Innsbrook Office Portfolio – Recapitalization

Entry Date: June 07, 2013
Purchase Price: $154,800,000
Total Capitalization: $157,800,000
Exit Date: December 19, 2022
Exit Price: $190,549,000
Hold Period: 9.5 Years

Realized

Lingerfelt participated in a recapitalization of the Innsbrook Office Portfolio in 2013, bringing in a new Joint Venture partner alongside LCP and a group of select co-investors. At acquisition, the Innsbrook Office Portfolio was a 994,040 square-foot, 14-building portfolio located in Henrico County, VA. Innsbrook was initially acquired on June 7, 2013, and is comprised of suburban office assets that were 98% leased at below market in-place rents. Innsbrook had a diverse tenant base and rollover schedule consisting of 90 companies averaging 10,000 square feet each. The expansion of the portfolio occurred with the $19.8 million acquisition of 195,881 square-feet of office space across 5 buildings on August 12, 2014. Since initial acquisition, 10 properties have been disposed of (Liberty Plaza II, Westgate I, the expansion portfolio, and Gaskins II), bringing total Innsbrook holdings as of today to 11 buildings and 723,103 square-feet.