{"id":1004050695,"date":"2012-07-18T19:13:26","date_gmt":"2012-07-19T03:13:26","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=58109"},"modified":"2020-04-07T12:02:07","modified_gmt":"2020-04-07T20:02:07","slug":"lingerfelt-acquires-484000-sq-ft-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lingerfelt-acquires-484000-sq-ft-office-portfolio\/","title":{"rendered":"Lingerfelt Acquires 484,000 Sq. Ft. Office Portfolio"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/p>\n

\"\"<\/a>Lingerfelt Companies of Richmond, VA has announced the purchase of a 484,04-square-foot office portfolio dubbed Nashville Airport North Portfolio from Highwoods Properties, Inc. The buyer paid $41 million.<\/p>\n

The portfolio is comprised of five Class A office buildings located in Nashville\u2019s airport submarket, in three mature office parks: the BNA Corporate Center, Lakeview Ridge Office Park and Century City Office Park. Located in the airport submarket and in close proximity to Nashville\u2019s central business district, as well as the Brentwood\/Cool Springs\/Franklin submarket, the portfolio promises to be an exciting business opportunity in an office market that shows signs of upswing.<\/p>\n

Ryan Lingerfelt, principal of Lingerfelt Companies, is also confident about the opportunities the newly acquired portfolio presents. \u201cThe building product mix, range of sizes and rental price points will provide the company the ability to increase income through existing contract rental increases, additional lease-up activity, and a manageable tenant rollover in an improving office market,” Lingerfelt said in a press statement. The buildings also \u201chave been institutionally owned and maintained, and have an impressive tenant roster and favorable occupancy of 86 percent,\u201d he added. Seller Highwood Properties\u2019 projections estimated a $3.5 million annual net operating income for 2012.<\/p>\n

\"\"<\/a>The seller recorded a non-FFO gain of $6.8 million that was used to pay down its unsecured revolving credit facility. Following the sale, Highwoods owns 2.6 million square feet in 20 office properties in Nashville, while Lingerfelt increased its Nashville presence to over 1.5 million square feet in office and healthcare-related properties.<\/p>\n

The five buildings in the portfolio are: the six-story BNA Corporate Center 100 and BNA Corporate Center 200 totaling 232,438 square feet, the 62,246-square-foot, three-story Lakeview Ridge II, the 133,165-square-foot, five-story Lakeview Ridge III and the 56,198-square-foot, three-story Century City Plaza.<\/p>\n

Photo courtesy of Lingerfelt Companies;<\/em><\/p>\n

Chart courtesy of Cassidy Turley<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Eliza Theiss, Associate Editor Lingerfelt Companies of Richmond, VA has announced the purchase of a 484,04-square-foot office portfolio dubbed Nashville Airport North Portfolio from Highwoods Properties, Inc. The buyer paid $41 million. The portfolio is comprised of five Class A office buildings located in Nashville’s airport submarket, in three mature office parks: the BNA […]<\/p>\n","protected":false},"author":1269,"featured_media":1004507403,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[1815],"class_list":["post-1004050695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"\nLingerfelt Acquires 484,000 Sq. Ft. 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