RICHMOND, Va., May 19, 2011 /PRNewswire/ — Local private developer Lingerfelt Development announced it has acquired a portfolio of 14 buildings, totaling 919,000 square feet for nearly $100 million from Liberty Property Trust (Click for photo gallery).

This transaction marks one of the most significant real estate sales to be made in the Richmond, VA market over the past decade. Lingerfelt, who has always held interests in the Richmond market, will now be one of the largest owners of Class A commercial real estate in the 850-acre mixed-use Innsbrook Corporate Center and surrounding area located in the West End of Richmond.

Ryan Lingerfelt, principal, states, “This portfolio is particularly strong since the properties are 98% leased, Class A commercial, and located within the desirable Innsbrook area.” For Liberty’s property management professionals, he points out, the ownership transition will be fairly seamless with many moving less than a half-mile to their new Lingerfelt corporate offices. “What’s more,” he adds, “the current tenants and local commercial real estate community are already very familiar with our name.”

The Lingerfelt family has long been active in both the Richmond and REIT development spheres. With this acquisition, Lingerfelt reveals, “Our company’s portfolio has come full circle,” explaining that in 1995, his father, Alan Lingerfelt, orchestrated the sale of his company, Lingerfelt Development Corporation, to Liberty Property Trust, where he then served as Senior Vice President for more than 12 years. During that period, he oversaw the strategic direction for development, acquisition and management of Liberty’s Virginia region, including the properties being purchased in this transaction; thus all these former Lingerfelt properties are part of the Lingerfelt portfolio once again.

Spanning more than 50 years in the real estate business, the Lingerfelt family has built or acquired in excess of 11 million square feet of commercial space. Properties serve from medical to professional to industrial uses, and include data, call and emergency care centers, elderly housing, nursing homes and multifamily developments across the eastern U.S., located primarily in Virginia, North Carolina, South Carolina, Tennessee, Maryland and Illinois.

Ryan Lingerfelt asserts, “The Lingerfelt family prides itself on an exceptional reputation for quality development. We’ve been fortunate to have worked with major corporate and government tenants, including many Fortune 500 companies, during our development history.”

http://www.LingerfeltCo.com

SOURCE Lingerfelt Development