L
ingerfelt is pleased to announce a new joint venture with SCOA Real Estate Partners, a subsidiary of Sumitomo Corporation. The partnership aims to address the growing demand for industrial space in the Richmond region by developing TriPoint Distribution Center, a speculative warehouse facility in Prince George, Virginia.

    The 347,760-square-foot project broke ground in September 2024 and is expected to be completed by August 2025. Strategically located at the confluence of I-295, I-95, and Route 460 South of Richmond, TriPoint Distribution Center will offer optimal logistics and distribution capabilities.

    "We're excited to partner with Lingerfelt on this project," said Joe Zagranski, President and CEO of SCOA Real Estate Partners. "This development will contribute to sustained economic activity in the Richmond area by attracting businesses that can create 1,400 full-time jobs."

    Lingerfelt and SREP have selected ARCO as the general contractor and CBRE to manage leasing and marketing efforts. The partnership reflects a shared commitment to delivering exceptional industrial solutions into supply-constrained markets.

    "Partnering with SREP on this venture allows us to bring value to our stakeholders while addressing demand in the regional logistics sector," said Rob Valentine, Principal at Lingerfelt. "We're excited to create a modern product designed for today's users."

    TriPoint Distribution Center is part of Lingerfelt's broader strategy to deliver speculative industrial projects that meet user demand across the Richmond region.

    Lingerfelt is a Richmond-based real estate development and investment firm known for its commitment to delivering innovative and high-quality projects. SREP, based in Atlanta, targets investments into various sectors including multifamily, master planned communities, and industrial facilities.