Lingerfelt makes massive buy into Hampton Roads
Jun 25, 2015
Posted by Katie Demeria on 4/30/2015 on RichmondBizSense.com
One of the biggest names in Richmond real estate just got bigger.
Lingerfelt CommonWealth Partners on Wednesday announced the purchase of a 22-building portfolio of office space in three cities in the Hampton Roads market, encompassing 1.3 million square feet.
The seller was an affiliate of Liberty Property Trust, a publicly traded REIT from Pennsylvania that has a history of big deals with Lingerfelt.
The transactions closed Tuesday, and neither party would comment on the purchase price. Property records in Chesapeake, Virginia Beach and Hampton had not yet been updated to reflect the purchases but peg the combined assessed value of the properties at $147 million.
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