Real estate manager Lingerfelt and private markets investor Partners Group have sold their 1.16m sqft Walthall-Northlake Industrial Portfolio in the US for $175m (€148.5m).
The fully-leased asset, located in the Richmond, Virginia metropolitan area, was sold to an unnamed buyer.
The portfolio includes three buildings within Walthall Distribution Center in South Chesterfield, Virginia, and another building in Ashland, Virginia.
Lingerfelt and Partners Group acquired the portfolio for $105.6m in March 2023, with Partners Group as the majority investor. Following the acquisition, the pair implemented a $9m capital improvement programme.
Henrik Orrbeck, co-head of real estate at Partners Group, said: “The sale of this portfolio represents a successful exit for our real estate platform in the US.
“Industrials is a key thematic focus area for us, where we look to invest in assets that are strategically located near select urban centers with strong value creation potential.”
Rob Valentine, managing director, investments at Lingerfelt, said: ”This transaction is a prime representation of successful business plan execution within our value-add industrial acquisition platform.
“Through a targeted capital improvement programme and an aggressive leasing strategy, we were able to materially enhance the quality and performance of the portfolio while capitalising on strong tenant demand in two of Richmond’s most established industrial submarkets.”
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