Sales and Leasing Promotions

Posted on 2/14/2022 – Richmond, VA

We are very pleased to announce that several members of our Sales and Leasing team have earned promotions!

Please join us in congratulating the following sales professionals on their recent promotions:

Ben Bruni, promoted to Senior Vice President
Tucker Dowdy, promoted to Senior Vice President
Tucker “Nash” Warren, promoted to Vice President
Colton Konvicka, promoted to First Vice President

 

 

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BizSense The Pipeline: Commercial Real Estate for 2.11.22

Posted on 2/11/2022 –The Pipeline: Commercial real estate roundup for 2.11.22

Commonwealth Commercial Partners reports the following deals:

Watermark Gardens purchased 2.9 acres at Ironbridge Road and Kingsland Glen Drive in Chesterfield for $1.7 million from Kingsland Towncenter LLC. Nicki Jassy and Pete Waldbauer with Cushman & Wakefield | Thalhimer represented the seller. Sam Worley and C. Ryan Fanelli with Commonwealth Commercial Partners represented the buyer.

The Destin Group leased 540 square feet at 5935 Hopkins Road in Chesterfield. Eric Hammond represented the landlord.

Peter Werks LLC leased 3,005 square feet at 3007 W. Clay St. in Richmond. Ben Bruni and Russell Wyatt represented the landlord.

Willow 13 Properties purchased 4,251 square feet at 6506 W. Broad St. in Henrico for $895,000 from AFAB Investors. Jim McVeyMichael Morris and Thomas Lynde represented the buyer.

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2021 Sales and Leasing Top Producer – Ben Bruni

Posted on 2/2/2022 – 2021 Sales and Leasing Top Producer – Ben Bruni

Please join me in congratulating Ben Bruni on being named 2021 Top Producer. Ben had a tremendous year completing 39 leases and 29 sales. He is a true professional with a tremendous work ethic and ability to find and close deals. Further, and just as important, he embodies our core values, and represents us well in the marketplace, and in front of clients.

This makes him a repeat winner—two years in a row.  And in a year when we had several professionals that had their best year, Ben rose to the top. I could not be more happy for, or proud of, Ben—and I know you are as well.

Scott Keeton, Managing Director – Sales & Leasing

 

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BizSense The Pipeline: Commercial Real Estate for 1.28.22

Posted on 1/28/2022 –The Pipeline: Commercial real estate roundup for 1.28.22

Commonwealth Commercial Partners reports the following deals:

Vinson Investments purchased 3,685 square feet at 3781 Westerre Parkway, Suite A and B, in Henrico for $700,000 from Andrew Jackson LLC. Tucker Dowdy and Jamie Galanti with Commonwealth Commercial Partners represented the seller.

Encompass Supply leased 22,800 square feet at 1801 W. Marshall St. in Richmond. Commonwealth Commercial Partners’ Ben Bruni represented the tenant and Russell Wyatt represented the landlord.

Chez Crenshaw leased 9,156 square feet at 6290 Old Warwick Road in Richmond. Colton Konvicka and C. Ryan Fanelli Fanelli with Commonwealth Commercial Partners represented the landlord.

Moffatt & Nichol Inc. leased 7,980 square feet at 1100 Boulders Parkway in Chesterfield. Jamie GalantiRussell Wyatt and Eliza Izard represented the landlord.

Odle Management Group leased 1,160 square feet at 7400 Beaufont Springs Drive in Chesterfield. Jamie GalantiRussell Wyatt and Eliza Izard represented the landlord.

Foods for Change expanded its 2,250-square-foot lease at 1110-1112 Westbriar Drive in Henrico. Tucker “Nash” Warren and Kit Tyler represented the tenant.

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BizSense The Pipeline: Commercial Real Estate for 1.21.22

Posted on 1/21/2022 –The Pipeline: Commercial real estate roundup for 1.21.22

Commonwealth Commercial Partners reports the following deals:

Henrico County Public Schools leased 48,500 square feet at 1420 N. Parham Road in Henrico. Russell WyattRandy Cosby and Chris Jenkins with Commonwealth Commercial Partners represented the tenant. Connie Jordan Nielsen and Nicki Jassy with Cushman & Wakefield | Thalhimer represented the landlord.

Me By Design leased 1,410 square feet at 318 Libbie Ave. in Richmond. Jim McVey represented the landlord.

Oak Park Med LLC leased 2,139 square feet at 8921 Three Chopt Road in Henrico. Tucker Dowdy and Michael Good represented the landlord.

NPR Laburnum LLC purchased 15,875 square feet at 4817-4823 S. Laburnum Ave. in Henrico for $1.5 million from ARK, LLC. Tucker Dowdy and Russell Wyatt represented the seller.

Vaparc LLC purchased 9,444 square feet at 10974 Richardson Road in Hanover for $1.1 million from BC Reflections LLC. Ben Bruni represented the buyer.

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BizSense The Pipeline: Commercial Real Estate for 1.7.22

Posted on 1/7/2022 – BizSense The Pipeline: Commercial real estate for 1.7.22

Commonwealth Commercial Partners reports the following deals:

Zachary Miller leased 1,572 square feet at 2819 N. Parham Road in Henrico. Eric Hammond and Michael Good represented the landlord.

Anthony & Sylvan Pools Corp. leased 6,600 square feet at 10408 Lakeridge Parkway in Hanover. Ben Bruni represented the tenant.

Vital Support Services leased 737 square feet at 12202 Gayton Road in Henrico. Nash Warren and Tucker Dowdy represented the landlord.

SR Westwood Avenue LLC purchased 129,800 square feet at 2031 Westwood Ave. in Richmond for $7.5 million from Westwood Development Group. Ben Bruni and Ryan Fanelli represented the buyer.

The Virginia Center for Policing Innovation leased 5,122 square feet at 413 Stuart Circle in Richmond. Eric Hammond and Michael Good represented the landlord.

David Moore leased 1,877 square feet at 127 Richmond Highway in Richmond. Ben Bruni represented the landlord.

Randolph Homes LLC purchased 0.191 acres at 6 S. 1st St. in Richmond for $550,000 from E.H.K. Associates. Eric Hammond and Thomas Lynde represented the seller.

 

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Richmond trio shells out millions to crack peanut cold storage industry

Posted on 1/5/2022 by Michael Schwartz at Richmond BizSense

Yogi Singh and his longtime business partners last month acquired the business assets and real estate of Virginia Cold Storage and Nansemond Cold Storage, two Suffolk-based sister companies that specialize in the refrigerated storage and handling of mainly peanuts.

It’s a bit of a departure for Singh and his crew, who have focused their real estate investment in recent years mainly on office buildings, mobile home parks and RV campgrounds.

But Singh said this new leap follows a common theme across their prior deals and that they happened upon the cold storage properties while pursuing their first leap into industrial and warehouse properties.

“We’ve always looked at niche real estate,” he said. “We were trying to find a place to make an entry into the (warehouse) industry but at a reasonable investment level.

“We came upon specialized food storage and it was an entry point we could execute on and so we did. We bought the real estate and the business.”

The deal included paying $17 million for three cold storage warehouses in Suffolk – known at one point as the world’s peanut capital and the original home of Planters Peanuts. Additional consideration was paid for the business operations, though Singh would not specify that price.

The warehouses total 255,000 square feet and the acquisition included extra land that allows for the potential to nearly double that square footage.

The warehouses are built to handle a target load of about 40 million pounds of shelled and unshelled nuts and products like peanut paste, peanut butter and peanut brittle, which mainly are moved in standard-unit 2,000-pound bags that come in and out on tractor-trailers on their way to and from processing.

Product for 10 major clients occupies the bulk of that existing space, including Birdsong Peanuts, Olam International and Hershey.

The sellers were Josh “Pret” Pretlow and Tom “Buzz” Hofler, who have owned the business since 1996. Pretlow and Hoffler allowed Singh’s group to observe the business while the deal was ironed out and have agreed to stay on and help run the business for at least a year.

Also coming over in the deal are all 17 of the company’s employees.

Singh said that continuity helps his firm better tackle the learning curve of running a new business, which has certain complexities such as rigorous certifications by the American Institute of Baking.

“Having had essentially a year to embed in the company and work alongside of Buzz and Pret allowed us to see that not only were we getting highly desirable real estate but the team we are inheriting will allow this platform to grow much faster than if we had to build an operating business from scratch,” Singh said.

While Singh would not comment on how much revenue the cold storage businesses produce, he said his group will look to grow the bottom line over time by employing more technology for operations and potentially expanding with additional storage facilities near U.S. ports to bring in more international clients.

Singh’s group was represented by brokers Ryan Fanelli and Ben Bruni of Commonwealth Commercial.

The acquisition was made through the group’s AgCold LLC, the brand it will use as it pursues additional deals in cold storage.

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Commonwealth Commercial Completed Six Transactions this Week

Richmond, VA – December 17, 2021 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Carova Holding Company, Inc. leased 1,297 SF at 2101 Parks Avenue in Virginia Beach.  Gresh Wall represented the Landlord.
  • Dr. Kim Byerly renewed the 995 SF lease at 5101 Cleveland Street in Virginia Beach.  Gresh Wall represented the Landlord.
  • Synapse Technologies, Inc. leased 3,281 SF at 236 Clearfield Avenue in Virginia Beach.  Gresh Wall represented the Landlord.
  • Nettles Storage, LLC purchased 3.5 acres of land at 12994 Nettles Drive in Newport News from Nettles Associates, LLC for $650,000.  Ryan Fanelli and Nate Krey represented the Seller.
  • Victorino de la Barrera leased 4,280 SF at 6290 Old Warwick Road in the City of Richmond.  Colton Konvicka and Ryan Fanelli represented the Landlord.
  • Capital Interior Contractors, Inc. leased 35,000 SF at 11011 Richardson Road in Hanover County.  Ben Bruni and Tucker Dowdy represented the Landlord.

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, 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.

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Commonwealth Commercial Completed Eleven Transactions this Week

Richmond, VA – November 19, 2021 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Featherstone Partners, LLC leased 2,722 SF at 1321 Laskin Road in Virginia Beach.  Gresh Wall represented the Tenant.
  • Smith & Nephew Inc. renewed 1,848 SF at 413 Stuart Circle in the City of Richmond.  Eric Hammond and Michael Good represented the Landlord.
  • MRC Global (US) Inc. leased 40,000 SF at 8310 Shell Road in Chesterfield County.  David Williams and Ben Bruni represented the Landlord.
  • Upside to Youth Development LLC leased 3,375 SF at 9401 Courthouse Road in Chesterfield County.  Tucker Dowdy and Jamie Galanti represented the Landlord.
  • Sunshine Anderson leased 1,250 SF at 1390 Broad Street in Goochland County.  Ben Bruni and Carl Blackwell represented the Landlord.
  • Carpenter Co. leased 3,211 SF at 5020 Monument Avenue in Henrico County.  Erc Hammond and Tucker Dowdy represented the Landlord.
  • Hanover Habitat for Humanity leased 13,032 SF at 7193, 7199 and 7211 Stonewall Parkway in Hanover County.  Eric Hammond represented the Tenant.
  • Code 1 Training Soutions, LLC leased 184 SF at 413 Stuart Circle in the City of Richmond.  Eric Hammond and Michael Good represented the Landlord.
  • Parkway Acquisitions purchased .7154 acres at 101 W. Grace St., 115 N. Foushee St. , 3 and 9 E. Grace St. in the City of Richmond from Jim’s Family Corp. for $2,875,000.  Michael Morris and Jim McVey represented the Purchaser.
  • Marwaha Sarup Singh, LLC purchased 38,000 SF at 2500 & 2505 Pocoshock Place in Chesterfield County from Sanadeema LLC for $2,400,000.  Tucker Dowdy represented the Seller.
  • Hanover Habitat for Humanity leased 13,032 SF at 7193, 7199 and 7211 Stonewall Parkway in Hanover County.  Eric Hammond represented the Tenant.

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, 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.

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Breeden pays $3M for Cobb Lumber site for $53M mixed-use project

Posted on 11/18/2021 by Jonathan Spiers at Richmond BizSense

A pair of recent land deals are setting the stage for a mixed-use development of a longtime industrial site along Hermitage Road.

An entity tied to The Breeden Co. closed this month on its purchase of the Cobb Lumber site at 2300 Hermitage Road, where the Virginia Beach-based developer is planning a new-construction project that would include a new headquarters for its Richmond-based construction arm, Breeden Construction.

The entity, Duplex Station LLC, paid $3.2 million for the nearly 2-acre property in a deal that closed Nov. 8. City property records show the site was most recently assessed at $1.42 million.

The seller was Foundry Associates, an entity owned by Steven Clifton and Garland Clay. Clifton is president of Cobb Lumber, which has operated there since 1990. Records show that they paid $260,000 for the property, which is on the west side of Hermitage between the railroad tracks and the Richmond Ambulance Authority property.

Breeden also is buying a sliver of RAA’s property at 2400 Hermitage Road for the project. Last month, the Richmond City Council approved a surplus designation and TOD-1 zoning for the 0.17-acre portion, which the city agreed to sell to affiliate Breeden Investment Properties for $110,250.

Duplex Station LLC is a reference to Breeden’s project, named “Duplex Station on Hermitage.” The six-story building, which would replace the property’s existing structures and fill the entire triangular-shaped site, is planned for 142 apartments and 24,000 square feet of commercial space that would house Breeden Construction.

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