RICHMOND, Va., April 15, 2026 /PRNewswire/ — Lingerfelt, a vertically integrated real estate investment management firm, and Partners Group, one of the largest firms in the global private markets industry, today announced the successful sale of their 1.16 million square foot WalthallNorthlake Industrial Portfolio. The portfolio was sold to an undisclosed buyer for $175 million, or approximately $151 per square foot.

Located in the Richmond, Virginia metropolitan area, the WalthallNorthlake Industrial Portfolio is a fully leased, Class A industrial warehouse and distribution portfolio that consists of four institutional-quality industrial buildings. This includes three buildings within Walthall Distribution Center in South Chesterfield, Virginia and one building within Northlake Distribution Center in Ashland, Virginia.

Lingerfelt and Partners Group acquired the portfolio in March 2023 for $105.6 million through a joint venture, with Partners Group as the majority investor. The venture then successfully executed a comprehensive value-add business plan focused on curing deferred maintenance, modernizing building systems, and repositioning the assets to Class A market standards. This included completing a $9 million capital improvement program and executing 875,000 square feet of new and renewal leasing, resulting in a fully stabilized, 100% leased portfolio at the time of sale.

“The sale of this portfolio represents a successful exit for our real estate platform in the US,” said Henrik Orrbeck, Co-Head of Real Estate at Partners Group. “Industrials is a key thematic focus area for us, where we look to invest in assets that are strategically located near select urban centers with strong value creation potential. We would like to thank Lingerfelt for their partnership in this venture.”

“This transaction is a prime representation of successful business plan execution within our value-add industrial acquisition platform,” said Rob Valentine, Managing Director, Investments at Lingerfelt. “Through a targeted capital improvement program and an aggressive leasing strategy, we were able to materially enhance the quality and performance of the portfolio while capitalizing on strong tenant demand in two of Richmond’s most established industrial submarkets. We are extremely pleased with the outcome for our investors and are grateful to our outstanding project partners, vendors, and tenants who helped bring the business plan to fruition.”

JLL’s Industrial Capital Markets team represented the Lingerfelt-Partners Group joint venture in the sale transaction. Lingerfelt would also like to thank Range Commercial Partners, which served as the portfolio’s leasing and property management partner.

About Lingerfelt
Lingerfelt is a vertically integrated real estate investment management firm serving the Mid-Atlantic and Southeast United States. Since the 1950s, Lingerfelt has been a trusted name in commercial real estate and continues to build upon its reputation by sourcing and investing in unique real estate opportunities that deliver best-in-class product for modern users while generating attractive, risk-adjusted returns for investors. Lingerfelt, along with its partners, has successfully constructed, acquired, and managed a portfolio of more than 25 million square feet of commercial real estate valued at over $3 billion. To learn more, visit www.lingerfelt.co.

About Partners Group
Partners Group is one of the largest firms in the global private markets industry, with around 2’000 professionals and over USD 185 billion in assets under management globally. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, royalties, and special opportunities. With its heritage in Switzerland and primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.

Media Contact
Rob Valentine
Managing Director, Investments
Lingerfelt
(804) 2700015
RValentine@Lingerfelt.co

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SOURCE Lingerfelt