Lingerfelt Sells Office Portfolio in Henrico, Virginia for $118.95 million; Announces New Corporate Branding
RICHMOND, Va., Dec. 20, 2022 /PRNewswire/ -- Lingerfelt, a Richmond, Virginia-based commercial real estate investment firm, announced today the sale of a portfolio of office buildings for approximately $118.95 million. The portfolio included 11 office buildings located in and around Innsbrook in Henrico County, Virginia. The portfolio totaled 723,103 square feet and was approximately 82% leased at the time of sale. Charlottesville, Virginia-based Seminole Trail purchased the portfolio for a 6.3% cap rate, or approximately $165/SF.
In 2020, Lingerfelt began the process of rezoning five of the 11 properties to the urban mixed-use (UMU) designation in accordance with Henrico County’s comprehensive plan of densification and mixed-use development within Innsbrook. In November of 2021, Lingerfelt received unanimous approval to build 1,375 multifamily units within existing parking areas of five office buildings. According to Lingerfelt, Seminole Trail intends to move forward with the multifamily development in due course.
“Lingerfelt’s history with Innsbrook dates back to the late 1980s as one of the original developers within the park,” said Brian Witthoefft, Managing Director at Lingerfelt. “Innsbrook has certainly evolved over the decades and the long-term outlook is exciting. Henrico’s vision is finally coming to fruition as Innsbrook recently welcomed new full-time residents at the new Innslake Place Apartments in 2020. And there are over a thousand new apartments being delivered in the next 6 months and more in the pipeline. Given Lingerfelt’s history in Innsbrook and Henrico County, we had an obligation to advance the county’s initiative by establishing these multifamily entitlements, thereby setting up the opportunity for more future successful development within the park.”
“Lingerfelt’s contributions to Innsbrook, in both physically built space and as a visionary in planning for Innsbrook’s future, has been instrumental to its growth and evolution into a mixed-use community,” says Jane DuFrane, Senior Vice President - Market Leader at Highwoods Properties, Inc. and President of the Innsbrook Owner’s Association. “They have played a vital role along with Highwoods and the Innsbrook Owner’s Association in laying the ground work for future development in Innsbrook for years to come.”
Lingerfelt and its investors will continue to own 8 properties in Innsbrook totaling 240,000 square feet of office and flex warehouse buildings. Witthoefft will continue to sit on Innsbrook’s Board of Directors and on its Architecture Review Committee which oversees new development in Innsbrook.
The company continues to expand its operations and is rebranding to “Lingerfelt”, corresponding with its evolving investment strategy and corporate restructuring. And while Lingerfelt is strategically divesting parts of its current real estate portfolio, it is very active in the industrial and multifamily sectors. The company has over $775 million of projects around the region which are currently under construction or breaking ground in 2023.
Lingerfelt is under construction on nearly one million square feet of industrial facilities in Chesterfield County, which include 801 Port Walthall (242,000 SF), 1701 Bermuda (188,000 SF), and Ashton Logistics Center (526,000 SF). The company is breaking ground next year on additional industrial developments in Caroline County and Chesterfield County, which include Carmel Church Business Park (325,000 SF), and Ashton Creek Distribution Center (174,000 SF). Lingerfelt is also under contract to purchase additional land throughout the region, including in Henrico County and Prince George County, to develop 2.5 million square feet of industrial facilities beginning in 2024.
Lingerfelt has also announced several multifamily developments projected to break ground in 2023, including a 390-unit project called Silas, which is adjacent to Brightpoint Community College in Chesterfield, Virginia.
Lingerfelt is a vertically integrated real estate investment and asset management company investing and developing throughout the Mid-Atlantic and Southeast. Together with its predecessors, Lingerfelt has maintained a reputation of quality and excellence in the commercial real estate industry dating back to 1957. Lingerfelt and its partners have built, acquired, and managed over 25 million square feet of commercial real estate valued at approximately $3 billion across the Mid-Atlantic and Southeast. To learn more, visit www.lingerfelt.co.
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