In December, Liberty Property Trust sold its portfolio of 32 Jacksonville buildings along with 115 undeveloped acres for more than $197 million to Greenfield Partners LLC, a Connecticut-based real estate investment firm.
The Daily Record reported Jan. 24 that Lingerfelt CommonWealth had taken over leasing and management of the properties and that a news release was pending.
Lingerfelt CommonWealth, based in Richmond, Va., issued a news release this morning that it will provide leasing, property management and asset management services for the portfolio.
Its property management division, Commonwealth Commercial Partners, will handle the day-to-day property management.
Commonwealth Commercial Partners has retained the former Liberty Property Trust team in Jacksonville.
The properties are in Duval County and most are close to the Southside submarket along Butler Boulevard.
The portfolio consists of 32 office and flex-industrial buildings that lease space to more than 130 companies, including Deutsche Bank, PHH Corp., Bell South/AT&T and McKesson, among others.
Lingerfelt CommonWealth Partners also announced it has engaged the Colliers International Jacksonville office to handle the leasing on a portion of the portfolio at Center Point Business Park, which consists of about 585,000 square feet of flex-industrial space.
Colliers will also market the 115 acres in West Jacksonville for sale or for build-to-suit purposes.
The properties involved in the Lingerfelt Commonwealth deal include:
Butler Plaza Three multistory office buildings totaling 241,732 rentable square feet at 4875, 4887 and 4899 Belfort Road.
Salisbury Business Park Three single-story office buildings totaling 168,800 rentable square feet at 7251, 7255 and 7259 Salisbury Road.
Liberty Business Park Seven single-story office buildings totaling 481,751 rentable square feet at 4901 and 4905 Belfort Road and 7014-7022 A.C. Skinner Parkway.
PHH Mortgage Building A multistory office building totaling 150,000 rentable square feet at 5201 Gate Parkway.
Enterprise Park A multistory office building totaling 119,047 rentable square feet at 4190 Belfort Road.
McKesson Building A multistory office building totaling 104,358 rentable square feet at 4345 Southpoint Blvd.
Parkway Place Two single-story office buildings totaling 102,960 rentable square feet at 6680 and 6700 Southpoint Parkway.
Liberty Center A multistory office building totaling 114,221 rentable square feet at 7077 Bonneval Road.
Center Point Business Park A group of 12 single-story office-flex buildings totaling 579,800 rentable square feet along Executive Park Court.
The Art Institute A multistory office building totaling 47,454 rentable square feet at 8775 Baypine Road.
Lingerfelt CommonWealth Partners is a full-service, self-administered and self-managed real estate company that spans three generations and more than 57 years in the real estate business.
It has built and acquired more than 15 million square feet of commercial real estate valued at more than $1.5 billion.
Its properties include medical and professional offices, industrial and distribution facilities, data and call centers, elderly housing and nursing homes throughout the Mid-Atlantic and Southeast, primarily in Virginia, North Carolina, South Carolina, Tennessee and Maryland.
For more information about the company, visit Lingerfeltco.com.
Lingerfelt CommonWealth Partners announced today that it will lease and manage the former Liberty Property Trust office and industrial space in Jacksonville, a 2.1 million-square-foot portfolio of office, flexible-use and industrial space.