One of the region’s biggest real estate investment firms has unloaded seven buildings in its own backyard – but its involvement with the properties will continue.
Lingerfelt Commonwealth Partners in recent weeks sold its majority stake in the Center Park and Technology Park office complexes in Innsbrook for a total of $23.6 million.
The buildings, which total about 196,000 square feet over a combined 20 acres, are at 4319, 4335, 4405, 4419, 4431, 4949 and 4953 Cox Road. Lingerfelt’s headquarters are at 4198 Cox Road.
The buyer in the deal was Hop III Property Owner LLC, which Henrico records show is comprised of five other LLCs managed by Ed Shield, Mark Stroud, Edward Hewitt and Ryan Lingerfelt.
Ryan Lingerfelt, LCP’s president, said in an email that they received an offer from a group of 1031 exchange buyers late last year, and that LCP was asked to continue on as the buildings’ operator.
The deal involves LCP continuing to manage the properties while maintaining a small ownership stake.
County records show Shield, who sold the 93-unit Pohlig Box Factory apartment building for $16 million in February, has the largest stake in the Cox Road properties with 63 percent of the interest in the buying LLC. Hewitt has a 22 percent stake, Stroud has 8 percent and Lingerfelt has 6 percent.
They most recently were assessed at a combined $20.1 million, per Henrico records.
Tenants in the buildings include Professional Restoration Services and SLAIT Consulting.
LCP’s dozens of holdings are primarily office and hotel buildings, with the majority of them in the Richmond region, including the Richmond Marriott Short Pump hotel. It also has buildings in the Hampton Roads area, Florida, Missouri, Minnesota, Ohio and Texas.