Lingerfelt’s new properties include Independence Place, a 73,000-square-foot building at 676 Independence Parkway in Chesapeake. Photos courtesy of Lingerfelt CommonWealth Partners.
One of the biggest names in Richmond real estate just got bigger.
Lingerfelt CommonWealth Partners on Wednesday announced the purchase of a 22-building portfolio of office space in three cities in the Hampton Roads market, encompassing 1.3 million square feet. It paid $110.3 million for the properties, which also included 3 acres of land.
The seller was an affiliate of Liberty Property Trust, a publicly traded REIT from Pennsylvania that has a history of big deals with Lingerfelt.
The transactions closed Tuesday and Liberty announced the sales price in a press release Wednesday. Property records in Chesapeake, Virginia Beach and Hampton had not yet been updated to reflect the purchases but peg the combined assessed value of the properties at $147 million.
Ryan Lingerfelt, president of Lingerfelt CommonWealth Partners, said the deal marks the company’s first foray into the eastern part of Virginia.
One of Lingerfelt’s largest new properties is the 75,000-square-foot Lakefront Plaza at 21 Enterprise Parkway in Hampton.
“We saw an opportunistic acquisition with respect to this portfolio, and that’s the type of investor we are,” Lingerfelt said. “(Hampton Roads) is a market that’s in the early stages of recovery.”
Lingerfelt CommonWealth now owns a total of 5.5 million square feet spread across 84 office, medical office, industrial and hotel properties around the Southeast. The bulk of its holdings are in the Richmond market.
The properties in this latest acquisition range in size and age. A 97,000-square-foot office building at 510 Independence Parkway in Chesapeake’s Battlefield Corporate Center sits on 7 acres and was built in 1999, and Liberty purchased it for $10.8 million in 2005. The building’s current assessment is around the same value.
Another 63,000-square-foot office building in Hampton at 1 Enterprise Parkway was built in 1987 and sits on a little over 5 acres. Liberty purchased the property in 1997 for $14.96 million. It was most recently assessed at $5.28 million.
Most of the properties were sold individually, except the five-building Liberty Executive Park at 1301 Executive Parkway in Chesapeake, which Liberty Property Trust developed in 2001. It was most recently assessed at $34.24 million.
Liberty Vice President Craig Cope declined to comment on the deal.
Lingerfelt’s brokerage partner, Commonwealth Commercial Partners, will handle leasing and management of the company’s latest properties.
This is at least the third large deal between a Lingerfelt entity and Liberty in the last several decades. In the 1990s, Alan Lingerfelt sold his Lingerfelt Development to Liberty and went to work for the company for a time.
Then in 2011, a relaunched Lingerfelt Development purchased a large portfolio of office space from Liberty in and around Innsbrook in a $100 million deal. The company has since sold a few of those office buildings.
In addition to property in Richmond and Hampton Roads, Lingerfelt CommonWealth owns real estate in North Carolina, South Carolina, Tennessee, Georgia, Maryland, Illinois and Florida.
Liberty has recently worked to exit the Richmond suburban office market and has focused on industrial development, including the 130,000-square-foot Eastport VIII building, part of its 98-acre Eastport Industrial Park in the East End.
Lingerfelt’s new properties include Independence Place, a 73,000-square-foot building at 676 Independence Parkway in Chesapeake. Photos courtesy of Lingerfelt CommonWealth Partners.
One of the biggest names in Richmond real estate just got bigger.
Lingerfelt CommonWealth Partners on Wednesday announced the purchase of a 22-building portfolio of office space in three cities in the Hampton Roads market, encompassing 1.3 million square feet. It paid $110.3 million for the properties, which also included 3 acres of land.
The seller was an affiliate of Liberty Property Trust, a publicly traded REIT from Pennsylvania that has a history of big deals with Lingerfelt.
The transactions closed Tuesday and Liberty announced the sales price in a press release Wednesday. Property records in Chesapeake, Virginia Beach and Hampton had not yet been updated to reflect the purchases but peg the combined assessed value of the properties at $147 million.
Ryan Lingerfelt, president of Lingerfelt CommonWealth Partners, said the deal marks the company’s first foray into the eastern part of Virginia.
One of Lingerfelt’s largest new properties is the 75,000-square-foot Lakefront Plaza at 21 Enterprise Parkway in Hampton.
“We saw an opportunistic acquisition with respect to this portfolio, and that’s the type of investor we are,” Lingerfelt said. “(Hampton Roads) is a market that’s in the early stages of recovery.”
Lingerfelt CommonWealth now owns a total of 5.5 million square feet spread across 84 office, medical office, industrial and hotel properties around the Southeast. The bulk of its holdings are in the Richmond market.
The properties in this latest acquisition range in size and age. A 97,000-square-foot office building at 510 Independence Parkway in Chesapeake’s Battlefield Corporate Center sits on 7 acres and was built in 1999, and Liberty purchased it for $10.8 million in 2005. The building’s current assessment is around the same value.
Another 63,000-square-foot office building in Hampton at 1 Enterprise Parkway was built in 1987 and sits on a little over 5 acres. Liberty purchased the property in 1997 for $14.96 million. It was most recently assessed at $5.28 million.
Most of the properties were sold individually, except the five-building Liberty Executive Park at 1301 Executive Parkway in Chesapeake, which Liberty Property Trust developed in 2001. It was most recently assessed at $34.24 million.
Liberty Vice President Craig Cope declined to comment on the deal.
Lingerfelt’s brokerage partner, Commonwealth Commercial Partners, will handle leasing and management of the company’s latest properties.
This is at least the third large deal between a Lingerfelt entity and Liberty in the last several decades. In the 1990s, Alan Lingerfelt sold his Lingerfelt Development to Liberty and went to work for the company for a time.
Then in 2011, a relaunched Lingerfelt Development purchased a large portfolio of office space from Liberty in and around Innsbrook in a $100 million deal. The company has since sold a few of those office buildings.
In addition to property in Richmond and Hampton Roads, Lingerfelt CommonWealth owns real estate in North Carolina, South Carolina, Tennessee, Georgia, Maryland, Illinois and Florida.
Liberty has recently worked to exit the Richmond suburban office market and has focused on industrial development, including the 130,000-square-foot Eastport VIII building, part of its 98-acre Eastport Industrial Park in the East End.