Richmond firm pays $52M for Houston tower

1700 west loop - houston

Lingerfelt acquired a 14-story office tower in Houston for $52 million. (Lingerfelt CommonWealth Partners)

A local real estate investment company is back in buying mode, this time snagging an asset in the Lone Star State.

Lingerfelt CommonWealth Partners last week acquired 1700 West Loop – Burns & McDonnell Plaza, a 14-story office tower in Houston, for $52 million. The deal closed Wednesday, managing director Kenneth Strickler confirmed.

The 273,000-square-foot building is 81 percent leased with international engineering and architectural firm Burns & McDonnell using much of the space as its anchor tenant.

Commonwealth Commercial Partners, Lingerfelt’s property management affiliate, will manage the property.

The purchase is one of several deals the Henrico-based firm has made in the Southeast.

It acquired the dual-branded Hilton Garden Inn | Homewood Suites hotel in downtown Jacksonville, Florida in February for $24.7 million.

In December, Lingerfelt sold the 28-story, 441,000-square-foot Riverplace Tower in Jacksonville for $53.4 million and acquired two office towers in Greenville, South Carolina, that same month.

Last summer, it purchased the 10-story, 200,000-square-foot Stein Mart Building in Jacksonville for $26.62 million.

In Richmond, Lingerfelt has a sizable portfolio of offices around Innsbrook. The firm also is developing West Creek Medical Park in Goochland County, which is expanding to accommodate new tenants.

1700 west loop - houston

Lingerfelt acquired a 14-story office tower in Houston for $52 million. (Lingerfelt CommonWealth Partners)

A local real estate investment company is back in buying mode, this time snagging an asset in the Lone Star State.

Lingerfelt CommonWealth Partners last week acquired 1700 West Loop – Burns & McDonnell Plaza, a 14-story office tower in Houston, for $52 million. The deal closed Wednesday, managing director Kenneth Strickler confirmed.

The 273,000-square-foot building is 81 percent leased with international engineering and architectural firm Burns & McDonnell using much of the space as its anchor tenant.

Commonwealth Commercial Partners, Lingerfelt’s property management affiliate, will manage the property.

The purchase is one of several deals the Henrico-based firm has made in the Southeast.

It acquired the dual-branded Hilton Garden Inn | Homewood Suites hotel in downtown Jacksonville, Florida in February for $24.7 million.

In December, Lingerfelt sold the 28-story, 441,000-square-foot Riverplace Tower in Jacksonville for $53.4 million and acquired two office towers in Greenville, South Carolina, that same month.

Last summer, it purchased the 10-story, 200,000-square-foot Stein Mart Building in Jacksonville for $26.62 million.

In Richmond, Lingerfelt has a sizable portfolio of offices around Innsbrook. The firm also is developing West Creek Medical Park in Goochland County, which is expanding to accommodate new tenants.

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 MEMEBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments