Lingerfelt, a real estate investment and asset management company, in a joint venture with Partners Group, a global private markets firm, has closed on a $105.6 million acquisition of Northlake and Walthall Distribution Centers, totaling approximately 1.2 million square feet in the Richmond, Va. metro area.

Walthall Distribution Center is a three-building, 868,601-square-foot logistics portfolio in Chesterfield County, Va. Northlake Distribution Center is a 293,115-square-foot logistics facility located in Ashland, Va. The facilities are 100 percent leased to a total of 18 tenants including multinational firms. The facilities provide attributes including cross-dock and rear-load configurations, 32-foot clear heights, dock positions, ESFR fire protection and auto parking spaces.

“This is an attractive opportunity for our partnership to acquire a portfolio of high-quality, stabilized industrial buildings with solid cash flow at current rents which are far below where the market has trended over the prior 3 years,” states Rob Valentine, principal at Lingerfelt. “These buildings really cater to the under-served small to mid-size industrial user which characterizes the vast majority of the users in the Richmond market.”