Posted by Gregory J. Gilligan on 6/25/2015 on Richmond.com
Henrico County-based Lingerfelt CommonWealth Partners has expanded its ownership reach again — this time buying 1.3 million square feet of office space in Hampton Roads.
The company said the portfolio has 20 office buildings and two office/flex buildings spread across the Hampton Roads region, including locations in Hampton, Virginia Beach, Norfolk and Chesapeake.
The acquisition increases Lingerfelt CommonWealth’s overall portfolio by 30 percent.
The acquisition was announced Wednesday.
Lingerfelt CommonWealth paid $110.3 million to buy the properties from Liberty Property Trust, which was the Malvern, Penn.-based’s entire office and flex portfolio in Hampton Roads. Liberty Property said the properties were 89.1 percent leased at closing.
“Unfortunately, due to confidentiality agreements with the seller, we’re unable to comment outside of our issued press release,” said J. Ryan Lingerfelt, the company’s president and chief investment officer.
The properties include five buildings in the Liberty Executive Park in Chesapeake and six buildings in the Battlefield Technology Center in Chesapeake. It bought five buildings in the Lynnhaven area of Virginia Beach and properties in the Hampton Roads Center, Airport Industrial and Coliseum Center areas.
Lingerfelt CommonWealth Partners is focused on fund management. The company grew out of a long-term business relationship with Commonwealth Commercial Partners, a Henrico-based property management firm, and Lingerfelt Development, a development company that acquires commercial real estate and develops properties.
Lingerfelt CommonWealth Partners will provide leasing, property management and asset management services in-house on the properties in Hampton Roads.
Commonwealth Commercial Partners will handle the day-to-day property management. That company also has retained many of the existing leasing and property management personnel who had serviced the buildings in Hampton Roads, the company said in a statement.