Lingerfelt CommonWealth Sells Class A Office Building in Tampa, Florida

Tampa, FL (July 6, 2020) – Lingerfelt CommonWealth Partners, LLC (LCP), a Richmond, Virginia-based commercial real estate investment firm, today announced the sale of Buschwood III to Continental Capital Partners, a real estate investment company based in Virginia Beach, Virginia, for $10.35 million.

Buschwood III, a two-story, 78,000 square-foot, Class A office building in Tampa, Florida, was 92% leased to a variety tenants including CoAdvantage, BluePearl Veterinary Services, and the GSA as of disposition. Buschwood III was 86% leased when LCP purchased the property in February 2018 for $8.9 million.  The property is located in Tampa’s Northwest submarket with great access to workforce and executive housing, the Westshore district, and the Tampa International Airport.

Commonwealth Commercial Partners (CCP), an affiliated commercial real estate operating firm of LCP (also based in Richmond, VA), has served as the asset and property manager for Buschwood III since the time of LCP’s acquisition, and has been retained for management services for Continental Capital. CCP currently manages a portfolio of properties for Continental Capital totaling approximately 360,000 square feet in Florida alone, and 2.5 million SF nationally.

“We are thrilled to continue our relationship with Continental Capital and this asset in Tampa,” said Scott Holman, Florida Managing Director at Commonwealth Commercial. “We have had the opportunity to work with the last two ownership groups at this project and we look forward to continuing to provide excellent service to the tenants under Continental Capital’s ownership, as well as creating additional value for our client’s new asset.”

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 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. 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 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.

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.

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

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.

Continue reading the full article

Innsbrook office building sells for $22.75 million to out-of-town buyer

Posted on 4/4/2018 by Michael O’Connor at the Richmond Times-Dispatch

An office building in the Innsbrook Corporate Center in western Henrico County has been scooped up by an out-of-town asset management company already invested in a number of Richmond-area properties.

The RMR Group bought Liberty Plaza II at 10800 Nuckols Road for $22.75 million from Lingerfelt CommonWealth Partners last week, property records show.

The RMR Group had about $30 billion worth of assets under management including 48 properties in Virginia, according to its website.

Continue reading the full article

 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

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

Lingerfelt CommonWealth Realty Partners buys two Southbank hotels

Posted on 3/1/2017 by Karen Brune Mathis on Jaxdailyrecord.com

Lingerfelt CommonWealth Realty Partners LLC announced Tuesday it bought the dual-branded Hilton Garden Inn and Homewood Suites in the Downtown Southbank area.

The property comprises a 123-room Hilton Garden Inn and a 98-suite Homewood Suites at 1201 Kings Ave.

Richmond, Va.-based Lingerfelt CommonWealth, a commercial real estate investment firm, said the premium branded select-service and extended-stay hotel was built in 2009.

Continue reading the full article here.

Lingerfelt CommonWealth Sells Richmond Marriott Short Pump in Richmond, VA

Posted on 3/2/2017 on PR Newswire

RICHMOND, Va., March 2, 2017 /PRNewswire/ — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the sale of the 243 room full-service Richmond Marriott Short Pump for $38.5 million.  The purchaser was a partnership of regional investors.

Continue reading the full article here.