{"id":1004636444,"date":"2022-12-21T04:39:12","date_gmt":"2022-12-21T12:39:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004636444"},"modified":"2022-12-21T04:39:14","modified_gmt":"2022-12-21T12:39:14","slug":"lingerfelt-sells-office-portfolio-for-119m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lingerfelt-sells-office-portfolio-for-119m\/","title":{"rendered":"Lingerfelt Sells Office Portfolio for $119M"},"content":{"rendered":"
\"\"<\/a>

4198 Cox Road, Glen Allen, Va.<\/p><\/div>\n

Lingerfelt<\/strong>, a Richmond, Va.,-based commercial real estate investment firm previously known as Lingerfelt Commonwealth Partners<\/a>, has sold a portfolio of 11 office buildings in and around Innsbrook in Henrico County, Va., for approximately $119 million to Seminole Trail Management<\/strong>.<\/p>\n

Seminole Trail, a Charlottesville, Va.,-based real estate investment firm that owns and manages apartment buildings and commercial space throughout Virginia, purchased the portfolio for a 6.3 percent cap rate, or approximately $165 per square foot. The assets total 723,103 square feet and were about 82 percent leased at the time of the sale.<\/p>\n

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READ ALSO<\/strong>: Where to Find Opportunities as Economy Slows\u00a0<\/a><\/p>\n

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In November 2021, Lingerfelt received approval to rezone five of the 11 properties to the urban mixed-use designation as part of Henrico County\u2019s plans of densification and mixed-used development within Innsbrook. The approval enabled Lingerfelt to build 1,375 multifamily units within existing parking areas of five office buildings.<\/p>\n

Seminole Trail intends to move forward with the multifamily development within the portfolio. Those five properties are: Lingerfelt\u2019s headquarters at 4198 Cox Road; Innsbrook Commons building, 4121 Cox Road; Rowe Plaza building, 4510 Cox; Liberty Plaza I, 4801 Cox Road; 4880 Cox Road, according to Richmond BizSense.com<\/em>.<\/p>\n

The website also reported the following properties are included in the office portfolio sold to Seminole Trail: the Technology Pointe buildings at 5000 and 5500 Cox Road; Westerre III and IV buildings at 3900 and 3901 Westerre Parkway in Innsbrook. Outside the Innsbrook area, the other office assets sold are the Westgate II building at 200 Westgate Parkway and 7130 Glen Forest Drive in the Glen Forest Office Park.<\/p>\n

Lingerfelt and its investors\u00a0 will continue to own eight properties in Innsbrook<\/a> totaling 240,000 square feet of office and flex warehouse space.<\/p>\n

The company is one of the original developers of Innsbrook, a mixed-use corporate center in Henrico County<\/a> about 13 miles from the Richmond central business district. The area has more than 7 million square feet of office space along with residential, retail and hospitality space. In 2020, the first residents moved into Innslake Place Apartments. More than 1,000 new units are being delivered within the next six months and more are in the pipeline as the Innsbrook Owners\u2019 Association moves forward with plans for more mixed-use development.<\/p>\n

Brian Witthoefft, Lingerfelt managing director, will continue to sit on the Innsbrook Board of Directors and on its Architectural Review Committee, which oversees new development in Innsbrook.<\/p>\n

Rebranding and repositioning<\/h2>\n

As the company expands its operations and evolves its investment strategy, it is rebranding to Lingerfelt. While the firm continues to strategically divest parts of its current real estate portfolio, it is very active in the industrial and multifamily sectors. Lingerfelt has more than $775 million of projects around the region which are under construction or breaking ground in 2023.<\/p>\n

Lingerfelt has nearly 1 million square feet of industrial space under construction in Chesterfield County including 802 Port Walthall, 242,000 square feet; 1701 Bermuda, 188,000 square feet; and Ashton Logistics Center, 526,000 square feet. The company will break ground in 2023 on projects in Caroline and Chesterfield counties including Carmel Church Business Park, 325,000 square feet; and Ashton Creek Distribution Center, 174,000 square feet. Lingerfelt plans to purchase additional land to develop about 2.5 million square feet of industrial facilities beginning in 2024.<\/p>\n

The company also has several multifamily developments expected to break ground in 2023 including Silas, a 390-unit community adjacent to Brightpoint Community College in Chesterfield, Va.<\/p>\n

Since its inception in 1957, Lingerfelt and its partners have built, acquired and managed more than 25 million square feet of commercial real estate valued at approximately $3 billion across the Mid-Atlantic and Southeast.<\/p>\n","protected":false},"excerpt":{"rendered":"

Five of the 11 properties included in the transaction have been rezoned to allow for multifamily development. <\/p>\n","protected":false},"author":1068,"featured_media":1004636493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,21747],"tags":[43475],"class_list":["post-1004636444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-office","tag-lingerfelt-commonwealth-partners"],"acf":[],"yoast_head":"\nLingerfelt Sells Office Portfolio for $119M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Lingerfelt has sold 11 office buildings in and around Innsbrook in Henrico County, Va., for $119 million to Seminole Trail Management.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-sells-office-portfolio-for-119m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lingerfelt Sells Office Portfolio for $119M\" \/>\n<meta property=\"og:description\" content=\"Lingerfelt has sold 11 office buildings in and around Innsbrook in Henrico County, Va., for $119 million to Seminole Trail Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-sells-office-portfolio-for-119m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-21T12:39:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-21T12:39:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/4198-Cox-Road.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"809\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-sells-office-portfolio-for-119m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-sells-office-portfolio-for-119m\/\",\"name\":\"Lingerfelt Sells Office Portfolio for $119M - 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