LINGERFELT and Partners Group acquire 1.2 million square foot Class A industrial logistics and distribution portfolio in Richmond, VA
RICHMOND, Va., March 17, 2023 /PRNewswire/ — LINGERFELT announced today that on a $105.6 million Acquisition of Northlake and Walthall distribution centers in a joint venture with Partners Group, a leading global private markets company acting on behalf of its customers. The portfolio includes four multi-tenant, Class A logistics facilities totaling 1,161,716 square feet Richmond, Va MSA. The facilities are 100% leased to a total of 18 diversified tenants, including large, credit-worthy multinationals.
The Walthall Distribution Center (1964-1984 Ruffin Mill Road, 1900-1934 Ruffin Mill Road, 1936-1962 Ruffin Mill Road) is a three building, 868,601 square foot logistics portfolio located along I-95 in the highly desirable Walthall/ Ruffin Mill submarket in Chesterfield County, Virginia.
The Northlake Distribution Center (11800-11900 N Lakeridge Parkway) is a 293,115 square foot logistics facility on the premier distribution corridor I-95 North in Ashland, Va.
Developed between 2000 and 2003, the institutional-grade logistics facilities provide all the functionally relevant attributes required by today’s modern industrial user, including cross-dock and rear-load configurations, market-driven 32-foot heights, and a high dock position ratio, ESFR -Fire protection and ample parking.
“This is an attractive opportunity for our partnership to acquire a portfolio of high quality, stabilized industrial buildings with solid cash flow at current rents well below market trends over the past 3 years,” he said Rob Valentine, Principal at LINGERFELT. “These buildings really cater to the underserved small to medium sized industrial users who make up the vast majority of users in the region Richmond Market.”
LINGERFELT and Partners Group will perform a number of immediate capital improvements to the properties, including complete roof replacements, interior and exterior lighting upgrades, cosmetic enhancements and painting, and major asphalt repairs, replacements, waterproofing and resurfacing. Redesign of parking areas.
Matt Anderson And Harrison McVey von Colliers International is responsible for marketing and leasing the portfolio. Colliers International will also provide property and facility management services to the properties and tenants.
LINGERFELT is a vertically integrated real estate investment and asset management firm investing and developing throughout the Mid-Atlantic and Southeast. Along with its predecessors, LINGERFELT has maintained a reputation for quality and excellence in the commercial real estate industry since 1957. LINGERFELT and its partners have built, acquired and managed over 25 million square feet of commercial real estate valued at approximately 3 billion dollars across the Mid-Atlantic and Southeast. To learn more, visit www.lingerfelt.co.
ABOUT THE PARTNER GROUP
Partners Group is a leading global private markets firm. Since 1996 the company has invested over $195 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients worldwide. Partners Group strives to deliver superior returns by capitalizing on thematic growth trends and transforming attractive companies and assets into market leaders. The company is a committed, responsible investor and strives to create sustainable returns with lasting positive impact for all of its stakeholders. With more than $135 billion in assets under management as of December 31, 2022, Partners Group offers institutional investors, sovereign wealth funds, family offices and private individuals worldwide an innovative range of tailor-made client solutions. The company employs more than 1,800 different professionals in 20 offices worldwide and has a regional headquarters in Baar-Zug, Switzerland; Denver, USA; And Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
View original content to download multimedia: https://www.prnewswire.com/news-releases/lingerfelt-and-partners-group-acquire-1-2-million-square-foot-class-a-industrial -logistics-and-distribution-portfolio-in-richmond-va-301775074.html