Lingerfelt Inks 233 KSF Lease Near Richmond

Lingerfelt has inked a 233,359-square-foot industrial lease at its 868,801-square-foot Ruffin Mill Distribution Center in Colonial Heights, Va. Information management provider Vital Records Control will occupy space in buildings A and C.

Range Commercial Partners represented Lingerfelt in the transaction. The three-building campus is now fully occupied by 12 tenants, including Snyder’s-Lance, Metagenics and Lindenmeyr Munroe, CommercialEdge information shows.

Lingerfelt acquired the industrial park from Kimco Realty in a $105.6 million portfolio transaction in March last year, using funds from several notes originated by Global Atlantic Financial Group, according to the same source. Immediately after, the company implemented a capital improvement program that consisted of LED retrofits, full roof replacements and several other enhancements.

The 295,936-square-foot Building A came online in 1999 and features 10 drive-in doors and 56 dock-high loading doors. The 16.5-acre property is at 1980 Ruffin Mill Road, close to Interstate 95 and within 19 miles of downtown Richmond.

The other two facilities have 14 drive-in doors and 135 dock-high doors together. Totaling about 37 acres, these properties are at 1934 and 1936 Ruffin Mill Road.

Range Commercial Partners Executive Vice President Matt Anderson and Vice President Harrison McVey brokered the deal on behalf of Lingerfelt.

Richmond’s industrial sector experiences slowdown

Richmond’s industrial market had a 452,000-square-foot decrease in net absorption in the second quarter of this year, according to a Cushman & Wakefield report. The metro’s vacancy rate during the same period clocked in at 4.2 percent, 210 basis points higher year-over-year.

US Cabinet Depot signed a 194,400-square-foot lease at North Richmond Industrial Park, which was one of the largest such deals of the second quarter, the same source shows. MacKenzie Commercial Real Estate owns the 315,900-square-foot facility, CommercialEdge shows.