Large Hampton Roads Office Portfolio Changes Hands

June 25, 2015

Lingerfelt CommonWealth Partners continues its expansion in the United States. After picking up a three-state, five-hotel portfolio earlier this year, the Richmond-based company has now moved to the office market and has acquired a massive office portfolio in the Hampton Roads region.

By Adrian Maties, Associate Editor

Lingerfelt CommonWealth Partners continues its expansion. After picking up a three-state, five-hotel portfolio earlier this year, the Richmond-based company apparently very hungry for office space. It has satisfied itself with the acquisition of a massive office portfolio in the Hampton Roads region.

Lingerfelt dropped $110.3 million to acquire 22 properties from Liberty Property Trust. The assets total 1.3 million square feet of space and represented Liberty’s entire office and flex portfolio in the Hampton Roads region. The sale also included 3.1 acres of land.

According to the seller, the portfolio was 89.1 percent leased at the time of the sale. It includes 20 office buildings and 2 office/flex buildings located in six major Hampton Roads submarkets: Hampton, Virginia Beach, Norfolk, and Chesapeake.

The assets are:

1301 Executive Blvd., 1305 Executive Blvd., 1309 Executive Blvd., 1313 Executive Blvd., and 1317 Executive Blvd. – in the Greenbrier Submarket;
500 Independence Parkway, 501 Independence Parkway, 505 Independence Parkway, 510 Independence Parkway, 676 Independence Parkway, and 700 Independence Parkway – in the Battlefield Submarket;
200 Golden Oak Court, 208 Golden Oak Court, 2809 South Lynnhaven Road, 484 Viking Drive, and 629 Phoenix Drive – in the Lynnhaven Submarket;
Enterprise Parkway, 21 Enterprise Parkway, 22 Enterprise Parkway, 1457 Miller Store Road, 5 Manhattan Square, and 521 Butler Farm Road – in the Hampton Roads Center/Airport Industrial/Coliseum Center submarket.

Lingerfelt’s property management affiliate, Commonwealth Commercial Partners, will manage the 22 properties. In a news release, the Richmond-based company announced that Commonwealth has retained many of the existing leasing and property management personnel who currently service the properties. Leasing services will also be conducted in-house.

With this latest acquisition, Lingerfelt’s Southeastern U.S. portfolio now totals of 5.5 million square feet of space. It includes 4 office, medical office, industrial and hotel properties.

Photo credit: Lingerfelt Commonwealth Partners