Commonwealth Commercial Partners, LLC Awarded Property Management of New Medical Office Building

Richmond, VA – January 26, 2024

Commonwealth Commercial Partners, LLC Awarded Property Management of New Medical Office Building

We are pleased to announce that our team has been awarded property management of a new medical office building located at 8364 Bell Creek Road in Mechanicsville, Virginia. This newly constructed asset, spanning 62,524 square feet, will be used by a single medical provider, bringing advanced services to the surrounding community.

Stacy Delgado, who played a pivotal role in securing the business, will continue her involvement as the property manager for this facility. With her extensive experience, she is poised to ensure the seamless operation and maintenance of this essential healthcare property.

“We are thrilled to have been given the management of this state-of-the-art medical building,” said Adam Megenity, Senior Vice President/Partner, Commonwealth Commercial Partners. “We look forward to working closely with the medical provider to ensure they are able to operate at the highest standards, delivering quality care to their patients.”

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

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CCP Awarded Facilities Management in Norfolk, Virginia

Norfolk, VA – November 10, 2023

Commonwealth Commercial Partners (CCP), a leading commercial real estate firm headquartered in Richmond, Va., is expanding its portfolio in the Norfolk Market. CCP has been awarded facilities management of two single tenant leased office buildings located in the Riverside Corporate Center, a prominent hub in the central Norfolk submarket. Conveniently located near Interstate 264, these two prestigious Class A office spaces, spanning 105,456 square feet, are located at 120-130 Corporate Blvd in Norfolk, Virginia.

Melody Almonte, Associate Managing Director at Commonwealth Commercial Partners, shared her excitement about this new opportunity stating, “We are excited to expand our facilities management services in Norfolk. This opportunity solidifies our growing presence in Hampton Roads.”

Riverside Corporate Center

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

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Tucker Dowdy Achieves His SIOR

September 13, 2023 – Richmond, Virginia

We extend our congratulations to Tucker Dowdy, SIOR on his distinguished accomplishment of earning the SIOR (Society of Industrial and Office Realtors) designation. This prestigious recognition underscores Tucker’s unwavering commitment to excellence in the industrial and office real estate sectors. His contributions to our organization have been invaluable, and we at CCP are immensely proud to have him as an integral part of our team. We are confident that this milestone will serve as a catalyst for further success and look forward to witnessing Tucker’s continued growth and leadership within the company.

Tucker Dowdy, SIOR

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

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CCP Announces Midwest Expansion with Full-Service Property Management of Quivira Crossing in Overland Park, Kansas

Commonwealth Commercial Partners Expands Property Management in the Midwest 

Commonwealth Commercial Partners (CCP), a leading commercial real estate firm headquartered in Richmond, Va., has been awarded the full-service property management of Quivira Crossing in Overland Park, Kansas. This assignment is an extension of an existing relationship through CCP’s Jacksonville, Florida office with the Las Vegas-based Blue Sapphire Management. Quivira Crossings is a 40,000 square foot retail project, currently 100% leased to a combination of local and national retail tenants. This property is very well located in Kansas City metro’s top retail submarket.

“This is a great opportunity for CCP to continue to expand our footprint and showcase our ability to be a top multi-market player,” shared Scott Holman, Managing Director of Georgia and Florida. “Our goal is to support existing clients as they grow in the market and to expand with additional relationships in the market. We do this by providing best-in-class Property Management services to our clients.”

Senior Property Manager, Allison Mitchell played a major role in further cultivating the relationship with the client and provided significant due diligence for the client during the acquisition, as well as onboarding the property with the CCP transition team. Allison and her Kansas City team will handle the management of the project moving forward. 

About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, San Antonio, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.

Overland Park

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CCP has been Awarded the Property Management of 4401 W. Kennedy Boulevard in Tampa, Florida

We are pleased to announce that Commonwealth Commercial Partners, LLC has been awarded the property management of 4401 W. Kennedy Boulevard in Tampa, Florida. Tampa-based Lafayette Partners, LLC acquired the property in early 2023 and has plans to make cosmetic and capital improvements to the project.  4401 W. Kennedy is a 30,000 square foot office building located in the Westshore Business District, Tampa’s preeminent office sub-market. Located 3 miles from both Tampa International Airport and the Tampa CBD, this project provides convenient access for the professional firms in occupancy as well as their client base. The property is 90% leased to local firms, many of whom have been in occupancy for extended periods.

We are excited to continue our growth in Tampa and add this Westshore office project to our property management portfolio. Jonathan Harris will serve as CCP’s Senior Property Manager with assistance from Viviana Quijano, Property Administrator.

-Scott Holman, Managing Director of Florida

Tampa

 

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CoStar Impact Awards Announced Sale/Acquisition of the Year

“I am happy to announce CoStar Group named the dual-branded Hilton Garden Inn and Home2 Suites in Columbia, South Carolina as Sale/Acquisition of the year,” said Duane Gauthier, Managing Director for Commonwealth Lodging Management, LLC. Commonwealth Lodging acquired these assets in May of 2022 and are well-located in downtown Columbia near the South Carolina state capitol and The University of South Carolina campus. “These properties fit well within the firm’s target investment criteria that include premium branded hotels located in drive-to destinations markets in the southeast with diverse demand drivers said Gauthier.”

CoStar Awards

 

 

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A Piece of Virginia in the Lone Star State – Interview with Scott Francis

March 30, 2023

For years, Scott Francis, CPM, CCIM has had a little piece of Virginia with him in Texas. Scott drives a 1969 Ford Mustang, originally purchased in Virginia by his father, an Army captain, stationed at Fort Belvoir in Fairfax County, Virginia. That Ford Mustang from Northern Virginia, with its red body and white interior, has been driving in the background of Scott’s life ever since – a subtle reminder of his family’s connection to Virginia. It cruised his family cross-country on their move to Southern California, and later to Texas when Scott moved to Houston and now San Antonio.

Little did Scott know early on that the Mustang wouldn’t be the only piece of Virginia in his life for long; he just joined Commonwealth Commercial Partners last fall as Managing Director of Texas.

Please join us in welcoming Scott – and yes, the Mustang, too – to our Commonwealth team. You can read more about him and our big plans for Texas below.

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Scott Francis, CPM, CCIM

ABOUT SCOTT

Scott is a licensed broker and certified property manager with over 16 years of experience across a variety of asset types, predominantly on the West and Gulf Coasts. Most recently at CBRE, he advised a $55B private equity group on their 52M SF industrial portfolio, located across the U.S.

Scott started his career as a leasing consultant for a 200-unit apartment community in Southern California. “There were only three staff members, myself included,” says Scott. “By default, I had to wear a lot of different hats and discovered the world of property management. I always considered myself a jack of all trades and it spoke to my liberal arts education.

”In 2014, Scott moved his young family from Southern California to Houston; a move he says was fueled by the energy, opportunity, and entrepreneurial spirit he saw buzzing throughout Texas.

“It has gotten so expensive to live and do business in California,” said Scott. “The barriers to entry in Texas are much lower. Within six months of being in Texas, we bought our first home. Shortly after, we bought a number of investment properties.”

JOINING OUR TEAM

Scott says the same energy and optimism that first brought him to Texas a decade ago is what attracted him to join the Commonwealth team.

“What really appealed to me was Commonwealth’s culture and values, as well as its nimble, entrepreneurial working nature,” says Scott. “We are team-first. When you take care of your people and your team, everything else falls into line. Every person at Commonwealth is given the tools and trust they need to be successful. Plus, given our smaller size and efficient structure, we can turn on a dime and give our clients the attention they deserve.”

At Commonwealth, Scott is responsible for oversight of the Texas portfolio, implementation of our property acquisition and development strategy, third-party business development, operational budgets/reporting, and employee recruitment and development.

Scott considers himself a lifelong learner. He earned his bachelor’s degree from the University of the South (“Sewanee”) and studied business administration at the Southern Methodist University Cox School of Business. Twice in his career, his teams have been awarded the BOMA Building of the Year (TOBY) Award. Scott also holds a black belt in karate, a designation he says embodies his “always learning” philosophy.

COMMONWEALTH COMMERCIAL PARTNERS IN TEXAS

As we continue to build our presence in Texas, Scott and his team will focus on four major markets in the Texas Triangle: Dallas, Houston, San Antonio, and Austin. “These are the economic powerhouses of Texas,” says Scott. “How do we win new business here? First and foremost, by doing an excellent job where we currently have properties. We’re going to leverage client relationships, letting them know about opportunities in Texas and that I’m going to personally be involved in the day-to-day operations. We’re also partnering with our tenants in areas that align with our company values and demonstrating that through community service.”

Our Texas team is already off and running with its community involvement; the Houston Commonwealth team participated in a community service day for the Houston Food Bank in early March.“It’s a good win-win-win,” says Scott. “We’re living our core values, we’re helping the community, and we’re conducting business development. This is what separates us from our competition.”

Stay tuned for more from Scott and our Texas team as we expand our footprint and share everything the Lone Star State has to offer.

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Rolling up our sleeves in Nashville

February 27, 2023 – Nashville, TN

Looking back on my career up until now, I’ve been fortunate to work in a variety of commercial real estate (CRE) roles around Nashville.

I started in 2006 as a property administrator and was ready to roll my sleeves up and learn the industry from the ground up. The experiences I’ve gained and the lessons I’ve learned from these roles have been invaluable. My advice to anyone new to the industry is to take advantage of any opportunity when given to learn this business.

That said, until last year, I had only worked within large National CRE firms. While this has given me a tremendous opportunity, institutional knowledge and to work alongside the best in the industry, I was craving the opportunity to operate within a more boutique, nimble organization.

So in January 2022, I made a switch and joined Commonwealth Commercial Partners as Managing Director of Nashville Property Management. I’ve been really energized about this new role and want to share more about CCP and the plans and projects we have on deck in Nashville.

CCP NASHVILLE

Based in Richmond, Virginia, CCP has had a strong presence in Nashville for more than a decade. Today we manage 3 million sq ft across about 30+ properties in the Music City. Our team of 12 individuals includes both managers and building engineers — an important detail for property management. Our building engineers are critical to the day-to-day management and maintenance that goes on with our properties.

My goal for CCP Nashville is to make sure clients know we are here to help and support them on their properties in the market. Our work together can often involve a certain amount of risk and liability. I want to continue to earn our clients’ trust that we are here to manage their properties like our own.

Nashville has been on a tremendous growth trajectory for a while. It’s one of the hottest markets in the Southeast, right up there with Austin and Charlotte. There are a ton of new people and businesses moving to the city. The buzz around Nashville just continues to grow, making it a great market for CCP to continue to build its presence.

Northcap Property Picture

NORTHCAP MULTI-FAMILY PROJECT

An exciting project we’ve had in the works in downtown Nashville since late 2019 is our Northcap Building conversion with Wheelock Street Capital located at 404 James Robertson Parkway.

Northcap first opened as an office building in 1968. At 220,000 square-feet with 21 stories, we’re rolling up our sleeves on this large office space and converting it into multi-family apartment buildings within the next 2-3 years. We are currently in the design phase for Northcap and are working with tenants to relocate them to new office spaces. When finished with the project, we will be able to offer a collective 358 residential units, 403 parking spaces, and retail spaces with a combined 12,413 square feet.

This conversion of office-to-residential is a trend we’re seeing across the country, particularly as businesses rethink how they work post-Covid. But in Nashville, we haven’t seen anything quite to this scale yet, making Northcap particularly notable for our team and the entire city.

FOCUSED ON OUR VALUES

Though I’ve been with CCP for less than a year, there are a few things about our organization that I’m already tremendously proud of. The first is how our group follows the strong set of core values that CCP entwines into everything we do:

• Team first

• Own It

• Professionalism

• Relationship Oriented

• Integrity

My goal in Nashville is to make sure that for any client we work with, we’re treating their property as if it’s our own and representing those honorable CCP core values.

The second is that nimbleness I spoke about, the entrepreneurial spirit that is so prevalent at CCP. Every single person at CCP is ready at a moment’s notice to roll up their sleeves and help get the job done quickly and professionally. Our accounting group, for instance, is just phenomenal. The resources and financial reporting we offer to our clients are extensive, but our team is incredibly hands-on and offers amazing attention to detail. Everything from the first impressions when we sign the management agreement, to the kickoff call, to the transition is just so well laid out. These are exactly the type of value adds that brought me to CCP, and I’m eager to show how valuable they are to our clients going forward.

David Cheek

Managing Director, Nashville

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Top Sales and Leasing Deals in Richmond, VA – February 24, 2023

AIC Income Fund II Audubon LLC purchased 317,400 square feet at 5700 Audubon Drive in Henrico for $24,150,000 from Audubon Drive Properties. Ben Bruni, SIOR and Russell Wyatt with Commonwealth Commercial Partners represented the seller.

Genuine Parts Co. leased 9,660 square feet at 6807 Forest Hill Ave. in Richmond. Michael Morris with Commonwealth Commercial Partners represented the landlord.

Dr. Amy S. Paul dba Elder Health Solutions leased 747 square feet at 4198 Cox Road in Henrico. Eric HammondEliza Izard and Russell Wyatt represented the landlord.

Tankk Group leased 1,243 square feet at 7130 Glen Forest Drive in Henrico. Eric HammondEliza Izard and Russell Wyatt represented the landlord.

Sugar Paint Nail Spa leased 1,193 square feet at 8921 Three Chopt Road in Henrico. Tucker Dowdy and Michael Good represented the landlord.

Marpac LLC DBA Yogasleep leased 2,000 square feet at 23-27 N. 17th St. in Richmond. Ben Boykin and Jim McVey represented the tenant.

Jill Opalesky leased 788 square feet at 413 Stuart Circle in Richmond. Tucker Dowdy and Michael Good represented the landlord.

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Former EAB buildings in Henrico sell for $5.35M

Former EAB buildings in Henrico sell for $5.35M

Formerly the headquarters of education research company EAB, the buildings are located at 1910, 1920 and 1950 E. Parham Drive. Marwaha Property Management, doing business as Marwaha Business Park LLC, purchased the buildings from SIR Properties Trust, a Henrico real estate developer. The buildings are 33,900 square feet, 28,800 square feet and 26,190 square feet.

In June 2022, EAB announced it would expand and relocate, consolidating its operations into another space in Henrico. The buyer plans to rebrand the vacant complex Marwaha Property Management, according to Commonwealth’s announcement. Marwaha manages commercial and residential real estate across Virginia, and it plans to relocate its office into one of the buildings and lease the other two to other tenants.

Tucker Dowdy and Michael Good, both of Commonwealth Commercial, represented the buyer in the transaction.
Former EAB Buildings
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