Lingerfelt, Partners Group Buy Richmond Logistics Portfolio for $106M
The portfolio is 1.2 million square feet and includes four multi-tenant logistics facilities.
A joint venture between Lingerfelt and Partners Group has closed on a $105.6 million acquisition of Northlake and Walthall Distribution Centers. The portfolio includes four multi-tenant logistics facilities totaling 1,161,716 square feet in the Richmond, Virginia MSA. The facilities are 100% leased to a total of 18 tenants including multinational firms.
Northlake Distribution Center is a 293,115 square-foot logistics facility located along the I-95 North distribution corridor in Ashland, VA.
Developed between 2000 and 2003, the logistics facilities offers cross-dock and rear-load configurations, 32′ clear heights, a high ratio of dock positions, ESFR fire protection and ample auto parking spaces.
Lingerfelt and Partners Group will make a number of capital improvements to the properties, including full replacement of the buildings’ roofs, interior and exterior lighting upgrades, as well as asphalt repairs, replacements, and sealing and re-restriping of parking areas.
Matt Anderson and Harrison McVey of Colliers International will handle the marketing and leasing of the portfolio. Colliers International will also provide property and facility management services for the properties and tenants.