RICHMOND, Va., Jan. 8, 2025 /PRNewswire/ -- Lingerfelt is pleased to announce a new joint venture with SCOA Real Estate Partners ("SREP"), a wholly owned subsidiary of Sumitomo Corporation, one of the largest worldwide diversified trading companies. The new joint venture is currently underway on the development of TriPoint Distribution Center, a speculative industrial warehouse facility in Prince George, Virginia. This partnership represents a strategic collaboration aimed at addressing the steady demand for and declining supply of industrial space in the Richmond region.

"We are extremely pleased to be collaborating with Lingerfelt on this development. Lingerfelt's impeccable, long-term track record complements our strengths in logistics development and we are aligned to deliver a first-class project. Consistent with our mission statement, this project will contribute sustained economic activity to the Richmond area by attracting businesses with the potential to house 1,400 full-time jobs," said Joe Zagranski, President and CEO of SCOA Real Estate Partners.

TriPoint Distribution Center is a 347,760-square-foot development project that broke ground in September of 2024 and is expected to be completed by August of 2025. The facility is situated strategically for optimal logistics and distribution capabilities at the confluence of I-295, I-95, and Route 460 South of Richmond. Lingerfelt and SREP selected ARCO as the project's general contractor and CBRE to manage leasing and marketing efforts.

"Partnering with SREP on this venture reflects our shared commitment to deliver exceptional industrial solutions into supply-constrained markets," said Rob Valentine, Principal at Lingerfelt. "We're excited to bring this project to life, creating value for our stakeholders while addressing demand in the regional logistics sector with a modern product designed for today's users."

TriPoint Distribution Center is part of Lingerfelt's broader strategy of delivering speculative industrial projects aimed at meeting user demand for industrial space across the Richmond region.

About Lingerfelt

Lingerfelt is a Richmond, Virginia-based real estate development and investment firm known for its commitment to delivering innovative and high-quality projects. With a proven track record spanning several decades, the company specializes in commercial real estate developments that enrich communities and provide exceptional value to investors.

About SCOA Real Estate Partners

SREP is based in Atlanta, Georgia and targets its investments into development of multifamily apartment home communities, master planned residential communities, industrial warehouse and logistics facilities and strategic opportunities. Building on a foundation of trust, SREP is a stable and reliable partner working to create generational communities and facilities that inspire pride for our homeowners, residents, companies, employees, and towns.

CONTACT: Rob Valentine, Principal, Lingerfelt, [email protected]

SOURCE Lingerfelt