Four Richmond-area distribution centers sell for $105.6M
Three Chesterfield, one Hanover facility are 100% leased
A joint venture between Glen Allen-based Lingerfelt and Swiss private investment firm Partners Group bought three Chesterfield County distribution centers and one Hanover County facility for $105.6 million, Lingerfelt announced Friday.
The four multi-tenant facilities are 100% leased to 18 tenants and total 1.16 million square feet. The properties were developed between 2000 and 2003.
Located in Chesterfield County and totaling 868,601 square feet, Walthall Distribution Center has three buildings — 1964-1984, 1900-1934 and 1936-1962 Ruffin Mill Road. The fourth building, Northlake Distribution Center, has 293,115 square feet. It’s located at 11800-11900 N. Lakeridge Parkway in Ashland.
Lingerfelt and Partners Group plan to make several renovations, including replacing the buildings’ roofs, upgrading interior and exterior lighting, repairing and replacing asphalt and sealing and restriping parking areas.
Matt Anderson and Harrison McVey from Colliers International will handle the portfolio’s marketing and leasing, and Colliers International will provide property and facility management services.
This purchase follows Lingerfelt’s March 10 announcement that it had purchased about 4.5 acres in Chesterfield County for $1.9 million.
Lingerfelt provides real estate investment and asset management in the mid-Atlantic and Southeast. Lingerfelt and its partners have built, acquired and managed more than 25 million square feet of commercial real estate valued at about $3 billion.