Lingerfelt Commonwealth Sells Virginia Beach Class A Industrial Distribution Building for $21.7 Million
Press Release | Nov 16, 2020
RICHMOND, Va., Nov. 16, 2020 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the $21,695,000 sale of 1537 Air Rail Avenue in Virginia Beach. The building is a 320,000 square foot, Class A single tenant industrial distribution building, located near the Norfolk International Airport and Interstate 64. The sale closed on November 12, 2020. The purchaser is a family office client of Manchester Capital Management, LLC, a Charlottesville, Virginia wealth management and real estate advisory firm.
Lingerfelt CommonWealth purchased the building in December 2018 for $8.0 million and simultaneously secured a 12-year, full-building lease with a single tenant. Lingerfelt CommonWealth invested $7 million in renovations to this facility including, but not limited to: a complete renovation of all interior office space and island offices; all new office bathrooms and kitchen; extensive warehouse flooring repair; upgraded electrical throughout; new unit heaters; addition of tailgate doors on the exterior bringing the total to 40 and 3 drive-in doors; new motorized security gate; and extensive repair on the 300,000 gallon water tank.
Commonwealth Commercial Partners, the Company’s property management affiliate, provided property and asset management services for the facility. Comprehensive Development Strategies, the Company’s construction management affiliate, provided construction services for the renovations to the facility.
The property is located in Virginia Beach’s Airport Industrial Park, at the intersection of Diamond Springs Road and Northampton Boulevard, and includes 18 acres of land in addition to the building itself. It has two points of access to Interstate 64, which makes it very close to the region’s port terminals, freight transfer and distribution facilities, and military installations nearby. It is rail-served with an active Norfolk Southern spur for efficient loading and unloading of railcars.
ABOUT LINGERFELT COMMONWEALTH PARTNERS
Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis MO, Columbus OH, and Minneapolis MN. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com.