Lingerfelt, Partners Group Sell Industrial Portfolio for $175M
This transaction includes four buildings totaling 1.2 million square feet.
Three years after acquiring a four-building, 1.2 million-square-foot industrial portfolio in the Richmond, Va., metro in a value-add play, Lingerfelt and Partners Group have sold the Walthall-Northlake Industrial Portfolio to an undisclosed buyer for $175 million, or approximately $151 per square foot.
JLL’s Industrial Capital Markets team represented the Lingerfelt-Partners Group joint venture in the transaction. Range Commercial Partners served as the portfolio’s leasing and property management partner.
Lingerfelt and Partners Group acquired the multi-tenant logistics portfolio in March 2023 for $105.6 million from Kimco Realty. Partners Group was the majority investor.
The portfolio comprises three buildings at Walthall Distribution Center in South Chesterfield, Va., and one building within the Northlake Distribution Center in Ashland, Va. The Walthall buildings total 868,600 square feet and are located at 1974-1984 Ruffin Mill Road, 1900-1934 Ruffin Mill Road and 1936-1962 Ruffin Mill Road. The properties are situated along I-95 in the Walthall/Ruffin Mill submarket. The Northlake Distribution Center asset is a 293,115-square-foot logistics facility at 11800-11900 N. Lakeridge Parkway. Situated along the I-95 North distribution corridor in Ashland, the property is about 40 miles north of the Walthall Distribution Center site, which the venture renamed Ruffin Mill Distribution Center.
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Developed between 2000 and 2003, the four logistics facilities provide cross-dock and rear-load configurations, 32-foot clear heights, a high ratio of dock positions, ESFR fire protection and ample car parking.
In September 2024, Lingerfelt signed a 233,359-square-foot lease with Vital Records Control to occupy two buildings at the Ruffin Mill Distribution Center. With that lease, the three-building campus reached full occupancy, with 12 tenants.
Capital improvements totaled $9M
The joint venture executed a $9 million capital improvement program and comprehensive value-add business plan focused on curing deferred maintenance, modernizing building systems, and repositioning the assets to Class A market standards. The team executed 875,000 square feet of new and renewal leasing, resulting in a fully stabilized, 100 percent leased portfolio at the time of sale.
Rob Valentine, managing director, investments at Lingerfelt, a real estate investment management firm serving the Mid-Atlantic and Southeast U.S., said in a prepared statement the transaction is a prime representation of a successful business plan execution within the firm’s value-add industrial acquisition platform. By utilizing a targeted capital improvement program and aggressive leasing strategy, Valentine said the joint venture was able to enhance the quality and performance of the portfolio while capitalizing on strong tenant demand in two Richmond industrial submarkets.
Henrik Orrbeck, co-head of real estate at Partners Group, a global private markets investment firm, called the sale a successful exit for the firm’s U.S. real estate platform. Orrbeck said in prepared remarks the firm’s strategy is to invest in assets located near urban centers with strong value creation potential.
Earlier this month, Partners Group acquired a majority interest in a 20-property shallow bay industrial portfolio spanning nearly 1.3 million square feet in the Dallas-Fort Worth Metroplex from CanTex Capital. The single- and multi-tenant warehouses are in supply-constrained submarkets such as Northwest Dallas, South Stemmons and Dallas-Fort Worth Airport.
Lingerfelt’s Virginia footprint grows
A joint venture between Lingerfelt and The Davis Cos. acquired 95 acres of land near Richmond in May 2025, for the development of 7 Hills Distribution Center, a four-building, 820,000-square-foot industrial property. The initial phase of the multi-phase project began last summer and is scheduled for delivery this fall. That portion of the development includes the construction of a 267,840-square-foot Class A facility.
Following delivery of the first building, the joint venture will begin construction of buildings two, three and four. Plans call for various leasing strategies, including build-to-suit and preleasing deals.
Richmond’s active construction pipeline
Sales of industrial properties in the Richmond industrial market slowed in the first quarter of 2026 with $44.5 million in total volume following an active fourth quarter, according to a first quarter Cushman & Wakefield market report. But the firm notes the decrease in sales was due more to limited supply than waning investor interest. Cushman & Wakefield forecasts sales will increase significantly in the market throughout the year, with multiple larger offerings being marketed and receiving strong interest.
The market saw the completion of two large speculative projects—the three-building Whitepine Logistics Center complex in Chesterfield, and the I-895 Logistics Center. Both projects delivered vacant. The construction pipeline remains active with more than 2 million square feet of spec space currently underway.
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