Commonwealth Commercial Closes Sale of Eight Mixed-Use Properties in Richmond’s Fan District

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Richmond, VA. – Commonwealth Commercial Partners, LLC (CCP), a leading commercial real estate firm headquartered in Richmond, VA., recently brokered the sale of eight mixed-use properties at 1715, 1719, 1723, and 1727 W. Main Street, 1504, 1518, 1520, and 1603 W. Cary Street in Richmond’s Fan District. CCP represented the seller, Eck Enterprises, LLC, and Abhijun Gupta from Taylor Properties represented the purchaser, RPNA Capital, LLC.

Kit Tyler, Senior Vice President at CCP, and Tucker “Nash” Warren, Senior Associate at CCP, negotiated the mixed-use properties’ sale that closed on October 14th for a price of $3 million. The eight properties consist of 13 one- two- and three-bedroom garden apartments, two townhouses, and three commercial units. The buildings were part of the Uptown Portfolio, a large assemblage of real estate holdings owned and developed by Eck Enterprises, LLC.

Praveen Gupta, principal partner at RPNA Capital, LLC is a resident of Henrico County and has been actively investing in the Richmond Fan area.

The Uptown Portfolio consists of more than 100 retail, restaurant, office, and multifamily properties concentrated within a 10-block area along West Main and West Cary Streets, just west of the VCU Monroe Park Campus. CCP manages the listing for all the properties in the Uptown Portfolio.

“Representing the sale of Eck Enterprises’ Uptown Portfolio has been a great honor for Nash and me,”

said Kit Tyler. “The properties sold in this transaction included a well-kept assortment of commercial and residential units. The Sellers took exceptional care of their properties as well as their tenants. This will be of great value to the new owners, RPNA Capital, LLC.”

News regarding the sale of other properties within the Uptown Portfolio will be shared after the closing date of the transactions. For more information about Commonwealth Commercial Partners, LLC, visit commonwealthcommercial.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, Columbus OH, Kansas City MO, St. Louis 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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Richmond region’s first dog park-bar opening near Scott’s Addition

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Posted on 9/20/2021 by Mike Platania at Richmond BizSense

The latest entertainment option headed to the Scott’s Addition area has something to offer for both humans and their four-legged friends.

Ruff Canine Club, which looks to be the first dog park-bar in the Richmond region, is preparing to open at 1924 Ellen Road with nearly an acre of grass for customers’ dogs to play and a bar serving beer, wine and hard seltzer.

Behind the concept is Natalie Moore, a Tennessee native who moved to Richmond last year after finishing a graduate degree in public policy from UVA.

Moore said she got a job locally as a fundraiser for Dominion Energy’s political action committee in the midst of pandemic lockdowns. During that time, she and her boyfriend made friends in town with the help of their dog Fitzgerald.

“We had our dog in our little apartment (in Carytown) and it had a small turf area. Everyday we’d take drinks out there because we had nothing else to do,” Moore said.

“Our dogs would play and we’d stand along the fence and have beers after a day of Zoom. That’s how we made so many of our friends. I just wanted it on a bigger scale.”

She eventually decided to turn the idea into a business after researching other dog park bars throughout the country. A few trips to the likes of Fetch Park in Atlanta led Moore to start looking for a space in the Richmond area.

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Upper Shirley Vineyards chef cooks up neighborhood market in Tuckahoe

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Posted on 8/24/2021 by Jacks Jacobs at Richmond BizSense

A new market is on the menu for Tuckahoe Shopping Center.

Supper Club, a new neighborhood market concept, is aiming to open in late fall at 417 N. Ridge Road, carving out 2,800 square feet of the space that was formerly the Impulse consignment store.

Supper Club joins Providence Hill Real Estate, which is planning to move into the other half of the storefront.

The market will feature prepared meals, butcher-cut meats, local produce, groceries and other retail food items.

Impressed with market concepts like Stella’s Grocery and Libbie Market, Supper Club co-founder Carlisle Bannister said he saw a gap of similar offerings in the Tuckahoe area he wanted to fill.

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OBX CRE Spotlight – Gresh Wall

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Posted on 8/16/2021

Quick Facts
Born in Charlottesville, VA
Raised in Virginia Beach, VA
University of Virginia grad, BA Communications
Married to Caryn
Children: Kenzie (20) and Gresham (19)
Pets: Obi – 5 year old black lab
We are a beach family and we spend a lot of time back and forth between Virginia Beach and the OBX

How long have you been working in commercial real estate?

31 years.

How did you first get into real estate?
I worked for a property management company in college and got my first taste of real estate. After graduation, I decided to pursue a career in commercial real estate and started my career in Tysons Corner where I worked in market research, appraisal, financial analysis, and then ultimately brokerage & consulting.

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Commonwealth Commercial Completed Four Transactions this Week

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Richmond, VA – July 30, 2021 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Jesse S. Feinman dba Pomegranate Press leased 600 SF at 304 East Main Street in the City of Richmond.  Eric Hammond represented the Landlord.
  • All-Star Orthodontics, PLC leased 2,680 SF at 2100 Roux Street in Henrico County.  Tucker Dowdy represented the Tenant.
  • Wegmans Food Markets, Inc. purchased approx. 217.33 acres at Ashcake Road and Sliding Hill Road in Hanover County from Air Park Associates, L.P. for $4,000,000.  Chris Jenkins, Bill Barnett, and Joe Buhrman represented the Seller.
  • Chesterfield County purchased 41.392 acres at 12800 Genito Road in Chesterfield County from Sue Clements and Patsy Stargardt for $4,500,000.  Chris Jenkins 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, 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 Three Transactions Last Week

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Richmond, VA – July 26, 2021 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Kensington Glass Arts, Inc. leased 12,000 SF at 8504-8506 Sanford Drive in Henrico County.  Ben Bruni represented the Tenant.
  • Jesse S. Feinman dba Pomegranate Press leased 600 SF at 304 East Main Street in the City of Richmond.  Eric Hammond represented the Landlord.
  • TF Holdings, LLC purchased 7,350 SF at 3000 Impala Drive in Henrico County from Brown Hound Investments, LLC for $577,00.  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, 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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The Pipeline: Commercial real estate roundup for 7.23.21

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Posted on 7/23/2021 by Richmond BizSense

TOP THREE SALES

No. 1: Advanced Properties purchased 62,657 square feet at 4350 Pouncey Tract Road in Henrico for $8.32 million from Colony Lake. Catharine Spangler, Connie Jordan Nielsen and Nicki Jassy with Cushman & Wakefield | Thalhimer represented the seller.

No. 2: Chesterfield County purchased 41.4 acres at 12800 Genito Road in Chesterfield for $4.5 million from Sue Clements and Patsy Stargardt. Chris Jenkins and Randy Cosby with Commonwealth Commercial Partners represented the seller.

No. 3: Peak Performance Global LLC purchased 6,076 square feet at 5300 Patterson Ave. in Richmond for $1.57 million from Atlantic Union Bank. Will McGoogan with Cushman & Wakefield | Thalhimer represented the seller.

TOP THREE LEASES

No. 1: Patriot Aluminum Products leased 52,875 square feet at 13721 Jefferson Davis Highway in Chesterfield. Isaac DeRegibus with Cushman & Wakefield | Thalhimer represented the tenant.

No. 2: Simplisafe leased 16,015 square feet at 4840 Cox Road in Henrico. Brian K. Berkey and Karla Knight with Cushman & Wakefield | Thalhimer represented the tenant.

No. 3: Kensington Glass Arts leased 12,000 square feet at 8504-8506 Sanford Drive in Henrico. Ben Bruni with Commonwealth Commercial Partners represented the tenant.

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Developers pay $12.5M for Lacy’s 3.3-acre tract on Arthur Ashe Blvd.

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Posted on 7/14/2021 by Mike Platania at Richmond BizSense

A new high mark has been set for land on a per-acre basis in the Scott’s Addition area.

The 3.3-acre assemblage at 1117-1209 N. Arthur Ashe Blvd. sold earlier this week for $12.5 million, city records show.

The buying entities are tied to D.C.-based Level 2 Development and SJG Properties, who are planning a major mixed-use project for the site. The seller in the deal was local investor Ed Lacy, who’d owned many of the parcels for decades.

At about $3.8 million per acre, the deal marks the highest sales price on a per-acre basis in the neighborhood in recent memory.

The previous high mark for the land in and around Scott’s Addition was $3.6 million per acre, set last year by South Carolina’s Greystar when it bought a whole city block at 1601 Roseneath Road. It paid $8.6 million for the site, where it’s planning a 350-unit mixed-use project with locally-based Capital Square.

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Commonwealth Commercial Completed a Transaction this Week

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Richmond, VA – June 25, 2021 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Glass America MidWest, LLC leased 2,300 SF at 1333 Azalea Garden Road in Norfolk.  Gresh Wall and Nate Krey 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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Commonwealth Commercial Completed Four Transactions this Week

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Richmond, VA – June 11, 2021 – Commonwealth Commercial Partners, LLC is pleased to report last week’s completed transactions.

  • Acupuncture Center of Richmond, Inc. leased 1,800 SF at 1507 Huguenot Road in Chesterfield County.  Eric Hammond represented the Landlord.
  • Lineage Goods leased 3,484 SF at 3106 W. Cary Street in the City of Richmond.  Jim McVey, Thomas Lynde and Michael Morris represented the Landlord.
  • Advanced Foot and Ankle of Virginia leased 900 SF at 5231 Hickory Park Drive in Henrico County.  Eric Hammond represented the Landlord.
  • Vape World and Tobacco, Inc. leased 1,480 SF at 1944 Iron Bridge Road in Chesterfield County.  John Thompson and Jim McVey 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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