Henrico industrial distribution facility sells for $22.25M
Table of Contents
A northern Henrico industrial distribution facility that was vacant when purchased last year for just less than $8 million sold just more than a year later for $22.25 million.
The facility, located within the Richmond Distribution Center at 4300 Carolina Avenue, adjacent to Richmond Raceway, contains 223,479 square feet of space.
Richmond-based commerce real estate investment firm Lingerfelt CommonWealth Partners, LLC purchased it in April 2021 for $7.8 million; it was vacant at the time. The company then completed a number of renovations, which included a truck court expansion, modernization of the warehouse lighting and sprinkler system, installation of a new roof, and new loading dock equipment, as well as cosmetic enhancements to the building and landscaping and new LED lighting packages in the parking lot and loading areas. During that process, Lingerfelt signed new long-term leases for approximately 43% of the building.
This April, Lingerfelt sold the property to holding company Exeter 4300 Carolina LLC. The property was assessed at $10.6 million in January, according to Henrico property records.
