Lingerfelt Finalizes Sale of 1701 Bermuda Industrial Development
Lingerfelt has confirmed the successful sale of 1701 Bermuda Hundred, a modern industrial facility encompassing 187,890 square feet. This property was developed in collaboration with Richardson Properties and located within the well-regarded Meadowville Technology Park.
Significant Transaction Details
The sale, which took place on a notable date in September, involved an undisclosed buyer acquiring the property for a remarkable sum of $31.25 million. The transaction was facilitated by the expertise of Will Bradley and Mark Williford from Newmark Industrial Capital Markets, who represented Lingerfelt throughout this important deal. This marks another strategic move by Lingerfelt in the ever-evolving industrial real estate market.
Implications for Future Development
Brian Witthoefft, the President of Lingerfelt, expressed pride in this project, emphasizing the company's capability to recognize and execute intricate industrial development opportunities. Such endeavors not only cater to the needs of contemporary industrial tenants but also yield excellent returns for their investors. This aligns with Lingerfelt's larger strategy of providing top-tier real estate that meets modern demands.
About Lingerfelt
Lingerfelt stands as a notable real estate investment management firm specializing in regions of the Mid-Atlantic and Southeast United States. With a legacy dating back to the 1950s, the company has built a strong reputation by seeking out and investing in distinctive real estate prospects that deliver exceptional returns. Currently, Lingerfelt's portfolio includes over 25 million square feet of commercial real estate, collectively valued at more than $3 billion, showcasing ongoing growth in a competitive market.
About Richardson Properties
Richardson Properties LLC, based in Greensboro, North Carolina, has been a significant player in real estate investment since its inception in 1925. With a focus on commercial real estate, the company prioritizes adding value through their extensive experience in development and property management. Their portfolio spans across multiple states, demonstrating their reach and influence in the industry.
Media Contact Information
For more information, please reach out to Rob Valentine, Managing Director of Investments at Lingerfelt. He can be contacted at (804) 270-0015 for any inquiries related to this sale or future projects.
Frequently Asked Questions
What is the size of the industrial facility sold by Lingerfelt?
The facility covers an area of 187,890 square feet.
Who facilitated the sale of 1701 Bermuda?
The sale was facilitated by Will Bradley and Mark Williford from Newmark Industrial Capital Markets.
What was the sales price for the property?
The property was sold for $31.25 million.
When was the 1701 Bermuda facility developed?
The construction of the facility was completed in 2023.
What types of properties does Lingerfelt invest in?
Lingerfelt focuses on unique commercial real estate opportunities ranging across various sectors to provide the best returns for investors.
