Lingerfelt CommonWealth Sells Industrial Distribution Building for $22.25 Million
RICHMOND, Va., July 21, 2022 (Newswire.com) - Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, announced the sale of 4300 Carolina Avenue in Richmond, Virginia. The property, which includes a 223,479-square-foot industrial distribution facility located in the Richmond Distribution Center in Henrico County, VA, was sold on April 14, 2022, for $22.25 million.
Lingerfelt initially acquired the vacant 4300 Carolina Avenue building on April 1, 2021, for $7.8 million and completed renovations, which included a truck court expansion, modernization of the warehouse lighting and sprinkler system, installation of a new roof, and new loading dock equipment. Additional renovations included cosmetic enhancements to the building and landscaping, as well as new LED lighting packages in the parking lot and loading areas. During construction, Lingerfelt signed new long-term leases for approximately 43% of the building.
Lingerfelt Commonwealth Partners, headquartered in Richmond, Virginia, is a vertically integrated, real estate investment management firm investing throughout the mid-Atlantic, Southeast, and Midwest.
Together with its predecessor entities spanning three generations, Lingerfelt Commonwealth Partners has maintained a reputation of quality and excellence in the commercial real estate industry dating back to 1957. Its partners have built, acquired, and managed over 25 million square feet of commercial real estate valued at approximately $3 billion across the Mid-Atlantic and Southeast. To learn more, visit www.lingerfeltcommonwealth.com.
Source: Lingerfelt Commonwealth Partners