RICHMOND, Va., July 16, 2012 /PRNewswire/ -- The Lingerfelt Companies today announced its acquisition of the Nashville Airport North Portfolio of five Class A office buildings, totaling 484,047 square feet from Highwoods Properties (NYSE: HIW).
The properties are located in Nashville , TN, within three mature office parks: BNA Corporate Center, Lakeview Ridge Office Park and Century City Office Park.
Ryan Lingerfelt, Principal, states, "This portfolio is comprised of Class A office buildings that have been institutionally owned and maintained, and have an impressive tenant roster and favorable occupancy of 86 percent. The properties are within close proximity to Nashville's central business district and are convenient to the Nashville Airport and Brentwood/Cool Springs/Franklin submarkets. The building product mix, range of sizes and rental price points will provide the company the ability to increase income through existing contract rental increases, additional lease-up activity, and a manageable tenant rollover in an improving office market."
This recent purchase will increase the 1.5 million square feet of office and healthcare-related properties valued at over $200 million that the company has added previously to its portfolio in less than two years.Lingerfelt adds, "This portfolio is significant in that it provides us with a unique opportunity to acquire critical mass in the Nashville office market that is ranked as the second best suburban office market in the U.S." Click here for a full photo gallery: http://lingerfeltco.com/press_image/TN/ ABOUT LINGERFELT COMPANIES Spanning three generations and more than 50 years in the real estate business, the Lingerfelt family has built and acquired in excess of 12 million square feet of commercial space valued at over $1 Billion. Property types include: medical and professional office, industrial and distribution facilities, data and call centers, elderly housing and nursing homes across the eastern US, located primarily in Virginia, North Carolina, South Carolina, Tennessee, Maryland. The Company has an exceptional reputation for quality acquisition, development, and institutional asset management, and has worked with major corporate and government tenants, including many Fortune 500 companies, during its development history.