A team of local real estate firms landed a major leasing deal 600 miles from home.
Lingerfelt CommonWealth Partners, a joint venture between Innsbrook neighbors Lingerfelt Companies and Commonwealth Commercial Partners, picked up leasing duties on a massive office and industrial real estate portfolio in Jacksonville, Fla.
At 2.1 million square feet, it’s the largest package the 3-year-old Lingerfelt CommonWealth Partners has been awarded.
“It was a good critical mass in that market, which enabled us to basically open an office and have a good mass of square footage under management out of the gate,” said Ryan Lingerfelt, the Richmond-based firm’s chief investment officer.
The leasing and management change comes just months after Pennsylvania-based Liberty Property Trust sold the Jacksonville portfolio to Connecticut’s Greenfield Partners for almost $200 million.
The portfolio is highlighted by the seven-building, 481,751-square-foot Liberty Business Park and the 12-building, 579,800-square-foot Center Point Business Park. The package also includes 115 acres of land for a potential sale or development.
Lingerfelt CommonWealth Partners retained the Liberty Property Trust management team in Jacksonville, which now handles leasing and management for the property under the Lingerfelt CommonWealth name.
Colliers International’s Jacksonville office will handle leasing for a portion of Center Point Business Park and the portfolio’s undeveloped land.
Lingerfelt CommonWealth Partners was formed in 2011 and has a property management wing as well as an acquisition arm. Lingerfelt CommonWealth Partners owns an almost-1 million-square-foot portfolio in Nashville and hopes to add more properties on the East Coast.
“We are expanding on the acquisition side throughout the Mid-Atlantic and the Southeast, primarily in secondary and tertiary markets,” Lingerfelt said. “We will also look to expand our management and leasing platform in those markets and potentially in others.”