Industries

For the Record - Eastern Virginia, January 2013

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BAE Systems Ship Repair, based in Norfolk, announced that it has entered into an agreement with American Maritime Holdings Inc. to buy Norfolk-based Marine Hydraulics International Inc., or MHI, a privately held ship repair, overhaul and conversion contractor. The price is about $69 million, according to a London Stock Exchange news service. MHI, which employs about 400 people, serves the Navy and the U.S. Maritime Administration, among other customers. (The Virginian-Pilot)

Eastern Virginia Medical School, in Norfolk, has received a $3 million gift from Macon and Joan Brock to enhance its community-oriented programs. EVMS will use the gift to establish the M. Foscue Brock Institute for Community and Global Health, which will be used to expand the medical school’s community-oriented programs and deepen their impact on both local and global issues. (VirginiaBusiness.com)

Furniture Mart, which occupied one of the largest spaces inside Lynnhaven Mall in Virginia Beach, is moving out of the mall to Regency Hilltop Shopping Center. Furniture Mart took over the 57,000-square-foot space that the Steve and Barry’s University Sportswear store vacated at Lynnhaven Mall after that chain filed for bankruptcy in late 2008. The retailer has leased space at the shopping plaza at 1932 Laskin Road in Virginia Beach, announced S.L. Nusbaum Realty Co., which represented the landlord. (The Virginian-Pilot)

Two of the state’s well-known certified public accounting firms, PBGH LLP and Witt Mares PLC, will join forces on Jan. 1. Combined, the new company will have almost 200 professionals in eight locations in Virginia, including Fairfax, Fredericksburg, Harrisonburg, Newport News, Norfolk, Richmond, Warrenton and Williamsburg. With the exception of a combination of the firms’ offices in Fairfax, no offices will close and staff will remain in place. (Inside Business)

Sentara Obici Hospital, Suffolk, has been named a 2012 winner of NRC (National Research Corporation) Picker’s third annual “Path to Excellence” award, recognizing health-care organizations for their dedication to improving the patient experience. NRC Picker noted that among 208 facilities, Sentara Obici had one of the highest combined percentages of patients rating it positively in six of the eight dimensions of patient-centered care. (News release)

Funds requested by Virginia Beach to help finance a proposed sports arena did not make it into Gov. Bob McDonnell’s proposed amendments to the 2013-14 state budget. The city’s economic development office asked the state for $150 million to fund a $350 million, 18,500-seat sports and entertainment arena and to contribute to costs to attract a professional sports franchise. (Richmond Times-Dispatch)

SSN 791, a Virginia-class attack submarine, will be named the USS Delaware. The boat is being built by Newport News Shipbuilding and General Dynamics Electric Boat, and final construction and testing will take place in Newport News. Since becoming Navy secretary, Ray Mabus has named six submarines for states. He has opted for ones whose names have been not been used for ships for substantial periods of time. The last USS Delaware was a battleship decommissioned in 1923. (Daily Press)

Virginia Beach has asked the Virginia General Assembly to contribute $150 million to help the city build an arena and attract a professional sports team. A letter asking for money for the $380 million project included a note of urgency, saying a decision is needed in this General Assembly session. Under a deal sketched out by Mayor Will Sessoms, the city would contribute $195 million, and Comcast-Spectacor, the Philadelphia-based sports and entertainment company that would lease and operate the arena, would put in $35 million. (The Virginian-Pilot)

The Virginia Beach City Council approved a deal to build a third tower at Town Center. Construction could begin in February on the project, which includes apartments, retail and office space and an 875-space public parking garage. The 14-story tower, dubbed Phase 5, will be funded with $70.4 million from developer Armada Hoffler and $18 million from the city’s tax increment financing district for the parking garage, city documents said. An additional $1 million in bonds would pay for infrastructure. (The Virginian-Pilot)

Virginia and the U.S. Army Corps of Engineers have agreed to build a seawall and jetty to protect Tangier Island’s endangered harbor. Tangier Island, located in the Chesapeake Bay near the border with Maryland, is three miles long and has only 500 residents, 125 of whom are licensed commercial watermen. The $4.2 million project includes the construction of a 430-foot-long seawall and a 50-foot spur jetty to protect the channel from direct wave impact and damage caused by sheets of ice pushed into the inner channel and harbor. Construction on the project is expected to be complete in 2017. (VirginiaBusiness.com)

Wheeler Real Estate Investment Trust Inc. made its initial public offering of about 3 million shares on Nov. 19, 2012 – becoming Hampton Roads’ first public company specializing in retail real estate ownership. Wheeler REIT has a portfolio of eight properties covering almost 350,000 square feet in four states. (The Virginian-Pilot)

 


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