Lingerfelt CommonWealth Acquires Virginia Beach Resort Hotel & Conference Center with $19 Million Capital Investment, Plans Hotel Rebrand
Richmond, VA, June 18, 2018 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, in a joint venture with JDI Realty LLC, a Chicago, Illinois-based commercial real estate investment firm, today announced the acquisition of the Virginia Beach Resort Hotel & Conference Center at 2800 Shore Drive in Virginia Beach for $19 million. The hotel/conference center is situated on the Chesapeake Bay on a 3.6-acre site and includes 263,328 square feet with 295 suites.
The hotel/conference center will undergo a comprehensive $25 million renovation and will be rebranded as Delta Hotels by Marriott – Virginia Beach Bayfront Suites. Delta Hotels is Marriott’s newest, upscale, full-service hospitality brand designed for business and leisure travelers and currently has more than 12,000 rooms in 50 operating hotels across the U.S., Canada and China.
Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the hotel. “We are very excited to announce this acquisition and the rebranding of the Virginia Beach Resort Hotel and Conference Center to Delta Hotels by Marriott,” said Duane Gauthier, Managing Director of Commonwealth Lodging. “Commonwealth Lodging Management will continue to operate the property as the Virginia Beach Resort and Conference Center until the comprehensive, multi-million dollar renovation commences in this year’s fourth quarter. With its prime location on the Chesapeake Bay, combined with our significant reinvestment, we are confident we will deliver an all-suite, full-service product that will exceed guests’ expectations whether traveling to Virginia Beach for business or vacation,” Gauthier said.
The Virginia Beach Resort Hotel & Conference Center is located on Shore Drive at its intersection with N. Great Neck Road along the waterfront of the Chesapeake Bay. In the immediate proximity is Bay Island, First Landing State Park, and the Chesapeake Bay Bridge Tunnel to the Eastern Shore, along with nearby retail and entertainment options. The Virginia Beach Boardwalk and downtown area is only 7 miles from the hotel/conference center and 8 miles from the Virginia Beach Convention Center.
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ABOUT LINGERFELT COMMONWEALTH PARTNERS
Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Houston, TX, Jacksonville, FL, Nashville, TN, Raleigh, NC, Reading, PA, and Tampa, FL. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com
Richmond, VA – June 15, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Oasis Management Systems, Inc. leased 14,278 SF at 303 Ashcake Road in Hanover County. Ben Bruni and Russell Wyatt represented the Tenant.
Hometown Realty Services, Inc. leased 3,390 SF at 3021 West Cary Street in the City of Richmond. Jim McVey represented the Landlord.
Amazing Face, LLC leased 550 SF at 6740 Forest Hill Avenue in the City of Richmond. Fred Plaisted represented the Landlord.
Cortech, LLC leased 1,690 SF at 3401 Old Parham Road in Henrico County. Ben Bruni represented the Tenant.
TMS NeuroHealth Centers leased 1,985 SF at 2820 Waterford Lake Drive in Chesterfield County. Fred Plaisted represented the Landlord.
Christopher Mays leased 3,000 SF at 119 Seminole Plaza in Amherst County. Carl Blackwell and Michael Morris 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, Reading PA 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 1, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Leo Salinas purchased 7,800 SF at 2614 Lancelot Avenue in the City of Richmond for $337,500. Ben Bruni represented the Seller.
Blackstone Tobacco & Vape, LLC leased 1,500 SF at 1417 S. Main Street in Blackstone, VA. Morgan Trible and Michael Morris represented the Landlord.
Chippenham Tobacco & Vape, Inc. leased 1200 SF at 2506 Sheila Lane in the City of Richmond. Morgan Trible and Michael Morris represented the Landlord.
Madison Tobacco & Vape, Inc. leased 1,800 SF at 167 Madison Heights Square in Amherst County. Morgan Trible and Michael Morris 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, Reading PA 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 25, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Keysville Property Investments, LLC leased 8,000 SF at 3520 Roxbury Road in Charles City County. Ben Bruni represented the Tenant.
Legacy Care, LLC leased 3,109 SF at 7400 Beaufont Springs Drive in Chesterfield County. Jamie Galanti and Russell Wyatt 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, Reading PA 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 18, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Chieu K. Le and Ly Chung leased 2,250 SF at 9525 Kings Charter Drive in Hanover County. Jim McVey represented the Landlord.
Medical Services of America, Inc. leased 3,616 SF at 4200 Cox Road in Henrico County. Fred Plaisted represented the Tenant.
Commonwealth Community Trust leased 3,415 SF at 3811 Westerre Parkway in Henrico County. Tucker Dowdy and Russell Wyatt represented the Landlord.
Specialty Retail, LLC t/a Adam & Eve leased 3,200 SF at 7500 Jackson Arch Drive in Hanover County. Morgan Trible and Jim McVey represented the Tenant.
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, Reading PA and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.
Nashville, TN – May 18, 2018 – Commonwealth Commercial Partners (CCP), a Richmond, Virginia-based comprehensive property solutions firm, is pleased to announce it has been awarded the property management of Royal Parkway I and II, Riverview Business Center I and II, and Cumberland Business Center. This property, recently acquired by Continental Capital, is approximately 415,000SF comprised mostly of flex and garden office product in the sought-after MetroCenter and Airport North submarkets. CCP currently manages a portfolio of properties for Continental Capital now totaling approximately 876,000 SF in Nashville alone, and 3.4 million SF nationally.
“We are very excited to expand our relationship with Continental Capital, as well as increase our Nashville footprint,” said Kevin Howell, Managing Director at Commonwealth Commercial in Nashville. “We look forward to servicing our new tenants and creating additional value in our client’s new portfolio.”
Each property is almost fully leased. CVS Caremark and Amsurg are among the current tenants.
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, Houston TX and Reading PA. 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.
Richmond, VA – May 11, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
Veredus Corporation leased 2,706 SF at 1100 Boulders Parkway in Chesterfield County. Jamie Galanti and Russell Wyatt represented the Landlord.
Chieu K. Le and Ly Chung leased 2,250 SF at 9525 Kings Charter Drive in Hanover County. Jim McVey 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, Reading PA 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 4, 2018 – Commonwealth Commercial Partners has been awarded the property management for Centre Court building. This 50K SF, Class A office building is located in Chesterfield, VA. Michael Moolhuyzen and Adam Megenity will manage the asset.
Richmond, VA – May 4, 2018 – Commonwealth Commercial Partners, LLC is pleased to report this week’s completed transactions.
CREO Wellness leased 3,292 SF at 2924 Emerywood Parkway in Henrico County. Jamie Galanti and Nash Warren represented the Landlord.
Holy Chic Companies LLC leased 2510 West Main Street in the City of Richmond. Nash Warren represented the Landlord.
SWAG Partners, LLC purchased a 26,290 SF building at 8090 Villa Park Drive in Henrico County for $2,857,500.00. Fred Plaisted 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, Reading PA and Houston TX. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services.
A local homebuilder has purchased the land for a 99-lot subdivision adjacent to a controversial proposed megasite near Chester.
Commonwealth Commercial Partners, based in Henrico County, said Monday that brokers Ryan Fanelli and Sam Worley represented Stoney Glen LLC in the sale of a 99-lot subdivision at 15310 Wellspring Road. According to Commonwealth Commercial, Richmond-based NK Homes, which has built homes in the counties of New Kent, Hanover and Henrico, purchased the 63-acre property for $1.4 million. The list price for the land at Commonwealth’s website was $2.2 million. The land was described as what would be Phase Two of the Wellspring development, with active new home sales in the Phase One development averaging $382,000.
