Lingerfelt Disposes of Premier Industrial Asset
Lingerfelt has recently made headlines with the successful sale of 1701 Bermuda Hundred, an advanced industrial facility boasting 187,890 square feet located in a notable industrial park. This strategic move highlights the company’s ongoing commitment to optimizing its real estate portfolio.
Details of the Sale Transaction
The recent transaction involved a sale price of $31.25 million, reflecting Lingerfelt's capacity to capitalize on the robust demand for industrial spaces. The property was sold to an undisclosed buyer, marking it as a significant addition to their investment portfolio. Will Bradley and Mark Williford from Newmark Industrial Capital Markets played crucial roles in representing Lingerfelt throughout the process.
Background of 1701 Bermuda Hundred
This facility was developed in partnership with Richardson Properties and completed in the past year. It is particularly noteworthy for having secured a long-term lease with a credit tenant, which speaks volumes about its desirability in the current market.
Insights from Leadership
Brian Witthoefft, the President at Lingerfelt, shared insights regarding the sale: "This project illustrates our ability to pinpoint, coordinate, and implement complex industrial development projects that cater to the needs of leading industrial tenants. Our approach ensures stellar results for our respected investors."
About Lingerfelt
Lingerfelt operates as a vertically integrated real estate investment management firm focused on maximizing returns through innovative real estate solutions. With a legacy dating back to the 1950s, they have built a reputation as a trusted name in the industry, successfully managing a portfolio exceeding 25 million square feet, valued at over $3 billion.
Strategic Partnerships
The collaboration with Richardson Properties showcases Lingerfelt's strategy of leveraging partnerships to enhance their market presence and project execution. Richardson Properties has a rich history in the real estate sector, having been actively engaged in various investment and development ventures for nearly a century.
Future Prospects
With the completion of this sale, Lingerfelt is poised to continue its trajectory of growth and investment excellence, aiming to identify and cultivate further opportunities in the real estate market.
Contact for More Information
For inquiries regarding Lingerfelt's operations or investment opportunities, you can reach out to Rob Valentine, Managing Director of Investments, at (804) 270-0015 or via email at RValentine@Lingerfelt.co.
Frequently Asked Questions
What is the size of the facility sold by Lingerfelt?
The facility measures 187,890 square feet and is located in an industrial park.
Who represented Lingerfelt in the sale?
Will Bradley and Mark Williford from Newmark Industrial Capital Markets represented Lingerfelt.
What was the sale price of the property?
The property was sold for $31.25 million.
Who developed the 1701 Bermuda facility?
Lingerfelt developed the facility in partnership with Richardson Properties.
What does Lingerfelt specialize in?
Lingerfelt specializes in real estate investment management focusing on commercial properties in the Mid-Atlantic and Southeast regions.