Virginia Investor Pays $52M to Enter Market

Lingerfelt CommonWealth Partners LLC (LCP), a Richmond, VA-based commercial real estate investment firm, acquired the Class A, 1700 West Loop South office building in Houston for $52 million. Bridge Investment Group Partners sold the 14-story, 272,941-square-foot building to the first-time Houston buyer. An adjacent 786-space parking garage was included with the transaction.

The tower is approximately 81% occupied, and is anchored by the international engineering, architectural and consulting firm Burns and McDonnell. Commonwealth Commercial Partners, LCP’s property management affiliate, will oversee asset and property management. Avison Young is tapped to deal with leasing and marketing.

LCP’s Jay Kraft said the company has been tracking the market for a while, and believes that the region’s fundamentals are strengthening. “We look forward to exploring other opportunities and expanding our presence,” he added.

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