A local real estate development firm has picked up another office building to add to its expanding portfolio.
Lingerfelt Development just purchased the 81,000-square-foot property at 7130 Glen Forest Drive in Henrico County from Mississippi-based Parkway Properties for $9.3 million. Parkway owns five other office buildings, all of them south of the river.
Brian Witthoefft, a principal of Lingerfelt, said the building fits well into the large portfolio the company recently purchased from Liberty Property Trust.
“This is just part of our goal to continue to grow and enhance the portfolio we recently purchased here in Richmond,” said Witthoefft. “It is a well-located asset and is well-leased.”
In May, Lingerfelt closed on a portfolio of 14 suburban office buildings for $100 million. It was one of the biggest local deals in the past decade.
Witthoefft said the firm continues to look for other deals locally and regionally.
Jim Ingram, chief investment officer for Parkway, said it was a good time for them to sell the property.
“All assets have a time to be harvested, and this building was 99 percent leased,” Ingram said.
Market rent for space in the building is $19 per square foot, according to Parkway’s website.
“Our team in Richmond has done a great job leasing the building to a host of strong creditworthy tenants,” Ingram said.
Parkway bought the building in 1998 for just over $10 million. It was built in 1985.
“It has been a very good performing asset with us and I am sure it will be for the buyer,” Ingram said.
A local real estate development firm has picked up another office building to add to its expanding portfolio.
Lingerfelt Development just purchased the 81,000-square-foot property at 7130 Glen Forest Drive in Henrico County from Mississippi-based Parkway Properties for $9.3 million. Parkway owns five other office buildings, all of them south of the river.
Brian Witthoefft, a principal of Lingerfelt, said the building fits well into the large portfolio the company recently purchased from Liberty Property Trust.
“This is just part of our goal to continue to grow and enhance the portfolio we recently purchased here in Richmond,” said Witthoefft. “It is a well-located asset and is well-leased.”
In May, Lingerfelt closed on a portfolio of 14 suburban office buildings for $100 million. It was one of the biggest local deals in the past decade.
Witthoefft said the firm continues to look for other deals locally and regionally.
Jim Ingram, chief investment officer for Parkway, said it was a good time for them to sell the property.
“All assets have a time to be harvested, and this building was 99 percent leased,” Ingram said.
Market rent for space in the building is $19 per square foot, according to Parkway’s website.
“Our team in Richmond has done a great job leasing the building to a host of strong creditworthy tenants,” Ingram said.
Parkway bought the building in 1998 for just over $10 million. It was built in 1985.
“It has been a very good performing asset with us and I am sure it will be for the buyer,” Ingram said.
Congratulations Alan!