A Richmond real estate firm known for its office building buying sprees lightened its portfolio last month.
Lingerfelt Cos. sold Westgate I, a three-story Short Pump office building, for $17.5 million on June 26. The 94,000-square-foot property and its 6 acres sold to Florida-based FVD Real Estate Corp.
Ryan Lingerfelt, the company’s chief investment officer, said Westgate I is 100 percent leased to T-Mobile on a “relatively long-term triple net lease.”
“This particular type of product is in high demand in the market which enabled us to sell the asset at an attractive price,” Lingerfelt said in an email.
Westgate I is the larger of two Westgate buildings situated near the intersection of Lauderdale Drive and Three Chopt Road. Westgate II is a 64,000-square-foot building immediately north of Westgate I.
Lingerfelt still owns Westgate II, where Progressive Insurance is a major tenant.
The two Westgate buildings were built by Liberty Property Trust in 2001. Lingerfelt bought the properties from Liberty in 2011 as part of a $100 million deal that also included several Innsbrook office buildings.
The company shuffled the buildings between different Lingerfelt-controlled entities in 2013 in a $135 million transfer weeks after it announced it would refinance its Innsbrook portfolio and buy out an unidentified previous partner.
Westgate I is the only property from that suburban office portfolio that Lingerfelt has sold.
Ryan Lingerfelt said the company does not have any other sales planned for the near future and Westgate II will not be affected by the Westgate I deal. Lingerfelt Companies currently owns more than 1.2 million square feet worth of office space in the Richmond area, including major holdings at Innsbrook and Boulders Office Park.