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.
Richmond, VA – June 28, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Ryan Hartfield leased 4,000 SF at 112 Midpoint Drive in Goochland County. Ben Bruni represented the Landlord.
Primax Properties, LLC purchased 4 acres in Patriots Landing at the corner of Pocahontas Trail and Patriots Landing Road in New Kent County from Patriots Land MGMT Corp. for $780,000. Joe Buhrman and Bill Barnett represented the Seller.
Precision Spinal Care leased 2,298 SF at 1305 Executive Blvd in Chesapeake, VA from Hampton Roads V Owner, LLC. Brian Devlin 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, 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.
Richmond, VA – June 21, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Gaia Global, LLC purchased a 7,320 SF office condo at 3974 Springfield Road in Henrico County from Advanced Art of Cosmetic Surgery, Inc. for $850,000. Tucker Dowdy and Russell Wyatt represented the Purchaser.
John Davenport Engineering, Inc. leased 1,983 SF at 1100 Boulders Parkway in Chesterfield County. Jamie Galanti, Russell Wyatt and Eliza Izard represented the Landlord.
Frederick D. Preston purchased a 6,153 SF retail space at 8003 West Broad Street in Henrico County. Michael Morris & Jim McVey represented the Purchaser.
NFM Inc. leased 4,941 SF office space located at 1 Park West Circle in Chesterfield County. Tucker Dowdy and Jamie Galanti 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, 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.
Richmond, VA – June 14, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Investment Management of Virginia, LLC leased 3,400 SF at SunTrust Center, 919 E. Main Street in the City of Richmond. Tucker Dowdy, Jamie Galanti, Russell Wyatt and Eliza Izard handled lease negotiations on both sides.
Frederick D. Preston purchased 6,153 SF at 8003 West Broad Street in Henrico County from Rdkmt LLC for $1,030,000. Jim McVey and Michael Morris represented the Purchaser.
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.
Richmond, VA – June 7, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Paige O’Brien Consulting, LLC & Troy Henshaw Counseling, LLC leased 767 SF at Libbie Medical Center, 5700 Old Richmond Avenue in Henrico County. Tucker Dowdy and Mark Claud represented the Landlord.
Tiffany Snidow Barribeau, PLC, LLC & Pamela Douglas, MSN, APRN, BC, LLC leased 1,787 SF at 6722 Patterson Avenue in the City of Richmond. Tucker Dowdy represented the Tenant.
Petal Card, Inc. leased 9,024 SF at 9711 Farrar Court in Chesterfield County. Ben Bruni and Evan Ocheltree represented the Tenant.
The Mawyer Real Estate Group leased 1,338 SF at 11551 Nuckols Road in Henrico County. Nash Warren and Eliza Izard represented the Landlord.
Kristen Michelle Lilly leased 1,200 SF at First Street Station, 801 N. First Street in Albemarle County. Carl Blackwell and Campbell Henkel represented the Landlord.
Gambit, LLC purchased 10,922 SF at 3101 Northside Avenue in Henrico County from Robert Latham for $700,000. Ben Bruni and Russell Wyatt represented the Seller.
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.
Richmond, VA – May 24, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
MBCC Development LLC purchased 11,342 SF at 906 and 605 Wilborn Avenue in Halifax County from Sheila B. Haislip for $175,000. Ben Bruni represented the Purchaser.
MBCC Development LLC purchased 1.79 acres at 3798 Wilborn Avenue from Tribble & Payne LLP for $175,000. Ben Bruni represented the Purchaser.
Rose Hill Homes purchased 102.71 acres at 1400 Baptist Road in York County from Rose Hill of Yorktown, LLC for $8,712,000. Ryan Fanelli represented the Seller.
Mutual of Omaha Insurance Company leased 3,338 SF at 650 Peter Jefferson Parkway in Albemarle County. Fred Plaisted and Eliza Izard represented the Tenant.
Kristen Michelle Lilly leased 1,200 SF at 601 N. First Street in Albemarle County. Carl Blackwell and Campbell Henkel represented the Landlord.
EZ Links Golf, LLC leased 7,393 SF at 12201 Gayton Road in Henrico County. Tucker Dowdy, Nash Warren and Fred Plaisted represented the Landlord.
Branch Civil, Inc. leased 4,570 SF at 10440 Balls Ford Road in Prince William County. Ben Bruni and Russell Wyatt represented the Tenant.
22 Holdings LLC leased 7,512 SF at 2001 Maywill Street in Henrico County. Tucker Dowdy and Jamie Galanti represented the Landlord.
Amerisure Mutual Insurance leased 3,597 SF at 1 Park West Circle in Chesterfield County. Tucker Dowdy and Jamie Galanti 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, 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.
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.
Richmond, VA – May 10, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
ZimaPack, LLC leased 13,200 SF at 2101 Pine Forest Drive in Chesterfield County. Russell Wyatt and Ben Bruni represented the Landlord.
Barrett Investments, LLC purchased an 8,000 SF office/warehouse at 11508 Allecingie Parkway in Chesterfield County from Ascent Engineering Group, Inc. for $520,000. Tucker Dowdy and Nash Warren represented the Seller.
Snead & Sons Trucking purchased 1.08 aces at 1301 Carter Creek Road in the City of Richmond from Little Oil Company, Inc. for $165,000. Ben Bruni and Jim McVey represented the Seller.
O’Reilly Automotive Stores, Inc. purchased 1.874 acres at 591 Old Franklin Turnpike in Franklin County from Three to Three LLC for $330,000. Michael Morris represented the Purchaser.
W.R.E. LLC dba Hometown Rental/Hometown Sales & Leasing leased 4,360 at 7212 Amelon Square in Amherst County. Carl Blackwell represented the Landlord.
Joseph Coss leased 1,500 SF at 2800 North Parham Road in Henrico County. Michael Morris and John Thompson represented the Landlord.
West End Cross Fit, LLC leased 6,561 SF at 3941 Deep Rock Road in Henrico County. Ben Bruni and Nash Warren represented the Landlord.
Irene Escalante and Martin Escalante leased 710 SF at 3230 Riverside Drive in Danville. Carl Blackwell represented the Landlord.
Virginia Environmental Endowment leased 1,576 SF at 919 East Main Street, City of Richmond. Jamie Galanti, Russell Wyatt and Eliza Izard 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, 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.
Richmond, VA – April 26, 2019 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
David B. Robinson leased 1,394 SF at 6968 Forest Hill Avenue in the City of Richmond. Tucker Dowdy represented the Seller.
NVR Inc. purchased 1.5± acres at 101 Silverlake Run in York County. Ryan Fanelli represented the Seller.
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.
Another group of brokers from Harrison & Bates, the local commercial real estate firm that is winding down its operations, has found a safe place to land.
CEO David Williams, along with Steve Gentil, Kit Tyler, Bruce Milam, Chip Louthan and Colton Konvicka, are joining Commonwealth Commercial.
Commonwealth Commercial CEO Mark Claud on Wednesday announced the moves at the company’s annual real estate forum, held at the Westin Richmond at Reynolds Crossing.
They’ll start with Commonwealth Commercial on June 1, working out of the firm’s office in Innsbrook.
That leaves about a half-dozen or so remaining brokers from Harrison & Bates on their own to find a new brokerage to call home after the firm announced this month it would cease operations largely as of May 31.
