LINGERFELT and Partners Group Acquire 1.2 Million Square-Foot Class A Industrial Logistics and Distribution Portfolio in Richmond, VA
Press Release | Mar 17, 2023
Richmond, VA – March 17, 2023 – LINGERFELT announced today that it closed on a $105.6 million acquisition of Northlake and Walthall Distribution Centers in a joint venture with Partners Group, a leading global private markets firm acting on behalf of its clients. The portfolio includes four Class A 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 diversified tenants including major, creditworthy multinational firms.
Walthall Distribution Center (1964-1984 Ruffin Mill Road, 1900-1934 Ruffin Mill Road, 1936-1962 Ruffin Mill Road) is a three-building, 868,601 square-foot logistics portfolio situated along I-95 in the highly sought-after Walthall/Ruffin Mill submarket in Chesterfield County, VA.
Northlake Distribution Center (11800-11900 N Lakeridge Parkway) is a 293,115 square-foot logistics facility located along the premier I-95 North distribution corridor in Ashland, VA.
Developed between 2000 and 2003, the institutional-quality logistics facilities provide all of the functionally relevant attributes required by today’s modern industrial user, including cross-dock and rear-load configurations, market-appropriate 32’ clear heights, a high ratio of dock positions, ESFR fire protection and ample auto parking spaces.
“This is an attractive opportunity for our partnership to acquire a portfolio of high-quality, stabilized industrial buildings with solid cash flow at current rents which are far below where the market has trended over the prior 3 years,” said Rob Valentine, Principal at LINGERFELT. “These buildings really cater to the under-served small to mid-size industrial user which characterizes the vast majority of the users in the Richmond market.”
LINGERFELT and Partners Group will make a number of immediate capital improvements to the properties, including full replacement of the buildings’ roofs, interior and exterior lighting upgrades, cosmetic enhancements and paint, as well as significant 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.
ABOUT LINGERFELT
LINGERFELT is a vertically integrated real estate investment and asset management company investing and developing throughout the Mid-Atlantic and Southeast. Together with its predecessors, LINGERFELT has maintained a reputation of quality and excellence in the commercial real estate industry dating back to 1957. LINGERFELT and its partners have built, acquired, and managed over 25 million square feet of commercial real estate valued at approximately $3 billion across the Mid-Atlantic and Southeast. To learn more, visit www.lingerfelt.co or follow us on LinkedIn.
ABOUT PARTNERS GROUP
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over $195 billion USD in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate superior returns by capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With over $135 billion USD in assets under management as of December 31, 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices, and private individuals globally. The firm employs more than 1,800 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
Contact:
Brian Witthoefft
Managing Director
LINGERFELT
804-270-0015
[email protected]