Lingerfelt CommonWealth Sells Class A Office Building in Tampa, Florida

Tampa, FL (July 6, 2020) – Lingerfelt CommonWealth Partners, LLC (LCP), a Richmond, Virginia-based commercial real estate investment firm, today announced the sale of Buschwood III to Continental Capital Partners, a real estate investment company based in Virginia Beach, Virginia, for $10.35 million.

Buschwood III, a two-story, 78,000 square-foot, Class A office building in Tampa, Florida, was 92% leased to a variety tenants including CoAdvantage, BluePearl Veterinary Services, and the GSA as of disposition. Buschwood III was 86% leased when LCP purchased the property in February 2018 for $8.9 million.  The property is located in Tampa’s Northwest submarket with great access to workforce and executive housing, the Westshore district, and the Tampa International Airport.

Commonwealth Commercial Partners (CCP), an affiliated commercial real estate operating firm of LCP (also based in Richmond, VA), has served as the asset and property manager for Buschwood III since the time of LCP’s acquisition, and has been retained for management services for Continental Capital. CCP currently manages a portfolio of properties for Continental Capital totaling approximately 360,000 square feet in Florida alone, and 2.5 million SF nationally.

“We are thrilled to continue our relationship with Continental Capital and this asset in Tampa,” said Scott Holman, Florida Managing Director at Commonwealth Commercial. “We have had the opportunity to work with the last two ownership groups at this project and we look forward to continuing to provide excellent service to the tenants under Continental Capital’s ownership, as well as creating additional value for our client’s new asset.”

More on the company can be found on the web at www.LingerfeltCommonWealth.com.

ABOUT LINGERFELT COMMONWEALTH PARTNERS

Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis MO, Columbus OH, and Minneapolis MN. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com.

 ABOUT COMMONWEALTH COMMERCIAL PARTNERS, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis MO, Columbus OH, and Minneapolis MN. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.

Four Commonwealth Commercial Brokers Come Out on Top in Commercial Real Estate Deal-Making Competition

Four Commonwealth Commercial Brokers Come Out on Top in Commercial Real Estate Deal-Making Competition

May 1, 2020 – Richmond, VA – CoStar Group, the data/analytics leader of the commercial real estate industry, announced the Power Brokers Quarterly Deals winners in Richmond for the first quarter of 2020. Commonwealth Commercial came out on top in the list of winners in Richmond. Power Brokers Quarterly Deals winners are determined by the top reported deals every quarter, based on price and square footage.

In the Top Office Leasing Deals category, Russell and Tucker secured a tenant for 16,276 sf of office space at 840 Hermitage Road.

For the Top Retail Leasing Deals category, 2400 Magnolia Court made the list. Ben Bruni and Russell Wyatt represented the Landlord and Carl Blackwell represented the Tenant in this transaction.
Please help us congratulate Russell, Tucker, Ben & Carl on their Power Broker Quarterly Deals win for the first quarter of 2020 in Richmond.

For more information, visit: https://www.costarpowerbrokers.com/quarterly-deal-winners/

About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Columbus OH, Kansas City MO, Minneapolis MN and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

CCP Awarded Property Management of Hampton Oaks Business Park in Tampa, FL

CCP Awarded Property Management of Hampton Oaks Business Park in Tampa, FL

On March 11, Scott Holman announced that CCP has been awarded the property management of Hampton Oaks Business Park in Tampa, FL. This 260,000 square foot project is centrally located in Tampa’s East Side submarket at the intersection of Interstate 4 and U.S. Highway 301. The property consists of six high-quality single-story office/flex buildings and is currently 95% leased to tenants including Verizon, Century Link, Rooms-to-Go and Direct Insurance.

Boston-based Albany Road acquired the property from an affiliate of Alidade Capital on March 3, 2020. This assignment represents an expansion of CCP’s Albany Road relationship here in Florida, on the heels of the Meridian Concourse project which was awarded in December 2019.

The entire CCP transition team did a great job with the setup of this project, allowing for seamless integration with the client and the tenants. Congratulations to all on this new assignment!

About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Columbus OH, Kansas City MO, Minneapolis MN and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

CCP Awarded Management of Second Building in The Sauer Center

CCP Awarded Management of Second Building in The Sauer Center

On March 26, 2020, Adam Megenity, CCP-Richmond, announced that Commonwealth Commercial Partners has been awarded the property management of the second building located in Richmond’s newest, urban mixed-use development. This 27,000 sq. ft. Class A office asset is finishing up a historic tax credit renovation and is the next step in this ever-growing project. We are excited to be chosen as the service provider in this game-changing project for downtown Richmond. CCP has also been retained for the brokerage of this asset and the building already 77% leased! Finally, our Asset Management team was recently awarded the asset management of this project. What a fantastic outcome when three of CCP business lines can work on the same asset!

About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Columbus OH, Kansas City MO, Minneapolis MN and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

Commonwealth Commercial Partners Awarded Property and Asset Management of Parkway Place

Jacksonville, FL – December 19, 2019 – Commonwealth Commercial Partners (“CCP”), a Richmond, Virginia-based comprehensive property solutions firm, is pleased to announce it has been awarded the property and asset management of Parkway Place, two single-story office buildings at 6680 & 6700 Southpoint Parkway in the Southside submarket of Jacksonville.

The property was recently purchased by The Runnymede Corporation (“Runnymede”), a family owned commercial real estate investment, development and management company headquartered in Virginia Beach, Virginia, from undisclosed seller represented by Newmark Knight Frank, in conjunction with Newmark Phoenix Realty Group. Permanent financing for the property was arranged by TowneBank. The two buildings on the property comprise 102,960 SF and are 100% leased to four tenants in rail transportation, automotive technology, education and service industries.

Parkway Place is strategically located in the booming Southside of Jacksonville, boasting easy access to I-95, I-295, and Route 202, as well as an amenity-rich suburban environment that offers employees, residents and visitors an abundance of high-end retail, entertainment and food options within minutes.

“We are pleased to be expanding our company’s relationship with Runnymede, and to continue to provide our best-in-class property and asset management services to our clients at this property,” said Scott Holman, Managing Director for CCP in Florida.

“Commonwealth Commercial continues to present us with outstanding suburban office investment opportunities,” said F. Gresham Wall, III, Director of Leasing & Business Development for the Runnymede Corporation.  “We are very excited about our expansion into the Jacksonville market and our ability to partner with such a seasoned and experienced asset management team. This is our second acquisition in two months, and we could not have made it happen without their local experience, knowledge, and dedicated management team.”

CCP manages several properties in the surrounding area, including Enterprise Park, Belfort Crossing, 8800 Baymeadows Way, and Riverplace Tower.

 About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Charleston SC, Greenville SC, Kansas City MO, St. Louis MO, Houston TX, Reading PA, and Minneapolis MN. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.

About The Runnymede Corporation

Established in Norfolk, Virginia, The Runnymede Corporation is a commercial real estate development and management firm with a diverse real estate portfolio that includes class A office buildings, multi-family properties, self-storage facilities, office/warehouse, shopping centers, mixed use projects and light industrial.  To learn more, visit www.trcva.com.

LINGERFELT COMMONWEALTH ACQUIRES OFFICE TOWER IN COLUMBUS, OHIO, COMMONWEALTH COMMERCIAL OPENS 15TH NATIONAL OFFICE

Richmond, VA —  December 23, 2019  — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of 100 East Broad Street, a 308,337 square foot, 24 story office tower in downtown Columbus, Ohio.

The tower, also referred to as Chase Tower after one of its prominent tenants, JP Morgan Chase, is located in the heart of downtown Columbus across from Capitol Square.  Chase Tower is currently 60% occupied and presents a significant repositioning opportunity in a market that has historically experienced office occupancies above 90%.  Lingerfelt CommonWealth plans to immediately implement a multi-million dollar renovation to the tower, including full elevator modernization, a first-class tenant amenity package, main lobby renovations, new HVAC mechanical equipment, and numerous other significant upgrades to building equipment.

“The opportunity to reposition an asset like Chase Tower, in a market like Columbus, aligns perfectly with our strategy of value investing in real estate markets with improving economic fundamentals,” said Ryan Lingerfelt, President and CIO of Lingerfelt Commonwealth Partners.  “By providing comprehensive building-wide renovations, addressing aging equipment, and securing a long-term parking solution for the building tenants and their customers, we will have positioned Chase Tower to be a leader in downtown Columbus.”

As the 14th largest metro in the United States, Columbus is now first among the Midwest’s 10 largest metros for population, job and GDP growth.  “Annually, there are over 22,000 graduates from the various colleges and universities in Columbus and the city has figured out a way to keep them local,” said Lingerfelt.  “And with population and job growth comes a demand for multi-family developments.  There are over 1,500 multi-family units under construction and 2,500 proposed multi-family units, all within a 1 mile radius of Chase Tower.”

Lingerfelt CommonWealth will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the Company’s affiliated commercial real estate operating firm, will handle all aspects of the day-to-day asset and property management for Chase Tower, opening the firm’s 15th national office. Commonwealth Commercial will continue to grow its platform and will manage assets for real estate owners across the greater Ohio region.

“We’re excited to expand our footprint throughout the Ohio region,” said Ken Strickler, President of Commonwealth Commercial Partners.  “Chase Tower represents a unique repositioning opportunity and we look forward to growing our platforms and serving the local community.”

Financing for the acquisition of the office tower was arranged by Atlantic Real Estate Capital.

ABOUT LINGERFELT COMMONWEALTH PARTNERS

Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis, MO, Reading PA, and Minneapolis MN. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com.

 ABOUT COMMONWEALTH COMMERCIAL PARTNERS, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL,  Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Kansas City MO, St. Louis MO, Houston TX, Reading PA and Minneapolis MN. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.

Commonwealth Commercial Completed Five Transactions this Week

Richmond, VA – December 13, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Sugar & Hive leased 2,200 SF at 320 Libbie Avenue in the City of Richmond.  Jim McVey represented the Landlord.
  • Edward Jones & Co. leased 900 SF at 6740 Forest Hill Avenue in the City of Richmond.  Fred Plaisted represented the Landlord.
  • Buffalo Distro, Inc. leased 8,962 SF at 319 Business Lane in Hanover County.  Eric Hammond represented the Tenant.
  • Northern Neck Realtors, LLC leased 612 SF at 411 Libbie Avenue in the City of Richmond.  Jim McVey represented the Tenant.
  • Petro Supply, Inc. purchased 15,000 SF on 2 acres on 5223 Klockner Drive in Henrico County from Henry’s Creek Associates for $1,125,000.  Ben Bruni and Russell Wyatt represented the Seller.

About Commonwealth Commercial Partners, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO, Minneapolis MN and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

LINGERFELT COMMONWEALTH ACQUIRES OFFICE TOWER IN MINNEAPOLIS, COMMONWEALTH COMMERCIAL OPENS 15TH NATIONAL OFFICE

Richmond, VA —  July 8, 2019  — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of 222 South Ninth Street, a 727,170 square foot, 42 story office tower in downtown Minneapolis, Minnesota. The asset was sold by Principal Real Estate Investors, the real estate group of Principal Global Investors, a diversified asset management organization headquartered in Des Moines, IA and member of the Principal Financial Group.

The tower, which will be rebranded as Two22, is located in the heart of downtown on Minneapolis’ Skyway System.  Built in 1985, it was originally known as the Piper Jaffray Tower and most recently as the Campbell Mithun Tower.  As the fifth tallest tower and the second tallest glass-curtain tower in Minneapolis, it is an iconic part of the Twin City’s skyline.

Two22 is 51% occupied and presents a significant repositioning opportunity in a market that has experienced similar successful repositionings over the past few years.  Lingerfelt CommonWealth plans to immediately implement an estimated $20 million comprehensive renovation, including full elevator modernization, Skyway renovations and enhancements, a first-class tenant amenity package, a first-floor lobby renovation and an outdoor terrace.

“The acquisition of Two22 fits solidly within our strategy of value investing in real estate markets with improving economic fundamentals. We’re looking forward to executing our business plan and delivering a great product for the City and building asset value for our investors,” said Ryan Lingerfelt, President and CIO of Lingerfelt Commonwealth Partners.

Lingerfelt CommonWealth will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the Company’s affiliated commercial real estate operating firm, will handle all aspects of the day-to-day asset and property management for Two22, opening the firm’s 15th national office. Commonwealth Commercial will continue to grow its platform and will manage assets for real estate owners across the greater Minneapolis metro.  Financing for the acquisition of the office tower was arranged by Atlantic Real Estate Capital.

“We’re excited to expand our company to the dynamic market of Minneapolis.  Two22 represents a unique repositioning opportunity and we look forward to growing our platforms and serving the local community,” said Ken Strickler, President of Commonwealth Commercial Partners.

Lingerfelt CommonWealth will add to the existing on-site amenities which currently include a conference center, underground parking, fitness center, secure bicycle storage, a coffee shop, hair salon and a deli/catering service.  Two22 earned Gold-level certification through the Leadership in Energy & Environmental Design (LEED) program in 2009 and then again in 2014.  Two22 is surrounded by numerous hotels, restaurants and businesses in the rapidly expanding Downtown East neighborhood, and is just blocks away from the US Bank Stadium, home to the NFL’s Minnesota Vikings.  The neighborhood’s swift residential and entertainment transformation has made it one of the most desired locations in the city.

More on the company can be found on the web at www.LingerfeltCommonWealth.com.

Commonwealth Commercial Partners Awarded Property Management Project of City View Tower

Norfolk, VA – January 14,  2019 – Commonwealth Commercial Partners (CCP) is pleased to announce it has been awarded the property management of City View Tower Building in downtown Norfolk at 555. E. Main Street. The property is owned by Norfolk Redevelopment and Housing Authority (NRHA), which is one of the building’s larger tenants. City View Tower, built in 1977, is approximately 125,850 square feet and 17 stories high, including six stories of parking.

This assignment for CCP includes property management and construction management, and leasing services.  “We are very excited to manage this property for the NRHA, which represents Commonwealth Commercial’s first entry into the downtown Norfolk office market,” said Craig Cope, Managing Director at Commonwealth Commercial in Hampton Roads.  “We look forward to a successful partnership, as well as the opportunity to increase our presence in the downtown Norfolk area.”

City View Tower is 80% leased, with larger tenants including PNC Bank, Taylor & Walker, P.C., and Tavss, Fletcher, Maiden & Reed, P.C. Deborah Stearns and Christine Young with JLL will manage the leasing for the remaining space on behalf of Commonwealth Commercial.

CCP has over 2,750,000 SF under management in the Hampton Roads area, including Interstate Corporate Center, Reflections Office Park, Battlefield Corporate Center, Liberty Executive Park, 2797 International Parkway, Windwood Centre, Towne Place at Greenbrier, and 1537 Air Rail Ave. CCP has over 15,000,000 SF under management nationwide.

 

About Commonwealth Commercial Partners, LLC

Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Kansas City MO, Houston TX and Reading PA. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.

Commonwealth Commercial Expands to Texas, Hires Managing Director for New Houston Office

RICHMOND, Va., November 29, 2018 /PRNewswire/ — Commonwealth Commercial Partners, a leading full-service commercial real estate firm headquartered in Richmond, VA, is pleased to announce the hiring of William Fehmer as Managing Director of the company’s newest office at 1700 West Loop South in Houston, Texas. Fehmer was hired in October and will be responsible for the oversight of the company’s Houston property portfolio, property acquisitions and dispositions, development strategies and the development of our third-party property services business lines.

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