JLL completes Richmond’s second-largest industrial sale

WASHINGTON, D.C., May 18, 2026 - JLL Capital Markets announced today the sale of the Northlake and Walthall Portfolio for $175 million ($151 per foot). Comprised of four buildings totaling 1,161,788 square feet, these Class A assets were fully leased to 15 tenants representing six distinct industries including construction supply, information storage, automotive, logistics and supply chain, health and wellness, and food and beverage.

JLL represented the seller in this transaction, a partnership of Lingerfelt, a vertically integrated real estate investment management firm, and Partners Group, one of the largest firms in the global private markets industry. Partners Group was the majority investor in the partnership.

Northlake & Walthall was transformed during Lingerfelt's and Partners Group's ownership through a comprehensive, multimillion-dollar capital improvement plan that included roof replacements, truck court resurfacing and upgrades to exterior facades and interior finished spaces, coupled with new leasing, expansions and renewals for 86% of the portfolio's square footage.

"This transaction is a prime representation of successful business plan execution within our value-add industrial acquisition platform," said Rob Valentine, managing director, Investments at Lingerfelt.

The JLL Capital Markets team was led by Senior Managing Director Bill Prutting, Managing Director Chris Dale, Senior Director Craig Childs and Director Ginna Wallace, supported by debt partners Managing Director Rob Carey and Senior Director Evan Parker.

"We value the trust placed again in JLL by our clients Lingerfelt and Partners Group and are pleased to have again achieved record results in one of the Mid-Atlantic's strongest industrial investment markets," said Prutting. "The Northlake and Walthall assets represent some of the highest-quality mid-to-shallow-bay industrial product in Richmond, and the more than $2 billion in offers received from the most active institutional investors reinforces the continued scarcity premium being placed on acquiring 'core' and 'core-plus' assets in Richmond."

Strategically positioned in two of Richmond's most established industrial nodes, the portfolio comprises three buildings in the Walthall Distribution Center in Colonial Heights in Chesterfield County and one building in Ashland in the Northlake Distribution Center in Hanover County. Northlake is two minutes from I-95 and one of the northernmost entry points of the overall Richmond industrial market coming from Metro D.C. via I-95, while Walthall provides access to both I-95 and I-295 as well as Route 460, which accesses the Port of Virginia, and Route 10, which accesses the Meadowville Technology Park, home to a blue-chip tenant roster including the more than $1 billion Lego manufacturing facility. The portfolio offers exceptional connectivity and seamless regional and U.S. distribution access.

Childs added, "The combination of immediate cash flow, embedded value creation through mark-to-market opportunities and superior building specifications made this a standout offering in the current market environment."

The Richmond metropolitan area continues to demonstrate fundamental strength as Virginia's capital and third-largest city, home to more than 1.4 million residents. The region's position at the intersection of I-95 and I-64 provides unparalleled connectivity to major East Coast markets, including Washington, D.C., just 100 miles north, and the Port of Virginia, approximately 90 miles southeast.

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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