4198 Cox Street, Glen Allen, Va.
Lingerfelt, a Richmond, Va.,-based industrial actual property funding agency beforehand often known as Lingerfelt Commonwealth Companions, has bought a portfolio of 11 workplace buildings in and round Innsbrook in Henrico County, Va., for about $119 million to Seminole Path Administration.
Seminole Path, a Charlottesville, Va.,-based actual property funding agency that owns and manages condo buildings and industrial house all through Virginia, bought the portfolio for a 6.3 % cap fee, or roughly $165 per sq. foot. The belongings complete 723,103 sq. toes and had been about 82 % leased on the time of the sale.
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In November 2021, Lingerfelt obtained approval to rezone 5 of the 11 properties to the city mixed-use designation as a part of Henrico County’s plans of densification and mixed-used growth inside Innsbrook. The approval enabled Lingerfelt to construct 1,375 multifamily models inside present parking areas of 5 workplace buildings.
Seminole Path intends to maneuver ahead with the multifamily growth inside the portfolio. These 5 properties are: Lingerfelt’s headquarters at 4198 Cox Street; Innsbrook Commons constructing, 4121 Cox Street; Rowe Plaza constructing, 4510 Cox; Liberty Plaza I, 4801 Cox Street; 4880 Cox Street, in keeping with Richmond BizSense.com.
The web site additionally reported the next properties are included within the workplace portfolio bought to Seminole Path: the Know-how Pointe buildings at 5000 and 5500 Cox Street; Westerre III and IV buildings at 3900 and 3901 Westerre Parkway in Innsbrook. Exterior the Innsbrook space, the opposite workplace belongings bought are the Westgate II constructing at 200 Westgate Parkway and 7130 Glen Forest Drive within the Glen Forest Workplace Park.
Lingerfelt and its traders will proceed to personal eight properties in Innsbrook totaling 240,000 sq. toes of workplace and flex warehouse house.
The corporate is likely one of the unique builders of Innsbrook, a mixed-use company middle in Henrico County about 13 miles from the Richmond central enterprise district. The world has greater than 7 million sq. toes of workplace house together with residential, retail and hospitality house. In 2020, the primary residents moved into Innslake Place Flats. Greater than 1,000 new models are being delivered inside the subsequent six months and extra are within the pipeline because the Innsbrook House owners’ Affiliation strikes ahead with plans for extra mixed-use growth.
Brian Witthoefft, Lingerfelt managing director, will proceed to sit down on the Innsbrook Board of Administrators and on its Architectural Evaluation Committee, which oversees new growth in Innsbrook.
Rebranding and repositioning
As the corporate expands its operations and evolves its funding technique, it’s rebranding to Lingerfelt. Whereas the agency continues to strategically divest components of its present actual property portfolio, it is vitally lively within the industrial and multifamily sectors. Lingerfelt has greater than $775 million of tasks across the area that are beneath development or breaking floor in 2023.
Lingerfelt has almost 1 million sq. toes of business house beneath development in Chesterfield County together with 802 Port Walthall, 242,000 sq. toes; 1701 Bermuda, 188,000 sq. toes; and Ashton Logistics Middle, 526,000 sq. toes. The corporate will break floor in 2023 on tasks in Caroline and Chesterfield counties together with Carmel Church Enterprise Park, 325,000 sq. toes; and Ashton Creek Distribution Middle, 174,000 sq. toes. Lingerfelt plans to buy further land to develop about 2.5 million sq. toes of business amenities starting in 2024.
The corporate additionally has a number of multifamily developments anticipated to interrupt floor in 2023 together with Silas, a 390-unit group adjoining to Brightpoint Neighborhood School in Chesterfield, Va.
Since its inception in 1957, Lingerfelt and its companions have constructed, acquired and managed greater than 25 million sq. toes of economic actual property valued at roughly $3 billion throughout the Mid-Atlantic and Southeast.
