Deed, mortgage recorded for Hanania on Southbank

Written by

Posted on 9/17/2021 by Karen Brune Mathis at Jacksonville Daily Record

Through Hanania Riverplace LLC, Hanania paid $20.67 million for the 10-story office building and six-level garage at 1200 Riverplace Blvd.

Bank of America financed the deal through an almost  $14.47 million mortgage and security agreement.

The deed was executed Aug. 26 and the mortgage was made Aug. 31.

Hanania bought the property from LCP 1200 Riverplace LLC., which is Lingerfelt CommonWealth Partners of Virginia.

The building has 200,627 square feet of rentable space, with 120,000 square feet available for lease.

Fashion retailer Stein Mart Inc. vacated it last year after filing bankruptcy.

Hanania, owner and CEO of Jacksonville-based Hanania Automotive Group, intends to move his headquarters into about 10,000 square feet of space, continue to lease to existing tenants and recruit more companies.

Continue reading the full article

Share this:

Former Campbell Mithun Tower in downtown Minneapolis gets $20M in upgrades

Written by

Posted on 9/17/2021 by Dee Depass at StarTribune

After a year of construction and $20 million in upgrades, owners of the Two22 Tower in downtown Minneapolis are ready to show off the newly renovated 42-story building, formerly known as Campbell Mithun Tower.

The structure that darts its way into Minneapolis’ skyline at 222 S. Ninth St. and Third Avenue was purchased by Richmond, Va.-based Lingerfelt CommonWealth Partners in July 2019.

Renovations began in March 2020, when the pandemic sent most downtown office workers home.

General contractor Gardner Builders plus the Nelson Worldwide design firm have since overhauled the Class A tower’s six elevators, lobby, atrium and skyway with sleek marble, high-technology and security features. They added indoor and outdoor rooftop terraces, video conference rooms and a pool table room and also renovated the first and second floors plus various tenant spaces.

The skyscraper’s public spaces were last renovated in 2006.

Continue reading the full article

Share this:

Renovation at Two22 tower in Minneapolis (formerly Campbell Mithun tower) is done

Written by

Posted on 9/16/2021 by Dylan Thomas at Minneapolis/St. Paul Business Journal

Lingerfelt CommonWealth Partners is ready to show off its $20 million renovation of Two22, the 42-story Minneapolis office building formerly known as Campbell Mithun Tower.

Built in 1985 and the fifth-tallest building downtown, Two22 underwent a roughly year-long renovation that updated the building’s elevator system, improved tenant security and modernized the tower’s atrium and tenant common areas. Tenants now have access to a new rooftop deck and shared flex-work areas designed to accommodate those may be sharing space in the downsized, post-pandemic office.

The ad agency Campbell Mithun (now McCann Minneapolis) left the building in 2014, though the name stuck with the tower for years afterward.
“When people left their offices in March of 2020, they left the old Campbell Mithun Tower, and when they return, they’re going to be greeted by a modern, 21st century office building,” said Katie Tufford, a senior director in the Minneapolis office of Cushman & Wakefield, which is handling leasing for the building.

Tufford said Lingerfelt, a Glen Allen, Virginia-based real estate investment firm, began the renovation about nine months after acquiring the skyway-connected tower in July 2019 for $81 million. Work was largely completed by the first quarter of this year, she said.

Continue reading the full article

Share this:

Lingerfelt CommonWealth Acquires Industrial Distribution Building For $7.8 Million, Announces Major Renovations

Written by

Richmond, VA  — April 1, 2020  — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the $7,800,000 acquisition of 4300 Carolina Avenue in Richmond, Virginia. The asset is a 223,479 square foot industrial facility located in Richmond Distribution Center near Richmond International Raceway.  The building is currently unoccupied and construction will commence next week on a multimillion dollar comprehensive renovation and repositioning of the asset.

“Lingerfelt CommonWealth has a long history in the industrial sector spanning nearly four decades,” said Brian Witthoefft, Managing Director of Lingerfelt Commonwealth Partners.  “The fundamentals of Richmond’s industrial market remain compelling.  Vacancy rates market-wide are near 4% with less than 2% vacancy in Richmond Distribution Center.  We have already secured a user for 25% of the property and interest in the remainder of the building is very active.”

Renovations to the property will take approximately three months and include structural improvements such as an expanded truck court and loading area, all new dock doors, seals, levelers, additional loading docks, a new LED warehouse lighting package, a modernized sprinkler system, and a new roof system.  Additionally, the facility will receive cosmetic enhancements such as being newly painted, all new landscape design, and parking lot upgrades. “The location and bones of the facility are sound and our renovations will ensure that the building is appropriately modernized to meet the needs of today’s distribution and manufacturing users,” said Witthoefft.

Constructed in 1984, the facility was originally a design-build for the IRS.  Certain elements of the original design, such as surplus vehicular parking, are no longer required and now provide Lingerfelt CommonWealth the opportunity to further develop the site.  “We will develop a new 75,000 square foot stand-alone industrial building in the corner of the surplus parking area,” added Witthoefft.  “We are currently in discussions with several potential build-to-suit users about that pad site.”

The company recently completed a similar repositioning of an industrial facility located at 1537 Air Rail Avenue in Norfolk, Virginia.  Lingerfelt CommonWealth purchased that asset in 2018 for $8.0 million, invested $7 million in improvements while securing a user, and sold the property in November of 2020 for $21.695 million.

Commonwealth Commercial Partners, the company’s property management affiliate, will provide leasing, property and asset management services for the facility.

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.

Share this:

Story of a Building: Riverplace Tower

Written by

Posted on 1/7/2021 by The Coastal

More than fifty years after it opened, Riverplace Tower remains a prominent figure in Jacksonville’s skyline.

The building’s story begins in the mid-1960s, when locally-based Gulf Life Insurance Company sought to expand beyond its existing office space along Hogan Street. The city was in the midst of a development boom that included the construction of a new library, city hall building, and courthouse, and companies were eager to get in on the boom while they could. Gulf Life set its sights on a piece of property along the Southbank, and construction began on its new 28-story office tower in 1966.

Continue reading the full article

 

Share this:

Lingerfelt CommonWealth Sells Virginia Beach Class A Industrial Distribution Building for $21.7 Million

Written by

Richmond, VA  — November 16, 2020  — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the $21,695,000 sale of 1537 Air Rail Avenue in Virginia Beach. The building is a 320,000 square foot, Class A single tenant industrial distribution building, located near the Norfolk International Airport and Interstate 64.  The sale closed on November 12, 2020. The purchaser is a family office client of Manchester Capital Management, LLC, a Charlottesville, Virginia wealth management and real estate advisory firm.

Lingerfelt CommonWealth purchased the building in December 2018 for $8.0 million and simultaneously secured a 12-year, full-building lease with a single tenant. Lingerfelt CommonWealth invested $7 million in renovations to this facility including, but not limited to: a complete renovation of all interior office space and island offices; all new office bathrooms and kitchen; extensive warehouse flooring repair; upgraded electrical throughout; new unit heaters; addition of tailgate doors on the exterior bringing the total to 40 and 3 drive-in doors; new motorized security gate; and extensive repair on the 300,000 gallon water tank.

Commonwealth Commercial Partners, the Company’s property management affiliate, provided property and asset management services for the facility.  Comprehensive Development Strategies, the Company’s construction management affiliate, provided construction services for the renovations to the facility.

The property is located in Virginia Beach’s Airport Industrial Park, at the intersection of Diamond Springs Road and Northampton Boulevard, and includes 18 acres of land in addition to the building itself.  It has two points of access to Interstate 64, which makes it very close to the region’s port terminals, freight transfer and distribution facilities, and military installations nearby.  It is rail-served with an active Norfolk Southern spur for efficient loading and unloading of railcars.

Share this:

Principal Financial chooses downtown Minneapolis for former Wells Fargo retirement business

Written by

Richmond, VA – September 10, 2020 – Principal Financial chooses downtown Minneapolis for former Wells Fargo retirement business

We are thrilled to welcome Principal Financial Group to the Two22 tower in downtown Minneapolis. The Des Moines, Iowa-based company has signed a lease for 45,500 SF in the 41 story building, which is owned by Lingerfelt CommonWealth Partners and managed by .

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.

Share this:

Lingerfelt CommonWealth Sells Class A Office Building in Tampa, Florida

Written by

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.

Share this:

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

Written by

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.

Share this:

Lingerfelt CommonWealth Acquires Office Tower in Kansas City, Missouri

Written by

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.

###

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

Share this: