Lingerfelt CommonWealth Partners acquires two office buildings in South Carolina
Richmond-based Lingerfelt CommonWealth Partners LLC has acquired two office buildings in Greenville, S.C, for an undisclosed price.
The company announced the acquisition of One Liberty Square and Two Liberty Square on Wednesday. The buildings, located at 55 and 77 Beattie Place, total 445,612 square feet and are 81 percent occupied. Current tenants include anchor Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White & Boyd; Dority & Manning and Commerce Club.
The buildings were constructed in 1983 and 1986, respectively, and received multimillion-dollar renovations in 2006 and 2014.
“The occupancy rate of the towers is expected to drop to approximately 70% after a larger tenant vacates nearly 50,000 square feet, thereby allowing us the unique opportunity to go to market offering some of the largest and most attractive blocks of space in downtown Greenville where vacancy rates continue to decline and new supply is limited,” Ryan Lingerfelt, Lingerfelt CommonWealth’s president and chief investment officer, said in a statement.
Commonwealth Commercial Partners, Lingerfelt CommonWealth’s property management affiliate, will be the property manager, while CBRE will handle leasing and marketing.
Lingerfelt CommonWealth is a real estate investment management firm with offices in Richmond; Virginia Beach; Nashville, Tenn.; Greensboro, N.C. and Jacksonville and Tampa, Fla.