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Commonwealth Commercial Hires Managing Director for New South Carolina Office

Posted on August 14, 2018

Richmond, Va.Aug. 13, 2018 /PRNewswire/ — Commonwealth Commercial Partners is pleased to announce the hiring of Matthew Ryan as Managing Director of our newest South Carolina office. Ryan will establish the new office in Charleston, SC and will be responsible for growing the business in the region to include CharlestonMyrtle BeachColumbia, and Greenville, as well as Savannah, GA.

Commonwealth Commercial’s new Charleston office will work in tandem with the company’s Greenville office, established in 2016, which is managed by Alex Crouch.  Crouch also covers the areas of RaleighDurhamGreensboro and Charlotte, NC and has been with the company for 11 years.

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Watkins Centre land in Chesterfield is on the market

Posted on August 7, 2018

Posted on 8/7/2018 by Greg Gilligan at Richmond Times-Dispatch

A large part of the planned Watkins Centre mixed-use development in Chesterfield County is on the market.

Watkins Land LLC has retained Henrico County-based Commonwealth Commercial Partners to market the property for sale or parts for possible lease. The entire property could be sold to a single buyer or it could be sold in sections to developers or in parcels to individual users, Commonwealth Commercial said.

Watkins Centre is a 285-acre tract located at the southwest corner of Midlothian Turnpike and state Route 288.

Adjacent to the property is Bon Secours Westchester Emergency Center, a four-story office building and a 50-bed memory care facility. Across Midlothian Turnpike is Westchester Commons, the retail component of Watkins Centre that includes Regal Cinemas and Target as anchor tenants.

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Generational Development Property, Watkins Centre, Hits The Market

Posted on August 7, 2018

Posted on 8/7/2018 by PR Newswire

RICHMOND, Va.Aug. 6, 2018 /PRNewswire/ — Commonwealth Commercial Partners is pleased to announce the award of brokerage services for Watkins Centre, a 285± acre tract slated for mixed-use development opportunities, located on Route 60, directly southwest of its intersection with Route 288. The property will be represented by a team of brokers to include: Bill BarnettJoe BuhrmanJamie GalantiChris JenkinsMichael MorrisNate Krey, and Eliza Izard.

Owned by Watkins Land, LLC, this tract is an integral part of the larger 786-acre Watkins Centre development, which includes Westchester Commons, across Route 60 from the property, and Bon Secours, PIEtech and The Pearl at Watkins Centre which are directly adjacent to the property. The tract is zoned for a mix of office space, light industrial, medical clinic, a maximum of 450 multi-family residential units, community/neighborhood business uses, and recreational amenities. The intent is to allow the market to create a true mixed-use development, with an appropriate mix of residential, retail and office.

Bill Barnett, Senior Vice President and Partner of Commonwealth Commercial, remarked, “The Watkins Centre community is destined to be the strategic Downtown of Midlothian.  Chesterfield County has just expanded permitted uses to include multifamily, retail/entertainment, hospitality and office in a walkable setting. This presents an exciting opportunity for businesses that may not have considered this area before now. Chesterfield County as a whole will benefit for decades to come.”

Watkins Land is particularly enthusiastic about the relationship with Commonwealth Commercial and their goal of a coordinated plan of development for the balance of Watkins Centre,” commented John Watkins, manager for Watkins Land LLC, which owns Watkins Centre.  “They have a team of professionals that bring experience in all facets of industrial, commercial, retail and entertainment development. This, coupled with the remaining land available and its superior location, makes Watkins Centre the ‘Place To Be’ in Chesterfield County, Virginia.”

Charlottesville-based Castle Development Partners has a portion of the land under contract with plans to construct a $90 million, 450-unit apartment project along Watkins Centre Parkway. “We believe Watkins Centre has enormous potential to become a true mixed-use development with regional employment opportunities, local shops and restaurants, as well as a luxury residential community,” said Andy McGinty, Principal of Castle Development Partners. “The location of the property and the timing of these projects couldn’t be better. We are very excited to be a part of the ongoing growth and development of this submarket.”

This project joins a large pipeline of residential projects proposed in the immediate area, with over 2,000 apartments proposed or under construction in the Midlothian corridor. The growing labor force in the immediate area and the limited office space supply suggests strong fundamentals for new office construction. Coupled with the nearby River City Sportsplex, which hosts national lacrosse, field hockey and soccer tournaments on an annual basis, and the proposed 105-acre waterpark, there is an exceptional opportunity for hospitality and retail as well. Watkins Centre has excellent road frontage to Route 60 and quick access to Route 288, which allows for significant visibility. It is ideally situated in the submarket of Midlothian with the highest per capita income in the Richmond MSA.

For additional information on the proposed development, such as site plans, allowed uses, and up to date project information, visit WatkinsCentreProperty.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 VANashville TNJacksonville FLTampa FLGreensboro NCCharlotte NCRaleigh/Durham NCGreenville SCHouston TXReading PA and Kansas City MO. 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.

SOURCE Commonwealth Commercial Partners

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Canada-based developer buys into Powhatan

Posted on August 2, 2018

Posted on 7/25/2018 by Jonathan Spiers at  Richmond BizSense

A global land development company based in Canada is entering the local market with a deal in Powhatan County that could result in hundreds of new homes.

Calgary-based Walton Global Investments closed Friday on its purchase of a 74-acre tract on the south side of U.S. 60 between the Holly Hills area and Oakbridge Business Park, about a mile west of Windy Hill Sports Complex and Westchester Commons.

The purchase price was $1.15 million, said Randy Cosby, a broker with Commonwealth Commercial who worked the deal with colleague Chris Jenkins.

The transaction had not been recorded with the county assessor’s office as of Tuesday. The latest county assessment valued the land at $926,000, according to Powhatan property records.

Cosby said he has plans for the Powhatan property, and that development could include as many as 300 homes with a variety of types, including townhomes and single-family houses. He said the county’s land-use plan also calls for a commercial component, and the development would include walking trails and parks.

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Commonwealth Commercial Awarded New Property Management Assignment

Posted on August 2, 2018

Richmond, VA – August 2, 2018 – Commonwealth Commercial Partners has been awarded the property management for The Shoppes at College Park.  This 106,000 square foot retail center is located in Farmville, VA.  Kippi Pigsley will manage the asset.

Commonwealth Commercial Completed Four Transactions This Week

Posted on July 27, 2018

Richmond, VA – July 27, 2018 – 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, 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.

Canada-based developer buys into Powhatan

Posted on July 26, 2018

Posted on 7/25/2018 by Jonathan Spiers at Richmond BizSense

A global land development company based in Canada is entering the local market with a deal in Powhatan County that could result in hundreds of new homes.

Calgary-based Walton Global Investments closed Friday on its purchase of a 74-acre tract on the south side of U.S. 60 between the Holly Hills area and Oakbridge Business Park, about a mile west of Windy Hill Sports Complex and Westchester Commons.

The purchase price was $1.15 million, said Randy Cosby, a broker with Commonwealth Commercial who worked the deal with colleague Chris Jenkins.

The transaction had not been recorded with the county assessor’s office as of Tuesday. The latest county assessment valued the land at $926,000, according to Powhatan property records.

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Walton Global purchases land in Powhatan County for master-planned community

Posted on July 25, 2018

Posted on 7/24/2018 by  Virginia Business

A 74-acre property in Powhatan County on U.S. 60 has been sold to Walton Global and is expected to be Powhatan’s largest residential development to date, according to Richmond-based Commonwealth Commercial Partners LLC. The sale price was not disclosed.

Commonwealth Commercial facilitated the sale of 1585 Anderson Highway. The site is expected to become a master-planned community with a mix of housing types, as well as amenities such as walking trails and parks. Walton Global is a Canada-based investment and development group.

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Lingerfelt CommonWealth Acquires Office Tower in Kansas City, Missouri

Posted on July 23, 2018

FOR IMMEDIATE RELEASE

Lingerfelt CommonWealth Acquires Office Tower in Kansas City, Missouri

Richmond, VA — July 20, 2018 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, in a joint venture with CrossHarbor Capital Partners LLC, a Boston, Massachusetts-based commercial real estate investment firm, today announced the acquisition of 2345 Grand Boulevard, located in downtown Kansas City, MO.

2345 Grand, in the Crown Center submarket of downtown Kansas City, is a 28-story, 538,741 square-foot Class A office tower, which includes a subterranean parking garage and an adjacent 4-story annex building. The property was designed by legendary architect Mies van der Rohe and developed by the Shorenstein Company in 1977. It is prominently located near the vibrant and expanding Crossroads Arts District. The tower is approximately 73% occupied and is anchored by the corporate headquarters of Lathrop Gage, a nationwide multi-service law firm.

“We are enthusiastic about entering the Kansas City market at this time and we are particularly excited to own such an iconic building in this prime location,” said Brian Witthoefft, Managing Director of Leasing and Marketing for Lingerfelt CommonWealth. “The market fundamentals continue to strengthen, showing steady leasing demand, positive space absorption in quality properties, and upward pressure on rental rates metro-wide. With the improving health of the market and our plans for extensive building renovations, we are optimistic about our investment in 2345 Grand.”

Lingerfelt CommonWealth plans to make a significant capital investment in the building within the first year of ownership. Plans currently include a renovation of the lobby and lower-level community common areas, as well as a reconfiguration and renovation of the ground-floor retail portion of the annex building, located at 2380 McGee Street. Tenant-centric upgrades are planned for the fitness and locker room facilities, conference center, and tenant lounge areas to make better use of the indoor and outdoor common space. These improvements are intended to preserve the classic architectural style of Mies van der Rohe, while at the same time enhance both tenant and community experience through the modernization of the property’s spaces.

Lingerfelt CommonWealth will operate the tower via its vertically integrated operating platform. Commonwealth Commercial Partners, the Company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. 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.

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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

Commonwealth Commercial Completed Three Transactions This Week

Posted on July 20, 2018

Richmond, VA – July 20, 2018 – 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, 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.

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