Announcement|December 21, 2016
Lingerfelt Commonwealth Acquires Two Office Towers in Downtown Greenville, SC
RICHMOND, Va.–(BUSINESS WIRE)–Lingerfelt CommonWealth Partners, LLC today announced the acquisition of One Liberty Square and Two Liberty Square, a pair of office towers in downtown Greenville, S.C.
The Liberty Square towers, located at 55 and 77 Beattie Place, are in the heart of Greenville’s revitalized and thriving business district. The buildings total 445,612 square feet and are currently 81% occupied to a diverse tenant base anchored by Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White & Boyd; Dority & Manning; and Commerce Club, among others. One and Two Liberty Square were constructed in 1983 and 1986, respectively, and received extensive multimillion-dollar renovations in 2006 and 2014.
Over the past few years, Greenville’s downtown has become one of the Upstate’s most popular destinations and has accumulated a variety of awards and accolades. The New York Times called Greenville “a national model for a pedestrian-friendly city center,” and Livability ranked it one of the Top 10 Best Downtowns in the country.
“We have been evaluating Greenville and the greater Upstate area for several years,” said Ryan Lingerfelt, President and CIO of Lingerfelt CommonWealth. “Greenville continues to show strengthening fundamentals, particularly downtown, which has experienced seven consecutive years of positive net absorption, strong rental rate growth, and low vacancy rates.”
“The Liberty Square acquisition fits perfectly within our value-added strategy of acquiring high-quality real estate in strong secondary and tertiary markets like Greenville,” Lingerfelt added. “The occupancy rate of the towers is expected to drop to approximately 70% after a larger tenant vacates nearly 50,000 square feet, thereby allowing us the unique opportunity to go to market offering some of the largest and most attractive blocks of space in downtown Greenville where vacancy rates continue to decline and new supply is limited.”
Lingerfelt CommonWealth will operate the assets via its vertically integrated operating platform. Commonwealth Commercial Partners, the Company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. CBRE will continue to handle the leasing and marketing.
ABOUT LINGERFELT COMMONWEALTH PARTNERS
Lingerfelt CommonWealth Partners, headquartered in Richmond, Va., is a vertically integrated, full-service real estate investment management firm with additional offices in Nashville, Tenn.; Jacksonville and Tampa, Fla., Greensboro, N.C.; and Hampton Roads, Va. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square-feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com
Lingerfelt Commonwealth Partners
Kenneth S. Strickler, 804-433-1809
Managing Director – Acquisitions & Asset Management
J. Ryan Lingerfelt, 804-270-0015
President & Chief Investment Officer
December 13, 2016
Volunteering at the Christmas Distribution Center
We had a great time volunteering at the The Salvation Army Central Virginia Christmas Distribution Center at Regency Square Mall yesterday! We had the opportunity to help gather coats, gifts and stockings for hundreds of families to make their season brighter. #seasonofgiving
November 18, 2016
palinchakjr | Getty Images Wall Street pros have been predicting the “Great Rotation” from bonds into stocks for six years. With Donald Trump‘s election victory and the Republicans’ hold on control of Congress, the time finally may have come. Money flocked into equity and out of fixed income funds last week at a near-record pace…
October 24, 2016
Check out our ad in SE Real Estate Business!
October 18, 2016
Q3 2016 Market Summaries: Industrial & Office
Richmond Industrial Market Summary, Q3 2016
- Warehouse vacancy fell to 4.5% while Flex vacancy ticked up slightly to 9.3%
- Availability rates rose across the board as a number of large blocks became available for sublease
- Richmond’s average warehouse asking rent rose to $3.55 per sq. ft., a 9.7% increase from Q3 2015, while the average asking flex rent remained relatively unchanged at $8.13 per sq. ft.
- Overall Richmond posted 355,676 sq. ft. of positive net absorption in Q3 2016, driving up the YTD net absorption to 1.8 million sq. ft.
Richmond Office Market Summary, Q3 2016
- Vacancy rate ticked up slightly to 12.4% in Q3 2016
- Asking rental rate subsequently fell to $19.31 per sq. ft. as CBD rents continued to tumble
- Richmond posted 124,884 sq. ft. of negative net absorption in Q3 2016 as Capital One vacated 135,000 sq. ft.
- Office using employment rose to 231,000 jobs, a 3.9% growth over the same period last year