RICHMOND, VA. — A joint venture between Lingerfelt and Partners Group has sold a nearly 1.2 million-square-foot industrial portfolio in metro Richmond for $175 million. JLL represented the joint venture in the transaction. The buyer was not disclosed.
The portfolio includes three buildings within Walthall Distribution Center in South Chesterfield, Va., and one building within Northlake Distribution Center in Ashland, Va.
Lingerfelt and Partners Group acquired the portfolio in March 2023 for $105.6 million, with Partners Group as the majority investor in the joint venture. The partnership invested $9 million in capital improvements into the portfolio and executed 875,000 square feet of new leases and lease renewals during its ownership period. Range Commercial Partners previously handled property management and leasing for the portfolio, which was fully leased at the time of sale.