Va. Beach manufacturing facility sells for $21.7M

A 320,000-square-foot industrial building in Virginia Beach sold for nearly $21.7 million, Cushman & Wakefield | Thalhimer Capital Markets Group announced late last week.

The property located at 1537 Air Rail Drive is fully leased to World Distribution Services, an affiliate of The World Group, which offers logistics services through more than 10 warehousing locations in the U.S. The property, which sits on approximately 18 acres, is located 15 miles from the Port of Virginia.

Richmond-based Lingerfelt CommonWealth Partners sold the property to Manchester Capital Management LLC, a Charlottesville-based wealth management and real estate advisory firm, in a transaction that closed on Nov. 12, according to Lingerfelt. 

Lingerfelt purchased the building in December 2018 for $8 million and invested $7 million in renovations, including interior office space renovations, warehouse flooring repair, electrical upgrades, adding exterior tailgate doors and repairing the 300,000-gallon water tank, according to Lingerfelt.

Cushman & Wakefield | Thalhimer’s Capital Markets Group represented Lingerfelt in the transaction. Senior Vice President Eric Robison led the brokerage team that handled the transaction.

“Single-tenant industrial assets remain highly sought after by investors seeking yield in buildings leased to strong, high-growth companies like World Distribution Services,” Robison said in a statement.  “In addition to the strength of the tenant and long-lease term, the location of the property and health of the industrial market in Hampton Roads made this an attractive investment for the buyer.”

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