Clover Acquires Cortez Commons and Names Commonwealth Commercial Partners to Lead Property Management

Tampa, FL – January 28, 2020 – Clover Investment Properties is pleased to announce the acquisition of Cortez Commons, a 120,000 square foot retail center located in the Cortez Road corridor, one of Manatee County’s highest trafficked areas. The retail center is 89% leased and includes local and national retailers such as Big Lots, Tuesday Morning, Quest Diagnostics, DaVita, and Greenberg Dental.

Clover’s Managing Partner, Lyle Fogarty, remarked, “We look forward to bringing our local ownership to this extremely well positioned asset. We have an aggressive capital and renovation plan to modernize this plaza in order to enhance the environment for our tenants and their customers. It’s especially fulfilling to do so in Bradenton, which is experiencing rapid growth and rejuvenation, and where our ownership group has deep life-long roots.”

The new ownership group has hired Commonwealth Commercial Partners (CCP), a Richmond, Virginia-based comprehensive property solutions firm, as property manager and will look to CCP to manage the general maintenance and tenant relations of the 120,000 square foot retail center.

“We are thrilled to be expanding our relationship with Clover with Cortez Commons,” said Scott Holman, Managing Director at Commonwealth Commercial in Tampa. “We look forward to bringing our pro-active property management approach to this project and working closely with Clover to implement their investment strategy. Our goal is to assist with adding value to the investment while simultaneously improving the tenant and customer experience at the property.” CCP also manages Palms Plaza in Tampa for Clover, as well as other properties in Hillsborough, Pinellas and Manatee Counties.

About Clover Investment Properties

Clover is focused on discovering and delivering on innovative value-add real estate opportunities. We develop and invest in the markets we intimately understand, primarily in the Southeastern United States. Our capabilities span from ground up development to repositioning properties that are underperforming relative to their potential, with experience across various product types. To learn more visit clover-properties.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, Columbus OH, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis MO, 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.

Commonwealth Commercial Partners Awarded Property and Asset Management of Parkway Place

Jacksonville, FL – December 19, 2019 – Commonwealth Commercial Partners (“CCP”), a Richmond, Virginia-based comprehensive property solutions firm, is pleased to announce it has been awarded the property and asset management of Parkway Place, two single-story office buildings at 6680 & 6700 Southpoint Parkway in the Southside submarket of Jacksonville.

The property was recently purchased by The Runnymede Corporation (“Runnymede”), a family owned commercial real estate investment, development and management company headquartered in Virginia Beach, Virginia, from undisclosed seller represented by Newmark Knight Frank, in conjunction with Newmark Phoenix Realty Group. Permanent financing for the property was arranged by TowneBank. The two buildings on the property comprise 102,960 SF and are 100% leased to four tenants in rail transportation, automotive technology, education and service industries.

Parkway Place is strategically located in the booming Southside of Jacksonville, boasting easy access to I-95, I-295, and Route 202, as well as an amenity-rich suburban environment that offers employees, residents and visitors an abundance of high-end retail, entertainment and food options within minutes.

“We are pleased to be expanding our company’s relationship with Runnymede, and to continue to provide our best-in-class property and asset management services to our clients at this property,” said Scott Holman, Managing Director for CCP in Florida.

“Commonwealth Commercial continues to present us with outstanding suburban office investment opportunities,” said F. Gresham Wall, III, Director of Leasing & Business Development for the Runnymede Corporation.  “We are very excited about our expansion into the Jacksonville market and our ability to partner with such a seasoned and experienced asset management team. This is our second acquisition in two months, and we could not have made it happen without their local experience, knowledge, and dedicated management team.”

CCP manages several properties in the surrounding area, including Enterprise Park, Belfort Crossing, 8800 Baymeadows Way, and Riverplace Tower.

 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, Charleston SC, Greenville SC, Kansas City MO, St. Louis MO, Houston TX, Reading PA, 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.

About The Runnymede Corporation

Established in Norfolk, Virginia, The Runnymede Corporation is a commercial real estate development and management firm with a diverse real estate portfolio that includes class A office buildings, multi-family properties, self-storage facilities, office/warehouse, shopping centers, mixed use projects and light industrial.  To learn more, visit www.trcva.com.

LINGERFELT COMMONWEALTH ACQUIRES OFFICE TOWER IN COLUMBUS, OHIO, COMMONWEALTH COMMERCIAL OPENS 15TH NATIONAL OFFICE

Richmond, VA —  December 23, 2019  — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of 100 East Broad Street, a 308,337 square foot, 24 story office tower in downtown Columbus, Ohio.

The tower, also referred to as Chase Tower after one of its prominent tenants, JP Morgan Chase, is located in the heart of downtown Columbus across from Capitol Square.  Chase Tower is currently 60% occupied and presents a significant repositioning opportunity in a market that has historically experienced office occupancies above 90%.  Lingerfelt CommonWealth plans to immediately implement a multi-million dollar renovation to the tower, including full elevator modernization, a first-class tenant amenity package, main lobby renovations, new HVAC mechanical equipment, and numerous other significant upgrades to building equipment.

“The opportunity to reposition an asset like Chase Tower, in a market like Columbus, aligns perfectly with our strategy of value investing in real estate markets with improving economic fundamentals,” said Ryan Lingerfelt, President and CIO of Lingerfelt Commonwealth Partners.  “By providing comprehensive building-wide renovations, addressing aging equipment, and securing a long-term parking solution for the building tenants and their customers, we will have positioned Chase Tower to be a leader in downtown Columbus.”

As the 14th largest metro in the United States, Columbus is now first among the Midwest’s 10 largest metros for population, job and GDP growth.  “Annually, there are over 22,000 graduates from the various colleges and universities in Columbus and the city has figured out a way to keep them local,” said Lingerfelt.  “And with population and job growth comes a demand for multi-family developments.  There are over 1,500 multi-family units under construction and 2,500 proposed multi-family units, all within a 1 mile radius of Chase Tower.”

Lingerfelt CommonWealth will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the Company’s affiliated commercial real estate operating firm, will handle all aspects of the day-to-day asset and property management for Chase Tower, opening the firm’s 15th national office. Commonwealth Commercial will continue to grow its platform and will manage assets for real estate owners across the greater Ohio region.

“We’re excited to expand our footprint throughout the Ohio region,” said Ken Strickler, President of Commonwealth Commercial Partners.  “Chase Tower represents a unique repositioning opportunity and we look forward to growing our platforms and serving the local community.”

Financing for the acquisition of the office tower was arranged by Atlantic Real Estate Capital.

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 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, Reading PA, and Minneapolis MN. 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.

 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, Houston TX, Reading PA 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.

Commonwealth Commercial Expands to Texas, Hires Managing Director for New Houston Office

RICHMOND, Va., November 29, 2018 /PRNewswire/ — Commonwealth Commercial Partners, a leading full-service commercial real estate firm headquartered in Richmond, VA, is pleased to announce the hiring of William Fehmer as Managing Director of the company’s newest office at 1700 West Loop South in Houston, Texas. Fehmer was hired in October and will be responsible for the oversight of the company’s Houston property portfolio, property acquisitions and dispositions, development strategies and the development of our third-party property services business lines.

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Commonwealth Commercial Hires National Director of Property Management

RICHMOND, Va., Aug. 28, 2018 /PRNewswire/ — Commonwealth Commercial Partners is pleased to announce the hiring of Paul Harnett as Senior Vice President, Director of Property Management. Harnett joins CCP’s leadership team and will oversee the company’s tenant services and growing property management portfolio of over 15 million sq. ft. nationwide.

Harnett will focus on ensuring CCP’s delivery of property management services is consistent across all markets and is functioning at the highest level possible. Other key responsibilities will include oversight of policies and procedures, ensuring quality control, personnel development, and financial management for the division.

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Commonwealth Commercial Hires Managing Director for New South Carolina Office

Richmond, Va.Aug. 13, 2018 /PRNewswire/ — Commonwealth Commercial Partners is pleased to announce the hiring of Matthew Ryan as Managing Director of our newest South Carolina office. Ryan will establish the new office in Charleston, SC and will be responsible for growing the business in the region to include CharlestonMyrtle BeachColumbia, and Greenville, as well as Savannah, GA.

Commonwealth Commercial’s new Charleston office will work in tandem with the company’s Greenville office, established in 2016, which is managed by Alex Crouch.  Crouch also covers the areas of RaleighDurhamGreensboro and Charlotte, NC and has been with the company for 11 years.

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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

Commonwealth Commercial Completed Three Transactions This Week

Richmond, VA – July 20, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

  • Ford Richardson, P.C. leased 9,136 SF at 901 E. Byrd Street in the City of Richmond. Fred Plaisted represented the Landlord.
  • Haley & Aldrich, Inc. leased 2,395 SF at 1 Park West Circle in Chesterfield County. Tucker Dowdy and Jamie Galanti represented the Landlord.
  • RMT Investments, LLC purchased a 1,300 SF office condo at 595 Southlake Boulevard in Chesterfield County for $109,000. Ben Bruni 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.

A project’s walkability will be key to future success

Posted on 4/24/2018 by Paula Squires at Virginia Business

Attention commercial real estate developers: a project’s walk score will be the new barometer for future success.

As major markets in the U.S. shift from a car-dependent, sub-urbanism model to what is known as walkable urbanism, the ability to meet one’s daily needs by walking to an office, restaurant or store will rank high in a project’s popularity and its price premiums.

That was the key message delivered by Christopher B. Leinberger Tuesday, the keynote speaker for the 9th annual Commercial Real Estate Forum sponsored by Commonwealth Commercial Partners at the Westin Hotel in Richmond.

Nearly 400 people turned out to hear Leinberger, a professor, real estate developer, researcher and advocate of urban, mixed-use and mixed-income development.

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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.