HAMPTON ROADS, VA. — Lingerfelt CommonWealth Partners has acquired a 1.3 million-square-foot office portfolio in Hampton Roads. According to Nasdaq.com, the purchase price was $110 million and the portfolio was 89.1 percent leased at closing.
The portfolio, comprised of 20 office buildings and two office/flex buildings, is spread across six major submarkets in the Hampton Roads region including Hampton, Virginia Beach, Norfolk and Chesapeake.
The Hampton Roads Portfolio includes; five properties in the Greenbrier submarket located at 1301, 1305, 1309, 1313 and 1317 Executive Blvd.; six properties in the Battlefield submarket located at 500, 501, 505, 510, 676 and 700 Independence Parkway; five properties in the Lynnhaven submarket located at 200 and 208 Golden Oak Court, 2809 S. Lynnhaven Road, 484 Viking Drive and 629 Phoenix Drive; and six properties in the Hampton Roads Center/Airport Industrial/Coliseum Center submarkets located 1, 21 and 22 Enterprise Parkway, 1457 Miller Store Road, 5 Manhattan Square and 521 Butler Farm Road.
Lingerfelt will provide leasing, property management and asset management services in-house via its operating platform. Its property management affiliate, Commonwealth Commercial Partners, will handle all aspects of the day-to-day property management. Commonwealth Commercial Partners has retained many of the existing leasing and property management personnel who currently service the properties.
The acquisition brings Lingerfelt CommonWealth Partners’ holdings to 5.5 million square feet across the Southeastern U.S., encompassing 84 office, medical office, industrial and hotel properties.
Lingerfelt CommonWealth Partners, headquartered in Richmond, Va., is a real estate investment management firm with additional offices across the Southeast. The company was founded in 1957.
— Haisten Willis