Virginia Beach Office of Commonwealth Commercial Partners Welcomes Broker from Hometown

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Good News for Commonwealth Commercial Partners, LLC in Virginia Beach!

CCP Hampton Roads is thrilled to welcome Michael Good to their expanding Virginia Beach office. As a native of Virginia Beach, Michael has an innate understanding of the area, making him an invaluable asset to both clients and colleagues. For the past 4 years, Michael has been a senior associate on the CCP brokerage team working out of the Richmond office.

Michael shared, “I’m truly excited to return to my hometown and work in the community where I was raised. I look forward to connecting with old friends and forming new connections as I begin my professional journey back home at the beach.”

Specializing in the Medical and Office markets, Michael’s expertise includes skillfully representing both Tenants/Buyers and Landlords/Sellers ensuring that all their unique needs are being met in a timely and efficient manner. Michael received his B.A. from Hampden-Sydney College in Farmville, Virginia where he was Student Body president his senior year.

“Michael has consistently demonstrated an unwavering commitment to his clients’ success. His proven track record coupled with his extensive knowledge of the local market will undoubtedly be an incredible asset to our Virginia Beach team,” said F. Gresham Wall, III, Managing Director, Hampton Roads.

As CCP continues to expand its reach in the Virginia Beach market, the addition of Michael solidifies the commitment to delivering top-tier real estate solutions with a local touch.

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About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

Michael Good

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Local GC Dominion Construction Partners to build and anchor new Henrico development

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For its latest project, a local general contractor is building a new home and then some.

Dominion Construction Partners has broken ground on Dominion Exchange, a 70,000-square-foot office and industrial project at 9003 Old Staples Mill Road in Henrico County.

Once completed, Dominion Exchange will serve as the new headquarters for DCP, which is planning to occupy about 12,000 square feet of the project. The remaining space would be leased out.

Founded in 2007, DCP is one of the many divisions of Commonwealth Commercial Partners. In addition to a sizable commercial real estate brokerage operation, CCP also has property management, development, forestry consulting, and hospitality management services.

DCP builds for all types of sectors, including office, restaurant, multifamily, industrial, and retail projects. Some recent work includes Silver Hills Development’s 263-unit apartment building off Monument Avenue, the YWCA’s office renovation, and the West Coast Provisions restaurant in GreenGate.

“We pretty much do a little bit of everything. We like to try to be diversified,” said DCP Executive Vice President Will Bynum. “If you look at (our) job list, it’s got a $60,000 ATM kiosk and a $40 million apartment (building), and a lot of stuff in between.”

DCP and its staff of about 30 are currently based out of an office in Innsbrook that it shares with CCP. Bynum said DCP realized last year that it was running out of space and needed to find its own home.

He said the group set out to find both office and warehouse storage space for DCP, but couldn’t find anything that suited its needs. It opted to lean on CCP and its various divisions to develop something new.

“There’s not a lot of product (like that) on the market,” Bynum said. “It was the first time that we’ve really been able to showcase all of (CCP’s) service lines in one central project. It’s exciting and we want to do more of this going forward.”

DCP declined to disclose the project cost.

Dominion Exchange’s 11-acre site was secured by CCP’s land sales division last summer for $1.2 million. DCP will be the general contractor on its new home, and CCP brokers are handling the marketing of the remaining 58,000 square feet in the project that’s available for lease. Cornerstone, an architecture firm not owned by CCP, is designing the project.

The brokers are talking to a couple of different folks now, Bynum said. “It seems like there’s some pretty decent interest because there’s not a lot of product like that. We want it to look cool, like something that’d be in Scott’s Addition or downtown, but we also have the functionality of having the warehouse attached to it.”

Site work began earlier this month and Bynum said DCP is hoping to get moved in by the second quarter of 2024.

A handful of other general contractors have relocated within the region in recent years. Last fall Riverstone left Chesterfield for a new office in Innsbrook, and Fortitude Commercial Contracting bought and built out its new headquarters in the Westwood area. Daniel & Co., a longtime local general contractor and developer, is also planning to leave its current office in Scott’s Addition to head to a building near The Diamond on Hermitage Road.

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

Dominion Exchange

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CCP Awarded Facilities Management for Matan Companies’ Northlake II Industrial Park

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Commonwealth Commercial Partners, LLC (CCP), a leading commercial real estate firm headquartered in Richmond, Va., is pleased to announce that we have been awarded the facilities management for Matan Companies’ Northlake II, a new industrial park in Ashland, Virginia.

Upon the completion of construction, Northlake II will be comprised of four state-of-the-art industrial buildings with a combined footprint of 547,000 square feet. This property is situated on roughly 35 acres along the I95 corridor in the 12000 block of Harley Club Drive, which offers easy access and visibility for businesses seeking a strong presence in the region.

“We are thrilled for this opportunity to bring our services to Matan Companies and begin a long-lasting relationship,” said Adam Megenity, Senior Vice President/Partner, Commonwealth Commercial Partners. “Together, we are committed to creating a thriving hub for businesses, enhancing economic growth, and contributing to the overall prosperity of Ashland, Virginia.”

Matan Companies has built a reputation for offering a comprehensive range of strategic services and owning assets in key markets. The collaboration between Commonwealth Commercial Partners and Matan Companies promises to add unparalleled value to tenants and stakeholders.

With the construction of the first 3 buildings complete, Commonwealth Commercial Partners looks forward to leveraging its expertise in facilities management to ensure seamless operations, elevate tenant experiences, and drive success for businesses housed within Northlake II.

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

Northlake II

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CCP Wins Property Management for New Building Specializing in Veterinary Emergency Medicine

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Commonwealth Commercial Partners, LLC (CCP), a leading commercial real estate firm headquartered in Richmond, Va., has been awarded Property Management for a new Medical Office Building in Goochland, Virginia. Located at 1616 Three Chopt Road, this 19,000 +/- square feet asset is situated in the far West End with proximity to multiple interstates.

This newly constructed, single-tenant building will be designed to cater specifically to the needs of veterinary emergency medicine. Equipped with cutting-edge technology, this new medical office space will specialize in advanced services such as oncology and imaging.

“We are excited to have the opportunity to collaborate with this client, who not only aligns with our core values but also will be providing an important service in the area.” Shared Adam Megenity, Senior Vice President/Partner, Commonwealth Commercial Partners. “We are eager to bring our expertise and dedication to enhancing the property’s value and provide a seamless experience for our client.”

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

Goochland Medical Office Rendering

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CCP has been awarded the Property and Asset Management of One Independence Park in Tampa, FL

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Commonwealth Commercial Partners, LLC (CCP) has been awarded the Property and Asset Management of One Independence Park in Tampa, FL. The 115,000 square foot office building is in the Westshore district with close proximity to Tampa International Airport and Veterans Expressway.

The building sits on 9.2 acres and is fully leased to Wipro and HealthPlan Services Inc. The business plan includes management of both Healthplan Services and WiPro’s ongoing tenant buildout projects and delivery of monthly investor distributions upon the asset’s stabilization.

“We have successfully onboarded an expansive portfolio of 50 properties for this client across the nation in 2022. This new assignment is a result of our growing relationship with their team.” Shared Scott Holman, Managing Director of Florida and Georgia. “There has been a tremendous amount of work from numerous individuals who have fostered the relationship that continues to bring more assignments our way.”

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

One Independence Park

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CCP Announces Midwest Expansion with Full-Service Property Management of Quivira Crossing in Overland Park, Kansas

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Commonwealth Commercial Partners Expands Property Management in the Midwest 

Commonwealth Commercial Partners (CCP), a leading commercial real estate firm headquartered in Richmond, Va., has been awarded the full-service property management of Quivira Crossing in Overland Park, Kansas. This assignment is an extension of an existing relationship through CCP’s Jacksonville, Florida office with the Las Vegas-based Blue Sapphire Management. Quivira Crossings is a 40,000 square foot retail project, currently 100% leased to a combination of local and national retail tenants. This property is very well located in Kansas City metro’s top retail submarket.

“This is a great opportunity for CCP to continue to expand our footprint and showcase our ability to be a top multi-market player,” shared Scott Holman, Managing Director of Georgia and Florida. “Our goal is to support existing clients as they grow in the market and to expand with additional relationships in the market. We do this by providing best-in-class Property Management services to our clients.”

Senior Property Manager, Allison Mitchell played a major role in further cultivating the relationship with the client and provided significant due diligence for the client during the acquisition, as well as onboarding the property with the CCP transition team. Allison and her Kansas City team will handle the management of the project moving forward. 

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

Overland Park

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CoStar Power Broker Quarterly Deals Winners for Q1 Announced

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Please help us in congratulating members of our Sales & Leasing team for being recognized by CoStar Group as 2023 CoStar Power Broker Quarterly Deals winners for Q1!

Top Sales Deal
Submarket – Airport Ind
Property Type – Industrial
Sale Price – $24,150,000
Seller Reps: Russell Wyatt & Ben Bruni, SIOR

Top Industrial Leasing Deal
Goochland Ind
SF Leased – 18,362
Tenant Name – Upholstery and Fabric Stores
Tenant Reps: C. Ryan Fanelli

Top Office Leasing Deal
Submarket – Parham East
SF Leased – 33,900
Tenant Name – Colonial Webb Contractors Co.
Landlord Reps: Michael Good & Tucker Dowdy

Top Retail Leasing Deal
Submarket – Midlothian West Ret
SF Leased – 25,000
Tenant Name – Bangers and Dinks LLC
Tenant Reps: Thomas Lynde & Colton Konvicka

CoStar Winners

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Virginia’s Future: Top 3 Takeaways from the 2023 Commercial Real Estate Forum

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Competitive tax rates. World class supply chain solutions. Ongoing investments in clean, renewable energy. We have a lot going for us in Virginia. Yes, Commonwealth Commercial Partners is a Virginia-based company, so we may be biased. But hearing from our speakers at the 2023 Commercial Real Estate Forum on April 27 really renewed our excitement for our Commonwealth and gave us all an opportunity to reflect on the amazing things happening across Virginia.
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Presented by Commonwealth Commercial Partners, this year’s Forum topic focused on the future of Virginia in terms of infrastructure investment and economic development. We welcomed three speakers, each of whom is incredibly knowledgeable in their field: the Honorable R. Brian Ball, attorney and partner at Williams Mullen; Chris Gullickson, Director, Development and Transportation Policy at The Port of Virginia; and Emil Avram, Vice President-Business Development at Dominion Energy. Following the speaker presentations was a Q&A-style panel moderated by T. Preston Lloyd, Jr., Partner at Williams Mullen.

 

Here are the top three takeaways our team walked away with from this year’s Forum:

  1. Virginia has important tools to help companies succeed.

What makes Virginia an attractive place to do business? To start, “the natural amenities here are second to none,” said Ball. He raved about our roads, rails, ports, schools and more before diving into some of the pro-business incentives we’ve had in place for decades. Virginia has remained at the same tax rate of 6% since 1972; a sign of security and stability, says Ball. “We pay all our bills; we have a AAA-bond rating. I can’t tell you how important that is for companies coming from overseas. They want to know we are a stable place to work.”

2. Our own Port of Virginia is the top performing port in North America.

The Port of Virginia boasts six terminals across Virginia, its primary business being the transportation of shipping containers. It is considered the top performing port in North America, a model in terms of supply chain management, marine terminal operations, and technology integration. “Our advanced, semi-automated container handling facilities are efficient, cost-effective, and safer operations, able to rapidly move freight from the water into commerce,” said Gullickson. The Port of Virginia also has its eye on renewable energy – specifically wind energy through the Portsmouth Marine Terminal – and aims to operate with net zero carbon emissions by 2040.

3. Electric demands in Virginia are forecasted to grow 5% annually, amongst the highest in the nation.

Virginia has some of the lowest electric rates in the nation, helping attract new businesses. One such business booming in Virginia are data centers, or facilities that centralize a company’s IT operations and equipment. Northern Virginia is the largest data center market in the U.S., demanding significant power consumption. “Data centers take lot of energy,” said Avram. “There are a number of servers packed into small spaces that require cooling, HVAC, and power to operate.” Dominion is answering the call for electricity through renewable sources and new technology. The wind farm currently being built off the coast of Virginia Beach is slated to be the largest of its kind in the U.S., and small modular nuclear reactors are being considered in locations across the Commonwealth.

A huge thanks to our Forum speakers this year, as well as to all of our attendees and our sponsors: ARCO Design/Build, Atlantic Union Bank, Bowman Consulting, C&F Bank, CoStar Group, Keiter CPAs, Kensington Vanguard National Land Services, LLC., Scott Insurance, SMBW, PLLC, Specified Commercial Flooring, and Williams Mullen.

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Sales and Leasing Transactions announced in Richmond, VA 4.21.23

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Tahiri Capital purchased 6,682 square feet at 13354 Midlothian Tpke. in Chesterfield for $915,000 from Burgess Enterprises. Eric Hammond and Tucker Dowdy with Commonwealth Commercial Partners represented the seller.

Spectra Services leased 9,000 square feet at 12662 Bermuda Triangle Road in Chesterfield. Ben Bruni, SIOR and David Williams represented the landlord.

Frith, Anderson, Peake PC leased 1,869 square feet at 4198 Cox Road in Henrico. Eric Hammond and Russell Wyatt represented the landlord and Jamie Galanti and Eliza Izard represented the tenant.

Civica Foundation purchased 9.4 acres at 9401 Courthouse Road in Chesterfield County for $795,400 from Economic Development Authority of the County of Chesterfield. Ben Bruni, SIOR and Carl Blackwell represented the buyer.

Nallapaneni Consultants leased 1,617 square feet at 4510 Cox Road in Henrico. Eric Hammond, Russell Wyatt and Eliza Izard represented the landlord and Tucker Dowdy represented the tenant.

HNTB Corp. leased 2,075 square feet at 4510 Cox Road in Henrico. Eric Hammond, Russell Wyatt and Eliza Izard represented the landlord.

HG Real Estate purchased 68 acres at 4579 Old Fredericksburg Road in Goochland County for $700,000 from Guza Investments. C. Ryan Fanelli and Joe Buhrman represented the seller and Brent Altaffer and Randy Cosby represented the buyer.

133354 Midlothian Turnpike

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CCP has been Awarded the Property Management of 4401 W. Kennedy Boulevard in Tampa, Florida

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We are pleased to announce that Commonwealth Commercial Partners, LLC has been awarded the property management of 4401 W. Kennedy Boulevard in Tampa, Florida. Tampa-based Lafayette Partners, LLC acquired the property in early 2023 and has plans to make cosmetic and capital improvements to the project.  4401 W. Kennedy is a 30,000 square foot office building located in the Westshore Business District, Tampa’s preeminent office sub-market. Located 3 miles from both Tampa International Airport and the Tampa CBD, this project provides convenient access for the professional firms in occupancy as well as their client base. The property is 90% leased to local firms, many of whom have been in occupancy for extended periods.

We are excited to continue our growth in Tampa and add this Westshore office project to our property management portfolio. Jonathan Harris will serve as CCP’s Senior Property Manager with assistance from Viviana Quijano, Property Administrator.

-Scott Holman, Managing Director of Florida

Tampa

 

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