Henrico County VA

Developer purchases 14 West End buildings in deal valued at nearly $100M

Fourteen West End office buildings will soon have a new – but familiar – owner.

Lingerfelt Development today announced that it would purchase the buildings, which total 919,000 square feet, from Liberty Property Trust in a deal that is valued at nearly $100 million. The properties all were part of the Lingerfelt Development Corporation in 1995, when that company's founder, Alan Ligerfelt, sold the company to Liberty Property Trust.

Eight of the buildings, including the Snagajob.com building, are located in Innsbrook. The purchase also includes two buildings on Westgate Parkway, two on Westerre Parkway, one on Gaskins Road and the Patient First building at Woodman and Parham roads.

“This portfolio is particularly strong, since the properties are 98 percent leased, Class A commercial, and located within the desirable Innsbrook area," said Ryan Lingerfelt, principal of Lingerfelt Development. "The current tenants, and the local commercial real estate community, are already very familiar with our name.”

The Lingerfelt family has built or acquired more than 11 million square feet of commercial space during a period of more than half a century. The properties it has owned serve from medical to professional to industrial uses and include data, call and emergency care centers, elderly housing, nursing homes and multifamily developments across the eastern U.S., primarily in Virginia, North Carolina, South Carolina, Tennessee, Maryland and Illinois.

The buildings acquired in today's deal are:

• Snagajob Building, 4880 Cox Road, Glen Allen (58,726 square feet);

• Liberty Plaza I, 4801 Cox Road, Glen Allen (80,397 square feet);

• Bay Harbor Consulting Building, 4198 Cox Road, Glen Allen (44,089 square feet);

• Rowe Plaza, 4510 Cox Road, Glen Allen (72,655 square feet);

• Innsbrook Commons, 4121 Cox Road, Glen Allen (59,053 square feet);

• TechPointe I, 5000 Cox Road, Glen Allen (58,367 square feet);

• TechPointe II, 5500 Cox Road, Glen Allen (53,863 square feet);

• Gaskins Center II, 3829-3855 Gaskins Road (44,926 square feet);

• Westgate I, 100 Westgate Parkway (91,752 square feet);

• Westgate II, 200 Westgate Parkway (60,266 square feet);

• Westerre IV, 3901 Westerre Parkway (78,120 square feet);

• Westerre III, 3900 Westerre Parkway (76,128 square feet);

• Patient First, 2300 East Parham Road (5,172 square feet);

• Liberty Plaza II, 10800 Nuckols Road, Glen Allen (135,375 square feet).
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