Two heavyweights of Richmond suburban office space closed a seven-building deal in Innsbrook last week.
Lingerfelt CommonWealth Partners bought the properties, totaling more than 190,000 square feet along Cox Road, from Highwoods Properties for $19.85 million. The transaction closed Aug. 21.
Lingerfelt CommonWealth’s purchase is highlighted by the two-story, 65,000-square-foot Vantage Pointe building. The package also includes one 54,000-square-foot, one-story building and five buildings between 15,000 and 18,000 square feet.
It’s the second recent Richmond-area acquisition for Lingerfelt CommonWealth, a joint venture made up of Innsbrook neighbors Lingerfelt Cos. and Commonwealth Commercial Partners. The company bought the 242-room Richmond Marriott West hotel near Innsbrook in a June after the property was falling toward foreclosure.
Lingerfelt CommonWealth’s property management arm also scored leasing duties on a $2.1 million portfolio of Jacksonville, Fla., office properties earlier this year.
After its latest acquisition, Lingerfelt Cos. now has a hand in more than 1 million square feet of real estate in Innsbrook. The firm bought 14 Innsbrook office buildings in 2011 for $100 million. Lingerfelt Cos. also has a major stake in the Boulders Office Park.
Ryan Lingerfelt, principal of Lingerfelt Cos. and chief investment officer of Lingerfelt CommonWealth Partners, did not return an email by Monday evening seeking comment on the Innsbrook deal.
Highwoods is still the largest property owner at Innsbrook. Local head of Highwoods Paul Kreckman said the company is moving its focus toward the newer and larger buildings it maintains at Innsbrook.
“You always have to look at your properties, and for us we were trying to upgrade the quality of our portfolio,” he said. “These weren’t quite the caliber of properties we wanted to maintain moving forward.”