47 mixed-use parcels in Richmond sell for almost $22M

Posted on 12/21/2021 by Katherine Schulte at Virginia Business

Seven bundles of properties totaling 47 parcels in Richmond sold for almost $22 million, Commonwealth Commercial Partners LLP announced last week.

The mixed-use properties are located in Richmond’s Fan District and consist of retail, office and restaurant space, as well as about 24 apartments and 267 parking spaces.

Richmond-based Eck Enterprises LLC sold the properties to Charlotte, North Carolina-based Carolina Capital Real Estate Partners. Kit Tyler, senior vice president at CCP, and Tucker “Nash” Warren, senior associate at CCP, represented the seller in the three-contract sale that closed Dec. 15.

Continue reading the full article

Share this:

Five-building industrial portfolio sells for $9M

Posted on 10/01/2021 by Katherine Schulte at Virginia Business

A five-building industrial portfolio with buildings in Harrisonburg, Chesterfield County, Newport News, Virginia Beach and Durham, North Carolina, sold for just over $9 million Thursday, Glen Allen-based commercial real estate firm Commonwealth Commercial Partners LLC (CCP) announced.

ESAP LLC sold the portfolio to Drakadia Holdings LLC, a business entity registered to an eastern Henrico County address occupied by QTS, a data center company with a large presence in the state. QTS opened a 1.3 billion-square-foot data center in White Oak Technology Park near Richmond International Airport, where the company established an access point for three subsea fiber-optic telecommunications cables that come ashore in Virginia Beach and connect data networks in the U.S., Europe and South America.

Continue reading the full article

Share this:

Preparing for the worst amid pandemic, CFOs positioned businesses for recovery

Posted on 7/31/2021 by Gary Robertson at Virginia Business

John Brocato’s coveted tickets to the Atlantic Coast Conference men’s basketball tournament suddenly became void in March 2020 after the ACC canceled the tournament as the COVID-19 pandemic began turning the world on its head.

And as the chief financial officer of a small building supply company with offices in Charlottesville and Fluvanna County, Brocato had to abruptly stop thinking about basketball and begin thinking how his company, Better Living Inc., founded in 1893, was going to continue operating.

Taking actions such as keeping employees on the payroll was critical not only during the pandemic but also to lay the foundation for a better recovery after the pandemic was under control.

CFOs in various sectors across Virginia — from banking to transportation to higher education — faced similar challenges, although circumstances differed widely. And in a trend accelerated by the pandemic, CFOs saw their roles expand far beyond spreadsheets and balancing books into administrative matters.

Some CFOs were responsible for shifting their workforce to remote work, creating a new paradigm that had implications beyond the pandemic. But for others, such as Brocato, keeping workers safe at an in-person job site was essential to staying in business.

Brocato sent out his first pandemic-related memo on March 25, 2020, outlining how Better Living would be responding to COVID-19.

A few days earlier, company officials learned that Better Living had been designated an essential business because of its affiliation with the construction industry and that industry’s contribution to the nation’s economic security. Only two of the company’s 90-plus employees had the ability to work remotely. All others had to be on site.

“Our first goal was to make sure our employees were taken care of emotionally, physically and financially. Kids were home from school and parents didn’t know what to do. People were stressed, and we wanted to take the work stress off,” Brocato says.

Continue reading the full article

Share this:

DHL Supply Chain to create 577 jobs in Stafford County

Posted on 12/15/2020 by Richard Foster at Virginia Business

Contract logistics company will invest $72M in facility at Venture Business Park

DHL Supply Chain, a contract logistics company with its North American headquarters in Ohio, is investing $72 million to establish a mid-Atlantic distribution center in Stafford County’s Venture Business Park, creating 577 jobs, Gov. Ralph Northam announced Tuesday.

The company will build a 500,000-square-foot high-bay facility for its Real Estate Solutions unit. Virginia competed with Maryland to land the project.

“This significant investment and the addition of 577 new jobs come at a critical time when we are focused on rebuilding our economy and getting Virginians back to work,” Northam said in a statement. “The ongoing pandemic has underscored the value of supply chain management and delivery services during times of crisis. With our central East Coast location and advanced transportation infrastructure, our commonwealth offers unparalleled advantages for businesses, and we are proud to support the company’s new high-tech operation in Stafford Country.”

A subsidiary of parent company Deutsche Post DHL Group, a German publicly traded company with more than $76 billion in revenue in 2019, DHL Supply Chain employs approximately 36,000 people in the United States. The company offers a portfolio of industrial supply chain management, warehousing, transportation and value-added logistics services. The company’s Real Estate Solutions unit develops turnkey warehousing solutions for customers.

Continue reading the full article

Share this:

Apartments developer buys 13 acres in Chesterfield for $4M+

Posted on 8/24/2020 by Sydney Lake at Virginia Business

An apartment complex developer has purchased a 13-acre site in Chesterfield County for $4.025 million, Commonwealth Commercial Partners LLC announced Friday.

Located at 6767 Iron Bridge Road, the complex will include 230 apartment units, a clubhouse and a pool. Austin Woods Development Co. sold the property to Waverton Development Inc. in a transaction that closed on Aug. 20.

Continue reading the full article

Share this:

Industrial building in Ashland sells for $2.7M

Posted on 7/31/2020 by Sydney Lake at Virginia Business

An industrial building in Ashland has sold for $2.756 million, Glen Allen-based commercial real estate company Commonwealth Commercial Partners LLC announced Wednesday.

Located at 11250 Hopson Road, the 52,500-square-foot building sits on more than 3.6 acres of land. TMC Properties LLC (doing business as Green Air Inc., The Duct Shop and Evolve Air Systems) purchased the property from Gloria Sydnor in a transaction that closed July 23. Colton Konvicka and Nate Krey of Commonwealth Commercial Partners represented the buyer and Kevin Cox of Porter Realty Co. Inc. represented the seller.

Continue reading the full article

Share this:

Late in the cycle?

Posted on 4/19/2017 by Paula C. Squires on Virginia Business

The economy may be two years away from another downturn, real estate financial experts said Wednesday, but they don’t expect the commercial real estate industry to be pummeled as badly as it was during the last Great Recession, which lasted from December 2007 through 2009.

“Recessions come every 7 to 10 years.  This has been a strong economy for a while. Whether it goes extra innings, I don’t know.  With Trump politics, maybe there is a seventh-inning stretch, “ said Ronald Lamontagne, managing director, Americas Partners Group, (USA) Inc., based in New York.  “We’re near full employment. Nearly all industries are having trouble growing the top line, so they’ve been squeezing on the expense side. I sense that we’re late in the cycle.”

Lamontagne was one of the panelists at the 8th annual Commercial Real Estate Forum held at the Westin Richmond by the Henrico County firms of Commonwealth Commercial Partners and Lingerfelt Commonwealth Partners.

Continue reading the full article here.

Share this: