{"id":1004652511,"date":"2023-03-20T03:50:57","date_gmt":"2023-03-20T11:50:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004652511"},"modified":"2023-03-20T03:50:59","modified_gmt":"2023-03-20T11:50:59","slug":"lingerfelt-partners-group-buy-106m-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lingerfelt-partners-group-buy-106m-industrial-portfolio\/","title":{"rendered":"Lingerfelt, Partners Group Buy $106M Industrial Portfolio"},"content":{"rendered":"
\"Northlake<\/a>

Northlake Distribution Center. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

A joint venture of Lingerfelt<\/strong> and Partners Group<\/strong> has closed on a $105.6 million acquisition of a four-building, 1.2 million-square-foot multi-tenant Class A logistics portfolio in metro Richmond, Va., Lingerfelt announced on Friday, March 17.<\/p>\n

JLL Capital Markets<\/strong> represented the undisclosed seller and worked on behalf of the buyers to secure acquisition financing.<\/p>\n

The Northlake and Walthall distribution centers are fully leased, reportedly to a total of 18 diversified tenants including major, creditworthy multinational firms.<\/p>\n

Walthall Distribution Center consists of three logistics buildings (1964-1984 Ruffin Mill Road, 1900-1934 Ruffin Mill Road and 1936-1962 Ruffin Mill Road) totaling 868,600 square feet along I-95 in the Walthall\/Ruffin Mill submarket in Colonial Heights, Chesterfield County, Va.<\/p>\n

Northlake Distribution Center is a 293,115-square-foot logistics facility at 11800-11900 N. Lakeridge Parkway sited along the I-95 North distribution corridor in Ashland, Va., about 40 miles north of the three Colonial Heights buildings.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Emerging Industrial Markets<\/a><\/p>\n

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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.<\/p>\n

The buyers intend to invest in various capital improvements, including replacing the buildings\u2019 roofs and upgrading interior and exterior lighting, along with cosmetic enhancements and repairs to parking areas.<\/p>\n

Matt Anderson and Harrison McVey of Colliers International<\/strong> will handle marketing and leasing. Colliers International also will provide property and facility management services for the properties.<\/p>\n

Steady and strengthening<\/h2>\n

In a prepared statement, Rob Valentine, principal at Lingerfelt, said the portfolio provides \u201csolid cash flow at current rents which are far below where the market has trended over the prior three years.\u201d<\/p>\n

He added that the buildings \u201creally cater to the under-served small to mid-size industrial user, which characterizes the vast majority of the users in the Richmond market.\u201d<\/p>\n

Last June, Silverman Group<\/strong> acquired the 880-acre Crosspointe Logistics Center<\/a>, a former Rolls-Royce manufacturing facility in Prince George, Va., in southern metro Richmond.<\/p>\n

And in November, Realty Income Corp<\/strong>. purchased for $128 million<\/a> a 1.2 million-square-foot logistics facility in Richmond from its developers, Hourigan Group<\/strong>, CRG<\/strong>, DSC Partners<\/strong> and Iron Point Partners<\/strong>. The property is fully leased to Lowe\u2019s Home Centers.<\/p>\n

Fourth-quarter deliveries totaling 3.1 million square feet pushed the overall metro Richmond industrial vacancy up a bit, but only to 2.8 percent, according to a fourth-quarter report from regional brokerage Cushman & Wakefield | Thalhimer<\/strong>.<\/p>\n

Year-over-year deliveries hit a record, but so did net absorption, and of the 8.2 million square feet of industrial space under construction as of year-end, more than three-quarters was preleased or being built to suit.<\/p>\n

Cushman & Wakefield | Thalhimer noted, \u201cThe current construction pipeline notwithstanding, the lack of development-ready land sites remains the biggest barrier to new development moving forward.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets arranged the sale of the 1.2 million-square-foot property collection in metro Richmond, Va.<\/p>\n","protected":false},"author":882,"featured_media":1004652535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,11,21742,36153],"tags":[32763,44006,33268,40338],"class_list":["post-1004652511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-midatlantic","category-latest","category-richmond-hampton-roads","tag-colliers-international","tag-jll-capital-markets","tag-partners-group","tag-the-silverman-group"],"acf":[],"yoast_head":"\nLingerfelt, Partners Group Buy $106M Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A joint venture of Lingerfelt and Partners Group acquired a $105.6 million acquisition of a Class A logistics portfolio in metro Richmond.\" \/>\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-partners-group-buy-106m-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lingerfelt, Partners Group Buy $106M Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"A joint venture of Lingerfelt and Partners Group acquired a $105.6 million acquisition of a Class A logistics portfolio in metro Richmond.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-partners-group-buy-106m-industrial-portfolio\/\" \/>\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=\"2023-03-20T11:50:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-20T11:50:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Northlake-Distribution-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"605\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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-partners-group-buy-106m-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lingerfelt-partners-group-buy-106m-industrial-portfolio\/\",\"name\":\"Lingerfelt, Partners Group Buy $106M Industrial Portfolio - 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