Lingerfelt Completes Strategic Sale of Ashton Logistics Park for $78.2 Million

Lingerfelt Completes Sale of Ashton Logistics Park for $78.2 Million

Lingerfelt, a notable player in the real estate investment sector, recently announced the successful sale of Ashton Logistics Park (ALP), located in Chesterfield County, Virginia. The sale, completed on May 19, 2026, fetched an impressive $78.2 million, which breaks down to approximately $149 per square foot for the expansive 523,407 square foot logistics facility.

Ashton Logistics Park has been strategically positioned within the thriving logistics market, covering a 52-acre site at 1630-1660 Ashton Park Drive in Colonial Heights. The ALP comprises two main buildings, each catering to different operational needs. Building 1 is a substantial 437,657 square-foot facility, featuring a clear height of 36 feet and a cross-dock configuration designed to enhance efficiency in logistics. Meanwhile, Building 2, slightly smaller at 85,750 square feet with a clear height of 32 feet, utilizes a rear-load design, making it suitable for a variety of distribution uses.

This asset was developed speculatively by Lingerfelt, with groundbreaking occurring in August 2022. Following the construction phase, both buildings were fully leased by key tenants before the completion of their construction. Article.com, a direct-to-consumer furniture retailer from Canada, fully leased Building 1 and initiated operations in January 2024 after relocating from the Northeastern United States. Similarly, by mid-2024, Building 2 was leased to Shepherd Electric Company, which is a wholesale electrical distributor affiliated with Graybar.

The sale of ALP signifies Lingerfelt's strategic success in identifying promising real estate opportunities. The managing director of development at Lingerfelt, John Mason, expressed pride in the project, citing how it reflects the firm's expertise in realizing potential projects from inception to occupation. This transaction not only highlights Lingerfelt's capability in creating value through disciplined execution but also underscores the robust demand for industrial properties in the Richmond market.

The investor interest in ALP further illustrates the growing need for high-quality logistics facilities, which is a significant trend in the commercial real estate sector. As supply chains evolve and e-commerce continues to thrive, locations like Ashton Logistics Park become increasingly valuable.

Lingerfelt collaborated with Newmark’s Industrial Capital Markets team to facilitate this sale. The firm also acknowledged the contributions of Range Commercial Partners, who served as the property management partner, and Colliers, which assisted as the leasing and marketing partner for the site.

Building upon a legacy that spans several decades, Lingerfelt specializes in real estate investments across the Mid-Atlantic and Southeast United States. With over 25 million square feet of managed commercial properties valued at over $3 billion, the firm remains committed to generating significant returns for its investors while delivering high-quality spaces for modern users.

Lingerfelt continues to uphold its solid reputation as a trusted name in the real estate industry, ensuring that its portfolio not only meets current market demands but also anticipates future needs. With a focus on high-quality development and investor returns, the firm seems poised for continued success in the competitive commercial real estate landscape.