Lingerfelt targets retail properties anchored by necessity-based tenants and driven by long-term consumer demand. We focus on strategic acquisitions and development opportunities that deliver durable cash flow and value creation potential.
Market Focus:
Target Sub-Types:
| Grocery-anchored shopping centers | Neighborhood and community centers |
| Medical and healthcare-anchored retail | Service-based and daily-needs retail |
| Mixed-use retail components in walkable developments | Retail with additional development potential |
Lingerfelt acquires well-located retail properties anchored by essential, service-based tenants. We focus on assets with durable cash flow, leasing upside, and strong demographic fundamentals.
We develop retail centers that meet evolving consumer needs—prioritizing high-visibility sites, daily-use tenants, and long-term community relevance in growth markets.
Towne Place at Greenbrier is a four-building, 76,827 SF Class-A neighborhood retail center located in the heart of Chesapeake, Virginia. Acquired in 2016, the property was approximately 95% leased and offered a strong mix of national and regional tenants. The investment strategy focused on preserving stable income, maintaining high occupancy, and managing the asset to institutional standards. Towne Place was held for nearly six years before being successfully sold in early 2022. The sale reflected the firm’s long-term approach to maximizing value through hands-on management and a disciplined investment philosophy.
The investment had a Core-Plus profile because of the opportunity to increase cash flows through light property improvements, management efficiencies, and by increasing the quality of tenancy, while at the same time generating an attractive (+-12%) contractual going-in cash yield. Specifically, the business plan was to renew existing tenants, lease up a portion of then-existing vacancy, and perform some moderate capital improvements, while pushing both new and renewal rental rates and maximizing efficiencies through our vertically integrated management platform.
We successfully executed the investment business plan by renewing existing credit leases at hiked to market rental rates and by cleaning up the rent roll, removing problem tenants and backfilling the resulting vacancy with performing credit tenancy. Furthermore, we were successful in absorbing a small portion of the remaining vacancy at the center and reworking some of the more difficult vacancies, resulting in an occupancy at exit of approximately 96%. We also completed the small amount of capital improvement items contemplated in our underwriting.
Throughout the hold period, the property demonstrated strong fundamentals and consistent tenant demand. Lingerfelt was able to increase occupancy and improve net operating income through targeted leasing, proactive renewals, and efficient operational management.
Despite pandemic-related headwinds, the property remained resilient and continued to generate stable cash flow. Favorable market conditions, including cap rate compression and investor demand for quality retail assets, supported a successful disposition in early 2022. The investment outperformed expectations and delivered strong returns for investors.
