Lingerfelt and Partners Group completed the sale of a 1.16 million-square-foot WalthallNorthlake Industrial Portfolio located in the Richmond, Virginia, metropolitan area.
The portfolio was sold to an undisclosed buyer for $175 million, or approximately $151 per square foot. JLL’s Industrial Capital Markets team represented the joint venture in the sale transaction. Range Commercial Partners served as the portfolio’s leasing and property management partner.
The WalthallNorthlake Industrial Portfolio is a fully leased industrial warehouse and distribution portfolio comprising four institutional-quality industrial buildings. This includes three buildings within Walthall Distribution Center in South Chesterfield, Virginia and one building within Northlake Distribution Center in Ashland, Virginia.
Lingerfelt and Partners Group acquired the portfolio in March 2023 for $105.6 million through a joint venture, with Partners Group as the majority investor. The venture then executed a comprehensive value-add business plan that included completing a $9 million capital improvement program, resulting in a fully stabilized, 100% leased portfolio at the time of sale.
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