Lingerfelt refinances Innsbrook portfolio
The Lingerfelt Cos. is refinancing its Innsbrook portfolio and buying out one of its existing partners as part of a long-term commitment to the Innsbrook community. The Richmond-based development company said in a press release that the actions reconfirm its interest in Innsbrook, a commercial corridor with offices, retail, restaurants and hotels in western Henrico County.
Additionally, Lingerfelt noted that it has moved its business operations to one of the company’s properties within Innsbrook at 4198 Cox Road.
Since its first investment in Innsbrook in the mid 1980’s, Lingerfelt has grown to become one of the largest land and property owners in that community, operating and managing 14 buildings in and around the park totaling nearly 1 million square feet.
“Our ongoing investment with Iinnsbrook over the last several years has been a wonderful experience, and the market continues to create opportunities for us. We are also looking forward to being part of the Innsbrook ‘NEXT’ vision that was recently approved as a plan of redevelopment by the Henrico County Planning Commission,” Brian Witthoefft, a principal at Lingerfelt Cos., said in a statement. He was referring to a plan that will allow for higher density buildings as Innsbrook moves to become more of an urban, mixed-use village as opposed to a suburban office park. .
Asked how much money the company will refinance and what partners it was working with, Witthoeft said he couldn’t’ comment beyond the statement.
Lingerfelt expanded its portfolio in the Innsbrook area in May 2011 when it acquired the 919,000-square foot portfolio of Liberty Property Trust for about $100 million, a deal that included
14 suburban office buildings.
Commonwealth Commercial Partners provides asset and property management services for Lingerfelt Cos.’ portfolio and will continue to provide such services after the refinancing.