LingerfeltCommonWealth Partners selected to manage 2.1-million-square foot portfolio in Jacksonville
- February 18, 2014
Lingerfelt CommonWealth Partners in Richmond said Tuesday that it has been engaged as manager of a 2.1-million-square-foot office and flex/industrial portfolio investment in Jacksonville, Fla., formerly owned by Liberty Property Trust.
Lingerfelt will provide leasing, property management and asset management services in-house as part of its vertically integrated operating platform. Its property management division, Commonwealth Commercial Partners, will handle the day-to-day property management. Commonwealth Commercial Partners has retained the former Liberty Property Trust Jacksonville team, who is well acquainted with the portfolio, its tenants and customer base.
The properties are located in Duval County within close proximity in the Southside submarket along Butler Boulevard (Route 202). The portfolio consists of 32 office and flex/industrial buildings, home to more than 130 companies including Deutsche Bank, Bell South/AT&T, British Airways and McKesson among others.
Lingerfelt CommonWealth Partners said it has engaged the Colliers International Jacksonville office to handle leasing on a portion of the portfolio at Center Point Business Park, about 585,000 square feet of flex/industrial assets. Colliers also will market about 115 acres of build-to-suit/for sale land in the Westside submarket.
Lingerfelt, a private real estate company in business for 57 years, has built and acquired more than 15 million square-feet of commercial real estate valued at more than $1.5 billion. Property types include medical and professional offices, industrial and distribution facilities, data and call centers, elderly housing and nursing homes throughout the mid-Atlantic and Southeast, primarily in Virginia, North Carolina, South Carolina, Tennessee and Maryland.