BizSense The Pipeline: Commercial Real Estate for 1.14.22

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Posted on 1/14/2022 –The Pipeline: Commercial real estate roundup for 1.14.22

Commonwealth Commercial Partners reports the following deals:

Mint, a Boutique Spa LLC purchased 5,000 square feet at 324 Browns Hill Court in Chesterfield for $1.14 million from Railey Hill Associates. Tucker Dowdy and Russell Wyatt with Commonwealth Commercial Partners represented the seller.

Midwest Construction Services leased 1,207 square feet at 10800 Midlothian Turnpike in Chesterfield. Ben Boykin and Tucker Dowdy represented the tenant.

Bryler LLC purchased 1,950 square feet at 336 Browns Hill Court in Chesterfield for $448,500 from Railey Hill Associates. Tucker Dowdy and Russell Wyatt represented the seller.

 

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RVA Physical Therapy buys Midlothian building with Burger Bach as tenant

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Posted on 1/10/2022 – BizSense RVA Physical Therapy buys Midlothian building with Burger Bach as tenant

Upon scooping up property in Midlothian for a new location, a local physical therapy practice has also stretched into a new role: burger joint landlord.

RVA Physical Therapy plans to open this spring at 101 Heaths Way Road. The new office will be its second, joining an existing office at 2620-A Gaskins Road in Henrico.

An LLC affiliate of the practice paid $1.7 million for the property, part of which is currently home to local restaurant chain Burger Bach.

Lavanya Kavaserry, who co-owns RVA Physical Therapy with her husband Ramky Kavaserry, said the restaurant will remain in its 3,600-square-foot portion and they’ll take over the remaining 1,800 square feet.

Lavanya said their Henrico office often sees patients who travel from the Midlothian area, so it seemed fertile ground for expansion.

“This fit the bill because we didn’t want too big a space or too small a space.”

High on the list of needs for RVA Physical Therapy is room for an in-house pool for aquatic therapy, which Kavaserry described as a focus of the practice. Kavaserry said buildings with pools can be hard to come by, so the company owns its locations in order to be able to construct those facilities.

“Renting or leasing is a difficult option for that,” she said.

The practice also likes to keep its distance from other physical therapy outfits, and owning the buildings helps ensure it doesn’t end up sharing real estate with a competitor, Kavaserry said.

The practice first opened in 2015, and moved its current location to the corner of Gaskins and Three Chopt roads in February 2019.

Kavaserry said the plan is to invest $150,000 to $200,000 to outfit the Midlothian spot, and construction is underway.

The project architect is Keith Hunter and Associates. The contractor is Katherman & Co. Developer B.K. Katherman was the seller in the deal, which was financed in part through a loan from Primis Bank.

The group closed on the Midlothian property in October. The seller was Railey Hill Associates, which was represented by Tucker Dowdy and Russell Wyatt of Commonwealth Commercial Partners. The property was most recently valued at $1.1 million, according to Chesterfield online property records.

 

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

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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.

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COMMONWEALTH COMMERCIAL CLOSES SALE OF TWO GROUPS OF MULTI-FAMILY PROPERTIES IN RICHMOND’S FAN DISTRICT

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Posted on 12/14/2021 – Commonwealth commercial closes sale of Two Groups of multi-family properties in Richmond’s Fan District

Richmond, VA. – Commonwealth Commercial Partners, LLC (CCP), a leading commercial real estate firm headquartered in Richmond, VA., recently brokered the sale of two groups of multifamily properties at 1612-1628 and 1816-1822 W. Cary Street in Richmond’s Fan District. CCP represented the seller, Eck Enterprises, LLC, and One South Commercial represented the purchasers, 4 South LLC.

Kit Tyler, Senior Vice President at CCP, and Tucker “Nash” Warren, Senior Associate at CCP, negotiated the multi-family properties’ sale that closed on December 9th for a price of $3.6 million. The two groups properties consist of nine townhouses, and six apartments. The buildings were part of the Uptown Portfolio, a large assemblage of real estate holdings owned and developed by Eck Enterprises, LLC.

“It has been an honor representing Eck on the sale of the Uptown Portfolio.” says Nash Warren. “Not only are these properties in great condition, thanks to Eck’s incredible maintenance team, but they are also unique in their style, age, layout, history, etc. As a result, each of these deals has been an engaging process for everyone involved on both sides.”

The Uptown Portfolio consists of more than 100 retail, restaurant, office, and multifamily properties concentrated within a 10-block area along West Main and West Cary Streets, just west of the VCU Monroe Park Campus. CCP manages the listing for all the properties in the Uptown Portfolio.

News regarding the sale of other properties within the Uptown Portfolio will be shared after the closing date of the transactions. For more information about Commonwealth Commercial Partners, LLC, visit commonwealthcommercial.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, Columbus OH, Kansas City MO, St. Louis 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.

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COMMONWEALTH COMMERCIAL CLOSES SALE OF 9 TOWNHOMES AND 3 GRASS LOTS IN RICHMOND’S FAN DISTRICT

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Posted on 12/13/2021 – Commonwealth Commercial closes sale of 9 Townhomes and 3 grass lots in Richmond’s Fan District

Richmond, Va. – Commonwealth Commercial Partners, LLC (CCP), a leading commercial real estate firm headquartered in Richmond, VA., recently brokered the sale of 9 townhomes and 3 grass lots at 1805-1827 W. Cary Street in Richmond’s Fan District. CCP represented the seller, Eck Enterprises, LLC, and One South Commercial represented the buyer, OSC Development LLC.

Kit Tyler, Senior Vice President at CCP, and Tucker “Nash” Warren, Senior Associate at CCP, negotiated the sale that closed on December 10th for a price of $2.85 million. Each of the 9 townhomes, approximately 1,500 SF average each, consist of the 3 bedrooms and 3 bathrooms, include off-street parking, and are fully leased. The properties were part of the Uptown Portfolio, a large assemblage of real estate holdings owned and developed by Eck Enterprises, LLC.

“I think this group of properties is a great example of Eck’s outstanding care and upkeep of their properties.” says Nash Warren. “It might sound a bit silly, but Eck made sure that their sidewalks were even and smooth and their grass lots were green and maintained. I’m confident that those who are familiar with The Fan would agree that neither of these things are common in this area.”

The Uptown Portfolio consists of more than 100 retail, restaurant, office and multifamily properties concentrated within a 10-block area along West Main and West Cary Streets, just west of the VCU Monroe Park Campus. CCP manages the listing for all the properties in the Uptown Portfolio.

News regarding the sale of other properties within the Uptown Portfolio will be shared after the closing date of the transactions. For more information about Commonwealth Commercial Partners, LLC, visit commonwealthcommercial.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, Columbus OH, Kansas City MO, St. Louis 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.

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Five-building industrial portfolio sells for $9M

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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.

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COMMONWEALTH COMMERCIAL EXECUTES SALE OF HOPE FARM TRACT IN HANOVER COUNTY

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Hanover, Virginia – Commonwealth Commercial, a leading commercial real estate firm headquartered in Richmond, represented the Fearnow family in selling the last piece of their Hope Farm property in Hanover County. The 16+ acres will become a multi-family community by Eagle Construction called Brunswick at Hope Farms, a nod to the popular canned stew created by Hanover County entrepreneur and businesswoman Lillie Fearnow.

Ryan Fanelli and Sam Worley, both Senior Vice Presidents and Partners at Commonwealth Commercial, served as brokers for the transaction, which closed on August 24, 2021 for a sale price of $1.4 million.

Located on a large section of Shady Grove Road in Hanover County, Brunswick at Hope Farms will consist of 49 age-restricted townhomes in an L-shaped community with a pond in the middle. 

“It was a privilege to collaborate with the Fearnow family on the remaining tract of their beloved Hope Farm,” said Ryan Fanelli. “The property’s name has achieved an iconic status and is still featured prominently on the bright yellow label of their ‘Delicious Brunswick Stew’. It’s nice to know that the new development’s name will carry on the legacy of Hope Farm.” 

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, Tenn.; Jacksonville, Fla.; Tampa, Fla.; Charlotte, N.C.; Raleigh/Durham, N.C.; Greenville, S.C.; Houston, Texas; Kansas City, Mo.; St. Louis, Mo.; Columbus, Ohio; and Minneapolis, Minn., and is active in Connecticut and Illinois. 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

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Uber co-founder’s ghost kitchen startup buys into Scott’s Addition

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Posted on 6/29/2021 by Mike Platania at Richmond BizSense

A ghost kitchen startup from an Uber co-founder has taken a bite out of Scott’s Addition.

Earlier this month an entity tied to City Storage Systems bought the building at 2812 W. Broad St. for $750,000. The one-story, 6,100-square-foot building is just east of the Hofheimer Building.

City Storage Systems is the parent company of Cloud Kitchens, a ghost kitchen startup from Uber co-founder Travis Kalanick.

Kalanick resigned from the ride-sharing company, under pressure from investors, in 2017 as it faced controversies surrounding allegations of sexual harassment and sexism in the workplace.

He then started Cloud Kitchens, which through the ghost kitchen model offers rentable kitchens to restaurateurs for delivery-only business.

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Commonwealth Commercial Completed Nine Transactions this Week

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Richmond, VA – June 18, 2021 – Commonwealth Commercial Partners, LLC is pleased to report last week’s completed transactions.

  • Graham’s Ice Crea, LLC leased 1,678 SF at 7038 Mechanicsville Turnpike in Henrico County.  Michael Morris and John Thompson represented the Landlord.
  • PHGRE, Inc. leased 2,800 SF at 419 North Ridge Road in Henrico County.  Michael Morris represented the Landlord.
  • Supper Club, LLC leased 2,800 SF at 417 North Ridge Road in Henrico County.  Michael Morris represented the Landlord.
  • Well Into Life, LLC leased 3,464 SF at 2307 N. Parham Road in Henrico County.  Eric Hammond and Tucker Dowdy represented the Landlord.
  • Blanchard Strategy, LLC leased 528 SF at 415 Radford Avenue in Henrico County.  Tucker “Nash” Warren and Eliza Izard represented the Landlord.
  • Riverside Logistic Services leased 40,000 SF at 402 E. Randolph Road in the City of Hopewell.  Chip Louthan and Colton Konvicka represented the Landlord.
  • Professional Moving and Storage leased .25 acres at 4300 Vawter Avenue in Henrico County.  Ben Bruni and Russell Wyatt represented the Landlord.
  • Saiia Construction Company, LLC leased 1,600 SF at 1808 Coyote Drive in Chesterfield County.  Ben Bruni represented the Tenant.
  • Green Leaf Medical, LLC leased 5,636 SF at 3100 W. Cary Street in the City of Richmond.  Jim McVey, Michael Morris and Thomas Lynde represented the Landlord.

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.

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INCHARGE ENERGY INC. EXPANDS THEIR LOCAL FOOTPRINT IN CHESTERFIELD

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Richmond, VA – Commonwealth Commercial Partners, LLC is pleased to have facilitated the sale of 20,656± SF at 11625 Busy Street in Chesterfield County. Tucker Dowdy of Commonwealth Commercial represented the Seller, Sanadeema, LLC. Chris Wheless with Elite Real Estate represented the Buyer, InCharge Energy, Inc. This property sold for $1,900,000 and closed on June 4, 2021.

This cutting-edge company specializes in large-scale emissions reduction through “electrification” of the transportation industry. This move will be an expansion of their current Richmond Operation while still being headquartered in Santa Monica, California.

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, Minneapolis MN, Columbus OH, and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

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