Richmond, Va.-based Lingerfelt CommonWealth Partners LLC has acquired two downtown Greenville office buildings - One Liberty Square and Two Liberty Square.
The Liberty Square towers, located at 55 and 77 Beattie Place, are in the heart of business district. The buildings total 445,612-square-feet and are 81% occupied by companies such as Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White & Boyd; Dority & Manning, and the Commerce Club. One and Two Liberty Square were constructed in 1983 and 1986, respectively, and received extensive multimillion-dollar renovations in 2006 and 2014, according to a news release.
Terms of the acquisition were not released.
“We have been evaluating Greenville and the greater Upstate area for several years,” said Ryan Lingerfelt, president and CIO of Lingerfelt CommonWealth Partners, in the release. “Greenville continues to show strengthening fundamentals, particularly downtown, which has experienced seven consecutive years of positive net absorption, strong rental rate growth and low vacancy rates.”
Lingerfelt CommonWealth will operate the assets via its vertically integrated operating platform. Commonwealth Commercial Partners, the company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. CBRE will handle the leasing and marketing.