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

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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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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.

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 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

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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

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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.

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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.

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Henrico-based Lingerfelt CommonWealth Realty buys Florida hotel

Posted on 3/1/2017 by Richmond Times-Dispatch

Henrico County-based Lingerfelt CommonWealth Realty Partners has expanded its ownership reach again in Jacksonville, Fla., by buying a dual-branded hotel.

The company acquired the Hilton Garden Inn | Homewood Suites hotel in downtown Jacksonville for $24.7 million, said Kenneth S. Strickler, managing director of acquisitions and asset management for Lingerfelt CommonWealth Partners, the investment management affiliate of commercial real estate firm Commonwealth Commercial Partners. He’s also president of Commonwealth Commercial Partners.

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Va. property management company buys Liberty Square towers

Posted on 12/22/2016 on GSA Business

Richmond, Va.-based Lingerfelt CommonWealth Partners LLC has acquired two downtown Greenville office buildings –  One Liberty Square and Two Liberty Square.

The Liberty Square towers, located at 55 and 77 Beattie Place, are in the heart of business district. The buildings total 445,612-square-feet and are 81% occupied by companies such as Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White & Boyd; Dority & Manning, and the Commerce Club. One and Two Liberty Square were constructed in 1983 and 1986, respectively, and received extensive multimillion-dollar renovations in 2006 and 2014, according to a news release.

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$26M deal adds to local firm’s Florida holdings

Posted by Michael Thompson on 7/27/2016 on Richmond BizSense

Continuing its acquisition streak, an Innsbrook-based real estate firm has bagged the headquarters building of a national retailer and further expanded its stake in the Sunshine State.

Lingerfelt CommonWealth acquired the 10-story, nearly 200,000-square-foot Stein Mart Building in Jacksonville, Florida this month for $26.62 million.

Ken Strickler, a managing director at Lingerfelt CommonWealth, said the deal closed July 25 after negotiations began in May.

Continue reading the full article here.

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