With the pending sale of an Innsbrook office building and recent purchase of a Hampton Roads hotel, a local real estate firm has one property coming in and one going out of its sizable portfolio.
Henrico-based Lingerfelt Commonwealth Partners is selling its 135,000-square-foot Liberty Plaza II office property at 10800 Nucklos Road, and last month acquired the 405-room Waterside Marriott in downtown Norfolk.
Liberty Plaza II is under contract with a potential buyer, according to a marketing flier from Dallas-based commercial brokerage HFF. The building is 100 percent leased to Virginia Premier Health Plan, a nonprofit managed-care insurance arm of VCU Health. That 10-year lease was signed in February.
Alan Lingerfelt, chairman and CEO of Lingerfelt CommonWealth, declined to comment on the pending office sale. Neither a listing price nor potential closing date for the property was publicly released.
Lingerfelt CommonWealth purchased the five-story building as part of a multi-property deal in 2013 for $135 million, according to Henrico County property records. The single building most recently was assessed for $11.4 million.
In Norfolk, the firm is preparing to invest about $25 million to overhaul the Waterside Marriott – its newest and one of its largest hotel properties. The property holds 405 rooms and 70,000 square feet in conference and meeting space. It was assessed most recently by the city at $50 million.
The sale was not listed in city records by press time.
Acquiring the Norfolk property adds to Lingerfelt CommonWealth’s portfolio of hotels, including the March acquisitions of the Richmond Marriott Short Pump in Glen Allen and the Hilton Garden Inn | Homewood Suites hotel in downtown Jacksonville, Florida.