Business news and intelligence for and about the Virginia business firstname.lastname@example.orgCopyright 20142014-10-24T16:47:00+00:00
Virginia Partners Bank to sell 500,000 shares of its common stock
http://www.virginiabusiness.com/news/article/virginia-partners-bank-to-sell-500000-shares-of-its-common-stock#When:16:47:00ZFredericksburg-based Virginia Partners Bank has begun an offering of up to 500,000 shares of its common stock.
The offering price is $10.75 per share. The offering is being made through the efforts of Virginia Partners Bank's directors and executive officers with the assistance of FinPro Capital Advisors Inc.
The bank has the option of increasing the number of shares offered by an additional 500,000 shares in the event the offering is oversubscribed.
The offering is expected to close on or about Dec. 30, but can be extended at the bank’s discretion until Feb. 1.
Virginia Partners Bank has three branches in Fredericksburg and a loan production office in La Plata, Maryland.
As of June 30, the bank had total assets of $250.6 million.2014-10-24T16:47:00+00:00
Wheeler REIT acquires its operating companies
http://www.virginiabusiness.com/news/article/wheeler-reit-acquires-its-operating-companies#When:16:44:00ZVirginia Beach-based Wheeler Real Estate Investment Trust Inc. has acquired its operating companies.
The deal involved Wheeler Interests LLC, Wheeler Real Estate LLC and WHLR Management LLC (Wheeler Management).
Wheeler Interests and Wheeler Management were wholly-owned by Jon S. Wheeler, the company’s chairman and CEO, while Wheeler Real Estate is wholly-owned by Wheeler Interests.
The company expected to pay for the operating companies through the issuance of $6.75 million in operating partnership units shares. The transition was scheduled to be completed on Oct. 24.
Concurrent with the transaction, all of the company’s assets and properties will be completely managed internally and fully-integrated. Wheeler will have development, redevelopment, acquisition, leasing and property management services all in–house and under the same umbrella.
“We have always stated our intention of becoming a self-managed REIT when the company reached the appropriate size and scale. I am proud to say we have accomplished the task.” Jon Wheeler said. “This is a significant step forward in the company’s development and one that will benefit Wheeler, as well as our shareholders, over the long-term.”2014-10-24T16:44:00+00:00
Canal Center in Alexandria is purchased
A joint venture including American Real Estate Partners and Investcorp announced Friday the $176 million acquisition of the Canal Center in Alexandria.
The Canal Center is a 540,000-square-foot Class A Office complex located on the banks of the Potomac River. The complex includes four buildings.
"The northern Old Town Alexandria submarket has been going through a dramatic redevelopment in the last several years and is one of the few urban mixed-use markets outside of Washington, D.C.," Brian Katz, president of American Real Estate Partners, said in a statement. "Alexandria is one of the strongest markets in the Washington metropolitan area and Canal Center enjoys an unparalleled location within the city and the Washington, DC region.'
Canal Center's four building were developed in 1987 and have panoramic views of the Potomac River and Washington, D.C. Skyline. The complex is 83 percent leased with no major tenant expirations until 2018.
The office complex features public spaces that includes sculptures, fountains and landscaping. Just north of the rebuilt original canal lock is "Promenade Classique," a sculpture garden created by Anne and Patrick Poirier, French artists who incorporate archaeological and mythological references in their works. A brick plaza leads to a rectangular pool, a cascading waterfall that leads to twin spiral staircases and a grotto of sculpted ruins overlooking an amphitheater and culminating in a 40-foot high marble obelisk.2014-10-24T16:30:00+00:00
VCU conference outlines real estate trends, ‘freakonomics’
http://www.virginiabusiness.com/news/article/vcu-conference-outlines-real-estate-trends-freakonomics#When:13:36:00ZA real estate conference held this week in Richmond kicked off with an economic overview and ended with advice from the co-author of “Freakonomics.”
The 2014 Real Estate Trends Conference, held at the Greater Richmond Convention Center, was presented by the VCU Kornblau Real Estate Program.
In his overview, Ken Riggs, the president and CEO of Real Estate Research Corp. in Iowa, said the commercial real estate market is approaching an inflection point.
“I view what will happen in the next 12 months to be most critical event that we’ve seen since the credit crisis,” he said. “At that point [Federal Reserve] policy, especially in terms of low interest rates, is going to be more clear in terms of direction and impact.”
Also important are market expectations. “It’s not about what happens. It’s about what do you expect to happen,” Riggs said.
He noted that 10-year Treasury rates remain about 2.2 percent although many economists last year predicted rates to be much higher by now.
Riggs said commercial real estate remains a popular investment because it involves hard assets with dependable income and moderate growth in a time of uncertainty. His research also shows that, despite growing pressure on real estate prices, prices and real estate values remain in balance.
Riggs said the questions facing investors are: Where are we in the cycle? How much of the present situation is sustainable?
Through a series of comedic anecdotes, Stephen J. Dubner, co-author of “Freakonomics,” and its most recent counterpart, “Think Like a Freak,” offered ideas on ways to think more productively, rationally and creatively. The three rules were:
1) Acknowledge what you don’t know and maybe can never know: “One cardinal rule that we give in [‘Think like a freak’] is that we should all get more comfortable saying three words that most of us loathe to say and, those three words are, ‘I don’t know,’” Dubner said.
2) Collect data and sort out the good data from the bad: “Let me tell you, there’s a lot of data that gets thrown around, in the media, in your businesses, certainly in politics, that is nothing more than survey data, and I’ve got to tell you—survey data is the lowest form of data,” said Dubner.
3) Understand how incentives work: “Incentives are hugely important, and understanding how people really respond to incentives in the real world is, I think, one of the most powerful things we can do, especially using the tools of economics,” he said.
Since being published in 2005 and 2009 respectively, “Freakonomics” and “Superfreakonomics” have sold more than 5 million copies in 35 languages. Since then, the books have spawned an enterprise that includes an award-winning blog, documentary film and weekly podcasts.2014-10-24T13:36:00+00:00
Northern Virginia Community College launching STEM initiative
http://www.virginiabusiness.com/news/article/northern-virginia-community-college-launching-stem-initiative#When:08:50:00ZNorthern Virginia Community College is launching a program to encourage students to pursue degrees in science, technology, engineering and math.
The college plans to spend $2.2. million over the next three years for equipment and faculty development to offer the most current STEM training for students at the college.
Students in these courses will have access to electron scanning microscopes, atomic force microscopes and other cutting-edge technologies. In addition, each of NOVA’s six campuses will designate a flagship STEM program that will receive resources for further development.
“An urgent need exists to increase the number of STEM graduates to help the Northern Virginia region remain viable competitors in the international knowledge-based marketplace and NOVA’s collegewide STEM initiative answers this challenge,” Manassas Provost Roger Ramsammy said in a statement.
The plan also aims to enrich student experiences with new curricular and extra-curricula STEM opportunities, advanced professional development opportunities and improved diversity in the college's STEM enrollment.2014-10-24T08:50:00+00:00
USI Insurance relocates to the Town Center of Virginia Beach
http://www.virginiabusiness.com/news/article/usi-insurance-relocates-to-the-town-center-of-virginia-beach#When:08:48:00ZThe brokerage and consulting firm USI Insurance Services is leasing 19,335 square feet of office space in the Town Center of Virginia Beach.
The Virginia Beach-based commercial real estate firm Divaris Real Estate Inc. said USI is moving to newly renovated space at 4605 Columbus St. The company currently has Hampton Roads offices in Norfolk.
USI will bring about 150 employees to Virginia Beach. The New York-based company has more than 4,000 employees at more than 140 offices throughout the U.S.
The lease negotiations were handled on behalf of the landlord, Armada Hoffler Properties, by Michael Divaris, Vivian Turok and Krista Costa of Divaris Real Estate’s Virginia Beach office.
The Town Center of Virginia Beach is leased by Divaris Real Estate, Inc., and managed by Divaris Property Management Corp.2014-10-24T08:48:00+00:00
Virginia Company Bank shareholders approve deal with EVB
http://www.virginiabusiness.com/news/article/virginia-company-bank-shareholders-approve-deal-with-evb#When:08:45:00ZShareholders of Newport News-based Virginia Company Bank have approved the acquisition of the company by Eastern Virginia Bankshares Inc., the parent company of Tappahannock-based EVB.
All regulatory approvals have been received, allowing the merger of Virginia Company Bank and EVB to proceed.
“We are very excited about the future prospects of our combined organization and the expanded branch network that VCB brings to the existing EVB organization," Joe A. Shearin, the president and CEO of the parent company and EVB, said in a statement.
At the time the merger was announced in late May, the deal was valued at $9.6 million.
Virginia Company Bank has three branches, in Hampton, Newport News and Williamsburg.
EVB has 21 full-service branches in eastern Virginia.
Geico hiring more than 100 people in Virginia Beach
http://www.virginiabusiness.com/news/article/geico-hiring-more-than-100-people-in-virginia-beach#When:17:16:00ZGeico is seeking to hire more than 100 people in Virginia Beach by the end of the year, the company announced Thursday.
The insurance company is looking to fill jobs in entry-level sales, customer service and auto damage adjuster positions. Geico also is hiring college graduates for its Management Development Program (MDP), a leadership program.
Geico is one of Virginia Business' Best Places to Work in Virginia. The company is the second-largest private passenger auto insurance company in the United States. It employs more than 2,650 people in Virginia Beach.2014-10-23T17:16:00+00:00
Fauquier Bank opens new Branch in Manassas
http://www.virginiabusiness.com/news/article/fauquier-bank-opens-new-branch-in-manassas#When:20:40:00ZFauquier Bank has opened a 9,000-square-foot branch at 8780 Centreville Road in Manassas. The bank will hold a grand opening for the new location on Saturday, Nov. 1 from 10 a.m.-2 p.m.
Shirley Tong will be in charge of leading the branch’s retail associates, and Phillip Quintana will lead its commercial lending group.
The Fauquier Bank has four other branches in Prince William County: Sudley Road-Manassas, Bristow, Haymarket and Gainesville.
Fauquier Bankshares Inc., and its subsidiary The Fauquier Bank, had combined assets of $600.8 million and total shareholders' equity of $53.5 million as of June 30. The Fauquier Bank is an independent, locally-owned, community bank offering a full range of services, including internet banking, commercial, retail, insurance, wealth management and financial planning.2014-10-22T20:40:00+00:00
Company earnings roundup
http://www.virginiabusiness.com/news/article/company-earnings-roundup1#When:20:29:00ZIt’s earnings season. Here is the performance of three of Virginia’s largest companies:
Norfolk Southern reported a 7 percent revenue increase during the third quarter to $3 billion, compared with $2.8 billion the previous year. Net income was up 16 percent at $559 million, or $1.79 per diluted share, compared with $482 million, or $1.53 per diluted share, during the third quarter of 2013. General merchandise and intermodal revenues were up, while coal revenues were down 2 percent. The Norfolk-based railroad said its financials set a record for third-quarter numbers.
Revenues at Falls Church defense contractor General Dynamics remained fairly flat in the third quarter. The company reported revenues of $7.75 billion, up 0.2 percent from revenues of $7.74 billion in the same period the prior year. Profits, however, grew 6.9 percent to $696 million, or $2.06 per diluted share, compared with $651 million, or $1.84 per diluted share, in the previous third quarter. Revenues grew in the company’s aerospace, combat systems, and marine systems, but fell 12.9 percent in its information systems and technology units.
Revenues fell 2 percent at Northrop Grumman, a defense contractor based in Falls Church. Revenues for the third quarter were $5.98 billion, down from $6.1 billion the previous year. Profit fell to $473 million, or $2.26 per diluted share, from $497 million, or $2.14 per diluted share, the previous year, primarily because of pension costs related to federal legislation. The company beat analyst expectations, however.2014-10-22T20:29:00+00:00
Dynax America Corp. to create 75 jobs in Botetourt County
http://www.virginiabusiness.com/news/article/dynax-america-corp.-to-create-75-jobs-in-botetourt-county#When:15:50:00ZDynax America Corp. announced Wednesday it is investing $32.6 million to expand its automotive components manufacturing facility in Botetourt County. The expansion is expected to create 75 new jobs.
The company makes automatic transmission components, friction disks, mating plates and assemblies. Dynax America Corp., a subsidiary of Japan-based Dynax Corp., employs almost 600 people at the Botetourt plant.
Gov. Terry McAuliffe approved a $225,000 Governor’s Opportunity Fund grant for the project and a $250,000 performance-based grant from the Virginia Investment Partnership program. Dynax America Corp. also will receive benefits from the Port of Virginia Economic and Infrastructure Development Grant Program. The Virginia Jobs Investment Program will provide funding and services for employee training and Dynax America Corp. also will be eligible for sales and use tax exemptions on manufacturing equipment.
Virginia competed against Shanghai for the project.2014-10-22T15:50:00+00:00
Aetna Insulated Wire expands operations in Virginia Beach
http://www.virginiabusiness.com/news/article/aetna-insulated-wire-expands-operations-in-virginia-beach#When:19:52:00ZAetna Insulated Wire, a producer of specialty cable and building wire, has expanded its manufacturing operations in Virginia Beach.
The addition of one product line and the expansion of another manufacturing segment created 25 new jobs
The company occupies 380,000 square feet at 1537 Air Rail Blvd. in Virginia Beach and employs approximately 115 people.
The Virginia Beach Economic Development Authority awarded a $40,000 Economic Development Investment Program grant to the company based on its $6.3 million investment in new machinery and tooling and the number of jobs created in the city.
Aetna has operated in Virginia Beach sincee 1976. The company said factors contributing to its decision to expand in the city include the availability of a skilled retired military and veteran workforce and the growth capacity in its local facility.
Virginia Beach company to add 150 jobs
http://www.virginiabusiness.com/news/article/virginia-beach-company-to-add-150-jobs#When:19:49:00ZDOMA Technologies LLC, a Virginia Beach-based company, specializing in cloud-based data and document management, plans to create 150 jobs and lease an additional 15,000 square feet of office space.
The expansion will support the company’s recent $50 million, four-year contract from the U.S. Department of Veterans Affairs to help improve timeliness in the processing of claims for disability benefits.
The additional office space will be adjacent to DOMA Technologies’ corporate headquarters location at 2875 Sabre St., where it occupies 21,200 square feet.
Claims support representatives in DOMA’s Virginia Beach offices will work with 54 regional Veteran’s Affairs Regional offices, health-care providers and third-party organizations from across the country in processing up to 32,500 requests per month.
DOMA Technologies was founded in 2000 and is a certified small, women- and minority-owned (SWaM) business.
Funding and services to support the company’s employee training activities will be provided through the Virginia Economic Development Partnership’s Virginia Jobs Investment Program.2014-10-21T19:49:00+00:00
Carroll County expansion to create 51 jobs
http://www.virginiabusiness.com/news/article/carroll-county-expansion-to-create-51-jobs#When:19:46:00ZAndrews Farming Inc. and its sister company, ANDCO Logistics Inc., plan to invest more than $5.6 million to expand their operations in Carroll County, creating 51 jobs.
The companies are involved in agricultural production, warehousing and distribution.
Andrews Farming is a family-operated company that was established in 1975 by Keith Andrews.
ANDCO Logistics handles long-haul shipping of agricultural products.
The expanded operations will be located in the Carroll County Industrial Park.
The Virginia Economic Development Partnership worked with Carroll County, the Carroll County Industrial Development Authority, and Virginia’s aCorridor to help secure the project.
The Virginia Tobacco Indemnification and Community Revitalization Commission approved $225,000 in Tobacco Region Opportunity Funds for the project.
Funding and services to support the company’s employee training activities also will be provided through the Virginia Jobs Investment Program.2014-10-21T19:46:00+00:00
Reckitt Benckiser Pharmaceuticals spinoff expected by end of the year
http://www.virginiabusiness.com/news/article/reckitt-benckiser-pharmaceuticals-spinoff-expected-by-end-of-the-year#When:19:30:00ZRichmond-based Reckitt Benckiser Pharmaceuticals Inc. (RBP) should be spun-off from its parent company by the end of the year, the company said Tuesday.
The pharmaceutical company should be separated from United Kingdom-based Reckitt Benckiser Group plc (RB) by Dec. 31. RB, a consumer goods company, announced the spinoff plans in July.
RBP offers medicine to treat opioid dependence, including Suboxone Sublingual Film, a dissolvable film which is placed under the tongue to help reduce opioid withdrawals and cravings. It also recently partnered with AntiOp Inc. to develop a nasal spray to help treat opioid overdoses.
RBP will operate independently under Indivior PLC, which will be listed on the London Stock Exchange.2014-10-21T19:30:00+00:00
Virginia unemployment rate remains steady in September at 5.5 percent
http://www.virginiabusiness.com/news/article/virginia-unemployment-rate-remains-steady-in-september-at-5.5-percent#When:16:55:00ZVirginia’s unemployment rate remained unchanged in September at 5.5 percent, according to the Virginia Employment Commission.
The commonwealth’s seasonally adjusted jobless rate for August was revised downward by one-tenth of a percentage point, from 5.6 percent to 5.5 percent. The unemployment rate in Virginia had risen three out of four months from May through August.
The September number was the same rate recorded in September 2013. Virginia’s unemployment numbers remain lower than the national rate, 5.9 percent in September. VEC, however, noted that the gap has narrowed in recent months as Virginia’s unemployment rate has risen and the national rate has fallen.
The seasonally adjusted figures take into account seasonal fluctuations in the labor market.
Virginia’s nonfarm employment fell by 7,400 jobs in September to 3.78 million, the second consecutive monthly loss. The VEC also revised the numbers for August employment. Virginia lost 5,400 jobs that month, 3,900 more than originally reported.
In September, employment fell in six major industry divisions while rising in two. The biggest drop was in private education and health services, down 2,700 jobs to 510,200. The biggest job gains, 2,100, occurred in finance.2014-10-21T16:55:00+00:00
Richmond company signs export deals in China
http://www.virginiabusiness.com/news/article/richmond-company-signs-export-deals-in-china#When:13:39:00ZA Richmond producer of animal feed additives has signed export deals with China for 2014 and 2015, Gov. Terry McAuliffe announced during his trade mission to Asia.
Richmond-based Agrivita Biogroup Inc. specializes in bioscience and animal nutrition. The agreements were made during the VIV Beijing large animal feed trade show in September. Agrivita had been exploring sales opportunities in China with help from the international marketing staff of the Virginia Department of Agriculture and Consumer Services (VDACS).
The company already has five distributors in China and is planning to add another four. This year, the company made $400,000 in sales, but that is expected to grow in 2015 to over $1.5 million, according to a statement from Arunas Vanagas, President of Agrivita Biogroup Inc.
Agrivita worked with VDACS in 2013 to register its product in China. Earlier this year, the company shipped samples to be used in feeding trials. The trials showed increased milk from dairy cattle, more efficient growth in poultry and greater weight gain in swine production, the governor’s office said.
McAuliffe announced the deal on the second leg of his two-week trade mission to Japan, China, Hong Kong and South Korea.2014-10-21T13:39:00+00:00
Booz Allen Hamilton purchases health-care business
http://www.virginiabusiness.com/news/article/booz-allen-hamilton-purchases-health-care-business#When:18:28:00ZBooz Allen Hamilton announced Monday it has purchased the health-care unit of Genova Technologies.
The acquisition includes a facility in Baltimore with a staff of 40 people who provide IT solutions and strategy for the U.S. government’s Centers for Medicare and Medicaid Services (CMS).
The move will expand Booz Allen Hamilton’s IT support of the Department of Health and Human Services and expands its engineering and technology expertise for government and commercial clients.
Genova Technologies, which is based in Cedar Rapids, Iowa, will retain its defense and commercial businesses.2014-10-20T18:28:00+00:00
Blue Ridge Railcar Repair to add 37 jobs in Charlotte County
http://www.virginiabusiness.com/news/article/blue-ridge-railcar-repair-to-add-37-jobs-in-charlotte-county#When:16:56:00ZKeysville-based Blue Ridge Railcar Repair LLC unveiled Monday a $2.4 million expansion plan that’s expected to create 37 jobs.
Blue Ridge Railcar, which repairs, cleans and paints railcars, will expand to meet increased marketplace demand and grow its customer base. The company was created earlier this year when Patriot Rail Co. LLC acquired Alderman Railcar Services Inc. Jacksonville, Fla.-based Patriot Rail operates 500 miles of railroads and railcar repair facilities in 14 states.
“Patriot Rail’s investment in our Virginia-based Blue Ridge Railcar Repair is directly related to the support received from the state and local economic development councils,” John Fenton, Patriot Rail’s president and CEO, said in a statement. “We were also attracted to the facility’s unique locale which will allow for expansion, as well as access to a nearby community college with a vocational training program to support new hires and continuing education for employees.”
Gov. Terry McAuliffe approved a $100,000 grant from the Governor’s Opportunity Fund for the project. The Virginia Tobacco Indemnification and Community Revitalization Commission also approved a $155,000 grant for the project. The company may be able to receive benefits from the Virginia Enterprise Zone Program, and The Virginia Jobs Investment Program will provide funding and services for Blue Ridge Railcar’s employee training.2014-10-20T16:56:00+00:00
Stafford property sells for $1.04 million
http://www.virginiabusiness.com/news/article/stafford-property-sells-for-1.04-million#When:14:54:00ZA Stafford County industrial park property has been sold for $1.04 million.
The commercial real estate firm Cushman & Wakefield | Thalhimer said the 23,500-square-foot property is on 4.47 acres at 29 Synan Road in the Synan Industrial Park in Falmouth.
The buyer is 29 Synan Road LLC and the seller is L.C. Smith Inc. L.C. Smith and Creation Iron will operate from the building.
Wilson H. Greelaw Jr. of Cushman & Wakefield | Thalhimer handled negotiations on behalf of the buyer.2014-10-20T14:54:00+00:00
Richmond building sold for $1.3 million
http://www.virginiabusiness.com/news/article/richmond-building-sold-for-1.3-million#When:14:52:00ZROWVA Properties LLC has bought a 38,976-square-foot building in Richmond for $1.3 million.
The commercial real estate company Cushman & Wakefield | Thalhimer said the freestanding three-story building at 501 Oliver Hill Way was purchased from Richmond Art Colony LLC as an investment.
Connie Jordan Nielsen of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the buyer.2014-10-20T14:52:00+00:00
Sale of MacArthur Center and Stony Point Fashion Park completed
http://www.virginiabusiness.com/news/article/sale-of-macarthur-center-and-stony-point-fashion-park-completed#When:14:19:00ZConnecticut-based Starwood Capital Group has completed its $1.4 billion purchase of seven regional shopping malls, including MacArthur Center in Norfolk and Stony Point Fashion Park in Richmond.
The seller was Taubman Centers Inc., based in Bloomfield Hills, Mich.
Under the deal announced in June, Starwood paid $785 million in cash and assumed $620 million in debt.
The seven properties total more than 7 million square feet. They will become part of the portfolio of Starwood Retail Partners, which redevelops and manages retail real estate properties.
The company said existing management teams will continue to operate the properties under the direction of Starwood Retail Partners.
In addition to the Virginia malls, the deal includes:
• Northlake Mall in Charlotte, N.C.
• The Mall at Wellington Green in Wellington, Fla.
• The Shops at Willow Bend in Plano, Texas.
• The Mall at Partridge Creek in Clinton Township, Mich.
• Fairlane Town Center in Dearborn, Mich.
The 660,000-square-foot Stony Point Fashion Park opened in 2003.
MacArthur Center, which has 1 million square feet, opened in downtown Norfolk in 1999.2014-10-20T14:19:00+00:00
Three Virginia companies make list of fastest-growing inner-city businesses
http://www.virginiabusiness.com/news/article/three-virginia-companies-make-list-of-fastest-growing-inner-city-businesses#When:16:42:00ZThree Virginia companies have been named to a list of the 100 fastest-growing inner-city businesses in the country.
Team Henry Enterprises in Newport News ranked No. 12, River City Comprehensive Counseling Services in Richmond was No. 13 and The Pediatric Connection in Richmond was No. 97 on the 2014 Inner City 100 compiled by Initiative for a Competitive Inner City (ICIC) and Fortune magazine.
Team Henry Enterprises provides construction management, environmental, marine and emergency response services.
It has a five-year growth rate of 555.8 percent and posted revenue of $11.4 million last year. The company ranked second on the list among construction companies.
In addition to the company's Newport News headquarters, it has satellite offices throughout the South and employs more than 60 people. Its CEO is Devon Henry.
River City Comprehensive Counseling Services had revenue of $3.86 million last year and a five-year growth rate of 530 percent.
It ranked first on the list among health-care and biotechnology companies.
The CEO is James Christmas, who started River City Comprehensive Counseling in 2008. Its workforce grew from four to 150 in five years.
The Pediatric Connection has a five-year growth rate of 56.8 percent and posted revenue of $15.95 million last year.
It ranks ninth among health-care and biotech companies on the list.
CEO Beth Bailey founded The Pediatric Connection with her partner Bruce Green in 1999. The company provides equipment, supplies and home nursing services to children in Virginia and Georgia.
The rankings for each company were announced at an awards ceremony Thursday in Boston.
Winners also attended a two-day small business conference for urban companies featuring management case studies presented by Harvard Business School professors and sessions led by the CEOs of fast-growing firms.
The 2014 Inner City 100 winners are from 53 cities and 23 states. The companies grew at an average compound annual growth rate of 39 percent and an average gross growth rate of 336 percent from 2009 to 2013.2014-10-17T16:42:00+00:00
Booz Allen Hamilton launches online data-science program
http://www.virginiabusiness.com/news/article/booz-allen-hamilton-launches-online-data-science-program#When:16:27:00ZMcLean-based Booz Allen Hamilton is starting a data-science training program.
The program offers 40 hours of content, teaching common data-science principles while guiding students through advanced, scenario-based challenges.
The program offers 32 “missions” that allow users with basic programming proficiency to transform raw data into business-critical insights. Participants ear points, awards and badges when they complete a level that they can share on social media.
“We’re…seeing a clear demand — across all industries — for data science expertise, but it far exceeds the available supply of trained professionals,” Booz Allen Hamilton’s Peter Guerra said in a statement. “By introducing training like Explore Data Science, we’re providing companies and interested individuals with an invaluable resource while empowering an increasingly data-drive workforce.”
The program for an individual is a one-time fee of $1,250.2014-10-17T16:27:00+00:00
Shamrock Farms opens Augusta County milk plant
http://www.virginiabusiness.com/news/article/shamrock-farms-opens-augusta-county-milk-plant#When:15:42:00ZArizona-based Shamrock Farms has officially opened its Augusta County milk plant at the Mill Place Commerce Park in Verona.
The 190,000-square-foot building was constructed in 13 months on a 40-acre parcel of land. The property has room for expansion.
Shamrock Farms said the plant features newly developed extended shelf life (ESL) technology, which allows milk to stay fresh longer.
The facility, which currently employs 50 people, will produce protein-fortified milk beverages.
When the project was announced last year, the anticipated cost was $50 million.
The builder is Howard Shockey & Sons, Inc. of Winchester.
Shamrock Farms is one of the largest family-owned-and-operated dairies in the U.S. Based in Phoenix, Shamrock’s family farm hosts a herd of more than 10,000 cows. The company was founded in 1922 in Tucson, Ariz.
In 2013, then-Gov. Bob McDonnell approved a $250,000 grant from the Governor’s Opportunity Fund to assist Augusta County in securing the project. He also approved $50,000 from the Governor’s Agriculture and Forestry Industries Development Fund, a grant administered by the Virginia Department of Agriculture and Consumer Services.
Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance also was expected to provide funding and services to support the company’s recruitment, training and retraining activities.2014-10-17T15:42:00+00:00
Revamped and renamed Springfield Town Center holds grand opening
http://www.virginiabusiness.com/news/article/revamped-and-renamed-springfield-town-center-holds-grand-opening#When:15:38:00ZPennsylvania Real Estate Investment Trust (PREIT) on Friday marked the grand opening of the Springfield Town Center in Fairfax County.
New York-based Vornado Realty Trust spent two years and $250 million revamping the former Springfield Mall. The company announced in March it was selling the property to Philadelphia-based PREIT for $465 million..
PREIT said the mall is at approximately 81 percent total occupancy, including anchor tenants. Non-anchor is more than 60 percent, the company said, but more than 80 percent of the non-anchor space had tenant commitments (consisting of executed leases and leases being negotiated) on opening day.
Before the holiday shopping season, additional stores occupying about 50,000 square feet are expected to open, the company said. Non-anchor tenant occupancy is expected to reach more than 90 percent by the end of next year.
A list of nearly 100 mall tenants includes department stores such as Macy’s, J.C. Penney and Target plus discount specialty retailer Nordstrom Rack.
The mall also includes popular retailers such as Forever 21 and H&M and will feature a 12-screen Regal Cinema.
More than 15 retailers on the list were expected to open in the mall after Oct. 17.
Bank of Lancaster to open new Richmond branch
http://www.virginiabusiness.com/news/article/bank-of-lancaster-to-open-new-richmond-branch#When:14:20:00ZBank of Lancaster is opening a branch in Richmond’s West End on Nov. 3.
The 1,500-square-foot location will be on the corner of Libbie and Patterson avenues.
The Kilmarnock-based bank already has an office in the western part of the city at 6800 Paragon Place. It also plans to open a location on Robious Road in spring 2015.
In addition to the Richmond office, Bank of Lancaster has eight branches in the Northern Neck and a residential lending office in Middlesex County. The bank’s services include retail and commercial banking, investment services and mortgage banking.2014-10-17T14:20:00+00:00
Capital One giving five-year, $5 million gift to the Kennedy Center
http://www.virginiabusiness.com/news/article/capital-one-giving-five-year-5-million-gift-to-the-kennedy-center#When:20:24:00ZThe John F. Kennedy Center for the Performing Arts in Washington, D.C. is receiving a five-year, $5 million gift from McLean-based Capital One Financial Corp.
The money will fund “Comedy at the Kennedy Center,” a series of events aimed at elevating comedy as an art form.
The program will include the annual Mark Twain Prize for American Humor, main-stage productions such as “Shear Madness” and a comedy series that will bring three high-profile comedians to the center.
This season's comedy events include Mark Twain Prize recipient Jay Leno on April 8 and Kathy Griffin on June 20. A third comedy event will be announced at a later date.2014-10-16T20:24:00+00:00
Cigital Inc. names new executives
http://www.virginiabusiness.com/companies/article/cigital-inc.-names-new-executives#When:19:59:00ZDulles-based software security services and products firm Cigital Inc. has named John Salmon vice president for North America sales and James Paul managing director of the Central Region.
Salmon was vice president of enterprise solutions at Trustwave. Before joining Trustwave, he served in business development leadership positions at ICONS and the Salinas Group.
Paul also joins Cigital from Trustwave, where he was the senior vice president of product management for compliance and risk.
Cigital has regional offices in North America, Europe and Asia.2014-10-16T19:59:00+00:00
Michael & Son Services buys Alexandria property for new headquarters
http://www.virginiabusiness.com/news/article/michael-sons-services-buys-alexandria-property-for-new-headquarters#When:18:55:00ZCafferty Commercial Real Estate Services in McLean is working with Michael & Son Services Inc. on a new headquarters project in Alexandria.
According to President Tom Cafferty, Michael & Son, which provides electrical, plumbing and HVAC services, purchased a six-acre site at 6375 Bren Mar Drive for $3.4 million. It plans to build a 61,000-square-foot office building there that will consolidate several of the company’s operations in the Alexandria area.
Cafferty says his firm will provide development services for the new project, which will be constructed of brick and reflective glass.2014-10-16T18:55:00+00:00
Virginia nursery acquired by major greenhouse operation
http://www.virginiabusiness.com/news/article/virginia-nursery-acquired-by-major-greenhouse-operation#When:18:49:00ZOne of the nation’s largest greenhouse growers has acquired a Virginia nursery.
Elkridge, Md.-based Bell Nursery has acquired Blue Ridge Growers’ 110 acres in Stevensburg and 150 acres of Bentwood Farms in North Carolina. Bell supplies The Home Depot in seven states and the District of Columbia.
Blue Ridge Growers will grow annuals, perennials, mums and poinsettias for Home Depots. According to Bell, the acquisition of Blue Ridge Growers will allow it to expand in-house production and provide future growth.2014-10-16T18:49:00+00:00http://www.virginiabusiness.com/uploads2/Building-5-9325_small.jpg
Archway 60 Office Park reopens as Fountain Park
http://www.virginiabusiness.com/news/article/archway-60-office-park-reopens-as-fountain-park#When:18:48:00ZArchway 60 Office Park on Midlothian Turnpike in Chesterfield County has been reopened under the name of Fountain Park after a major renovation.
The new name highlights the park’s existing fountain plaza. The four-building office park has 65,000 square feet of space and has been refurbished with a new façade, including stone columns, new trim, paint and a new roof. In addition, directional signage was added so tenants and visitors could easily locate businesses within the park.
Midlothian Partners of Virginia LLC said in a statement that it invested in the renovation to refresh the look and better position the property, taking full advantage of its location. “We have spent the better part of a year enhancing a very well-located office park to attract medical, service and office tenants. It’s a great opportunity to take advantage of a superior location, with terrific accessibility and visibility from Midlothian Turnpike and close proximity to major hospitals,” said Sanford M. “Sandy” Cohen of Midlothian Partners.
Divaris Real Estate is handling the leasing and management of the project on behalf of Midlothian Partners. Currently the office park is home to Old Dominion Pediatrics, Brothers’ Keeper Inc., Rehabilitation Associations PC, Olmeja Advocacy LLC, CML Pizza Inc. and Personal Dental Care.2014-10-16T18:48:00+00:00
Orthopedic practices to merge
http://www.virginiabusiness.com/news/article/orthopedic-practices-to-merge#When:18:21:00ZFairfax-based Commonwealth Orthopaedics and Richmond-based OrthoVirginia will merge their practices.
When the merger takes effect on Jan. 1, Commonwealth Orthopaedics will change its name to OrthoVirginia.
The combination is expected to create the largest orthopedic specialty group practice in Virginia, with 82 physicians, 21 office locations, an MRI facility, and multiple physical and occupational therapy clinics and outpatient surgery centers.
Financial details of the merger were not released.
In a statement, Dr. David Miller, president of OrthoVirginia, said the merger “will improve the delivery of orthopedic care in Virginia, provide a stronger network of high-quality orthopedic physicians, and position both organizations for future success in a rapidly changing health-care environment.”
Dr. Mark Madden, chairman of Commonwealth Orthopaedics, said in a statement that, except for the name change, “the merger will be seamless to patients. Day-to-day operations at both organizations will not change.”
Commonwealth Orthopaedics is the largest orthopedic specialty group practice in Northern Virginia with 37 physicians. Established in 1994, it has 10 office locations in the region, including seven physical-therapy facilities and an outpatient-surgery center.
OrthoVirginia is a 45-physician orthopedic specialty group practice with 11 locations in the Richmond, Prince George County, Kilmarnock and Farmville areas, including seven physical-therapy locations and two outpatient-surgery centers. It was founded in 1960.2014-10-16T18:21:00+00:00
Workforce training program expands list of assessment centers
http://www.virginiabusiness.com/news/article/workforce-training-program-expands-list-of-assessment-centers#When:18:18:00ZNine Virginia community colleges have been designated as assessment centers for the Manufacturing Skills Institute (MSI), the workforce development affiliate of the Virginia Manufacturers Association.
The schools include: Blue Ridge Community College, Community College Workforce Alliance (John Tyler Community College and J. Sargent Reynolds Community College), Mountain Empire Community College, Southside Virginia Community College, Tidewater Community College, Thomas Nelson Community College, Virginia Highlands Community College and Virginia Western Community College.
The new assessment centers will expand opportunities for workers to gain credentials for their skills.
The initial focus of the partnership will be to expand the MSI Manufacturing Technician 1 (MT1) certificate program as a baseline credential for Virginia's 6,000 manufacturers as well as integrating it into degree pathways and dual enrollment opportunities.
The goal is to create an emerging workforce that has the 12 critical technical skills that are fundamental to occupations in advanced technology industries.
"We knew in 2007 that manufacturers would have a skills gap of approximately 11,000 people a year,” Brett Vassey, VMA’s President and CEO, said in a statement. “We also knew that the largest need was in the manufacturing technician occupation and 96 percent of manufacturers wanted people with these applied and measurable skills. Although the economic challenges of the last few years slowed demand, it is back and we need to move quickly and this partnership between MSI and Virginia's community colleges will help close the skills gaps for manufacturers"
The community college-based assessment centers will join ECPI University, which has six assessment centers, and the Southern Virginia Higher Education Center in offering MT1 resources.
Dixon Hughes Goodman adds partner
http://www.virginiabusiness.com/companies/article/dixon-hughes-goodman-adds-partner#When:14:51:00ZDixon Hughes Goodman (DHG) announced that Nicholas Harrison has joined the firm’s Richmond office as a partner.
He will lead the DHG’S Virginia Tax Advisory Services Group. Harrison has more than 12 years experience providing tax consulting and compliance services to middle market and large public and private companies.
He has helped clients with income tax provision review and compliance, nexus reviews, voluntary disclosure agreements, Sarbanes Oxley 404 tax reviews and transaction analysis.
Previously, Harrison was a senior manager at KPMG.2014-10-16T14:51:00+00:00
VCU’s Institute for Contemporary Art will drive new development, director says
http://www.virginiabusiness.com/news/article/vcus-institute-for-contemporary-art-will-drive-new-development-director-say#When:21:41:00ZWhy is a new contemporary art institute significant for Richmond? VCU’s Institute for Contemporary Art will add to the city’s sense of distinction and help drive new economic development, the institute’s director Lisa Freiman said Wednesday.
In remarks to the Richmond chapter of Commercial Real Estate Women, Freiman said nearly $33 million of a $37 million funding goal has been raised for the facility, designed by Steven Holl, an award-winning New York architect. With its multiple galleries, including a 36-foot high third-floor gallery, modern design and outdoor sculpture garden and plaza, Holl designed the building as a gateway between the university and the city.
Construction got underway at the building’s site last month at the intersection of Broad and Belvedere, not far from Interstate 95 near Virginia Commonwealth University.
The intersection is one of the city’s busiest, with 60,000 cars passing through it every day, said Freiman. She predicts the ICA will be an economic spark for the area. “A lot of economic transformation is coming in, restaurants, boutiques, even a petite Wal-Mart,” Freiman said, referring to a new convenience-store size Wal-Mart that will occupy ground-floor space in a seven-story classroom-and-office building under construction on Grace Street on VCU’s Monroe Park Campus.
The center will have double entrances, one facing Richmond at the intersection and another fronting VCU’s campus.
Freiman noted that Richmond already is ahead of many cities in terms of having a distinct sense of place because of its well-preserved historical structures. This pleasing and unique aesthetic is lacking in many American cities, Freiman told the real estate group, where similar large-box retailers tend to build the same size and type stores.
While Richmond already has many museums, including the Virginia Museum of Fine Arts, the new institute will fulfill a specific niche of showcasing contemporary art and by providing a museum space for VCU, one of the country’s top-rated art schools, Freiman said.
It will function as a noncollecting institution, showcasing a changing array of exhibitions not only by VCU artists, “but the best of contemporary art from around the world,” said Freiman. She predicts that the 43,000-square-foot institute “will create opportunities for cultural tourism and community revitalization.”
The building’s exterior walls will be done in zinc. Clear and translucent glass walls will create transparency, bringing natural light into the building. Freiman said the building, with 43 geothermal wells, three green roofs and other sustainable building features, plans to seek platinum certification from LEED, the highest rating from the Leadership in Energy and Environmental Design.
VCU announced on Tuesday the naming of the first-floor gallery in the Markel Center of the Institute for Contemporary Arts in honor of Beverly W. Reynolds, a longtime gallery owner, VCU School of the Arts advocate and a community leader in the arts.
The tribute to Reynolds was made possible by gifts to the ICA fundraising campaign in her honor by more than 80 donors and a recent significant contribution by her close friends, Harmon and George Logan of Charlottesville. Campaign co-chairs Pam and Bill Royall and ICA donors Carolyn and John Snow also directed a portion of their gifts in her honor, bringing the total gifts and pledges in Reynolds’ name to $3 million.
“It is appropriate and wonderful that one of the most prominent spaces in the ICA be named for Bev Reynolds, one of the most prominent supporters of the arts in our city’s history,” VCU President Michael Rao said in a statement. “Bev has been a catalyst in bringing innovative and inspiring works of art to Richmond for many years, and her impact on the campaign for the ICA has been just as profound. Her generosity, vision and spirit have inspired so many others, and I am proud that her transformative and indelible legacy will be permanently honored at the ICA.”2014-10-15T21:41:00+00:00
Shoppers get a look at Portsmouth’s new Kroger Marketplace
http://www.virginiabusiness.com/news/article/shoppers-get-a-look-at-portsmouths-new-kroger-marketplace#When:21:36:00ZPortsmouth shoppers got a look at the region’s newest Kroger Marketplace store Wednesday with the opening of a 124,000-square-foot store at 1301 Frederick Blvd., the former home of I.C. Norcom High School.
Like Kroger’s other large stores, the Portsmouth Midtown Kroger Marketplace stocks more than groceries. Thestore offers 30,000 square feet of non-grocery space where customers can shop in departments ranging from apparel, home décor and baby and infant gear.
The store also offers a natural foods department, a Fred Meyer Jewelers, a pharmacy with drive-through service, a Starbucks kiosk with seating area and free Wi-Fi and a Kroger Fuel Center.
Unique to the Kroger stores in the Hampton Roads area, Portsmouth Midtown Marketplace amenities include an expanded gourmet wine and cheese pairing station and a more efficient layout to help customers navigate the store. According to Kroger, the added features were largely based upon customer feedback and shopping behaviors.
The store’s community room will be named the I.C. Norcom Room in honor of the school that formerly stood on the grounds. The high school was renamed to honor its first supervising principal, Israel Charles Norcom, a pioneer educator in the region.
“Our goal for this store is to make a positive impact on the community and bring an enjoyable shopping experience to our customers,” store Manager Terry Lucas said in a statement.
The Portsmouth Kroger Marketplace, which will employ nearly 350 full- and part-time workers, is the second Marketplace store in Hampton Roads. The next Marketplace store is planned to open in December in Suffolk.
Kroger Mid-Atlantic also operates two Marketplace stores in the Richmond market, with plans to open more in the next several years.2014-10-15T21:36:00+00:00
Clearview Logix to acquire health-care practice of Evenspring
http://www.virginiabusiness.com/news/article/clearview-logix-to-acquire-health-care-practice-of-evenspring#When:20:19:00ZClearview Logix, a healthcare analytics and application development company, is acquiring the health-care practice of Evenspring, a software development consultancy.
Both companies are based in Richmond. The deal is expected to close on Nov. 1.
As part of the transaction, Evenspring partner Allen Hatzimanolis will join Clearview as its chief technology officer.
Clearview used Evenspring to develop its web-based employer-branded health plan selection tool for employees.
“The combination of Clearview Logix’s problem-solving approach with Evenspring’s software development capabilities will allow us to capitalize on emergent opportunities in the rapidly changing health-care market, and also offer our partners enhanced decision support solutions,” Tim O’Shea, a Clearview founder, said in a statement..
Founded by Aujang Abadi, Tyler Carbone, and Hatzimanolis, Evenspring’s health division specializes in health-care related software development, primarily serving health consumers, employers and insurance distribution channels such as marketplaces and exchanges.
Evenspring is the development partner of BeneFinder, an individual insurance marketplace.
Clearview was started last year by O’Shea and Dr. Larry Colley, the developers of patented analytic decision support models for health insurance purchasers.
The company is marketing the My Clearview model, which aids consumers in selecting health plan options that minimizes their total expected cost.
Clearview also developed Quote Master, a small group multi-carrier quoting engine that helps brokers to identify the optimal carrier and plans for a small-group clients.2014-10-15T20:19:00+00:00
American Staffing Association releases list of ‘hard-to-fill’ jobs in the U.S.
http://www.virginiabusiness.com/news/article/american-staffing-association-releases-list-of-hard-to-fill-jobs-in-the-u.s#When:20:19:00ZWhat are the hardest jobs to fill in the U.S.? Alexandria-based American Staffing Association has an idea.
The association has released a list of the hardest-to-fill jobs in the U.S., with occupational and physical therapists taking the No. 1 and 2 spots, respectively.
The finding is based on ASA’s Skills Gap Index, which tracks the number of hardest-to-fill occupations in the country. The index found 207 occupations that are hard to fill. The top 10 are:
1. Occupational therapists
2. Physical therapists
3. Truck drivers, heavy and tractor-trailer
4. Occupational therapist assistants
5. Speech-language pathologists
6. Physician assistants
7. Merchandise displayers and window trimmers
8. Physical therapist assistants
9. Nursing instructors and teachers, postsecondary
10. Computer software engineers, applications
The skills gap index, updated quarterly, uses Career Builder's hiring indicator, which measures the level of difficulty to recruit for a specific job based on demand, supply of active candidates and total population working in it on a scale of 1-100. Occupations with a score less than 50 and demand of 2,000 jobs or more were considered hard to fill.2014-10-15T20:19:00+00:00
Grant Thornton promotes six employees in Virginia
http://www.virginiabusiness.com/companies/article/grant-thornton-promotes-six-employees-in-virginia#When:18:01:00ZChicago-based accounting firm Grant Thornton LLP has announced a number of promotions at its Virginia offices.
Eric Heffernan is now global public sector advisory principal at Grant Thornton LLP’s Alexandria location. The McLean office promoted Tim O’Neil to audit partner; Rob Spence to international tax partner; Jeremy Cusimano to forensic and valuation services managing director; Nishit Mehta to audit managing director and Margery Van Vleet to tax managing director. It also promoted Bryan Keith to tax managing director in the Washington, D.C. Office
According to Grant Thornton LLP, partners and principals have consistently demonstrated an ability to understand and meet the needs of companies and industries. They have also demonstrated long-term leadership in the accounting profession and the community. Managing directors are the company’s highest-level employee position.
Heffernan has been with Grant Thornton LLP since 2002. His expertise lies in organizational improvement, human capital management and sourcing operations to help transform large federal agencies operations.
O’Neil began working at the firm in 2004. He has 13 years of experience in accounting, business operations, and information technology.
Spence and Cusimano have been with Grant Thornton since 2012. Spence experience includes foreign tax credits, post-merger integration and structuring for expansion and disposition. Prior to joining Grant Thornton LLP, Cusimano served as economic advisor to the enforcement director at the U.S. Commodity Futures Trading Commission and chief economist for petroleum reserves at the U.S. Department of Energy.
Mehta joined Grant Thornton in 2008 and specializes in real estate issues. Van Vleet started working at Grant Thornton in 2011 and focuses on tax technology implementation and support.
Overall, Grant Thornton added 32 new partners and principals and promoted 21 workers to managing director. The company is the U.S. member company of Grant Thornton International Ltd. In the United States, Grant Thornton has revenue of more than $1.3 billion and has more than 6,000 employees.2014-10-15T18:01:00+00:00
Hilton unveils lifestyle hotel brand
http://www.virginiabusiness.com/news/article/hilton-unveils-lifestyle-hotel-brand#When:17:41:00ZHilton Worldwide announced Wednesday the launch of its new lifestyle brand, Canopy by Hilton.
The new brand, set to open at hotels in 11 locations, will feature individualized features from the properties' local neighborhood, a comfortable lobby and "extra-value" items such as a welcome gift and local food and beer tastings.
“Built on extensive market research, our highly anticipated Canopy by Hilton brand delivers a fresh approach to hospitality and the guest experience,” Hilton CEO Christopher Nassetta said in a statement. “We saw an opportunity to not only enter the lifestyle space by developing a new brand, but also to redefine this category by creating a more accessible lifestyle brand. We identified the need to take the emphasis off of capital-intensive design and deliver exactly what the target consumer desires: an energizing, comfortable stay with more included value.”
The hotels will begin opening in 2015. Canopy by Hilton has signed letters of intent to open in neighborhoods in Portland, London, Miami, Bethesda, Md., San Diego, Nashville, Savannah, Ga., Indianapolis, Charlotte, Oklahoma City and Ithaca, N.Y.
Canopy has already attracted the interest of ownership groups including The Buccini/Pollin Group, KeyStone Corporation, Anish Hotel Group, Baywood Hotels, North Point Hospitality Group, J Street Hospitality, and Levine Properties.2014-10-15T17:41:00+00:00
Governor unveils 2014 Virginia Energy Plan
http://www.virginiabusiness.com/news/article/governor-unveils-2014-virginia-energy-plan#When:21:04:00ZAmid a backdrop of protestors who railed against a proposed new natural-gas pipeline, Gov. Terry McAuliffe formally presented his 2014 Virginia Energy Plan Tuesday to a standing room only crowd of nearly 200 people.
The Virginia Chamber of Commerce and the Virginia League of Conservation Voters co-sponsored the event at the Virginia Science Museum in Richmond. In front of the museum, a crowd of about 30 people, including college students and residents of Nelson County, voiced their opposition to a new pipeline with signs and cheers amplified by a megaphone.
“We are the people. We are united. We won’t let you build this pipeline,” they said.
The group was referring to a $4.5 billion, 550-mile natural-gas pipeline proposed by four energy companies, including Virginia-based Dominion, that would run from Harrison County, W. Va., through Virginia including Nelson County, and south through central North Carolina.
While speakers at the event briefly referenced the controversial pipeline, the governor’s nearly 500-page energy plan focuses on a broad vision for state energy policy that advocates an “all of the above” approach.
In his remarks, McAuliffe said, “If we are going to build the economy Virginia families deserve, we must begin by giving them the energy plan our economy demands.’’
McAuliffe’s stamp on Virginia’s Energy Plan, mandated by state law to be updated by Oct. 1 of this year, primarily focuses on four areas: growing the state’s energy industry, delivering best-in-class infrastructure, incorporating energy conservation and innovation and addressing workforce needs with many workers in the energy sectors preparing for retirement.
Currently, about 6 percent of Virginia’s energy comes from renewable sources, Maurice Jones, Virginia’s secretary of commerce and trade, said. The plan calls for the formation of a new public/private authority to help facilitate renewable projects, particularly in the solar sector.
His remarks were followed by panel discussion on energy issues. One of those speakers noted that Virginia is far behind other states in solar development. Of the 6 percent renewable figure, only one half of one percent of that comes from renewables sources that are solar- or wind-based, according to Angela Navarro, a staff attorney with the Southern Environmental Law Center who works with six states in the Southeast on energy issues. “That’s not a balanced portfolio,” she said.
Compared with Virginia, which currently has 15 megawatts of solar power installed, she said Georgia has 700 megawatts and North Carolina generates 650 megawatts of solar power. These states have solar tax credits, and North Carolina mandates a renewable portfolio standard -- policies that drive significant change, Navarro said.
While the natural-gas sector is experiencing rapid growth and low prices now due to the discovery of the Marcellus shale, Navarro said prices for the commodity are historically volatile. “Wind and solar provide a hedge to natural gas prices,” she said.
The energy plan calls for 15 percent of Virginia’s energy to come from renewables by 2025 and a 10 percent reduction in energy consumption by 2020. Currently, most of the state’s energy comes from nuclear power (about 36 percent), natural gas (30 percent) and coal (29 percent).
Navarro commended the new plan’s recommendations for pilot programs that allow individuals to invest in solar.
Besides renewables, Jones says the state sees big opportunities in offshore wind and in energy efficiency, particularly by converting petro-fueled state vehicles to other forms of energy and by assisting local governments with conservation and retrofitting efforts.
State facilities alone, including colleges and universities, consume about $200 million a year in energy, so a 10 percent savings could bring $20 million to $30 million in savings a year, said Conrad Spangler, director of the state’s department of Mines, Mineral and Energy.
One new initiative for the state’s coal industry would help them find new international markets for their services and technology, Jones said, much like the state did for the defense industry.
“The market for coal is still robust abroad,” he said. “ Going global would help the coal supply chain,” which has seen mines close and jobs cut under new federal emission standards.
Providing new energy infrastructure is important to growing the state’s energy sector, Jones, said, and the state would be open to special utility rates to enhance such growth. “I know this is a sensitive topic, and we will have to do it in a way that balances interests,” he said.
Another panel speaker, Keith Togna, global energy lead for Honeywell Performance Materials and Technologies, reminded the audience that energy costs are one of a manufacturer’s highest expenses. “The cost of energy impacts our ability to be competitive in the global marketplace,” he said.
Large manufacturers need access, reliability and affordable energy. “It’s paramount to where we will site a facility.”
During the wide-ranging discussion on energy, the shouts of protestors could periodically be heard, punctuating the timeliness of the topic. Several students from the University of Virginia and Virginia Commonwealth University were among the protesters, and some of them attended the event as well. They belong to the Virginia Student Environmental Coalition, a relatively new group that brings student networks together.
Laura Cross, a student at the U.Va. said, “We’re trying to unify our voices as students." As Jake Turner, a graduate student at U.Va. put it, “We’re the ones who are going to be around for a long time.”
According to Turner, the students are protesting the pipeline, because they would rather see money invested in renewables.2014-10-14T21:04:00+00:00
Virginia to use federal grant to boost health-care enrollment
http://www.virginiabusiness.com/news/article/virginia-to-use-federal-grant-to-boost-health-care-enrollment#When:20:55:00ZVirginia has been awarded a $9.3 million federal grant to hire more than 100 people to help residents sign up for health care.
Gov. Terry McAuliffe said the grant would play a significant role in his efforts to expand health care coverage. “We will use this money to put more boots on the ground to make sure individuals and families find the best low-cost insurance options for them, and to make sure they know about the financial assistance that is available,” the governor said in a statement.
During the 2013-14 sign-up period, more than 216,000 Virginians purchased health plans. Nonetheless, the governor’s office said an estimated 300,000 Virginians who would have qualified for tax credits if they had bought insurance on healthcare.gov remain uninsured.
McAuliffe has set a goal to enroll up to 160,000 more Virginians on the federal website during the enrollment period that ends Feb. 15.
The grant, one of only four given to the states, was awarded by the Centers for Medicare and Medicaid Services. It will be administered by the Virginia Department of Medical Assistance Services.
The commonwealth will partner with the Virginia Community Healthcare Association and the Virginia Poverty Law Center in hiring enrollment assistants.2014-10-14T20:55:00+00:00
Virginia Economic Development Partnership announces new roles in UK, Ireland office
http://www.virginiabusiness.com/companies/article/virginia-economic-development-partnership-announces-new-roles-in-uk-ireland#When:20:52:00ZThe Virginia Economic Development Partnership (VEDP) has tapped two marketing professionals to attract business from the United Kingdom and Ireland to Virginia.
Andrew Harfoot will serve as VEDP’s director of state of Virginia for the United Kingdom and Ireland, and Heather Wells will serve as the organization’s business attraction manager.
Harfoot and Wells are directors of Springboard Marketing Ltd., a business-to-business marketing firm in Kent County (located in South East England). During the last decade, Hartfoot and Wells have represented Richmond in Northern Europe. Springboard, established in 1992, has 10 employees.
VEDP established operations in the UK and Ireland in 2010.2014-10-14T20:52:00+00:00
Wheeler REIT to acquire Tennessee shopping center
http://www.virginiabusiness.com/news/article/wheeler-reit-to-acquire-tennessee-shopping-center#When:20:49:00ZVirginia Beach-based Wheeler Real Estate Investment Trust Inc. has signed a contract to acquire a shopping center in Tennessee for $9.75 million.
The acquisition involves Crockett Square, a 107,122-square-foot retail center in Morristown, Tenn., a city of nearly 30,000 people. The property is totally leased by national retail chains such as Hobby Lobby, Dollar Tree, Pier 1 and Ross.
The shopping center, built in 2005, is near a Walmart store and is directly across the street from Walters State Community College, both of which generate traffic in the area.
The company plans to make the acquisition using a combination of cash and bank debt.2014-10-14T20:49:00+00:00
CIT releases progress report on Commonwealth Research Commercialization Fund
http://www.virginiabusiness.com/news/article/cit-releases-progress-report-on-the-commonwealth-research-commercialization#When:20:47:00ZOrganizations funded by The Commonwealth Research Commercialization Fund (CRCF) produced more than 12 patents and created at least four new life science/cyber security companies in Fiscal Year 2014, according to a new report by the Center for Innovative Technology (CIT).
Herndon-based CIT, which manages the fund, released the report detailing CRCF’s performance on Tuesday. The fund invests in projects that address challenges in the life sciences, cyber security, advanced manufacturing and energy sectors. The Virginia General Assembly appropriated $4.8 million to the fund for FY2014. CIT used $4.2 million of those funds that year to invest in 52 projects, which received $7.4 million in matching funds. The report also found the following about companies funded by CRCF:
• At least seven companies posted sales and/or revenue totaling more than $3 million.
• More than 50 patents have been filed by the grantees or are pending.
• At least one CRCF recipient expanded its operations across the state, and at least two non-Virginia companies located all or a portion of their operations to the commonwealth.
• CRCF award recipients reported nearly $30 million in additional investments made in research and technology work after CRCF projects ended.
The program was established in 2011 and since then, has received nearly 400 applications. To date, CRCF has announced 146 awards.2014-10-14T20:47:00+00:00
Virginia revenues up 5.3 percent in September
http://www.virginiabusiness.com/news/article/virginia-revenues-up-5.3-percent-in-september#When:19:40:00ZVirginia's revenues great 5.3 percent in September, Gov. Terry McAuliffe announced Tuesday.
All major sources of revenue grew during the month. It also marked the first time revenues have increased for three consecutive months since April through June of 2013.
September is a major revenue collection month for Virginia. It marks the last month of the first quarter, and estimate payments from individuals, corporations and insurance companies all are due in September.
“I am pleased to see that our revenue collections are up, however, we must remain cautious because the commonwealth has only collected about one-quarter of its general fund revenue estimate to date. My administration will continue to take a prudent approach to help ensure that Virginia remains fiscally strong,” McAuliffe said in a statement.
On a fiscal year-to-date basis, total revenue collections rose 6.7 percent compared with the same time period last year. That is ahead of the revised annual forecast growth of 2.9 percent. Rises in the individual income, corporate and sales taxes contributed to the increases.
On a year-to-date basis, collections of payroll withholding taxes rose 6.3 percent, compared with a 2.7 percent estimate in the state's revised forecast. Non-withholding collections grew 14.7 percent, and sales tax collections grew 4.6 percent, slightly above the 4.4 percent predicted increase. Through the first quarter of the fiscal year, corporate income tax collections grew 12.4 percent, ahead of an estimated 0.9 percent decline.2014-10-14T19:40:00+00:00http://www.virginiabusiness.com/uploads2/Green_Flash_Brewing_Co._in_Virginia_Beach.jpg
Green Flash Brewing Co. breaks ground in Virginia Beach
http://www.virginiabusiness.com/news/article/green-flash-brewing-co.-breaks-ground-in-virginia-beach#When:21:25:00ZThe co-founders of Green Flash Brewing Co., Mike and Lisa Hinkley, joined local and state officials Monday in a groundbreaking in Virginia Beach for the San Diego-based brewery’s first East Coast location.
Brewmaster Chuck Silva, state Sen.Jeffrey McWaters, Secretary of Commerce and Trade Maurice Jones and Virginia Beach Mayor William D. Sessoms were on hand to mark the official start of construction of the 58,000-square-foot brewery, tasting room and beer garden at the corner of General Booth Boulevard and Corporate Landing.
Green Flash partnered with Hampton Roads-based developers, The Miller Group, to proceed with land acquisition, design and permitting.
“When they reach capacity, Green Flash will be producing 100,000 barrels of beer every year from Virginia Beach, and that is certainly something to celebrate,” Mayor William D. Sessoms of Virginia Beach said in a statement.
“We extend many thanks to everyone in the community for making us feel welcome and at home from day one and look forward to celebrating our opening upon completion of construction in 2016,” said Mike Hinkley.
According to the city of Virginia Beach, a steadily growing demand for Green Flash beers on the East Coast prompted the need for a second brewery. Virginia Beach was chosen because of its ease of access from mid-Atlantic corridors as well as for its coastal landscape and cultural similarities to San Diego.
The Virginia brewery will allow Green Flash to cold-ship fresh beer via second-day freight. This will result in lower pricing at retail and a smaller carbon footprint.
“Most importantly,” said Green Flash co-founder and vice president of Marketing Lisa Hinkley, “we will have the chance to further connect with our customers on the East Coast … Our most powerful brand building comes when we are face to face with our customers and they can see, hear, feel and taste our beer at the source. It is then that they are able to experience our passion for brewing innovation and explore our craft first-hand.”
From a production standpoint, the new brewery will replicate the production capabilities of the Green Flash headquarters in San Diego. The brewery’s interior footprint will follow the same plan with most equipment installed prior to opening. The fermentation tanks will be delivered in three phases: 50 percent of capacity up front, with 25 percent added as needed until reaching the operation’s full capacity to meet demand. Upon opening, the Virginia Beach facility will employ 40 people and represent $20 million of invested capital.2014-10-13T21:25:00+00:00
AES selling its interest in Turkish joint venture for $125 million
http://www.virginiabusiness.com/news/article/aes-selling-its-interest-in-turkish-joint-venture-for-125-million#When:21:25:00ZArlington-based AES Corp. has agreed to sell for $125 million its interest in a Turkish joint venture to its partners.
AES held 49.62 percent equity interest in AES Entek Elektrik Üretimi A.Ş. (AES Entek), a joint venture with partners KOÇ HOLDİNG A.Ş. and AYGAZ A.Ş.
The sale represents 100 percent of AES’ interest in assets in Turkey.
“With the sale of our Turkish assets, we will have exited nine countries and received proceeds of $2.4 billion from asset sales over the past three years," Andrés Gluski, AES’ president and CEO said in a statement. “In line with our strategy, we have focused on simplifying our portfolio and exiting those markets where we do not have a sustainable competitive advantage.”
AES is a Fortune 200 global power company providing energy to 20 countries.
The company has 17,800 employees and its 2013 revenues were $16 billion.2014-10-13T21:25:00+00:00
McGuireWoods names new partner
http://www.virginiabusiness.com/companies/article/mcguirewoods-names-new-partner#When:16:16:00ZMcGuireWoods has named Brad R. Newberg partner in its Tysons Corner office. Newberg will join the firm’s intellectual property litigation and patents department.
Newberg most recently worked for Reed Smith’s Falls Church office where he was lead attorney on different intellectual property matters.
Overall, Newberg has 15 years of intellectual property experience, including copyright, trademark and domain name issues.
Newberg earned his law degree from the University of Pennsylvania Law School in 1997. He also received two undergraduate degrees in economics from Penn, including a degree from Penn’s Wharton School of Business.
McGuireWoods LLP employs more than 900 lawyers in 20 offices around the world.2014-10-13T16:16:00+00:00
New Kroger Marketplace will open in Portsmouth Oct. 15
http://www.virginiabusiness.com/news/article/new-kroger-marketplace-will-open-in-portsmouth-oct.-15#When:16:02:00ZThe Portsmouth Midtown Kroger Marketplace, located at 1301 Frederick Blvd., will open this Wednesday, Oct. 15, at 7 a.m.
Kroger Limited Partnership, an affiliate of The Kroger Co., developed the store at the former home of I.C. Norcom High School.
“We’re thrilled to be welcoming the Kroger Marketplace to the Portsmouth community,” Portsmouth Mayor Kenny Wright said in a statement. “This store will create approximately 350 jobs and provide an opportunity for our residents to shop and work where they live. This is another step in rebuilding our city and restoring quality services in our neighborhoods."
Similar to the Virginia Beach Marketplace, the Portsmouth store will offer shoppers more than groceries with 30,000 square feet set aside for home-store offerings ranging from apparel to home décor.2014-10-13T16:02:00+00:00
Franklin Johnston Group picks up large residential portfolio
http://www.virginiabusiness.com/news/article/franklin-johnston-group-picks-up-large-residential-portfolio#When:15:27:00ZThe Franklin Johnston Group, a Virginia Beach-based apartment developer and manager, announced an agreement Monday to manage all Waverton Associates Communities, which include 2,200 residences in the Richmond and Hampton Roads areas.
Waverton Associates in Portsmouth has developed and built many residential and commercial properties throughout the region with an estimated value of more than $800 million. The Waverton portfolio includes Meridian Watermark, Chesterfield County; Impressions, Newport News; Meridian Parkside, Newport News; Meridian Harbourview, Suffolk; and Waverton Chesapeake, Chesapeake. The portfolio consists of both market rate and tax-credit communities.
The FJG management team took over on Oct. 1.
The Franklin Johnston Group, which opened for business a little more than a year ago, owns and manages more than 7,000 units and 45 properties throughout the Eastern U.S. The portfolio includes its own properties as well as those owned in partnership with various individual and institutional investors.
FJG employs more than 300 people throughout the mid-Atlantic and Southeast.2014-10-13T15:27:00+00:00
2015 will see many CMBS loans mature in Virginia
http://www.virginiabusiness.com/news/article/2015-will-see-many-cmbs-loans-mature-in-virginia#When:15:24:00ZVirginia has 166 commercial mortgage-backed backed security (CMBS) loans, with a balance of $1.8 billion, coming due during the next 12 months.
Of that amount, 15 percent, or 25 of the loans, are delinquent in the amount of $311,444,891, which could open the door to possible note sales, discounted payoffs or restructurings according to Trepp, a commercial real estate analytics firm based in New York.
Its Southeast Market Snapshot report on maturing loans shows that Virginia is doing better than some other states.
The region is dominated by Florida, Virginia, Georgia, and North Carolina, making it the second-largest region in the country in terms of outstanding CMBS loan balance. Of the $95.6 billion in outstanding CMBS loans, just over 13 percent of that balance will mature during the next twelve months. Of the $12.8 billion in maturing loans, more than 200 of them — totaling $2.1 billion — are currently delinquent.
Alabama and Tennessee have the lowest amount of healthy loans in their region with 35.6 percent of Alabama’s loans delinquent and 21.5 percent of Tennessee’s loans in delinquency.
The Trepp snapshot is updated on a quarterly basis. CMBS loans are a type of mortgage-backed security backed by commercial mortgages rather than residential real estate.2014-10-13T15:24:00+00:00
JLL assisted Stone Brewing Co. in its bid to come to Richmond
http://www.virginiabusiness.com/news/article/jll-assisted-stone-brewing-co.-in-its-bid-to-come-to-richmond#When:14:12:00ZCommercial real estate services firm JLL worked with Stone Brewing Co. of Escondido, Calif., on the selection of its Richmond East Coast production and distribution facility.
The city of Richmond Economic Development Authority will build Stone’s 192,800-square-foot production and distribution project. Located in the Fulton Bottom area of the city at the intersection of Williamsburg Avenue and Nicholson Street, brewery plans also include a bistro and gift shop located in the adjacent Intermediate Terminal building.
According to JLL, Stone received more than of 300 responses to its original Request for Proposal (RFP) for an East Coast facility and engaged JLL to assist with the selection process.
JLL helped Stone evaluate different cities and sites, as well as water quality, supply chain, incentives and other metrics. In the end, JLL said Richmond was the top choice given its location and other attributes, not the least of which was a site with access to the James River.
Scott Keeton, vice president, JLL, provided site selection and other services.
“Richmond prevailed among a large pool of options because of the city’s thriving artisan, craft food and beverage scene,” Keeton said in a statement. “Lots of credit is due to both the Commonwealth of Virginia and the city of Richmond for their hard work in bringing Stone to Richmond.”2014-10-13T14:12:00+00:00
Darden ranks No. 3 in top MBA schools in the world
http://www.virginiabusiness.com/news/article/darden-ranks-no.-3-in-top-mba-schools-in-the-world#When:16:30:00ZThe Economist has ranked the University of Virginia’s Darden School of Business No. 3 on its list of best full-time MBA programs in the world.
The magazine said Darden provided “MBA students with the ultimate educational experience.” In 2013, Darden ranked fourth on the list.
The ranking highlighted Darden’s “case method learning and top-ranked teaching faculty.” The magazine also mentioned the school’s W.L. Lyons Brown III Innovation Laboratory, which serves as an entrepreneurial hub for U.Va. and the community.
Schools were ranked in 17 criteria, ranging from its education experience to its diversity and alumni network. The magazine surveys students and alumni and collects data from business schools.
Darden ranked first out of all schools in the personal development and educational experience and diversity of recruiters categories.
Darden was the only school in Virginia to be named to the list.
The University of Chicago’s Booth School of Business and Dartmouth College’s Tuck School of Business were ranked No. 1 and No. 2.2014-10-10T16:30:00+00:00
Commonwealth approves adoption by same-sex couples
http://www.virginiabusiness.com/news/article/commonwealth-approves-adoption-by-same-sex-couples#When:16:16:00ZThe Virginia Department of Social Services released a bulletin on Friday informing local social services divisions that adoption by same-sex spouses is now legal in the commonwealth.
“Now that same-sex marriage in Virginia is officially legal, we owe it to all Virginians to ensure that every couple is treated equally under all of our laws, no matter whom they love,” Gov. Terry McAuliffe said in a statement.
Virginia law states that a “married couple or an unmarried individual shall be eligible to receive placement of a child for purposes of adoption.”
The bulletin says that when determining the appropriateness of a foster or adoptive home, “Virginia, in response to the Fourth Circuit ruling, now recognizes any legally-performed marriage (same-sex or opposite-sex), whether performed in Virginia or another state. This ruling does not confer legal status to civil unions or domestic partnerships. Any married couple is a married couple for purposes of adoptive placements.”
.2014-10-10T16:16:00+00:00http://www.virginiabusiness.com/uploads2/STONE_LARGE.jpgStone Brewing's beers on display at the Governor's Mansion.
Stone Brewing to locate first East Coast facility in Richmond
http://www.virginiabusiness.com/news/article/stone-brewing-to-locate-first-east-coast-facility-in-richmond#When:19:56:00ZIt’s official. San Diego-based Stone Brewing Co. will invest $74 million to open its first East Coast production facility in Richmond. The venture is expected to create more than 288 jobs.
“I have that feeling in my heart like we made the right choice,” Steve Wagner, Stone Brewing’s president and co-founder, said at the announcement ceremony held Thursday outside the Executive Mansion in Richmond. “This is so great.”
The River City beat out two other finalists — Norfolk and Columbus, Ohio, to land the major craft brewery. Roanoke also was in the top five. Overall, Stone received more than 200 requests for proposals and made 40 site visits.
Stone Brewing’s facility will include a brewery, packaging hall, restaurant, gardens and retail store in the city’s Greater Fulton neighborhood. The facilities will be built in phases, with the brewery expected to be in operation in late 2015 or early 2016.
In its first year, the brewery expects to produce 120,000 barrels of beer. That will almost double the barrels of craft beer produced in Virginia last year (130,000). According to the Brewers Association, Virginia currently has 72 craft breweries operating, up from 58 in June 2013.
Gov. Terry McAuliffe approved a $5 million Governor’s Opportunity Fund grant for the project. Stone Brewing also will be able to receive a grant up to $250,000 from the Governor’s Agriculture and Forestry Industries Development Fund, depending on its procurement and its use of Virginia grown products. The company will also receive benefits from the Virginia Enterprise Zone Program as well as funding and services from the Virginia Jobs Investment Program for employee training. The city’s incentive package is even bigger, totaling more than $30 million. It includes $23 million in bonds for the facility’s construction, $8 million in bonds for Stone Brewing’s restaurant and beer garden and $2 million in grants.
Stone Brewing is not the only craft brewery making a splash in the state. Green Flash Brewing Co., also based in San Diego, will break ground Monday on its East Coast brewery in Virginia Beach. According to Green Flash’s website, it expects to make an investment of $20 million in the Virginia Beach facility and hire more than 40 people.
Stone Brewing says it is the 10th largest craft brewer in the United States. Earlier this year, the brewery made the Inc. 5000 list of the fastest-growing private companies in the U.S. The company also is making its mark overseas. It plans to open the first American-owned craft brewery in Europe in late 2015 or early 2016. The company was founded in 1996 by Wagner and Greg Koch.
Michaele L. White Photo2014-10-09T19:56:00+00:00
Washington D.C. office market benefits from migration from the suburbs
http://www.virginiabusiness.com/news/article/washington-d.c.-office-market-benefits-from-migration-from-the-suburbs#When:19:54:00ZThe District of Columbia has seen growth in leasing due to businesses and associations relocating from the suburbs to downtown Washington, D.C. The trend comes despite negative absorption (when more companies are downsizing or subleasing space than expanding and adding space) and high office vacancies in other areas of the overall region.
JLL reports that over the past 24 months, there has been more than 300,000 square feet of new leasing activity in the District as a result of tenants from Maryland and Virginia migrating into the city.
“The migration of suburban tenants into the District and robust expansion activity among startups and high-technology companies helped fill a gap in an otherwise tepid demand environment during the third quarter,” Scott Homa, senior vice president research at JLL, said in a statement.
While creative industries such as digital media, software engineering, advertising and consumer technology represent a relatively small portion of the metro D.C. tenant base, Homa said incremental growth – primarily concentrated downtown – helped offset contractions within the region’s core industries of legal services and government contracting.
Doug Mueller, a senior vice president at JLL, noted that the migration is heavily populated by associations, technology companies and professional services firms. “The quality and location of office space with easy access to mass transit, abundant amenities and housing options also has a visible and tangible impact on attracting and retaining top talent,” he said in a statement.
According to JLL’s Office Insight report for the third quarter, since the start of 2014, a total of 21,200 private-sector office jobs have been added to the metro D.C. economy. Although substantial declines in federal payrolls continue to offset the private sector growth, regional unemployment (5.4 percent) remains significantly below the national average (6.1 percent).
JLL’s snapshot of the Metro D.C. office market:
· Total vacancy, 17.2 percent
· Year-to-date net absorption in square feet (s.f.), -2,069,130
· Q3 2014 net absorption (s.f.), -1,346,328
· 12-month rent growth, 7.6 percent
· Total under construction (s.f.), 4,619,612
· Preleased under construction, 56.9 percent
“We feel the D.C. market has finally bottomed and that there are early signs of a resurgence in tenant demand,” said Homa. “Although tenants still hold strong negotiating leverage in today’s marketplace, the tightening of the top segment of the market suggests that the downtown market has found stability.”2014-10-09T19:54:00+00:00
California Cartage Co. renews lease for more than 300,000 square feet in Suffolk
http://www.virginiabusiness.com/news/article/california-cartage-co.-renews-lease-for-more-than-300000-square-feet-in-suf#When:19:17:00ZCalifornia Cartage, a logistics company based out of Long Beach, Calif., has renewed and expanded its space to 336,074 square feet at the Commonwealth Commerce Center in Suffolk. Chamie Burroughs, Worth Remick and Ashton Williamson of CBRE/Hampton roads handled the transaction on behalf of the landlord.
In other deals for CBRE in the Richmond market:
NorAm International Partners Inc. leased 34,095 square feet at 7510-7512 Whitepine Road in Richmond. Matt Anderson, John Carpin and Malcolm Randolph handled the transaction on behalf of the landlord.
NCI Information Systems renewed its 29,024 square-foot lease at 1510 and 1530 E. Parham Road in Richmond. Joe Marchetti, David Wilkins and Rebecca Barricklow handled the transaction on behalf of the landlord.2014-10-09T19:17:00+00:00
95 Express Lanes could be completed by December
http://www.virginiabusiness.com/news/article/95-express-lanes-could-be-completed-by-december#When:18:45:00ZThe 95 Express Lanes could be completed as soon as December, according to the contractor Transurban.
The project will add express toll lanes to Interstate 95 between Interstate 395 and Garrisonville Road in Stafford County.
Pricing will be dictated by current traffic conditions. The price to use the express lanes will range from 20 cents to 80 cents per mile, increasing with traffic congestion.. Carpools with three or more people may use the lanes for free.
The express lanes are reversible, and the schedule largely will be based on the same schedule as the high-occupancy vehicle lanes are now.
Drivers who want to use the lanes will need an E-ZPass. Drivers who want to use the lanes for carpooling will need to get an E-ZPass Flex, which will allow them to switch the E-ZPass to a mode indicating they have at least three people in the car.
The new lanes provide more direct routes to some destinations, such as Fort Belvoir and Potomac Mills.
More information on using the new lanes is available at http://www.95expresslanes.com/using.2014-10-09T18:45:00+00:00
Maximus appoints chief information officer
http://www.virginiabusiness.com/companies/article/maximus-appoints-chief-information-officer#When:14:49:00ZMaximus has named Kelly Clark its chief information officer.
He will be responsible for executing the technology strategy of the Reston-based government contractor.
Clark most recently was vice president of data operations for Optum, which is part of United Health. Previously, he was chief information officer of OptiumHealth and chief operating officer of OptumHealth Financial Services.
Maximus operates government health and human services programs in the U.S., United Kingdom, Canada, Australia and Saudi Arabia. The company works to improve cost effectiveness and efficiency of government-sponsored programs.2014-10-09T14:49:00+00:00
CSC names controller and principal accounting officer
http://www.virginiabusiness.com/companies/article/csc-names-controller-and-principal-accounting-officer#When:14:45:00ZIT contractor CSC has named Diane Wilfong vice president, controller and principal accounting officer.
Wilfong was previously senior vice president, controller and chief accounting officer of Caesars Entertainment. Wilfong will replace Michael Sweeney, who has been CSC's interim controller since mid-September.
Wilfong has been with Caesars since 2009. Before that she spent 10 years at Eastman Kodak Co. in a variety of roles, most recently as corporate controller and chief accounting officer.
CSC, based in Falls Church, is an IT contractor that has approximately 76,000 employees around the world.2014-10-09T14:45:00+00:00
Guaranteed Rate opens office in Northern Virginia
http://www.virginiabusiness.com/news/article/guaranteed-rate-opens-office-in-northern-virginia#When:21:37:00ZGuaranteed Rate, one of the ten largest retail mortgage lenders in the U.S., announced Wednesday the opening of its Fairfax office located at 8280 Willow Oaks Corporate Drive.
Last year, Guaranteed Rate, based out of Chicago, funded nearly $16 billion in loans.
The Fairfax location is the company's third in Virginia. According to the company’s Website, its other offices are in Suffolk and Reston. Nationwide, Guaranteed Rate has 175 offices, including the Virginia locations.2014-10-08T21:37:00+00:00
Survey finds optimism among Hampton Roads business people
http://www.virginiabusiness.com/news/article/survey-finds-optimism-among-hampton-roads-business-people#When:20:04:00ZNearly two in three Hampton Roads business leaders attending a major community event say their companies will hire additional employees in the next 12 months.
That finding is a highlight of an inaugural Business Pulse survey taken on Tuesday. The survey was conducted by Lead Hampton Roads, a leadership development program through the Hampton Roads Chamber of Commerce, in partnership with Davenport & Co. a Richmond-based investment services firm with offices in Hampton Roads.
It was taken during the Oct. 7, “2014 State of the Region” address, during which James Koch and Gary Wagner of Old Dominion University presented data and observations on the local economy to 800 people gathered at the Marriot Hotel in downtown Norfolk.
Optimism seems to prevail in the survey, despite a glum prediction from the ODU report that Hampton Roads may have suffered a second recession had the region not received two major shipbuilding contracts.
At the breakfast, guests were asked to text in answers so results could appear on large screens. The survey focused on issues such as tourism, the port, quality of life and the perceived strength of the local business community.
“It’s important to ask the business community where it thinks our region is headed,” John Piscitelli, senior vice president at Davenport & Co., said in a statement. “That kind of feedback is critical to future success.”
Other findings from the survey of 350 respondents:
- 72 percent agree that “livability” or quality of life compares favorably with the largest metro areas in the U.S.
- 68 percent think the Port of Hampton Roads will grow in 2015 and 2016.
- 70 percent feel the stock market will be higher during the next 12 months.
- 74 percent disagree that Hampton Roads is poised to take a “regional approach” to problem solving.
- 91 percent agree that the addition of tourism-focused infrastructure will boost the local economy.2014-10-08T20:04:00+00:00
Kings Grant House opening memory care building
http://www.virginiabusiness.com/news/article/kings-grant-house-opening-memory-care-building#When:19:49:00ZKings Grant House, an assisted living facility in Virginia Beach, is opening a new memory care center.
The new two-story building at the facility features a 24-unit memory care center and three assisted living units. The building also features living and dining rooms on each floor, support staff space and a generator.
The new building will allow Kings Grant to expand its care for seniors who have Alzheimer’s disease or other memory impairments.
Kings Grant is a property owned by Charlottesville-based Commonwealth Assisted Living.2014-10-08T19:49:00+00:00
TWD & Associates Inc. relocates headquarters to Tysons Corner
http://www.virginiabusiness.com/news/article/twd-associates-inc.-relocates-headquarters-to-tysons-corner#When:18:28:00ZTWD & Associates Inc., a communication and collaboration solutions provider for national security-focused organizations, has relocated its office headquarters from Arlington County to the Tysons Corner area.
The move brings the company closer to new commercial and construction contractor clients, whilemaintaining a presence in the government community.
“We have expanded our business into commercial areas to compliment our 20-year heritage of government support,” Larry Besterman, president and CEO, said in a statement. “Tysons Corner now serves as a bridge between these two markets. We’re looking forward to the transition and all the new opportunities it will provide our company. Not only are we in the heart of the Dulles technology corridor, we’re also Metro accessible via the new Silver Line – making downtown D.C. easily accessible as well.”
The new 10,000-square-foot office, located at 1751 Pinnacle Drive, consolidates two office spaces into a single headquarters location. With a capacity for 30+ plus employees, it’s equipped with comprehensive communications capabilities and collaboration areas, allowing employees to connect on different platforms, in or out of the office.
"We're excited to to able to deliver our employees the same capabilities that we deliver our clients," said Besterman. "This new move wil help the company all around ..."2014-10-08T18:28:00+00:00
3Pillar Global appoints vice president of marketing, business development
http://www.virginiabusiness.com/companies/article/3pillar-global-appoints-vice-president-of-marketing-business-development#When:18:02:00ZFairfax-based software company 3Pillar Global has named Christina Cravens vice president of marketing and business development.
In her new role, she will be responsible for 3Pillar Global’s marketing efforts.
Cravens previously was vice president of global demand generation at OpenText, another software company. Before that, she was senior director of global lead generation at MicroStrategy, which provides business intelligence, mobile software and cloud-based services.2014-10-08T18:02:00+00:00
Sabra Dipping Co. opens expanded facility in Chesterfield
http://www.virginiabusiness.com/news/article/sabra-dipping-co.-opens-expanded-facility-in-chesterfield#When:21:18:00ZHummus maker Sabra Dipping Co. is humming along nicely in Chesterfield.
The company opened its expanded production facility in Chesterfield on Tuesday. The 118,000 square-foot-expansion will allow the food manufacturer to double capacity at its Chesterfield plant and add 70 jobs there in 2015. More jobs are also expected to be added in 2016.
The expansion, announced last spring, includes office spaces, meeting rooms and a cafeteria, outdoor patio, company store and coffee shop for employees.
This is Sabra’s third expansion since opening its Virginia facility in 2010. The company is owned by U.S.-based PepsiCo and Strauss Group, headquartered in Israel.2014-10-07T21:18:00+00:00
CapTech plans to hire 100 employees
http://www.virginiabusiness.com/news/article/captech-plans-to-hire-100-employees#When:21:03:00ZRichmond based CapTech, an IT consulting firm, plans to hire 100 employees by the end of next year.
The company currently has more than 450 employees at five offices and a number of satellite locations throughout the U.S.
The positions to be filled include mobile developers, customer experience managers, project managers, analysts and data scientists.
The company was recently named to the Inc. 5,000 list of the nation’s fastest-growing companies for the seventh consecutive year, ranked at No. 3,759.
CapTech’s services include management consulting, systems integration and data management.
CapTech serves a wide variety of industries, including financial services, utilities, state government, health care, retail, consumer goods and hospitality.2014-10-07T21:03:00+00:00
Electric motor manufacturer coming to Montgomery County
http://www.virginiabusiness.com/news/article/electric-motor-manufacturer-coming-to-montgomery-county#When:19:58:00ZInMotion, a manufacturer of motors and drives for electric and hybrid vehicles, plans to invest more than $5 million to establish its first U.S. manufacturing operations in Montgomery County.
The company, which will locate in the Technology Manufacturing Building in Blacksburg, expects to employ 80 employees in Montgomery County in three years.
Through a lease agreement with the Economic Development Authority (EDA) of Montgomery County, InMotion will occupy about 60,000-square-feet of office and manufacturing space at the Technology Manufacturing Building.
Built in 2001, the 109,000-square-foot facility is owned and managed by EDA.
InMotion, a subsidiary of Italy-based Zapi S.p.A., is a supplier of advanced software, power electronics, controls, motors and generators for electric vehicles.
With annual sales of more than $105 million, it has more than 300 employees in offices in Europe, Virginia, Japan and China.
The company’s products are used by manufacturers of electric lift trucks, mobile off-highway vehicles, personal mobility devices, elevators, buses and refrigeration systems.
Montgomery County worked with the New River Valley Economic Development Alliance, Virginia Economic Development Partnership, MBC Development Corp. and the Town of Blacksburg to support the project.2014-10-07T19:58:00+00:00
Ellucian appoints new president and CEO
http://www.virginiabusiness.com/companies/article/ellucian-appoints-new-president-and-ceo#When:19:58:00ZFairfax-based Ellucian has appointed a new president and CEO.
Jeff Ray will lead the company effective immediately. He replaces John F. Speer III, who will remain chairperson of the board.
Previously, Ray was CEO of Ventyx, an enterprise software and services supplier to critical infrastructure providers. He also was CEO of DS SolidWorks, where he oversaw an online platform for cloud-based offerings.
Ellucian includes more than 2,700 professionals. The company provides cloud-based services and solutions to more than 1,500 higher education institutions.2014-10-07T19:58:00+00:00
Norfolk names Deputy City Manager
http://www.virginiabusiness.com/companies/article/norfolk-names-deputy-city-manager#When:21:49:00ZNorfolk has named a Richmond economic development official as its deputy city manager, effective Nov. 3. Peter Chapman currently is Richmond’s deputy chief administrative officer for economic development and planning. In Norfolk, he will oversee a development portfolio that includes economic development, workforce development, the city's economic development authority, and he will serve as liaison to the Norfolk Redevelopment and Housing Authority.
Chapman has more than 20 years of experience in economic development, public housing and urban revitalization. He has served as Richmond’s deputy chief administrative officer since 2009, where he’s been responsible for a $600 million public housing transformation initiative, the redevelopment of several downtown arts district venues and the relocation of a regional transportation center.
Before taking the position in Richmond, Chapman worked in Denver, primarily as an economic development policy director. In that role, he oversaw a portfolio of eight economic and community development agencies with a cumulative annual budget of $150 million.2014-10-06T21:49:00+00:00
Portsmouth selects Charles Rigney as director of economic development
http://www.virginiabusiness.com/companies/article/portsmouth-selects-charles-rigney-as-director-of-economic-development#When:21:44:00ZCharles E. “Chuck” Rigney has been appointed as Portsmouth’s director of economic development. Rigney brings more than three decades of economic development experience to the city. He comes to Portsmouth from Norfolk where he was the assistant director of development.
Rigney has been involved in new development and business expansions throughout Norfolk’s business and industrial parks. He has facilitated small business deals at urban redevelopment sites, including the Chelsea Business District and the Norfolk & Western Railroad Line Historic District, homes to microbrewers Smartmouth and O’Connor Brewing.
Rigney worked as Norfolk’s interim economic development director from September 2011 to September 2013.
He begins his position in Portsmouth on Nov. 3.2014-10-06T21:44:00+00:00
Lumos Networks names new CFO
http://www.virginiabusiness.com/news/article/lumos-networks-names-new-cfo#When:21:39:00ZWaynesboro-based Lumos Networks Corp. has appointed Johan G. Broekhuysen, as executive vice president, chief financial officer and treasurer.
He also remains the company’s chief accounting officer.
He previously was interim chief financial officer and corporate controller for six months.
Broekhuysen, age 43, joined the company in November 2012 as vice president and corporate controller and was appointed chief accounting officer in January.
Before joining the company, Broekhuysen was senior vice president, assistant treasurer and corporate controller of GlobalLogic Inc., a privately-held software research and development company.
Lumos Networks is a fiber-based provider in the mid-Atlantic region, offering connectivity in 23 markets in Virginia, Pennsylvania, West Virginia, Maryland, Ohio and Kentucky.2014-10-06T21:39:00+00:00
Carytown Burgers and Fries to add second location in Short Pump
http://www.virginiabusiness.com/news/article/carytown-burgers-and-fries-to-add-second-location-in-short-pump#When:20:44:00ZCarytown Burgers and Fries plans to add a second restaurant in the Richmond market. The Breeden Co., developer of Towne Center West in the Short Pump corridor of Henrico County, said Monday that a West End location would open in the mixed-use center on West Broad Street in January 2015.
The 2,883-square-foot restaurant expects to hire 40 to 50 people.
Carytown Burgers and Fries restaurant first opened its doors in Carytown in 2001. That location has 30 employees.
It recently broke ground on an operation that will focus on the catering side of the business at 5404 Lakeside Ave. in Henrico County. Owner Michael Barber said catering will be run from that location with 25 employees. There will be a café up front for people to try menu items. The project is scheduled to open in late October.
At the new restaurant, Barber plans an outside patio and an area for curbside pickup. On the inside, there will be a sports bar space, a section for children and plenty of other space for indoor dining. The menu will be the same as at the Cary Street location.
The Breeden Co. is a Virginia Beach-based real estate services with three major subsidiaries: Breeden Property Management, Breeden Realty and Breeden Construction. They operate a combined portfolio of nearly 10,000 apartments units, more than 2 million square feet of retail and office space and 1,700 residential homes.2014-10-06T20:44:00+00:00
Virginia Chamber leads efforts to create benefits exchange
http://www.virginiabusiness.com/news/article/virginia-chamber-leads-efforts-to-create-benefits-exchange#When:19:50:00ZVirginia businesses soon will have a new option to shop for employee benefits.
The Virginia Chamber of Commerce is launching Virginia Benefits Market (virginiabenfits.com), an online exchange that will allow employers to compare medical and supplemental insurance costs from participating carriers.
The chamber is working with more than 60 regional chambers of commerce to publicize the exchange and educate employers about its benefits.
“This market-based approach will broaden choices for business owners by taking advantage of the collective buying power of state and local chamber members,” Barry DuVal, president and CEO of the Virginia Chamber, said in a statement.
The Virginia chamber hopes to have the site launched by Dec. 1, according to Ryan Dunn, vice president of business and government relations. Employers do not need to be chamber members to participate, Dunn said.
The following companies are participating in the exchange:
-Allstate Benefits (accident, critical illness, life insurance)
-Anthem Blue Cross and Blue Shield (health insurance)
-Chubb (disability insurance)
-Delta Dental (dental coverage)
-Dominion Dental Services (dental coverage, vision insurance)
-Legal Resources (family legal protection)
-Optima Health (health insurance)
-UnitedHealthcare (health insurance)
Chambers of commerce in Oklahoma and North Carolina have launched similar private exchanges. Another 15 or 16 have similar exchanges in the works, Dunn says.
The Virginia Benefits Market is managed by the Virginia Benefits Alliance, which is a joint venture of the Virginia Chamber and Norfolk-based Chamber Solutions. CieloStar will host and administer the exchange program.2014-10-06T19:50:00+00:00
Supreme Court decision makes same-sex marriage legal in Virginia
http://www.virginiabusiness.com/news/article/supreme-court-decision-makes-same-sex-marriage-legal-in-virginia#When:15:49:00ZSame-sex marriage now is legal in Virginia.
The U.S. Supreme Court today declined to take up appeals on same-sex marriage cases originating in five states, including Virginia.
The decision means that lower court rulings striking down same-sex marriage bans will take effect.
Besides Virginia, the court decision affects appeals from Indiana, Oklahoma, Utah and Wisconsin, according to news reports.
“The Supreme Court rejected all petitions for certiorari related to Virginia's marriage equality litigation, thereby letting stand the Fourth Circuit's decision that same-sex couples in the commonwealth are entitled to all the rights and privileges of marriage,” Attorney General Mark Herring said. “The Fourth Circuit is expected to issue its mandate at 1 p.m., meaning marriage licenses for same-sex couples can be issued at that time and the commonwealth will recognize all marriages that were lawfully performed in other states."
Another six states under the jurisdiction of federal appeals courts that struck down same-sex marriage bans also will be affected. They are Colorado, Kansas, North Carolina, South Carolina, West Virginia and Wyoming.
The numbers of states where same-sex marriage is legal will rise from 19 to 30 plus the District of Columbia.
“This is a historic and long overdue moment for our commonwealth and our country,” Gov. Terry McAuliffe, a Democrat, said in a statement. “On issues ranging from recognizing same-sex marriages to extending health care benefits to same-sex spouses of state employees, Virginia is already well-prepared to implement this historic decision. Going forward we will act quickly to continue to bring all of our policies and practices into compliance so that we can give marriages between same-sex partners the full faith and credit they deserve.”
Virginia House Speaker William J. Howell, a Republican who supports traditional marriage, said he was disappointed by the court's action. "The debate over Virginia's constitutional amendment defining marriage needs a clear and decisive resolution from the Supreme Court," he said in a statement. "The court’s decision today leaves Virginians without an affirmative answer on this issue, unnecessarily prolonging the political debate and creating long-term uncertainty regarding the status of same-sex marriages in Virginia depending on the outcome of litigation in other parts of the country."
Capital Square Realty Advisors acquires health-care related properties in Virginia and Wisconsin
http://www.virginiabusiness.com/news/article/capital-square-realty-advisors-acquires-healthcare-buildings-in-virginia-an#When:15:48:00ZCapital Square Realty Advisors LLC in Richmond has acquired a two-building portfolio of health-care related properties located in the Richmond suburb of Mechanicsville and the Milwaukee suburb of Hartford, Wis. The purchase price was not disclosed.
“The demographic aging of America and the impact of the Affordable Care Act makes quality health-care real estate assets such as these attractive investments, and we’re pleased to further expand Capital Square Realty Advisors’ portfolio in this specialized sector,” Louis Rogers, founder and CEO of Capital Square Realty Advisors, said in a statement.
He noted that both properties have long-term leases and are fully leased.
The portfolio includes a built-to-suit, 20,066-square-foot, single-story medical office building that is leased to a single tenant, the Virginia Women’s Center, the largest women’s health-care private practice in central Virginia. Located at 7515 Right Flank Road, the center is a mile from Memorial Regional Medical Center. The 2.1-acre property, constructed in 2013, includes 103 parking spaces. It’s located within The Shoppes at Bell Creek, a mixed-use development of office condominiums, free-standing office buildings, a veterinary hospital and retail stores.
The building in Hartford is a 73,756-square-foot, two-story building that’s leased to API Healthcare Inc., a GE Healthcare company. It was constructed in 2004 as a build-to-suit for API Healthcare’s corporate headquarters, on nearly 22 acres in one of Washington County’s industrial parks.
Capital Square Realty Advisors specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and discretionary (non-1031) investors using the Delaware Statutory Trust structure.2014-10-06T15:48:00+00:00http://www.virginiabusiness.com/uploads2/WA_entrance01_745x420_FitToBoxSmallDimension_Center.jpg
Hilton Worldwide agrees to sell Waldorf Astoria to a Chinese company for $1.95 billion
Hilton Worldwide Holdings Inc. in McLean announced Monday that it has entered into an agreement with Anbang Insurance Group Co. Ltd., an insurance company based in Beijing, in which Anbang has agreed to purchase the Waldorf Astoria New York for $1.95 billion. As part of a long-term strategic partnership, Anbang will grant Hilton Worldwide a management agreement to continue to operate the property for the next 100 years, and the hotel will undergo a major renovation.
The Waldorf Astoria New York on Park Avenue is the flagship hotel of Hilton Worldwide’s rapidly expanding luxury brand, Waldorf Astoria Hotels & Resorts. Since 2007, the brand has increased its footprint to a portfolio of 27 destinations, including Amsterdam, Beijing, Chicago, Dubai, Jerusalem and Shanghai. Its pipeline of nine additional hotels includes key destinations such as Bali, Bangkok and Beverly Hills.
“We are very excited to be entering into this long-term relationship with Anbang, which will ensure that the Waldorf Astoria New York represents the brand’s world-class standards for generations to come. This relationship represents a unique opportunity for our organizations to work together to finally maximize the full value of this iconic asset on a full city block in midtown Manhattan,” Christopher J. Nassetta, president and CEO of Hilton Worldwide, said in a statement.
Hilton Worldwide said it would use proceeds from the sale to acquire additional hotel assets in the U.S. in one or more transactions as part of a like-kind exchange under Internal Revenue Code Section 1031. These acquisitions will be finalized and announced at a later date.
The Waldorf Astoria New York was called “The Greatest of the Them All” by Hilton Worldwide’s founder Conrad Hilton. With its Art Deco architecture, it has been internationally recognized as a grand hotel for more than a century. It offers restaurants (including Peacock Alley, Bull and Bear Prime Steakhouse and Oscar’s), lounges and bars, the Guerlain Spa, more than 60,000 square feet of high-tech equipped function space, a business center and boutiques.
Hilton Worldwide is a global hospitality company, with properties ranging from luxury and full-service hotels and resorts to extended-stay suites. The company's portfolio of 11 world-class global brands is comprised of more than 4,200 managed, franchised, owned and leased hotels and timeshare properties, with more than 690,000 rooms in 93 countries and territories, including Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Curio - A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations.
Anbang Insurance Group has more than 30,000 employees and more than $700 billion yuan in assets. It provides a range of financial and insurance services and products to more than 20 million customers, including life insurance, pensions, health insurance, property and casualty insurance and asset management.2014-10-06T15:41:00+00:00
S. L. Nusbaum reports transactions totaling $13.8 million for September
http://www.virginiabusiness.com/news/article/s.-l.-nusbaum-reports-transactions-totaling-13.8-million-for-september#When:14:58:00ZS. L. Nusbaum Realty Co. in Norfolk reports transactions for the month of September totaling $13.8 million in volume on about 180,000 square feet of commercial space. Some of the largest deals included:
• Ocean Air Auto Repair Inc. sublet 30,976 square feet of commercial buildings located at 3496-3500 Holland Road in Virginia Beach. Cheyney Cole handled the transaction.
• JF Fitness leased 25,600 square feet of retail space at 5432 Glenside Drive in Richmond. James Gresock and Nathan Shor represented the landlord.
• New Generation Daycare & Learning Center LLC leased 14,500 square feet of retail space at 603 Lincoln St. in Norfolk. Christopher Zarpas represented the landlord.
• Food Lion exercised its option on 33,234 square feet of retail space at College Park Square In Virginia Beach. Tyler Jacobson represented the landlord.2014-10-06T14:58:00+00:00http://www.virginiabusiness.com/uploads2/wall-breaking-10-14_%2816%291.jpg
A wall breaking instead of a groundbreaking
http://www.virginiabusiness.com/news/article/a-wall-breaking-instead-of-a-groundbreaking#When:14:49:00ZJefferson College of Health Sciences, the Virginia Tech Carilion School of Medicine and Radford University hosted a “wall breaking” ceremony recently for the new Virginia Intercollegiate Anatomy Lab at Carilion Roanoke Community Hospital.
The lab, to be located on the eighth floor of the hospital in downtown Roanoke, will house 15 anatomy tables.
Since the $2.5 million project is being constructed in an existing building, there was no ground to break. In place of that symbolic gesture, officials celebrated with a wall breaking ceremony. The hospital space is being rebuilt to accommodate the needs of the new anatomy lab. Jefferson College and Radford’s doctorate of physical therapy program is housed in the hospital now.
“This ceremony marks a key step in the collaborations between our academic institutions,” Nathaniel L. Bishop, president of Jefferson College of Health Sciences, said in a statement. “Not only do all of our students learn how to work together in the shared space, but it makes good economic sense to build one dedicated lab for all three schools rather than three separate facilities.”
When complete, the shared space will allow health-care students to work collaboratively in clinical settings before entering their professions. It’s scheduled to be done by late spring 2015.
Jefferson College of Health Sciences, a private higher education institution, is an affiliate of Carilion Clinic.
Radford University is a public university with nearly 10,000 students located about 45 minutes from downtown Roanoke in Radford.2014-10-06T14:49:00+00:00http://www.virginiabusiness.com/uploads2/Rcenter.png
Retail strip center in Richmond sells for $1.9 million
http://www.virginiabusiness.com/news/article/retail-strip-center-in-richmond-sells-for-1.9-million#When:14:10:00ZThe Capital Markets Group of Cushman & Wakefield | Thalhimer represented HM Real Estate Holding LLC in the sale of a 15,220-square-foot retail strip center at 7601 W. Broad Street in Richmond. Richmond Properties LLC purchased the property for $1.9 million as an investment. According to Thalhimer, the center is 100 percent leased.
In other Central Virginia lease transactions:
Trane US Inc. leased 23,200 square feet in Crescent Business Center II at 10404 Lakeridge Parkway in Hanover County. Thalhimer’s Scott Douglas and Franklin Bell handled lease negotiations.
In Charlottesville, Verizon renewed its lease for 10,548 square feet at 874 Rio East Ct. Alicia Farrell handled lease negotiations.2014-10-06T14:10:00+00:00
Companies looking for strong hiring season
http://www.virginiabusiness.com/news/article/companies-looking-for-strong-hiring-season#When:15:57:00ZAlmost 90 percent of companies hiring seasonal employees plan to hire the same number or more applicants for the upcoming holiday season, according to a national survey from Richmond-based Snagajob.
They survey also found that seasonal employees will work an average of 25 hours a week.
The survey also found the following trends from seasonal hiring managers:
68 percent will fill their seasonal positions by October.
68 percent said they reviewed applicants’ social media sites.
90 percent frequently conduct criminal background checks.
34 percent said a “positive attitude” was the most important trait for seasonal hires, followed by the ability to work the schedule needed (20 percent).
55 percent said they would hire someone with no previous work experience, while 35 percent said they would hire someone who had been fired by another company.
Snagajob’s annual Holiday Hiring Survey was conducted by Wakefield Research and included surveys of 1,009 U.S. employers.
Snagajob provides recruitment and hiring solutions for companies seeking hourly workers.2014-10-03T15:57:00+00:00
Loudoun sees $250 million in investment during fiscal year
http://www.virginiabusiness.com/news/article/loudoun-sees-250-million-in-investment-during-fiscal-year#When:15:45:00ZCompanies invested almost $250 million to move to or expand in Loudoun County during the last fiscal year, according to the annual report of the county’s department of economic development.
In the past three fiscal years, the county has seen almost $1 billion in commercial development, according to the department. The latest fiscal year, FY2014, ended June 30.
“Without a doubt, Loudoun is one of the biggest economic development success stories in America,” Economic Development Director Buddy Rizer said in a statement.
According to the report, the county is known around its growth in two industries: data centers and wineries. Loudoun’s 56 data centers bring an estimated $60 million in revenue to the county annually.
Loudoun also added eight wineries in FY14, bringing the total in the county to 42.2014-10-03T15:45:00+00:00
Homestead Creamery named Roanoke’s Small Business of the Year
http://www.virginiabusiness.com/news/article/homestead-creamery-named-roanokes-small-business-of-the-year#When:15:02:00ZHomestead Creamery has been named the 2014 Small Business of the Year by The Roanoke Regional Chamber of Commerce and Roanoke Regional Small Business Development Center.
The creamery, headquartered in Wirtz, was recognized this week at the chamber’s Small Business Awards Dinner at the Hotel Roanoke & Conference Center.
Homestead, founded in 2001, offers a line of bottled milk, ice cream, yogurt, butter, dips and cheeses.
“The Small Business Awards selection committee was impressed Homestead Creamery’s story of preserving two family farms for future generations while using modern technology to process their products, and still deliver their products door-to-door for their loyal customer,” Joyce Waugh, president of the Roanoke Regional Chamber of Commerce, said in a statement.
The committee evaluated nominees based on sales, employee growth, staying power, innovativeness and contributions to the community. To be eligible for the small business of the year award companies must meet SBA small business standards and be at least three years old.
Past small business of the year winners include Roanoke Natural Foods Coop (2013), EHS Support Services (2012), Interactive Achievement (2011), Magnets USA (2010), Home Instead Senior Care (2009), Virginia Prosthetics (2008), and Luna Innovations (2007).
The following companies in the Roanoke region also were recognized at the awards:
Small Business Advocate: Samantha Steidle, The CoLab
Small Business Veteran of the Year: Michael Leigh, OpX Solutions
Construction/Real Estate: Clark Brothers Welding
Micro-Business (five employees or less): OpX Solutions
Technology: TORC Robotics
Business-to-Business Services: Protos Security
Business-to-Consumer Services: Generation Solutions
Wholesale/Retail: Homestead Creamery
Legacy Award (in business for 50 years or more): SFCS Inc.
Best New Small Business (in business for one to three years): Doctors Express Roanoke
Not-for-Profit Arts & Culture: The Science Museum of Western Virginia
Not-for-Profit Health & Human Services: United Way of Roanoke2014-10-03T15:02:00+00:00
Town Center of Virginia Beach to celebrate opening of new office tower on Oct. 8
http://www.virginiabusiness.com/news/article/town-center-of-virginia-beach-to-celebrate-opening-of-new-office-tower-on-o#When:18:54:00ZAs Town Center of Virginia Beach continues to grow, so does development around the massive mixed-use center. An existing apartment community is expanding, there’s a new hotel in the works and a new office tower that will boost the amount of Class A office space in the 17-block center to 1 million square feet will be open for tours next week.
A celebration ceremony is set for Wednesday, Oct. 8, at 10 a.m. at the town center for 4525 Main Street Tower. The 15-story tower is the new corporate headquarters for Clark Nexsen, an architectural and engineering firm that relocated from downtown Norfolk. The Virginia Beach Economic Development Apartment also located to the new building.
The Breeden Co., a Virginia Beach-based real estate development firm, has purchased 11 acres on Alicia Drive, for $4.7 million to expand its existing Cambria at Cornerstone apartment community. It’s located a few minutes from the center. The 276-unit complex located within the master planned community of Cambria is the only Triple AAA rated apartment community in Hampton Roads.
Janet Whitbeck, a vice president for Cushman & Wakefield | Thalhimer in Hampton Roads who assisted Breeden with the land transaction, said Thalhimer also sold two acres on Alicia Drive to a hotel developer who plans to build a Value Place Hotel on the site.2014-10-02T18:54:00+00:00
Former Living Social co-founder, CEO to join Graham Holdings
http://www.virginiabusiness.com/news/article/former-living-social-co-founder-ceo-to-join-graham-holdings#When:17:17:00ZThe ex-CEO and co-founder of Living Social will become president of Graham Holdings. Timothy O’Shaughnessy will start working at the Arlington-based company on Nov. 3.
O’Shaughnessy was CEO of Living Social for seven years until stepping down in August. He co-founded the e-commerce and marketing company, which grew to sales of nearly $2 billion, with three other people in 2007.
In his new role, O’Shaughnessy will oversee Graham Holdings’ investments and acquisitions. He also will help set a new direction for the firm, which for many years was best known for running The Washington Post (the newspaper was sold to Jeff Bezos last year for $250 million).
“Tim will be central to the future of our company,” Donald E. Graham, chairman and CEO of Graham Holdings, said in a statement. “We are lucky to have him join us.”
Graham is O’Shaughnessy’s father-in-law. His daughter, Laura, heads SocialCode, a company owned by Graham Holdings.
O’Shaughnessy, 32, graduated from Georgetown University in 2004 and joined AOL as a product manager. In 2006, he moved to Revolution Health, where he eventually became vice president of product development. During that time, he and three others developed a series of apps for Facebook, which grew into LivingSocial.
Graham Holdings is a education and media company whose principal operations include educational services, television broadcasting, cable systems and online, print and local TV news.2014-10-02T17:17:00+00:00
Luna Innovations will expand Blacksburg office
http://www.virginiabusiness.com/news/article/luna-innovations-will-expand-blacksburg-office#When:16:23:00ZLuna Innovations Inc. said Thursday that it would expand its Blacksburg office in Montgomery County. The company plans a $500,000 investment into a newly renovated 41,000-square-foot suite in the Technology Manufacturing Building where Luna is currently located.
“We have been a tenant since 2007 and have been very pleased to be a part of Blacksburg’s business community,” Luna President and CEO My Chung said in a statement. “…We believe that this expansion will enable us to capitalize on the growth potential of our business.”
Montgomery County worked with the town of Blacksburg to support the expansion. Through an agreement with the county’s Economic Development Authority, Luna’s space will include a renovated executive office, lab and manufacturing space at the Technology Manufacturing Building. Built in 2001, the building is a 109,000-square-foot facility owned and managed by the EDA.
Luna, a public company composed of scientists, engineers, and business professionals, develops and manufactures new generation technologies and products. It focuses on taking innovative technologies from applied research to product development and the commercial market, driving breakthroughs in fields such as aerospace, automotive, telecommunications, healthcare, energy, and defense.2014-10-02T16:23:00+00:00
McKee Foods to expand operations in Augusta County
http://www.virginiabusiness.com/news/article/mckee-foods-to-expand-operations-in-augusta-county#When:15:34:00ZMcKee Foods Corp. plans to spend $34 million to expand production at its manufacturing facility in Augusta County, a project that is expected to create 54 new jobs.
The Stuarts Draft plant currently employs 1,000 workers and is one of the largest employers in Augusta County. McKee Foods, a privately held company based in Collegedale, Tenn., produces snack foods, cereals and baked goods.
Virginia competed against Arkansas for the project, where McKee Foods also has a plant. To secure the project, Gov. Terry McAuliffe approved a $300,000 performance-based grant from the Virginia Investment Partnership program, an incentive available to existing Virginia companies.
Additional funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
McKee Foods, which has annual sales of about $1.2 billion, has operated the plant in Augusta County for 24 years.
“The business climate in the commonwealth is very favorable, and we have found Stuarts Draft to be geographically well-positioned to serve the markets for our brands,” Randy Smith, vice president of Stuarts Draft operations for McKee Foods, said in a statement.
The company employs more than 5,000 people in Collegedale; Stuarts Draft, Gentry, Ark.; and Kingman, Ariz.
Its brands include Little Debbie Snacks, Drake’s Cakes, Sunbelt Bakery snacks and cereals, and Heartland and Fieldstone Bakery food products.2014-10-02T15:34:00+00:00
QBE turns old school into headquarters
http://www.virginiabusiness.com/news/article/qbe-turns-old-school-into-headquarters#When:13:47:00ZQuality Business Engineering (QBE), a management and technology consulting company, has invested more than $1.2 million in turning the former PACE West School building in Gainesville into the company’s new headquarters.
The purchase of the nearly 80-year-old school building on a 9-acre site is the latest milestone in the expansion efforts of QBE, whose primary customers are the federal government and the defense community. The company has added more than 30 positions since the beginning of last year.
Formerly county surplus, the former school building is now categorized as a taxable commercial real estate property while still enabling residents’ access to the site and its fields. QBE has agreed to maintain the historic front façade of the building and contribute funds for science technology, engineering and math (STEM) programs in local schools.
QBE said it recognized the importance of continuing to provide a place for the social and cultural events that had been held in the facility. The company said it still welcomes many community organizations that have held events in the building, including the Boy Scouts, charities, workout classes, churches and a banjo class.2014-10-02T13:47:00+00:00
Most Virginia metro areas see rising unemployment
http://www.virginiabusiness.com/news/article/most-virginia-metro-areas-see-rising-unemployment#When:21:32:00ZUnemployment continued to creep up at most of Virginia’s metro areas in August, according to the Virginia Employment Commission.
The jobless rates in eight of the commonwealth’s 11 metro areas rose during the month in a range of three-tenths of percentage point to half a point.
The three areas where unemployment rates were unchanged in August were Blacksburg-Christiansburg-Radford, Harrisonburg and Bristol.
Only one urban area in the state, Northern Virginia, now has a jobless rate under 5 percent, 4.7 percent. In July, the Charlottesville and Winchester areas also had rates under 5 percent.
While Northern Virginia had the lowest rate, the Danville area continued to have the highest, 8.4 percent.
The biggest jumps in unemployment occurred in the Richmond and Roanoke areas, both of which saw their numbers rise half of a percentage point , from 5.6 to 6.1 percent.
All of the numbers are not seasonally adjusted, meaning they do not reflect seasonal fluctuations in the labor market. The corresponding state and national unemployment rates during August were 6.3 and 5.7 percent, respectively.
The more widely used seasonally adjusted unemployment rate for Virginia in August was 5.6 percent, an increase of three-tenths of a percentage point from July. Virginia’s jobless rate has inched up in three of the past four months.
Here is a breakdown of the metro-area unemployment numbers:
Blacksburg-Christiansburg-Radford: 6.2 percent in August, unchanged from July.
Bristol: 7.2 percent, unchanged.
Charlottesville: 5.2 percent, up from 4.8 percent.
Danville: 8.4 percent, up from 8 percent.
Hampton Roads: 6.2 percent, up from 5.8 percent.
Harrisonburg: 5.5 percent, unchanged.
Lynchburg: 6.6 percent, up from 6.3 percent.
Northern Virginia: 4.7 percent, up from 4.3 percent.
Richmond: 6.1 percent, up from 5.6 percent.
Roanoke: 6.1 percent, up from 5.6 percent.
Winchester: 5.2 percent, up from 4.8 percent.2014-10-01T21:32:00+00:00
Gannett acquires Cars.com for $1.8 billion
http://www.virginiabusiness.com/news/article/gannett-acquires-cars.com-for-1.8-billion#When:20:25:00ZAs of Wednesday, Gannett officially owns Cars.com, a deal it sealed with $1.8 billion in cash.
Under the agreement, Gannett acquired the 73 percent interest it did not already own in Classified Ventures LLC, which previously owned Cars.com.
Cars.com is an independent research site for car shoppers with approximately 30 million monthly visits. According to a statement from Gannett’s CEO Gracia Martore, Cars.com serves approximately 20,000 dealers and in 2014 had a pro forma 2014 revenue of approximately $535 million.
Gannett says the acquisition doubles its digital portfolio. By mid-next year, Gannett plans to split its publishing business from its broadcast and digital side.2014-10-01T20:25:00+00:00http://www.virginiabusiness.com/uploads2/Regency-Square-Investment-Summary-2.jpg
Regency Square sale is sparking buyer interest
http://www.virginiabusiness.com/news/article/regency-square-sale-is-sparking-buyer-interest#When:19:56:00ZFor a shopping mall that has seen its better days, Regency Square in Henrico County is generating lots of interest.
Maybe it’s the bargain basement price. The mall is expected to be sold in the range of $20 million, said Dave Monahan, vice president with JLL (Jones Lang LaSalle) Retail Capital Markets in New York, the real estate firm retained to sell the property.
Or maybe it’s the strong location on north Parham Road, not far from Interstate 64, which offers opportunities for mixed-use and redevelopment.
After two weeks of marketing the property through JLL’s proprietary data base of retail and mall investors — local, regional and national — Monahan says, “We’ve seen a very strong response. Richmond is an attractive market. From a demographic perspective, there is strong household income and a dense population. It is well located real estate that has experienced some neglect over the past several years, which happens sometimes when you have an over-leveraged property that ultimately gets transferred to a special servicer.”
The 39-year-old, 821,000-square foot property, which includes nearly 48 acres, has an appraised value of about $25 million. That’s far below what is owed on an outstanding mortgage of nearly $70 million, with Regency part of an original CMBS (commercial mortgage backed securities) deal that included other properties.
Its most recent owner, the Michigan-based Taubman Centers Inc., gave the title to the mall back to its lender in January 2012 to avoid foreclosure, and it went into special servicing. At the time, Taubman said the move relieved the company of $72.2 million in debt obligations, plus accrued interest. The servicer hired JLL to lease and manage the mall.
Taubman also developed and built Stony Point Fashion Mall in Richmond, which it is selling to Starwood Capital group, a private-equity real estate firm .
Trepp, a real estate analytics firm in New York, is keeping a watch on Regency’s sale, since investors are expected to take a hit.
Yet some potential buyers are viewing Regency as an opportunity. “What we are seeing across the country, there has been an increasing appetite within the enclosed regional mall space within the last 24 to 36 months. The space has received a lot of negative publicity. However, from an investment perspective, there is more liquidity today than there has been over the past three years,” Monahan said.
According to JLL, Regency’s 91 stores (not including anchors J.C. Penney and Sears which own their properties) are 95 percent occupied. The mall had annual sales in 2013 of $76 million, a big drop from sales during the mall’s glory years, which predated the construction of rivals Short Pump Town Center and Stony Point Fashion Park.
According to local real estate sources, the name of one out-of-state real estate investor already has been passed along to JLL, after the investor called to express interest in Regency Square.
Andy Little, a principal with John B. Levy & Co., a boutique real estate investment bank in Richmond, said, “At $20 million and down, I think people will be swarming all over it. My guess is that it will go higher than that.”
So what are retail investors looking for these days? In a nutshell, something that can’t be provided on the Internet.
“We work with lenders and investors,” said Little. “What people look for are those stores anchored by tenants that aren’t going to be impacted terribly by the Internet. Which brings you back to grocery-anchored centers. You can’t get your nails done or your hair cut online. These retailers are generally concentrated near grocery stores. So there’s still a tremendous amount of demand for those grocery-anchored centers.”
Regency doesn’t have a grocery store. With its central location in western Henrico, Little said a buyer might decide to renovate into a mixed-use property with apartments.
Brian Glass, a senior vice president with Colliers in Richmond, says a major renovation into mixed-use could be a hard sell. Regency is a two-story mall with a two-story parking deck. “This is a tough one to redevelop. It’s not like Cloverleaf, where you had to knock down a one-level building on a level paved area,” he said referring to a former mall in Chesterfield County that was redeveloped into a grocery-anchored, mixed-use project. “This is on a hill. It’s more complex since it’s graded.”
Glass also noted that deals may have been cut with current tenants to keep them at the mall, or it could be that tenants could get out of leases if anchors like Penneys or Sears left. Together, they take up more than 300,000 square feet of the mall. Macy’s also has two stores at Regency.2014-10-01T19:56:00+00:00
VSU, four community colleges receive work-force training grants
http://www.virginiabusiness.com/news/article/vsu-four-community-colleges-receive-work-force-training-grants#When:19:43:00ZVirginia State University and four of Virginia’s community colleges have received federal grants totaling $14 million for work-force training programs.
The grants, from the U.S. Department of Labor’s (US DOL) Trade Adjustment Assistance Community College and Career Training initiative, will be used to provide training and credentialing in high-demand STEM-H (science, technology, engineering, mathematics and health) fields.
VSU received $3.2 million to provide training in the wireless industry for veterans, dislocated and underemployed workers. The college will work to accelerate credential completion, implement new instruction models, bolster online and technology-enabled learning, implement apprenticeships, and offer Wireless Technician certificates and associate and baccalaureate degrees.
Lord Fairfax Community College received $3.25 million to create Knowledge to Work, an educational search engine and online portal designed to help workers find free and low-cost learning resources tied to competencies and credentials, including badges, certificates and degrees.
Danville Community College received $2.5 million to incorporate workplace experiential learning in advanced manufacturing in an educational setting. The new program, Retooling America, focuses on realistic, fully integrated training experiences in a full-scale manufacturing facility.
Southwest Virginia Community College received $2.5 million to provide training in advanced manufacturing and carpentry industries through the college’s PluggedIn VA. PluggedIn VA is a program, which provides expedited paths through a GED, postsecondary education and job training to a high demand job.
Thomas Nelson Community College received $2.5 million to work with regional employers and work-force organizations to develop and implement an education and training system to produce multi-skilled technicians in advanced manufacturing.
“These five new grant awards will drive industry driven STEM-H credentials, apprenticeships and on-the-job training to help build the skilled, high tech workforce for Virginia businesses and industry sectors” Gov. Terry McAuliffe said in a statement. “This is another step forward towards my vision of a new Virginia economy, and I congratulate each of the colleges on their success.”2014-10-01T19:43:00+00:00
Richmond’s Fan District designated as one of 10 great neighborhoods
http://www.virginiabusiness.com/news/article/richmonds-fan-district-designated-as-one-of-10-great-neighborhoods#When:16:35:00ZThe American Planning Association in Washington, D.C., said Wednesday that The Fan District in Richmond has been selected as one of 10 great neighborhoods for 2014.
The association cited the Fan’s history, large collections of intact Victorian homes and pedestrian-friendly environment as reasons why the neighborhood won the designation.
Each October during National Community Planning Month, APA’s Great Places in America program names 30 exemplary streets, neighborhoods and public spaces that add value to communities and foster economic growth and jobs.
APA’s selections focus on authentic characteristics that have evolved from years of thoughtful and deliberate planning by residents, community leaders and planners.
"Recognizing these special places highlights the role planning plays in adding value to communities," William Anderson, president of APA, said in a statement.
The group looks for places that represent what it considers the gold standard in terms of having a sense of place, cultural and historical interest, community involvement, and a vision for tomorrow.
Since Great Places in America was launched in 2007, APA has designated 230 neighborhoods, streets and public spaces.
The Fan District, adjacent to downtown Richmond, gets its name from the way some streets physically fan westward from Monroe Park to the Boulevard..
The APA cited its variety of architectural styles including Italianate, Richardson Romanesque, Queen Anne, Colonial Revival, the Bungalow, American Foursquare, Tudor Revival, Spanish Colonial and Art Deco.
The Fan began developing in the late 19th century. According to the APA, construction began on a streetcar line connecting the neighborhood to downtown Richmond. By 1930, the Fan had been transformed into the neighborhood seen today.
The APA also noted the Fan District Association’s role in organizing regular events with community participation including a holiday house tour, Historic Garden Week and a winter carnival.
In addition to The Fan, here are the nine other great neighborhoods for 2014: Adams Morgan in Washington, D.C.; Arbor Hill in Albany, N.Y.; Central West End in St. Louis, Miss.; Fields Corner in Dorchester, Mass.; Fremont in Seattle, Wash.; Greater Belhaven in Jackson, Miss.; La Alma/Lincoln Park in Denver, Colo.; Uptown in Oakland, Calif.; and the Victorian District in Savannah, Ga.2014-10-01T16:35:00+00:00
Prince William County: new hot data center destination
http://www.virginiabusiness.com/news/article/prince-william-county-new-hot-data-center-destination#When:16:25:00ZPrince William County announced Wednesday that it has surpassed 2 million square feet of data center space. Its growing dominance in the data center market comes with the completion of 20 economic development projects that provide a total of $3.6 billion in capital investment and 653 new jobs.
County officials credited a strong fiber optic network, reliable power and attractive tax incentive programs as the reasons behind Prince William’s success in drawing data center business.
"We’re delighted to have surpassed the 2 million square foot data center capacity threshold,” Jeffrey Kaczmarek, executive director, Prince William County Department of Economic Development, said in a statement. “Data center projects yield significant capital investment and highly-skilled, high-paying jobs to Prince William County.”
The county’s large land parcels and multi-use zoned sites, which allow for security buffers, also are helping to attract the centers and cybersecurity and information technology businesses seeking an East Coast presence. Prince William County is located 20 miles from the nation’s capital. With a total land area of 348 miles, it’s the second largest county in the state.
According to a recent study by 451 Research, a New York-based information technology research and advisory company, Northern Virginia will overtake the New York metro as the biggest multi-tenant data center market in the country by the beginning of next year.
Currently Loudoun County is the pre-eminent location in the region for data centers. About 70 percent of the world’s Internet traffic passes through Loudoun, located north of Prince William County. According to data from Loudoun’s economic development office, Loudoun's Data Center Alley is home to 56 data centers, occupying 5.2 million square feet. An additional 1.3 million square feet of space is expected to be completed by the end of this year.
Some of the main players in Loudoun are Equinix, DuPont Fabros Technology, Digital Realty Trust and RagingWire. DuPont Fabros Technology, a real estate investment trust based in Washington, D.C., officially opened its newest data center last week, ACC7, at its 1.6 million-square-foot Ashburn corporate campus.
The region’s dominance in Internet connectivity can be traced back to the 1990s when major companies like AOL and Equinix put down roots in Northern Virginia.2014-10-01T16:25:00+00:00
ICF International names senior vice president
http://www.virginiabusiness.com/companies/article/icf-international-names-senior-vice-president#When:08:15:00ZIT contractor ICF International has named John T. Guda senior vice president and general manager of its commercial health-care business.
Most recently, Guda was senior managing partner and general manager for Global Healthcare & Life Sciences Consulting at Computer Sciences Corp. (CSC). He also was previously president of global delivery and chief technology officer with First Consulting Group Inc. He has held several executive positions with Eclipsys Corpo. (now Allscripts), US Healthcare (now Aetna) and SMS (now Siemens), as well as several entrepreneurial companies.2014-10-01T08:15:00+00:00
Amthor International to create 30 jobs in Southern Virginia
http://www.virginiabusiness.com/news/article/amthor-international-to-create-30-jobs-in-southern-virginia#When:21:47:00ZAmthor International announced plans Tuesday to ramp up production at its Gretna plant and create 30 jobs, according to a statement on its website.
The Gretna-based company says it is the largest and most diverse manufacturer of truck-mounted tanks in the U.S. The family-owned firm already employs more than 100 people at the 86,000-square-foot plant.
Effective immediately, Amthor will be hiring welders, mechanics, and electricians. The expansion will allow the company to operate its two existing shifts at capacity.
The company grew from a 1928 blacksmith shop in Ellenville, N.Y., to two locations today.2014-09-30T21:47:00+00:00
Hollister Inc. dedicates plant expansion in Augusta County
http://www.virginiabusiness.com/news/article/hollister-inc.-dedicates-plant-expansion-in-augusta-county#When:21:34:00ZHollister Inc. on Tuesday held a ribbon-cutting for a $29 million expansion project at its Stuarts Draft plant.
The project increases the overall size of the plant by more than 25 percent, adding 50,000 square feet of additional space.
The project also includes new equipment to automate processes, enhance products and increase production volume.
Hollister is an employee-owned company that develops, manufactures and markets medical devices. It is based in Libertyville, Ill., 40 miles north of downtown Chicago.
Hollister has operated in the Stuarts Draft area of Augusta County since 1979.
“This Hollister expansion project will have an enormous economic impact on Augusta County long-term,” Amanda Glover, the county's economic development director, said in a statement.
The commonwealth competed against Ireland for the project, the governor’s office said when the deal was announced in March 2013.
Then-Gov. Bob McDonnell approved a $250,000 performance-based grant for the project from the Virginia Investment Partnership program, an incentive available to existing Virginia companies.
Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s retraining activities.2014-09-30T21:34:00+00:00
Virginia’s personal income growth ranks 44th in the nation
http://www.virginiabusiness.com/news/article/virginias-personal-income-growth-ranks-44th-in-the-nation#When:21:28:00ZPersonal income in Virginia grew only 1.3 percent during the second quarter this year, a growth rate that ranked 44th in the nation, according to estimates released by the U.S. Bureau of Economic Analysis.
Nonetheless, the second-quarter figure actually represented an improvement for the commonwealth compared with the previous four quarters in which personal income growth ranged from 0.2 to 0.9 percent.
Nationwide, state personal growth accelerated to 1.5 percent in the second quarter from 1.2 percent in the first quarter.
Personal income is the income received by all persons from all sources.
Growth rates among the 50 states and the District of Columbia ranged from 2.7 percent in North Dakota and Nebraska to 1.1 percent in New York and Alaska.
Virginia’s personal income growth rate in the second quarter was slower than all but one of its neighboring states, Maryland, which ranked 47th with a rate of 1.2 percent. The District of Columbia, which was not ranked, had only a slightly better growth rate, 1.3 percent.
North Carolina ranked 20th with a rate of 1.6 percent, followed by West Virginia at 22nd, Tennessee at 23rd and Kentucky at 29th .
Growth rates rose in 36 states, including Virginia. Inflation, as measured by the national price index for personal consumption expenditures, increased to 0.6 percent in the second quarter from 0.3 percent in the first quarter.
The national acceleration in personal income growth was mostly attributable to property income (dividends, interest and rent), which grew 1.8 percent in the second quarter after growing 0.2 percent in the first quarter. Growth in both net earnings and transfer receipts did not accelerate in the second quarter; growing 1.4 percent and 1.6 percent respectively.
Overall, earnings grew $149 billion in the second quarter, slightly less than the $156.2 growth in the first quarter. Earnings grew in 22 of the 24 industries for which BEA prepares quarterly estimates, with the largest nonfarm increases in health care ($17.4 billion), professional services ($17.1 billion), retail trade ($13.7 billion), and durable goods manufacturing ($12.8 billion).
For the second consecutive quarter, the earnings increase in Texas was larger than the increase in every other state. Earnings in Texas, which accounted for 8.9 percent of the nation, grew $19.2 billion in the second quarter. Earnings in California, which accounted for 13.2 percent of the nation, grew $16.9 billion.2014-09-30T21:28:00+00:00