{"id":1004795481,"date":"2026-04-16T03:10:09","date_gmt":"2026-04-16T11:10:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004795481"},"modified":"2026-04-16T04:50:24","modified_gmt":"2026-04-16T12:50:24","slug":"lingerfelt-partners-group-sell-1-2-msf-portfolio-for-175m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lingerfelt-partners-group-sell-1-2-msf-portfolio-for-175m\/","title":{"rendered":"Lingerfelt, Partners Group Sell Industrial Portfolio for $175M"},"content":{"rendered":"
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\"Northlake<\/a>
Northlake Distribution Center. Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n

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.<\/p>\n\n\n\n

JLL\u2019s Industrial Capital Markets team represented the Lingerfelt-Partners Group joint venture in the transaction. Range Commercial Partners served as the portfolio\u2019s leasing and property management partner.<\/p>\n\n\n\n

Lingerfelt and Partners Group acquired the multi-tenant logistics portfolio<\/a> in March 2023 for $105.6 million from Kimco Realty. Partners Group was the majority investor.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Retailers Reshape Logistics as Rent Growth Holds Firm<\/a><\/p>\n\n\n\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\n\n\n

In September 2024, Lingerfelt signed a 233,359-square-foot lease<\/a> 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.<\/p>\n\n\n\n

Capital improvements totaled $9M<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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\u2019s 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.<\/p>\n\n\n\n

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