Lingerfelt, headquartered at Innsbrook, bought $28 million in North Carolina commercial properties.
Photo by Evelyn Rupert.
Two of the biggest names in Richmond real estate have met at the closing table for the second time in a month.
Glen Allen-based Lingerfelt CommonWealth Partners bought 14 commercial properties in Greensboro, N.C. from Highwoods Properties for more than $28 million, the two companies announced in separate press releases Monday.
The portfolio totals 379,000 square feet and marks the second eight-figure deal between the two companies in the last few weeks.
Highwoods, one of the biggest landlords in Innsbrook, has been on a selling spree recently. It has unloaded more than $158 million of what the company called “non-core” holdings so far this year. And Lingerfelt CommonWealth’s purchases account for about a third of those sales.
The company, which is a joint venture between Innsbrook neighbors Lingerfelt Cos. and Commonwealth Commercial Partners, bought seven Innsbrook office buildings from Highwoods in a $20 million deal last month.
Lingerfelt CommonWealth also bought the Richmond Marriott West hotel near Innsbrook earlier this year.
Ken Strickler, an executive at Lingerfelt CommonWealth, declined to comment on the North Carolina deal.
The Greensboro properties include eight industrial and flex space buildings and six office properties. The buildings average a 92 percent occupancy rate, Highwoods reported, and were expected to generate $2.7 million in net operating income for 2014.
The Greensboro acquisition is Lingerfelt CommonWealth’s first push into the Carolinas. It now owns about 3 million square feet of real estate between about 50 properties in four states, according to its Monday press release.
Lingerfelt, headquartered at Innsbrook, bought $28 million in North Carolina commercial properties.
Photo by Evelyn Rupert.
Two of the biggest names in Richmond real estate have met at the closing table for the second time in a month.
Glen Allen-based Lingerfelt CommonWealth Partners bought 14 commercial properties in Greensboro, N.C. from Highwoods Properties for more than $28 million, the two companies announced in separate press releases Monday.
The portfolio totals 379,000 square feet and marks the second eight-figure deal between the two companies in the last few weeks.
Highwoods, one of the biggest landlords in Innsbrook, has been on a selling spree recently. It has unloaded more than $158 million of what the company called “non-core” holdings so far this year. And Lingerfelt CommonWealth’s purchases account for about a third of those sales.
The company, which is a joint venture between Innsbrook neighbors Lingerfelt Cos. and Commonwealth Commercial Partners, bought seven Innsbrook office buildings from Highwoods in a $20 million deal last month.
Lingerfelt CommonWealth also bought the Richmond Marriott West hotel near Innsbrook earlier this year.
Ken Strickler, an executive at Lingerfelt CommonWealth, declined to comment on the North Carolina deal.
The Greensboro properties include eight industrial and flex space buildings and six office properties. The buildings average a 92 percent occupancy rate, Highwoods reported, and were expected to generate $2.7 million in net operating income for 2014.
The Greensboro acquisition is Lingerfelt CommonWealth’s first push into the Carolinas. It now owns about 3 million square feet of real estate between about 50 properties in four states, according to its Monday press release.