Announcement|November 20, 2017
Closed: Norfolk Waterside Marriott
LINGERFELT COMMONWEALTH ACQUIRES NORFOLK WATERSIDE MARRIOTT IN DOWNTOWN NORFOLK, VIRGINIA
PRESS RELEASE | NOV 20, 2017
Richmond, VA — November 17, 2017 — Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of the Norfolk Waterside Marriott in downtown Norfolk, Virginia. The premium branded full-service hotel and conference center includes 405 rooms, nearly 70,000 SF of meeting/conference center space and will immediately undergo a comprehensive $25 million dollar renovation throughout the property.
Norfolk Waterside Marriott is located at the corner of Waterside Drive and East Main Street along the Elizabeth River in the heart of downtown. In the immediate proximity is the recently redeveloped Waterside LIVE!, a $60 million mixed use retail and entertainment development by the Cordish Companies, over 1,500 new luxury multi-family units, the Granby Street retail and restaurant corridor, the newly delivered office of Automatic Data Processing (NASDAQ: ADP) which will house over 1,800 employees, and MacArthur Mall which offers 1.2 million square feet of shopping, restaurants and entertainment.
Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the hotel.
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, 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 across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com
April 21, 2017
Panelists: U.S. economy remains strong but could slow down in the next couple of years
As values of commercial properties skyrocketed in large cities, investors turned their attention — and dollars — to cities such as Richmond, Charlotte, N.C., Raleigh, N.C., and Nashville, Tenn., according to three panelists who spoke Wednesday at the Eighth Annual Commercial Real Estate Forum hosted by Commonwealth Commercial, a commercial real estate firm in Henrico County.
“Secondary markets are showing great returns on a risk-adjusted basis,” said panelist Ronald Lamontagne, managing director of Partners Group Inc., a Switzerland-based global private markets investment manager.
Small cities such as Richmond offer a low cost of living, which is attractive to companies that want to do business in those cities, said Lamontagne, who works in New York.
About 300 people in the commercial real estate industry attended the afternoon session on “Commercial real estate investing — where are we/where are we heading” at The Westin Richmond hotel in Henrico County.
Announcement|January 27, 2017
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January 3, 2017
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Announcement|December 21, 2016
Lingerfelt Commonwealth Acquires Two Office Towers in Downtown Greenville, SC
RICHMOND, Va.–(BUSINESS WIRE)–Lingerfelt CommonWealth Partners, LLC today announced the acquisition of One Liberty Square and Two Liberty Square, a pair of office towers in downtown Greenville, S.C.
The Liberty Square towers, located at 55 and 77 Beattie Place, are in the heart of Greenville’s revitalized and thriving business district. The buildings total 445,612 square feet and are currently 81% occupied to a diverse tenant base anchored by Resurgent Capital; Shellpoint Mortgage Servicing; Gallivan, White & Boyd; Dority & Manning; and Commerce Club, among others. One and Two Liberty Square were constructed in 1983 and 1986, respectively, and received extensive multimillion-dollar renovations in 2006 and 2014.
Over the past few years, Greenville’s downtown has become one of the Upstate’s most popular destinations and has accumulated a variety of awards and accolades. The New York Times called Greenville “a national model for a pedestrian-friendly city center,” and Livability ranked it one of the Top 10 Best Downtowns in the country.
“We have been evaluating Greenville and the greater Upstate area for several years,” said Ryan Lingerfelt, President and CIO of Lingerfelt CommonWealth. “Greenville continues to show strengthening fundamentals, particularly downtown, which has experienced seven consecutive years of positive net absorption, strong rental rate growth, and low vacancy rates.”
“The Liberty Square acquisition fits perfectly within our value-added strategy of acquiring high-quality real estate in strong secondary and tertiary markets like Greenville,” Lingerfelt added. “The occupancy rate of the towers is expected to drop to approximately 70% after a larger tenant vacates nearly 50,000 square feet, thereby allowing us the unique opportunity to go to market offering some of the largest and most attractive blocks of space in downtown Greenville where vacancy rates continue to decline and new supply is limited.”
Lingerfelt CommonWealth will operate the assets 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. CBRE will continue to handle the leasing and marketing.
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 Nashville, Tenn.; Jacksonville and Tampa, Fla., Greensboro, N.C.; and Hampton Roads, Va. 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 across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com
Lingerfelt Commonwealth Partners
Kenneth S. Strickler, 804-433-1809
Managing Director – Acquisitions & Asset Management
J. Ryan Lingerfelt, 804-270-0015
President & Chief Investment Officer