Commonwealth Commercial Partners Awarded Property and Asset Management of Carolina Corporate Centre
Dec 9, 2019
Raleigh, NC – December 2, 2019 – Commonwealth Commercial Partners (“CCP”), a Richmond, Virginia-based comprehensive property solutions firm, is pleased to announce it has been awarded the property and asset management of the Carolina Corporate Centre, a newly renovated Class A office building at 5400 Glenwood Avenue, located in the Raleigh-Durham-Chapel Hill area known as the “Triangle.” The property was recently sold by The Simpson Organization and purchased by The Runnymede Corporation (“Runnymede”), a family owned commercial real estate investment, development and management company headquartered in Virginia Beach, Virginia. David Finger and Sara Owen of Cushman Wakefield represented the seller and Towne Bank provided financing.
Centrally located along Glenwood Avenue, between the inner and outer beltlines of Raleigh, the Carolina Corporate Centre is 5 floors and 91,709 RSF. The recently renovated common areas and onsite amenity package for tenants includes new furniture, a fitness center, locker rooms, conference center, and a tenant lounge with upscale vending.
“We are thrilled to be expanding our company’s relationship with Runnymede, and to bring our best-in-class property and asset management services to our clients at this property,” said Alex Crouch, Managing Director for CCP in North and South Carolina. “We look forward to a successful partnership, as well as the opportunity to increase our footprint in the Triangle, where office space continues to generate a high level of interest from investors.”
“The acquisition of this property is the beginning of a concerted initiative for Runnymede to expand our portfolio into several regions across the southeast, including Richmond, Raleigh, Charlotte, Nashville, and Northern Florida,” said F. Gresham Wall, III, Director of Leasing & Business Development for the Runnymede Corporation. “We are fortunate to have partnered with CCP, who already manages a significant number of properties in these markets.”
Carolina Corporate Centre is 95% leased, with larger tenants including McAngus Goudelock and Courie, LLC, CDM Smith, and Set & Service Resources, LLC. CBRE’s John Brewer, Brian Carr, and Hastings Crockard have been hired for leasing services.
CCP manages several properties in the surrounding area, including The Concourse Building, Park 40 Plaza, North Park I & II, and Centerview II.
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, Charleston SC, Greenville SC, Kansas City MO, St. Louis MO, Houston TX, Reading PA, and Minneapolis MN. 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.
About The Runnymede Corporation
Established in Norfolk, Virginia, The Runnymede Corporation is a commercial real estate development and management firm with a diverse real estate portfolio that includes class A office buildings, multi-family properties, self-storage facilities, office/warehouse, shopping centers, mixed use projects and light industrial. To learn more, visit www.trcva.com.