Lingerfelt targets industrial and logistics properties that support modern supply chain operations, offer strong market fundamentals, and align with long-term tenant demand.
Location & Site Characteristics:
Transaction Characteristics:
Target Sub-Types:
| Distribution and fulfillment centers | Last-mile delivery facilities |
| Light and heavy manufacturing | Cold storage and temperature-controlled facilities |
| Data and call centers | Industrial Outdoor Storage |
Lingerfelt strategically acquires industrial and logistics properties in key growth markets, focusing on opportunities with strong fundamentals and long-term upside. Our team excels at identifying off-market deals, underwriting with precision, and closing with speed.
By developing modern, high-demand industrial facilities on a speculative basis—we prioritize flexibility, functionality, and market readiness. Our spec projects are positioned for quick lease-up and long-term performance.
We partner with tenants to deliver build-to-suit solutions tailored to their unique operational requirements. From site selection to final delivery, we ensure every detail supports efficiency, scalability, and long-term success.
Port 801 was conceived as a speculative, ground-up development project positioned within Chesterfield County’s Ashton Creek industrial node. Lingerfelt identified the 91-acre site through an off-market opportunity in November 2021 and structured the investment to capitalize on the spread between stabilized cap rates for institutional-grade industrial assets and the yield on development costs. Located in a designated Technology Zone offering economic incentives, the strategy centered on constructing a Class A distribution facility to meet increasing demand from logistics and e-commerce users in the Richmond market.
Following the land acquisition, Lingerfelt secured construction financing from American National Bank (now Atlantic Union) and commenced construction via a design-build contract with ARCO Design/Build. During development, Colliers was retained to lead leasing and marketing efforts. By project delivery in late 2022, over half of the building was pre-leased to UPS at rental rates above initial projections. The remaining space was leased in 2024 to Peco Pallet, bringing the facility to full occupancy. While tenant improvement allowances exceeded budget, overall project delivery remained on time and within total cost expectations. Strategic leasing and disciplined execution positioned the asset for a strong market exit.
Immediately following lease-up completion in late 2024, JLL Capital Markets was enlisted to take the asset to market for sale. It was placed under contract in December of 2024 and successfully sold in January 2025 to LBA Logistics. The transaction reflected strong investor demand for stabilized, Class A industrial assets in high-growth logistics corridors. The sale delivered exceptional investor returns relative to original underwriting expectations, 2 years ahead of schedule.
Lingerfelt identified 1537 Air Rail Avenue as a high-upside, value-add opportunity within Virginia Beach’s Airport Industrial Park. Acquired off-market from a Berkshire Hathaway subsidiary, the 320,000 SF vacant distribution facility was targeted for a full-building repositioning. The strategy aimed to capitalize on the yield spread between acquisition-plus-renovation cost and market valuations for stabilized, investment-grade industrial assets. The team pre-leased the entire facility to a long-term, creditworthy tenant prior to construction start—mitigating lease-up risk while enhancing exit certainty.
Prior to acquisition, Lingerfelt engaged experienced design and engineering consultants and partnered with a national brokerage firm to lead leasing efforts. While under contract, a long-term, full-building lease was executed with World Distribution Services. To meet the tenant’s operational requirements, Lingerfelt launched a $9.5 million comprehensive renovation and capital improvement program. The facility was modernized, repositioned, and delivered on a compressed timeline—demonstrating tight alignment between leasing, construction, and capital deployment.
Following tenant occupancy, the stabilized asset was successfully marketed and sold in November of 2020 to Manchester Capital Management for $21.7 million. The transaction reflected strong demand for modern, fully leased industrial facilities and exceeded original investment return expectations.
