Lingerfelt CommonWealth Partners LLC, a commercial real estate investment firm based in Henrico County, has bought an office tower in the Houston area for $52 million.
The property, 1700 West Loop, is a 14-story, 272,941-square-foot tower with a 786-space parking garage. The building is 81 percent occupied and anchored by engineering, architectural and consulting firm Burns and McDonnell.
Lingerfelt Senior Vice President Jay Kraft said the company has been tracking the market, believes the basic fundamentals are strengthening and looks forward to exploring other opportunities in the Houston area.
Commonwealth Commercial Partners, the company’s property management affiliate, will handle day-to-day asset and property management.
Lingerfelt CommonWealth Partners owns and manages nearly 20 million square feet of commercial real estate valued at $2 billion across the mid-Atlantic and Southeast.