Henrico County-based Lingerfelt CommonWealth Partners LLC has sold a distribution center in Virginia Beach for $21.695 million.
Lingerfelt CommonWealth Partners, the investment management affiliate of commercial real estate firm Commonwealth Commercial Partners, sold the 320,000-square-foot distribution building and 18 acres at 1537 Air Rail Ave. in the Airport Industrial Park. The warehouse and industrial park are near the Norfolk International Airport and Interstate 64.
Manchester Capital Management LLC, a Charlottesville-based wealth management and real estate advisory firm, bought the property.
Lingerfelt CommonWealth had acquired the distribution center in December 2018 for $8 million and simultaneously had secured a 12-year, full-building lease with World Distribution Services. Lingerfelt CommonWealth then invested $7 million in a variety of renovations.
Lingerfelt CommonWealth owns nearly 20 million square feet of commercial real estate valued at about $2 billion across the Mid-Atlantic and Southeast. Its portfolio in the Richmond region includes more than 1 million square feet of office space in the Innsbrook Corporate Center and some suburban medical office buildings and shopping centers.