Glen Allen, VA-based Lingerfelt has divested a portfolio 11 office buildings located in and around Innsbrook, VA for $119 million. The portfolio totaled 723,103 square feet and was approximately 82% leased at the time of sale.

Charlottesville, VA-based Seminole Trail purchased the portfolio for a 6.3% cap rate, or approximately $165 per square foot. Lingerfelt and its investors will continue to own eight properties in Innsbrook totaling 240,000 square feet of office and flex warehouse buildings.

In 2020, Lingerfelt began the process of rezoning five of the 11 properties to the urban mixed-use designation in accordance with Henrico County’s comprehensive plan of densification and mixed-use development within Innsbrook. In November of 2021, Lingerfelt received unanimous approval to build 1,375 multifamily units within existing parking areas of five office buildings. According to Lingerfelt, Seminole Trail intends to move forward with the multifamily development in due course. 

Commercial real estate investment and asset management firm Lingerfelt has over $775 million of projects around the region currently under construction or breaking ground in 2023.