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Commonwealth Commercial Completed Eleven Transactions This Week

Posted on July 19, 2019

Richmond, VA – July 19, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

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

Posted on July 8, 2019

Richmond, VA —  July 8, 2019  — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of 222 South Ninth Street, a 727,170 square foot, 42 story office tower in downtown Minneapolis, Minnesota. The asset was sold by Principal Real Estate Investors, the real estate group of Principal Global Investors, a diversified asset management organization headquartered in Des Moines, IA and member of the Principal Financial Group.

The tower, which will be rebranded as Two22, is located in the heart of downtown on Minneapolis’ Skyway System.  Built in 1985, it was originally known as the Piper Jaffray Tower and most recently as the Campbell Mithun Tower.  As the fifth tallest tower and the second tallest glass-curtain tower in Minneapolis, it is an iconic part of the Twin City’s skyline.

Two22 is 51% occupied and presents a significant repositioning opportunity in a market that has experienced similar successful repositionings over the past few years.  Lingerfelt CommonWealth plans to immediately implement an estimated $20 million comprehensive renovation, including full elevator modernization, Skyway renovations and enhancements, a first-class tenant amenity package, a first-floor lobby renovation and an outdoor terrace.

“The acquisition of Two22 fits solidly within our strategy of value investing in real estate markets with improving economic fundamentals. We’re looking forward to executing our business plan and delivering a great product for the City and building asset value for our investors,” said Ryan Lingerfelt, President and CIO of Lingerfelt Commonwealth Partners.

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 Two22, 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 Minneapolis metro.  Financing for the acquisition of the office tower was arranged by Atlantic Real Estate Capital.

“We’re excited to expand our company to the dynamic market of Minneapolis.  Two22 represents a unique repositioning opportunity and we look forward to growing our platforms and serving the local community,” said Ken Strickler, President of Commonwealth Commercial Partners.

Lingerfelt CommonWealth will add to the existing on-site amenities which currently include a conference center, underground parking, fitness center, secure bicycle storage, a coffee shop, hair salon and a deli/catering service.  Two22 earned Gold-level certification through the Leadership in Energy & Environmental Design (LEED) program in 2009 and then again in 2014.  Two22 is surrounded by numerous hotels, restaurants and businesses in the rapidly expanding Downtown East neighborhood, and is just blocks away from the US Bank Stadium, home to the NFL’s Minnesota Vikings.  The neighborhood’s swift residential and entertainment transformation has made it one of the most desired locations in the city.

More on the company can be found on the web at www.LingerfeltCommonWealth.com.

Commonwealth Commercial Completed Three Transactions This Week

Posted on June 28, 2019

Richmond, VA – June 28, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

Commonwealth Commercial Completed Four Transactions This Week

Posted on June 21, 2019

Richmond, VA – June 21, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

Commonwealth Commercial Completed Two Transactions This Week

Posted on June 14, 2019

Richmond, VA – June 14, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

Commonwealth Commercial Completed Six Transactions This Week

Posted on June 7, 2019

Richmond, VA – June 7, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

Commonwealth Commercial Completed Nine Transactions This Week

Posted on May 24, 2019

Richmond, VA – May 24, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

Lingerfelt Commonwealth Acquires Office Towers in St. Louis, Missouri

Posted on May 23, 2019

Richmond, VA — May 23, 2019 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of the Pierre Laclede Center, a pair of Class A office towers in St. Louis, MO, including a four level, 1,304 stall parking garage. The asset was sold by KBS, a national private equity real estate company and investment advisor headquartered in Newport Beach, CA.

The Pierre Laclede Center towers, located at 7701 and 7733 Forsyth Boulevard, are in the Clayton submarket of St. Louis. The buildings total 580,368 square feet combined and are anchored by tenants including Centene, Lathrop Gage, Morgan Stanley, Dana McKitrick P.C., and the historic St. Louis Club, among others. Pierre Laclede Center I & II were constructed in 1964 and 1970 respectively and have gone through over $19 million in renovations since 2010 to ensure the property’s Class A prominence in the market.

“Within the first year of ownership, Lingerfelt CommonWealth plans to make a significant capital investment towards modernizing the property,” said Will Bradford, Asset Manager with Lingerfelt CommonWealth Partners. “Our plans currently include renovating and revitalizing the property’s common spaces, including the amenity center floor, common courtyard, common lobbies, and bathrooms, which is intended to enhance both the tenant and community experience.”

Clayton is one of the St. Louis region’s most sought-after submarkets for office property and is considered the hub of the St. Louis metropolitan area. Clayton boasts over one million square feet of retail, which contributes to its outstanding quality of life. The Pierre Laclede Center sits in the center of this submarket.

Lingerfelt CommonWealth will own the tower via its discretionary investment vehicle, Lingerfelt Commonwealth Value Fund II. 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 Pierre Laclede Center, in addition to servicing assets for other owners in the St. Louis metro. 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.

Commonwealth Commercial Completed Nine Transactions This Week

Posted on May 10, 2019

Richmond, VA – May 10, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.

Commonwealth Commercial Completed Two Transactions This Week

Posted on April 26, 2019

Richmond, VA – April 26, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.

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, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Reading PA, Kansas City MO 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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