N.C.-based developer closes second deal in Richmond this year

Posted on 8/3/2020 by Mike Platania at Richmond Bizsense

Upon acquiring its first property in Richmond earlier this year, North Carolina-based real estate development firm Hem + Spire said it had more deals in mind in the city.

It made good on that statement this week by purchasing 1300 Semmes Ave. in Manchester for $3.7 million, city property records show. The deal closed Wednesday.

The roughly 20,000-square-foot office property joins the Branch Building at 1015 E. Main St. downtown in Hem + Spire’s Richmond portfolio. It paid $1.4 million for that first property in January.

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MANCHESTER OFFICE BUILDING SELLS TO DURHAM-BASED INVESTMENT GROUP

Richmond, VA – Commonwealth Commercial Partners, LLC is pleased to have facilitated the sale of 1300 Semmes Avenue, a 19,916± SF property, in the Manchester neighborhood of Richmond, VA.

Bruce Milam and Jamie Galanti of Commonwealth Commercial represented the sellers, Beth Bailey, Bruce Green, and Marcia Hickory. This transaction closed on July 29, 2020.

1300 Semmes Avenue was converted and renovated in 2008 from a warehouse to an open office concept by the sellers with design work by architect Mary Lorino with LoCH Design. This conversion was originally constructed for Beth Bailey, Bruce Green, and Marcia Hickory’s pediatric home health care business. They later sold the business and leased the property in 2017 to a national corporation called “Thrive,” who continues to occupy the space.

The purchaser, Hem + Spire, is a Durham-based investment group that specializes investing in historic properties and refitting them for modern uses. While most properties along this corridor of Semmes Avenue, from Cowardin Avenue to its terminus at 7th Street, have been renovated to accommodate multi-family development, Hem + Spire plans to maintain this property as an office building.  It is estimated that this Semmes Avenue corridor will have more than 400,000 SF of occupied office space and 1350 apartments at full build-out by 2021.

 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.

SIGNAL HILL APARTMENTS SELLS FOR $7.6 MILLION

Richmond, VA – Commonwealth Commercial Partners, LLC is pleased to have facilitated the sale of the 68-unit Signal Hill Apartments and 1-residential house located at 8111 Signal Hill Road in Mechanicsville, VA. The property was deemed attractive because of its solid construction, excellent hands-on management and the dearth of multifamily product available in Hanover County. The residence/office is an up-to-date four-bedroom, three full bath house which will be a rental, with a separate management office to be used by the new ownership.

The property was placed on the market in the Fall of 2019 and the purchaser, an affiliate of Peak Strategic Capital from Washington, D.C., was selected competitively from a number of qualified prospects hailing as far away as California and New York. The new buyer bought the apartments with Freddy Mac financing.

Bruce Milam, Chip Louthan, and Colton Konvicka of Commonwealth Commercial represented the Seller. This property closed on March 26th, 2020 and sold for $7.6 million.

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, Minneapolis MN, Columbus OH, and Houston TX. 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.

Harrison & Bates sextet, including CEO, headed for Commonwealth Commercial

Posted on 4/24/2019 by Michael Schwartz at Richmond Bizsense

Another group of brokers from Harrison & Bates, the local commercial real estate firm that is winding down its operations, has found a safe place to land.

CEO David Williams, along with Steve Gentil, Kit Tyler, Bruce Milam, Chip Louthan and Colton Konvicka, are joining Commonwealth Commercial.

Commonwealth Commercial CEO Mark Claud on Wednesday announced the moves at the company’s annual real estate forum, held at the Westin Richmond at Reynolds Crossing.

They’ll start with Commonwealth Commercial on June 1, working out of the firm’s office in Innsbrook.

That leaves about a half-dozen or so remaining brokers from Harrison & Bates on their own to find a new brokerage to call home after the firm announced this month it would cease operations largely as of May 31.

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Six brokers leaving Harrison & Bates real estate firm to join Commonwealth Commercial Partners

Posted on 4/24/2019 by Gregory Gilligan at Richmond Times-Dispatch

Six top brokers from Harrison & Bates are joining a rival commercial real estate brokerage.

The six — including David M. Williams, the president and CEO of Harrison & Bates; and Steve Gentil, the firm’s chairman who has been a broker since 1980 — are joining Henrico County-based Commonwealth Commercial Partners.

Five of the six will become senior vice presidents of Commonwealth Commercial and one will be a sales and leasing associate. They will join the company June 1.

Besides Williams and Gentil, joining Commonwealth Commercial are Chip Louthan, Bruce Milam and Kit Tyler as senior vice presidents and Colton Konvicka as a sales and leasing associate.

“They are an established brand in the industry,” Mark Claud, the founder and CEO of Commonwealth Commercial, said about the new brokers.

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