.

“All assets have a time to be harvested, and this building was 99 percent leased,” Ingram said.

Market rent for space in the building is $19 per square foot, according to Parkway’s website.

“Our team in Richmond has done a great job leasing the building to a host of strong creditworthy tenants,” Ingram said.

Parkway bought the building in 1998 for just over $10 million. It was built in 1985.

“It has been a very good performing asset with us and I am sure it will be for the buyer,” Ingram said.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest

1 Comment
oldest
newest most voted
Inline Feedbacks
View all comments
Bruce
Bruce
13 years ago

Congratulations Alan!