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).
In Varina, one of the most anticipated events of the season is approaching. The 19th Annual Big Toy Parade will return on Dec 14, offering a “homey,” small-town feel that helps elicit holiday spirit among participants and spectators alike.
The parade, which begins at 3 p.m., is sponsored by the Battlefield Ruritans and Henrico County Parks and Recreation and is held in conjunction with the James River Boat Parade. It is led by a grand marshal along Old Osborne Turnpike and ends at the Osborne Boat Landing, where hundreds of community members gather to await nightfall and the arrival of lighted boats, concluding a festive holiday celebration. > Read more.
Citizen Staff Reports 12/03/2013
The region's two premier youth soccer organizations – the Richmond Kickers and Richmond Strikers – have partnered to create Richmond United, a cost-free U.S. Soccer Development Academy program designed to serve the most talented players in the region. The arrangement marks the first time in U.S. Soccer Development Academy history that two member clubs have united their respective Academy programs.
Slated to begin play in the fall of 2014, Richmond United will field U13/14, U15/16 and U17/18 U.S. Soccer Development Academy teams. The teams will train and play home games at two of the top soccer specific complexes in the nation, Ukrop Park and Striker Park. > Read more.
Photo by Roger Walk for the Henrico Citizen 11/24/2013
Henricus Historical Park has a new, messy guest. Eleanor, a rare five-month-old Tamworth pig, was donated this month to the Chesterfield park by the Chesterfield County Farm Bureau as part of an effort to enhance the living history museum's partnership with the Virginia Foundation for Agriculture in the Classroom. Eleanor and her livestock pig and goat neighbors at the park will be a special attraction for the schoolchildren and others who visit the Henricus Historical Park. Eventually, she will triple from her current 150-pound weight and grow to about two feet tall. > Read more.
Holiday events are in full swing this weekend in eastern Henrico! The Henrico Theatre will show the holiday classic “Elf” and the Concert Ballet of Virginia will perform a shortened version of “The Nutcracker” at the Eastern Henrico Recreation Center. On Sunday the North Airport Drive Civic Association’s annual Tree Lighting Ceremony will take place at Fire Station #3. For all our top picks this weekend, click here! > Read more.
Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.
The new AMC television series “TURN” is currently being filmed in and around Richmond, and casting officials are seeking background actors to appear on screen.
“The background actors are profoundly important to the filmmaking process,” said Erica Arvold, casting director. “The show takes place during the Revolutionary War, and background actors contribute to the atmosphere of that era.” > Read more.
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