Lingerfelt Sells State-of-the-Art Industrial Facility for $31.25 Million

Lingerfelt Completes Transaction on 1701 Bermuda Industrial Development

Lingerfelt, a prominent name in real estate investment management, announced the sale of its impressive 187,890 square foot industrial facility located at 1701 Bermuda Hundred in Chesterfield County, Virginia. This state-of-the-art property, developed in partnership with Richardson Properties, was sold for an impressive $31.25 million to an undisclosed buyer on September 9, 2025. The transaction highlights the growing demand for such modern industrial spaces, driven by a booming economy and advancing technological needs.

The facility, established in August 2023, was designed to meet the high standards of today’s leading industrial tenants. Shortly after its completion, it was secured under a long-term lease agreement with a creditworthy tenant, demonstrating Lingerfelt’s ability to manipulate complex market demands effectively. As Lingerfelt's President, Brian Witthoefft stated, "This project underscores our ability to identify, coordinate, and execute complex industrial development opportunities that meet the needs of today’s top industrial tenants and which provide exemplary outcomes for our valued investors."

This development marks not just a financial win but also a strategic milestone for Lingerfelt, which has consistently aimed to create value in its projects. The company's extensive track record includes over 25 million square feet of commercial real estate under management valued at over $3 billion.

The project is part of a broader trend where companies are increasingly seeking advanced industrial facilities that can support logistics, distribution, and manufacturing processes. The modern industrial center within Chesterfield County's Meadowville Technology Park exemplifies the changing landscape of real estate investment, addressing the needs for rapid delivery and operational efficiency demanded by companies in the current economy.

Richmond, Virginia’s growth as a business hub has attracted many investors. Companies are looking to establish operations in regions that offer a balance of accessibility and advanced infrastructure, like the Meadowville Technology Park. The area is strategically positioned, merging ease of transportation and proximity to key markets.

Beyond the financial implications, the sale signifies Lingerfelt's ongoing confidence in the real estate market and its readiness to navigate its complexities. With a focus on sourcing unique opportunities and maintaining a commitment to quality, the firm remains a key player in the commercial real estate sector across the Mid-Atlantic and Southeast United States. This transaction not only fulfills investor expectations but also strengthens the company’s portfolio.

Lingerfelt continues to abide by its mission of delivering best-in-class products while generating outsized returns. The company’s experience and strategic vision enable it to stay ahead in the competitive real estate environment.

As they move forward with future projects, Lingerfelt, alongside Richardson Properties, is committed to exploring further opportunities to develop and manage spaces that meet evolving market requirements. Their foundational belief in adapting to changes will be critical as the industrial real estate sector matures and continues its upward trajectory.

For more information on Lingerfelt and its ongoing projects, visit Lingerfelt's website. For details about Richardson Properties and its operations, please visit Richardson Properties' website.