Lingerfelt CommonWealth Acquires Office Tower in Kansas City, Missouri

FOR IMMEDIATE RELEASE

Lingerfelt CommonWealth Acquires Office Tower in Kansas City, Missouri

Richmond, VA — July 20, 2018 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, in a joint venture with CrossHarbor Capital Partners LLC, a Boston, Massachusetts-based commercial real estate investment firm, today announced the acquisition of 2345 Grand Boulevard, located in downtown Kansas City, MO.

2345 Grand, in the Crown Center submarket of downtown Kansas City, is a 28-story, 538,741 square-foot Class A office tower, which includes a subterranean parking garage and an adjacent 4-story annex building. The property was designed by legendary architect Mies van der Rohe and developed by the Shorenstein Company in 1977. It is prominently located near the vibrant and expanding Crossroads Arts District. The tower is approximately 73% occupied and is anchored by the corporate headquarters of Lathrop Gage, a nationwide multi-service law firm.

“We are enthusiastic about entering the Kansas City market at this time and we are particularly excited to own such an iconic building in this prime location,” said Brian Witthoefft, Managing Director of Leasing and Marketing for Lingerfelt CommonWealth. “The market fundamentals continue to strengthen, showing steady leasing demand, positive space absorption in quality properties, and upward pressure on rental rates metro-wide. With the improving health of the market and our plans for extensive building renovations, we are optimistic about our investment in 2345 Grand.”

Lingerfelt CommonWealth plans to make a significant capital investment in the building within the first year of ownership. Plans currently include a renovation of the lobby and lower-level community common areas, as well as a reconfiguration and renovation of the ground-floor retail portion of the annex building, located at 2380 McGee Street. Tenant-centric upgrades are planned for the fitness and locker room facilities, conference center, and tenant lounge areas to make better use of the indoor and outdoor common space. These improvements are intended to preserve the classic architectural style of Mies van der Rohe, while at the same time enhance both tenant and community experience through the modernization of the property’s spaces.

Lingerfelt CommonWealth will operate the tower 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. Cushman & Wakefield will handle the leasing and marketing of the building’s available space.

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

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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 in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Houston, TX, Jacksonville, FL, Nashville, TN, Raleigh, NC, Reading, PA, and Tampa, FL. 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 of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com

Lingerfelt CommonWealth Acquires Virginia Beach Resort Hotel & Conference Center

FOR IMMEDIATE RELEASE

 Lingerfelt CommonWealth Acquires Virginia Beach Resort Hotel & Conference Center with $19 Million Capital Investment, Plans Hotel Rebrand

Richmond, VA, June 18, 2018 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, in a joint venture with JDI Realty LLC, a Chicago, Illinois-based commercial real estate investment firm, today announced the acquisition of the Virginia Beach Resort Hotel & Conference Center at 2800 Shore Drive in Virginia Beach for $19 million. The hotel/conference center is situated on the Chesapeake Bay on a 3.6-acre site and includes 263,328 square feet with 295 suites.

The hotel/conference center will undergo a comprehensive $25 million renovation and will be rebranded as Delta Hotels by Marriott – Virginia Beach Bayfront Suites. Delta Hotels is Marriott’s newest, upscale, full-service hospitality brand designed for business and leisure travelers and currently has more than 12,000 rooms in 50 operating hotels across the U.S., Canada and China.

Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the hotel. “We are very excited to announce this acquisition and the rebranding of the Virginia Beach Resort Hotel and Conference Center to Delta Hotels by Marriott,” said Duane Gauthier, Managing Director of Commonwealth Lodging. “Commonwealth Lodging Management will continue to operate the property as the Virginia Beach Resort and Conference Center until the comprehensive, multi-million dollar renovation commences in this year’s fourth quarter. With its prime location on the Chesapeake Bay, combined with our significant reinvestment, we are confident we will deliver an all-suite, full-service product that will exceed guests’ expectations whether traveling to Virginia Beach for business or vacation,” Gauthier said.

The Virginia Beach Resort Hotel & Conference Center is located on Shore Drive at its intersection with N. Great Neck Road along the waterfront of the Chesapeake Bay. In the immediate proximity is Bay Island, First Landing State Park, and the Chesapeake Bay Bridge Tunnel to the Eastern Shore, along with nearby retail and entertainment options.  The Virginia Beach Boardwalk and downtown area is only 7 miles from the hotel/conference center and 8 miles from the Virginia Beach Convention Center.

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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 in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Houston, TX, Jacksonville, FL, Nashville, TN, Raleigh, NC, Reading, PA, and Tampa, FL. 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 of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com

Commonwealth Commercial Partners Rural Land Team Develops New Subsidiary

RICHMOND, Va., April 6, 2018  – In an effort to reflect its expertise and rural roots, Commonwealth Commercial Partners’ Rural Land Team will now operate as a subsidiary of CCP, under the new name Commonwealth Land. The move is part of a larger growth effort with staffing additions both in the Richmond office and CCP’s other office locations, as well as in opportunity markets throughout the Southeast. Commonwealth Land has made significant investments in technology and marketing to better leverage its proprietary database and the expertise of its agents. Commonwealth Land will complement Broadleaf Forestry, an in-house forestry consulting subsidiary led by Brian Reinhart.

“We began exploring this change because of feedback we received from our clients,” said Mark Claud, CEO of Commonwealth Commercial Partners. “They’d pass our signs with the CCP nomenclature, and it didn’t properly reflect our comprehensive service set, which includes more than just urban or densely populated properties. That is certainly not reflective of the teams we’ve put together, who have in-depth knowledge of the intricacies of rural land sales, which is why we knew we needed to make this change.”

The new Commonwealth Land website launched this month and consumers in the Richmond and Hampton Roads markets will begin seeing the new name and brand identity beginning in mid-April 2018. “We’re operating in a very distinct niche,” said Bill Barnett, Senior Vice President and Partner at Commonwealth Land. “This change better communicates those offerings and positions our team to connect the right buyers with the right sellers – and that’s why people come to us.”

“Commonwealth Commercial continues to maintain a team of agents focused on the sale of development land, including residential, industrial, retail and office,” Barnett continued. “The launch of Commonwealth Land complements CCP’s growing line of specialized services on a regional scale to meet our clients’ needs.”

About Commonwealth Land
Commonwealth Land is Virginia’s leading source for buying and selling rural, agricultural, recreational and timber investment land with 100 or more acres. Commonwealth Land operates a proprietary database that matches buyers and sellers and provides comparable data to inform each deal. To learn more, visit www.commonwealthland.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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, 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 Completed Three Transactions This Week

Richmond, VA – March 29, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • WSP USA, Inc. leased 7,202 SF at Boulders III, 1100 Boulders Parkway in Chesterfield County.  Jamie Galanti and Russell Wyatt represented the Landlord.
  • PNC Bank leased 3,850 SF at Riverside on the James, 1001 Haxall Point in the City of Richmond.  Jamie Galanti represented the Landlord.
  • ODLA3811, LLC purchased a 3,415 SF office condo at 3811 Westerre Parkway in Henrico County for $614,700.00.  Tucker Dowdy 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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Reading PA 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 Launches Full-Service Facility Management Division

FOR IMMEDIATE RELEASE

Commonwealth Commercial Partners Launches Full-Service Facility Management Division
In addition to facility maintenance, Commonwealth Facility Solutions will provide financial, sustainability, space optimization, vacant property preservation and pre-construction consultative services.

Richmond, Va. – March 7, 2018 – As part of its continued growth strategy, Commonwealth Commercial Partners (CCP) is launching Commonwealth Facility Solutions (CFS), a new division providing facility management consultation and services to CCP’s existing client base, as well as organizations with complex, multi-facility needs. The new entity will be spearheaded by Jim Reilly, who brings more than 10 years of facility management expertise. Jim is a past president of the state Building Owners and Managers Association (BOMA) and holds LEED’s accreditation.

“We’re going beyond the traditional facility management offering with a team representing multiple disciplines” says Reilly. “That broad skill set enables us to not only provide customized solutions for each client, but also to partner on a broader level, serving as a resource to various operating groups at all stages of facility planning and operations.”

In addition to its management offerings, CFS’ core services will include facility related financial planning – for maintenance and other third-party vendors; occupancy services to improve the on-site experience; space management and facility planning solutions; as well as sustainability measures.

“The addition of Commonwealth Facility Solutions enhances our comprehensive service set one step further for our commercial partners,” said Mark Claud, CEO of Commonwealth Commercial Partners. “Whether you’re at the beginning of your search for a facility, mid-stream with a location that needs a fresh perspective or looking for advice on a property that’s no longer needed, our diverse set of offerings enables clients to develop and implement thoughtful and more profitable solutions.”

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About Commonwealth Facility Solutions
Commonwealth Facility Solutions works with organizations to identify and implement efficient building management solutions with the end-user in mind. Its diverse service offerings – facility management, financial planning, space optimization, sustainability methods, vacant asset preservation and pre-construction consultation – allow it to provide customized solutions to meet Owners’ needs. Learn more by calling (804) 968-1149.

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, Houston TX, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC 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 Completed Five Transactions This Week

Richmond, VA – March 9, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Andrew Brumberg leased 815 SF at 8503 Patterson Avenue, Henrico County.  Evan Ocheltree represented the Landlord.
  • Blueswipe, LLC leased 6,460 SF at 1501 Roseneath Road in City of Richmond.  Fred Plaisted represented the Tenant.
  • Capital Square Acquisitions LLC purchased a 5,100 SF office/medical building at 300 N. Washington Highway in Hanover County for $2,100,000.  Craige Pelouze represented the Purchaser.
  • Genova’s Pizza Express, LLC purchased a 3,420 SF building at 2723 Buford Road in Chesterfield County for $265,000.  Morgan Trible represented the Purchaser.
  • Earl Thompson, Inc. purchased 122 acres at 3040 Sandy Hook Road in Goochland County for $1,075,000.  Joe Buhrman and Randy Cosby 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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Reading PA 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 Buschwood III in Tampa, Florida

FOR IMMEDIATE RELEASE

 

 Lingerfelt CommonWealth Acquires Buschwood III in Tampa, Florida

Richmond, VA  —  February 20, 2018  — Lingerfelt CommonWealth Realty Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of Buschwood III, a 78,453 SF class A office building in Tampa, Florida.

Buschwood III, located at 3350 Buschwood Park Drive, is within the Northwest submarket in suburban Tampa. The two-story office building recently received a substantial renovation and is approximately 86% occupied under long-term leases to a diverse group of credit tenants.

Lingerfelt CommonWealth will operate the office building 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.

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

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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 in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Houston, TX, Jacksonville, FL, Nashville TN, Raleigh, NC, Reading, PA, and Tampa, FL. 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 of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com

Commonwealth Commercial Completed Three Transactions this Week

Richmond, VA – August 18, 2017 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • School Board for the County of Henrico, VA leased 14,572 SF at 3751 Nine Mile Road in Henrico County.  Russell Wyatt and Ben Bruni represented the Landlord.
  • Easy Office, Inc. DBA Jitasa leased 4,576 SF at 2820 Waterford Lake Drive in Chesterfield County.  Fred Plaisted and Evan Ocheltree represented the Landlord.
  • Glady Investment Holding LLC purchased 10,000 SF at 9000 Pams Avenue in Chesterfield County for $770,000.  Ben Bruni represented the Purchaser.

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, Reading PA 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 Completed Five Transactions This Week

Richmond, VA – July 14, 2017 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Stosch, Dacey & George, P.C. leased 5,201 SF at 4551 Cox Road in Henrico County.  Fred Plaisted represented the Tenant.
  • Syntec Business Systems, Inc. leased 1,494 SF at 1480 Oakbridge Court in Powhatan County.  Nash Warren represented the Tenant.
  • Collabera, Inc. leased 2,061 SF at 301 Concourse Boulevard in Henrico County.  Evan Ocheltree represented the Tenant.
  • HDC, LLC purchased a 2,050 SF building at 6935 Forest Hill Avenue in the City of Richmond for $525,000.  Morgan Trible represented the Purchaser.
  • Weg Property Management, LLC purchased approximately 1.072 acres at Patriot’s Land, Route 60 and Cooper Tavern Road in New Kent County for $323,000.  Bill Barnett, Joe Buhrman and Chris Jenkins 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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC and Reading PA. 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 Houston, Texas

FOR IMMEDIATE RELEASE
July 6, 2017

Lingerfelt CommonWealth Acquires Office Tower in Houston, Texas

RICHMOND, Va. — July 6, 2017 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of 1700 West Loop – Burns & McDonnell Plaza located in Houston, Texas for $52 million.

1700 West Loop, located in the Galleria/Uptown submarket of Houston, is a 14 story, 272,941 square foot Class A office tower, including an adjacent 786 space parking garage. The tower is approximately 81% occupied and is anchored by the international engineering, architectural and consulting firm Burns and McDonnell. “Our company is excited to enter Houston at this time,” said Jay Kraft, LCP Senior Vice President in Richmond. “We have been tracking the market and believe the basic fundamentals are strengthening. We look forward to exploring other opportunities and expanding our presence.”
Lingerfelt CommonWealth will operate the tower 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. Avison Young will handle the leasing and marketing.

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 in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Jacksonville, FL, Nashville TN, Raleigh, NC, Reading, PA, and Tampa, FL. 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