Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Fantastic 50
    • Generous Virginians Project
    • Legal Elite
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Advertisement

Header Primary Menu

  • Issues
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • Issues Archive
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Fantastic 50
    • Generous Virginians Project
    • Legal Elite
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Home News Va. Beach manufacturing facility sells for $21.7M

Va. Beach manufacturing facility sells for $21.7M

Industrial building fully leased to World Distribution Services

Published November 16, 2020 by Sydney Lake

1537 Air Rail Drive. Photo courtesy Cushman & Wakefield | Thalhimer Capital Markets Group
1537 Air Rail Drive. Photo courtesy Cushman & Wakefield | Thalhimer Capital Markets Group

A 320,000-square-foot industrial building in Virginia Beach sold for nearly $21.7 million, Cushman & Wakefield | Thalhimer Capital Markets Group announced late last week.

The property located at 1537 Air Rail Drive is fully leased to World Distribution Services, an affiliate of The World Group, which offers logistics services through more than 10 warehousing locations in the U.S. The property, which sits on approximately 18 acres, is located 15 miles from the Port of Virginia.

Richmond-based Lingerfelt CommonWealth Partners sold the property to Manchester Capital Management LLC, a Charlottesville-based wealth management and real estate advisory firm, in a transaction that closed on Nov. 12, according to Lingerfelt. 

Lingerfelt purchased the building in December 2018 for $8 million and invested $7 million in renovations, including interior office space renovations, warehouse flooring repair, electrical upgrades, adding exterior tailgate doors and repairing the 300,000-gallon water tank, according to Lingerfelt.

Cushman & Wakefield | Thalhimer’s Capital Markets Group represented Lingerfelt in the transaction. Senior Vice President Eric Robison led the brokerage team that handled the transaction.

“Single-tenant industrial assets remain highly sought after by investors seeking yield in buildings leased to strong, high-growth companies like World Distribution Services,” Robison said in a statement.  “In addition to the strength of the tenant and long-lease term, the location of the property and health of the industrial market in Hampton Roads made this an attractive investment for the buyer.”

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Trending

State opens COVID-19 vaccinations for Virginians 65 and older

COVID-19 vaccinations for Va. essential workers start Monday

Condominium complex rendering courtesy Finmarc

Alexandria office building sells for $13.12M; to be converted to condos

Virginia Hospital Center in Arlington is among the top-rated hospitals in the state for patient satisfaction. Photo courtesy Virginia Hospital Center

In good health

Rendering of first Innovation Campus academic building, where the center will be located. Courtesy Virginia Tech

Virginia Tech receives $10M gift for AI center, other programs

Sponsored Stories

5 Financial Steps to Start the New Year Right

What is Supply Chain Management?

2021 Outlook: Evaluating an Unpredictable Year Ahead

Human Capital Development: Your Company’s Sure Bet For Success

Advertisement

Advertisement

Trending

State opens COVID-19 vaccinations for Virginians 65 and older

COVID-19 vaccinations for Va. essential workers start Monday

Condominium complex rendering courtesy Finmarc

Alexandria office building sells for $13.12M; to be converted to condos

Virginia Hospital Center in Arlington is among the top-rated hospitals in the state for patient satisfaction. Photo courtesy Virginia Hospital Center

In good health

Rendering of first Innovation Campus academic building, where the center will be located. Courtesy Virginia Tech

Virginia Tech receives $10M gift for AI center, other programs

Sponsored Stories

5 Financial Steps to Start the New Year Right

What is Supply Chain Management?

2021 Outlook: Evaluating an Unpredictable Year Ahead

Human Capital Development: Your Company’s Sure Bet For Success

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2021 Virginia Business. All rights reserved.

Site Maintained by TechArk