Business news and intelligence for and about the Virginia business email@example.comCopyright 20142014-07-29T18:12:00+00:00
Springfield on shortlist for new FBI headquarters
http://www.virginiabusiness.com/news/article/springfield-on-shortlist-for-new-fbi-headquarters#When:18:12:00ZSpringfield is on the shortlist for the new FBI headquarters along with two sites in Prince George’s County, Maryland. The list was released Tuesday by the General Services Administration.
The GSA Franconia Warehouse Complex in Fairfax County made the list with the Maryland sites where the former Landover Mall and a portion of the site known as the Greenbelt Metro Station are being considered.
“We are pleased that the GSA warehouse site in Springfield is on the short list for the FBI headquarters relocation," Gerald L. Gordon, president and CEO of the Fairfax County Economic Development Authority, said in a statement. "All the sites named today have advantages, but we believe the Springfield site best meets the criteria laid out for the FBI. Our main hope is that the FBI has a location that best allows the bureau and its employees to fulfill their important mission in the most productive and efficient manner possible.”
A news release by the GSA says that the agency will proceed by conducting National Environmental Policy Act (NEPA) reviews on the sites, which will allow opportunities for public comment. During this review, the GSA will “initiate the first of a two-phase Request For Proposal (RFP) seeking qualified developers. The second phase includes the solicitation of development proposals from qualified developers identified in the first phase.”
The FBI, whose current headquarters are located at the nearly 40-year-old J. Edgar Hoover building in Washington, D.C., announced it was looking for a new home last year. Since then, many potential sites have been mentioned in the press, including the Springfield site which garnered support from Virginia politicians such as Gov. Terry McAuliffe and Sens. Mark Warner and Tim Kaine.2014-07-29T18:12:00+00:00
Time for back-to-school shopping
http://www.virginiabusiness.com/news/article/time-for-back-to-school-shopping#When:16:55:00ZIt’s time for the annual back-to-school shopping trip, even if you aren’t in search of school supplies.
Virginia is holding its ninth annual back-to-school sales tax holiday from Friday through Saturday. Under the tax break, school and office supplies that cost $20 or less and clothing and shoes less than $100 are exempt from Virginia’s sales tax, which is 5.3 percent statewide and 6 percent in Hampton Roads and Northern Virginia.
There is no limit on the number of items someone can purchase on the holiday.
Many stores in the state also offer a tax break on non-eligible items, absorbing the cost themselves.
A full list of eligible items can be found at http://www.tax.virginia.gov.2014-07-29T16:55:00+00:00
Homewood Suites by Hilton opens first hotel in Charlottesville
http://www.virginiabusiness.com/news/article/homewood-suites-by-hilton-opens-first-hotel-in-charlottesville#When:18:50:00ZHomewood Suites by Hilton, Hilton Worldwide's international brand of extended stay hotels, announced the opening Monday of its newest property in Charlottesville.
The four-story hotel is the first Homewood Suites in the Charlottesville area and has 150 suites. It is owned by Albemarle Suites LLC and managed by Heritage Hospitality Management Inc.
“Whether in town to visit the nearby historical sites, see the University of Virginia, or traveling for business, conveniences like complimentary internet, daily breakfast and fully-equipped kitchens will have travelers feeling comfortable and at home in our all-suite hotel,” Tim Fitzgerald, the property’s general manager, said in a statement.
The hotel, located at 2036 India Drive, is within walking distance to Seminole Square Shopping Center and the shops at Stonefield. It also is close to The Fashion Square and is less than a mile from The University of Virginia.2014-07-28T18:50:00+00:00
Richmond’s office vacancy falls to new five-year low
http://www.virginiabusiness.com/news/article/richmonds-office-vacancy-falls-to-new-five-year-low#When:15:49:00ZRichmond’s overall office vacancy rate fell to a new five-year low of 13.6 percent in the second quarter, after absorbing 91,467 square feet of space, according to a market report from CBRE|Richmond.
Much of the activity came in Richmond’s Northwest quadrant, which reclaimed the lowest vacancy rate in Richmond, 12.6 percent, from downtown Richmond’s Central Business District (CBD), which stood at 13.2 percent.
While relocations made up the bulk of first-quarter activity, new firms to the market and a number of expansions led to significant absorption last quarter. As Richmond’s office fundamentals return to prerecession levels, development began to pick up, with three new buildings breaking ground and another under construction.
The 180,000-square-foot Medarva complex at West Creek Medical Park in eastern Goochland County broke ground on the first of three 60,000-square–foot medical office buildings with expected delivery in early 2015.
Gumenick Properties has started construction on its first mixed-use building at Libbie Mill in Henrico County totaling 44,378 square feet (21,760 of which is office space). Completion is expected by October.
The 321,500-square-foot Gateway Plaza in downtown Richmond and the 37,658-square-foot Reynolds Commons building in Henrico are well underway and scheduled to open in the first half of next year.
Overall there were no deliveries in in the second quarter, but a total of 440,418 square feet was under construction, with medical office space the biggest driver in the market.
Overall, the asking office rental rate was $19.34 per square foot, with the rate slightly higher for Class A product at $22 per square foot.2014-07-28T15:49:00+00:00
Aldi is expanding in Richmond
http://www.virginiabusiness.com/news/article/aldi-is-expanding-in-richmond#When:14:29:00ZAldi, a German-based based discount grocery chain, continues to prepare for multiple locations in Richmond.
Although it hasn’t opened a store yet, it’s moving forward, with a lease and land acquisitions.
According to Cushman & Wakefield | Thalhimer, the company has bought land for two stores. It purchased a 1.4-acre site from Spirit Master Funding at 1176 Parham Road in Richmond and a 2.9-acre site from South Bay Development at Temple Avenue and Dimmock Parkway in Colonial Heights.
Terms of the acquisitions were not disclosed. Bruce Bigger of Thalhimer handled sale negotiations on behalf of Aldi.
The company also has leased 15,750 square feet of space in the Hanover Village Shopping Center on Mechanicsville Turnpike in Hanover County and has plans for stores in Henrico County. The stores will carry mostly Aldi brands.2014-07-28T14:29:00+00:00
James A. Hyde resigns as CEO and president of NTELOS
http://www.virginiabusiness.com/news/article/james-a.-hyde-resigns-as-ceo-and-president-of-ntelos#When:13:53:00ZJames A. Hyde, the CEO and president of NTELOS Holdings Corp., a wireless phone provider based in Waynesboro, has resigned. The company announced Monday that Rodney D. Dir, a director at the company will head NTELOS during the transition period. “During the transition period, we will complete a thorough search for a new CEO,” Michael A. Huber, NTELOS’ chairman of the board said in a statement.
NTELOS also announced its second quarter financial results for 2014, reporting operating revenue of $117.8 million for this quarter down from $119.9 million for the second quarter 2013. The net income attributable to NTELOS for the second quarter 2014 was $484,000 versus $9.4 million for the same quarter last year. The total adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter 2014 was $34.4 million compared to $41.2 million for the same quarter last year. Diluted earnings were 2 cents per share for the second quarter of 2014, down from 43 cents per share for the second quarter 2013.
Dir, age 56, has been a director at NTELOS since 2011. Most recently, he served as president and CEO of Spectrum Bridge Inc., a wireless spectrum management company. From 2007 to 2011, he was chief operating officer of Firethorn Holdings Inc., a provider of mobile banking and mobile commerce services, which was acquired by Qualcomm Inc. in 2007. Before that, he served as the chief operating officer of Cincinnati Bell Inc., a provider of telecommunication services.
Huber will oversee the company’s strategic relationships and external communications, the company said in a statement.2014-07-28T13:53:00+00:00
Dollar Tree to acquire Family Dollar Stores
http://www.virginiabusiness.com/news/article/dollar-tree-to-acquire-family-dollar-stores#When:13:53:00ZChesapeake-based Dollar Tree Inc. is acquiring Family Dollar Stores Inc. in a $8.5 billion deal that will create a company with 13,000 stores and $18 billion in annual sales.
"This is a transformational opportunity," Bob Sasser, Dollar Tree's CEO, said in a statement. ”Throughout our history, we have strived continuously to evolve and improve our business. This acquisition, which enhances our footprint and diversifies our company, will enable us to build on that progression, and importantly, positions Dollar Tree for accelerated growth.”
Under the terms of the deal, Family Dollar shareholders will receive $74.50 for each share they own, including $59.60 in cash and $14.90 in Dollar Tree stock. The price represents a 22.8 percent premium over Family Dollar's closing price on July 25.
The offer, totaling about $8.5 billion, includes $59.60 in cash and the equivalent of $14.90 in Dollar Tree shares for each Family Dollar share. When debt is included, the deal values Family Dollar at about $9.2 billion.
The combined company will operate 13,000 stores in 48 states and five Canadian provinces employing more than 145,000 workers. Dollar Tree now has 5,080 stores while Family Dollar, based in Matthews, N.C., has more than 8,200 stores.
Dollar Tree said the deal will broaden its reach. The company is the leadering operator of fixed-price point stores, selling merchandise for $1 or less. Family Dollar is a national operator of multi-\price point stores for value-conscious consumers.
Dollar Tree targets a broad range of middle-class customers with stores located primarily in suburban areas, while Family Dollar targets low- and lower-middle income households through urban and rural locations.
Dollar Tree plan to finance the acquisition through a combination of existing cash on hand, bank debt and bonds. The deal is subject to approval by Family Dollar shareholders and customary closing conditions.2014-07-28T13:53:00+00:00
Warner, Gillespie meet in first debate
http://www.virginiabusiness.com/news/article/debate-reveals-gillespies-stand-on-the-pill#When:19:55:00ZThe first debate between Sen. Mark Warner and Republican challenger Ed Gillespie was nearly over before either man came close to making news. When Warner turned a discussion of same-sex marriage into remarks about women’s reproductive rights, Gillespie said he thinks women should be able to buy contraceptives “at the drug store and the grocery store” without a prescription. When the candidates came down from the stage, Gillespie said that really was something new from his campaign.
“I’ve never really said it before. I’ve never been asked before, but that is my view,” he told reporters. “I think that makes a lot of sense when the medical society responsible for determining whether it should be or should not be a prescription drug recommends that it be made available over the counter. I think that would make life a lot easier for a lot of adult women.”
Over the counter medications are not covered by health insurance.
The debate was at the Virginia Bar Association’s 124th Summer Meeting, held this weekend at The Greenbrier in White Sulphur Springs, West Virginia. It was the first VBA summer meeting at The Greenbrier since 2005, but moderator Judy Woodruff suggested it might start a trend of holding political debates in neighboring states.
The bar association has a tradition of inviting statewide candidates to debate at its annual meeting. Woodruff, co-anchor and managing editor of the PBS NewsHour, moderated last summer’s gubernatorial debate between Ken Cuccinelli and Terry McAuliffe. So far, this year’s senate race has generated much less interest than that contest, which McAuliffe eventually won by less than three percentage points. A recent Roanoke College poll shows Warner with a 25 point lead over Gillespie. Real Clear Politics, an organization that averages recent polling to try to give a clearer picture of political races, puts Warner 19 points ahead. Gillespie has never been closer than 14 points – and that was in a Rasmussen poll taken in January.
Warner, Virginia’s governor from 2002 to 2006, holds a significant fundraising advantage over Gillespie. Warner has raised nearly $14 million and has nearly $9 million on hand. Gillespie has raised just over $4 million and has just over $3 million on hand.
Robert Sarvis, the Libertarian candidate in the race, was his party’s candidate for governor last year. As it did last year, the bar association left Sarvis out of the debate because the association believes he has virtually no chance of winning. He collected less than 7 percent of the vote in the gubernatorial election.
Gillespie’s revelation of his opinion on contraceptives was a rare moment in a debate that consisted mostly of each candidate trying to tie the other to unpopular people and policies. Gillespie constantly yoked Warner to President Barack Obama, the Affordable Care Act and what Gillespie sees as diminishing American influence around the world because what he characterized as “errors of omission” in foreign policy. The bipartisan Gov. Warner wouldn’t recognize the partisan Sen. Warner, Gillespie repeated. Warner tied Gillespie to Enron’s scandals, to the Bush administration’s deficit increases and Bush’s decision to invade Iraq. Warner painted the election as a contest between his moderate, problem solving self and Gillespie the “partisan warrior” and lobbyist. Gillespie claimed his lobbying experience will make him a more effective senator.
“I’ve advised people on how you get things done with bipartisan support in Washington D.C. and was very effective at doing that,” he said.
“It’s not about being a lobbyist,” Warner said. “It’s also about who you lobby for – Enron, largest corporate fraud in modern American history. That’s not the kind of solution I believe to partisan gridlock and the problems we’ve got in Washington – and this election will be about that.”
The Hill, which covers nothing but Congress, has put numbers to the common perception that the current Congress has accomplished very little. The 113th Congress has passed 126 laws so far, according to The Hill’s count, but only 99 laws The Hill considers “substantive and not related to ceremonial recognitions.” The previous Congress had passed 144 laws at the same point, 105 of them substantive. Substantive laws, in this count “have some tangible impact on policy, even if it is as minor as a land transfer.”
Repeatedly, Gillespie attacked Warner for his vote supporting the Affordable Care Act, saying the law needs to be replaced. When asked by reporters what he would replace it with, Gillespie’s list overlapped with changes Warner said on the stage that he wants, including bringing more competition to the market by letting companies sell policies across state lines. Gillespie said a recent federal appeals court panel decision that holds federal ACA subsidies unconstitutional in states that, like Virginia, have not set up exchanges, puts Virginians’ health coverage at risk. Warner pointed out that another appeals court disagreed and used it as another opportunity to tie Gillespie to a dysfunctional Washington culture.
“I support the Virginia court,” Warner said. “My opponent supports the DC court.”
While much of the debate was an exercise in spin, the candidates did come down clearly on some issues. Warner said he is for marriage equality. Gillespie said, “I do not believe in government sanction of same sex marriage.”
Warner supports the Import Export Bank. Gillespie does not.
Gillespie would not say whether he wants the Supreme Court’s Roe v. Wade decision legalizing abortion overturned, even when Warner asked him directly, implying his opinion is irrelevant.
“There’s not going to be a vote to overturn Roe versus Wade,” Gillespie said. “That’s a Supreme Court decision. I’m running for the U.S. Senate.”2014-07-26T19:55:00+00:00
VCU Real Estate Circle of Excellence names new members
The Kornblau Real Estate Program at the Virginia Commonwealth University School of Business has announced new members to its Real Estate Circle of Excellence.
The circle is a group of real estate executives that supports the real estate program’s educational and research programs, offers student internships and scholarships and organizes the annual VCU Real Estate Trends Conference.
The new members are: David R. Auman, Capstone Contracting Co.; Eileen Dahlstedt , Luck Development Partners; Andrea J. Harlow, Williams Mullen; Paul Heckman, Keiter; Jane Henderson, Virginia Community Capital;Jeffrey N. Lighthiser, Draper Aden Associates; Diane Linderman, Vanasse Hangen Brustlin Inc.; Ryan Lingerfelt, Lingerfelt Development; Brian Marron, Spotts Fain; James T. Napier, Napier Realtors ERA; Sam Reynolds, Apple REIT; and Drew Wiltshire, Thalhimer Realty Partners.
VCU’s real estate Program, part of the Department of Finance, Insurance and Real Estate, offers master’s and bachelor’s degrees in real estate. VCU was the first university in the state with a bachelor’s degree in real estate.2014-07-25T18:12:00+00:00
Metro’s Silver Line opens
http://www.virginiabusiness.com/news/article/metros-silver-line-opens-sat.-july-26#When:18:06:00ZThe opening of Metro’s Silver Line will transform land use in Northern Virginia, according to the Coalition for Smarter Growth. "That transformation will be most prominent in Tysons where a traffic-choked, suburban office park with two large malls is planned to become a walkable, urban center with 100,000 residents and 200,000 jobs, but it will also be seen in Reston, Herndon and Loudoun,” said the group’s Executive Director, Stewart Schwartz.
In fact, 84 percent of new office development in the pipeline in the Washington, D.C. region is being built within a quarter mile of a Metro station, the group said in a press release.
Fairfax drew from the successful experience of Arlington County when creating the transit-oriented development (TOD) plan for Tysons. According to the coalition, Arlington County's smart growth planning for its Metro corridors brought a decline in traffic on surrounding arterial streets even as millions of square feet of development and thousands of housing units have been added. The TOD corridors also generate more than 50 percent of Arlington's tax base on just 11 percent of the county's land area.
The new Tysons development also will improve water quality, Stella Koch, Northern Virginia conservation associate for the Audubon Naturalist Society, said in a statement. “We achieved a win-win in Tysons where developers will construct millions of square feet of development while providing levels of stormwater management we've never had -- controlling the first 1 inch of stormwater, representing 90 percent of the typical rain events,” added Koch, a member of the Tysons Task Force, which negotiated the initial Tysons plan.
Schwartz noted that many organizations worked for over 25 years to promote a regional vision of transit and transit-oriented development. “So the opening of the first phase of the Silver Line and the accompanying redevelopment at these first five stations represents an important smart growth milestone," he said. “This is simply the most efficient way to grow and enhance our quality of life, by managing traffic, reducing air and water pollution and greenhouse gas emissions, and meeting overwhelming market demand for walkable, transit-accessible neighborhoods."2014-07-25T18:06:00+00:00
Anthem offers online doctor visits to members
http://www.virginiabusiness.com/news/article/anthem-offers-online-doctor-visits-to-members#When:09:05:00ZAnthem Blue Cross and Blue Shield members can now use their smartphones, tablets or computers for doctor visits.
Anthem is now offering members use of LiveHealth Online (livehealthonline.com), which provides doctor visits 24 hours a day all year.
LiveHealth, which launched in 2013, offers live video visits with a board-certified doctor to discuss non-emergency health issues. In many states, including Virginia, doctors are able to write prescriptions.
“We understand and continually promote the importance of the physician-patient relationship for our members,” Dr. Karen Remley, Anthem’s chief medical officer, said in a statement. “However, there are instances when it’s after hours or difficult to get to a doctor’s office.”
Customers who do not have Anthem as a health plan can pay for a doctor’s visit, which is $49. Anthem members pay what they would for a normal doctor's visit under their health plan.
A summary of each doctor’s visit on LiveHealth can be forwarded to the patient’s primary care physician with the patient’s permission.
LiveHealth can be accessed on the company’s website or an app.2014-07-25T09:05:00+00:00
First phase of expanded Tysons Corner Center opens
http://www.virginiabusiness.com/news/article/first-phase-of-expanded-tysons-corner-center-opens#When:19:44:00ZMacerich opened the first phase of its mixed-use urban expansion Thursday at Tysons Corner Center, a shopping mall in McLean that draws tens of thousands of visitors each year.
The opening included Tysons Tower, a 22-story office building; a new mall entrance that connects the mall with the new development and a 1.5-acre plaza set 32 feet above street level that provides direct access to the Metro Silver Line that’s opening on Saturday, July 26.
According to Macerich, a real estate investment trust based out of Santa Monica., California, Tysons Tower is opening with more than 75 percent of its square footage leased. It's anchor tenant Intelsat, a provider of satellite services, is taking up 216,000 square feet.
The expansion also will include a 300-room Hyatt Regency Hotel and 430-unit residential tower, VITA. Those projects are scheduled to open by the first quarter of 2015.
Macerich is the master developer of Tysons Corner Center. The development team for the new Tysons Tower includes Hines (development manager), Gensler (architect), RTKL (master planner) and CBRE (leasing agent). Landscape architects Sasaki Associates Inc. and Rios Clementi Hale Studios designed the Plaza.
Macerich, along with Alaska Permanent Fund Corp., has owned Tyson's Corner Center in Northern Virginia since 2005. According to the company, the mall employs 10,000 people and is one of the “largest concentrations of retail on the East Coast outside of New York City.”2014-07-24T19:44:00+00:00http://www.virginiabusiness.com/uploads2/FHRC_South_Ren.jpg
Retirement community continues expansion in Roanoke County
http://www.virginiabusiness.com/news/article/retirement-community-continues-expansion-in-roanoke-county#When:19:29:00ZFriendship Retirement Community will expand its rehabilitation services in Roanoke County with a new $13 million, 73,000-square-foot-facility.
The company said Thursday that work will begin soon on Friendship Health and Rehab Center South located at 5647 Starkey Road. The new facility will offer 120 private rooms. A groundbreaking ceremony will be held at 3 p.m., Sat. Aug. 2, and will include remarks from Virginia Sen. Mark Warner.
Turner-Long Construction Co. will serve as the general contractor. Construction is expected to take about 18 months, with completion in the fall of 2015.
“We are excited to be able to bring this level of rehabilitative care to Southwest Roanoke County,” Russ Barksdale, president and CEO of Friendship Retirement Community, said in a statement. “This means that the citizens here and in the surrounding areas now will have access to the highest level of rehabilitative skilled nursing care available without having to leave the area.”
According to the company, demand for on-site, patient rehabilitation has outgrown Friendship’s 373 beds available in the company’s current space on Hershberger Road, already the largest in Virginia. “This new facility will give us the room we need to better serve our patients,” said Sue Devine, administrator at Friendship Health & Rehab. “So many can’t wait to get out of a hospital setting, and while this will still be an inpatient facility, we want to help those acute care patients make quick recoveries so that they can go home sooner and restart their lives.”
Friendship Health and Rehab offers skilled and immediate nursing care, sub-acute care, inpatient physical, speech and occupational rehabilitation, memory care, psychiatry and palliative care.2014-07-24T19:29:00+00:00
Survey shows Virginia voters are split on Medicaid expansion
Registered Virginia voters are split on Medicaid expansion (46% oppose, 42% favor), but 61 percent oppose potential unilateral action by Gov. Terry McAuliffe to expand the program, according to a Roanoke College Poll. The poll interviewed 566 registered voters in Virginia between July 14 and July 19 and has a margin of error of + or - 4.2 percent.
A majority of those polled said McAuliffe should work with the General Assembly to try to expand Medicaid rather than take action on his own. Even 28 percent of those who favor expansion said that McAuliffe should not act alone.
Political independents are opposed to both expansion (46 percent – 37 percent) and to unilateral action (64 percent - 21 percent). While self-described moderates favor Medicaid expansion (52 percent to 35 percent), they are opposed to unilateral action by McAuliffe (55 percent to 31 percent).
On another issue, a majority of respondents (54 percent) think that former Gov. Bob McDonnell, whose trial begins next week, did something wrong in his interactions with Jonnie Williams, the former CEO of Star Scientific compared to 20 percent, who think he did nothing wrong.
Opinion regarding the resignation of former state Sen. Phillip Puckett (D-Russell) is split (23 percent think he did nothing wrong, 21 percent think he did something wrong), but a majority was unsure or did not know enough to have an opinion. There is a strong consensus, however, that their actions are typical of elected officials (76 percent) rather than uncommon events (11 percent).
The survey showed that these events tend to be viewed through partisan lenses. Two-thirds (67 percent) of Democrats think McDonnell did something wrong, compared to 56 percent of independents, but 38 percent of Republicans also thought he did something wrong (31 percent of Republicans said he did nothing wrong).
Regarding Puckett's resignation, Democrats (31 percent) again were most likely to say he did something wrong, followed by Independents (24 percent) and Republicans (24 percent). There were virtually no partisan differences in seeing these events as typical elected official behavior.
"It seems that opinion is turning against McDonnell, although there may be a distinction between thinking he did something wrong and thinking he did something criminal," Dr. Harry Wilson, director of the Institute for Policy and Opinion Research at Roanoke College, said in a statement. "This poll was focused on the ethics rather than the legality."
The nonpartisan institute operates a computer-assisted-telephone-interview call center on the Roanoke college campus. In addition to telephone polls, IPOR conducts mail, internet and personal interview surveys.2014-07-24T16:54:00+00:00
Hall Associates Inc. will represent Va. Tech Corporate Research Center
http://www.virginiabusiness.com/news/article/hall-associates-inc.-will-represent-va.-tech-corporate-research-center#When:20:22:00ZVirginia Tech Corporate Research Center (CRC) in Blacksburg has selected Hall Associates Inc. in Roanoke to represent the CRC in marketing efforts nationwide to major regional and national tenants. Hall’s Frank Martin and Jim Deyerle will head the real estate company’s efforts.
Adjacent to the Virginia Tech campus, the CRC is home to 162 research, technology and support companies and more than 2,700 employees. Its 230-acre park has 29
buildings and one million square feet of office and research space. An expansion on the northwest side of the park has provided enough land to construct an additional 19
buildings in Phase II of the development.
Stuart Meredith, principal broker of Hall Associates said in a statement, “We are very excited to be a part of the innovation ecosystem at the CRC and to be playing a role in this vital
business community in Southwest Virginia.”
Founded in 1975, Hall Associates specializes in sales and leasing brokerage for owners and tenants, as well as management of industrial, office, retail and multi-tenant properties in Southwest Virginia.2014-07-23T20:22:00+00:00
General Dynamics, Northrop Grumman report lower sales
http://www.virginiabusiness.com/news/article/general-dynamics-northrop-grumman-report-lower-sales#When:19:50:00ZFalls Church defense contractors General Dynamics Corp. and Northrop Grumman Corp. on Wednesday both reported lower sales in the second quarter.
Both companies, however, raised their profit outlook for the year as they cut costs in the face of reduced federal government spending.
General Dynamics reported $7.47 billion in revenue for the quarter, down 4.6 percent from sales during the second quarter last year.
Profit fell 15.5 percent to $541 million, or $1.58 per diluted share, compared with $640 million, or $1.81 per diluted share, the previous year.
The quarter included a $105 million charge in discontinued operations for the sale of a business within its Combat Systems unit.
The company raised its earnings predictions for the year from a range of $7.05 to $7.10 per share to a range of $7.40 and $7.45.
Northrop Grumman’s sales fell 4 percent to $6.04 billion in the second quarter. Profit at the company went up, however, growing 5 percent to $511 million, or $2.37 per diluted share, compared to $488 million, or $2.05 per diluted share.
Northrop Grumman repurchased 6 million of its shares during the second quarter.
The company raised its diluted earnings per share predictions for the year to a range of $9.15 to $9.35 per share, compared with a range of $8.90 and $9.15 per share a year earlier.2014-07-23T19:50:00+00:00http://www.virginiabusiness.com/uploads2/20110924_1536-1_NEW.jpg
New Boston Fund sells Rockwell Collins building in Sterling
http://www.virginiabusiness.com/news/article/new-boston-fund-sells-rockwell-collins-building-in-sterling#When:17:48:00ZNew Boston Fund Inc. has sold Rockwell Collins, a 178,234-square-foot, Class-A office, research and development facility at TransDulles Centre in Sterling to American Realty Capital Properties, Inc.
Terms of the deal were not disclosed.
“It was an opportune time to sell given the strong appetite for long-term, single-tenant, net leased properties,” David Langol, vice president of asset management for New Boston Fund, said in a statement. “We developed this property as a build-to-suit for Rockwell Collins and given the remaining lease term, and quality of the asset and the tenant … the investor market recognized the value of this asset.”
After winning a competitive bidding process to develop the building, New Boston, a private equity real estate investment, development and management firm based out of Boston, completed the office and manufacturing facility for Rockwell Collins Simulation & Training Solutions Group in 2011.
That same year, the building’s design was named, “Best Building, Non-Institutional Facility,” at the Best of NAIOP Northern Virginia Awards.
Rockwell Collins is a communication and aviation electronics solutions company. Its lease runs through 2022 and is subject to a five-year renewal.
TransDulles Centre was originally purchased by New Boston in August 2007. At that time, the property consisted of twin three-story Class-A office buildings totaling 149,000 square feet, as well as 558 surface parking spaces and 18 acres of adjacent land zoned for office/warehouse development. The build-to-suit for Rockwell Collins encompasses nearly 13 of the 18 acres.
Rockwell Collins is located five minutes north of Dulles International Airport in the Route 28 North submarket, and less than one mile from the interchange at VA Route 28, the major north/south highway in the region.
Holliday Fenoglio Fowler represented New Boston in the transaction.
American Capital Realty Partners, based out of Irvine, California, is the investment and services arm of American Capital Realty Group, one of the largest privately owned multifamily property management companies in Southern California and Central Colorado.
O’Bannon named chair of Greater Richmond Partnership
Henrico County Supervisor Patricia S. O’Bannon has been named chair of the Greater Richmond Partnership’s Board of Directors.
Bobby Ukrop, president and CEO of Ukrop’s Homestyle Foods, was elected vice chair of the board.
The partnership also announced it has elected three new members to its board: including Ukrop; Steven Markel, vice chairman of the Markel Corp.; and Daniel Weekley, vice president of corporate affairs for Dominion Resources.2014-07-23T16:35:00+00:00http://www.virginiabusiness.com/uploads2/image003.jpeg
Libbie Mill Development gets first office lease
http://www.virginiabusiness.com/news/article/libbie-mill-development-gets-first-office-lease#When:16:25:00ZRichmond Memorial Health Foundation has signed the first lease for office space at Libbie Mill, a new 80-acre, mixed-use community under construction between West Broad Street and Staples Mill Road near Libbie Avenue.
The nonprofit, a regional, private health legacy foundation that gives grants to local health care providers, will occupy about 9,454 square feet of space on the second floor of a two-story, retail and office building.
The foundation is currently located in a smaller space at Bayberry Court in Henrico County. It also houses the Nurse Leadership Institute of Virginia, a statewide leadership development program for nurse managers, and the Greater Richmond Patient Centered Medical Home Collaborative, a network of the region’s health safety net providers who are working to implement a national model of care to serve the region’s uninsured and underinsured.
The foundation’s new home at Libbie Mill will be located near one of the community’s entrances on Staples Mill Road. The building also will serve as headquarters for Gumenick Properties, a Henrico-based development and management company that’s developing Libbie Mill.
Work on the new office building should be completed in September with occupancy to follow in October.
CBRE|Richmond represents Gumenick Properties for leasing of retail and office portions at Libbie Mill. CBRE|Richmond represented Gumenick Properties, and Cushman & Wakefield|Thalhimer represented the foundation.
“The midtown location allows us to connect easily with people and organizations across Central Virginia as we work to improve health and health care throughout our region,” Jeff Cribbs, president and CEO, Richmond Memorial Health Foundation, said in a statement.
Libbie Mill is located close to I-64 and I-95. When complete, the community is projected to have 994 homes for sale and 1,096 apartments. Libbie Mill also will have a total of about 160,000 square feet of retail space and 50,000 square feet of office space. The neighborhood is estimated to take 10 years to complete.
Southern Season of Chapel Hill, North Carolina, is Libbie Mill’s first commercial tenant. It will operate a 53,000-square-foot gourmet food store that’s scheduled to open on July 31. The company’s first store in the Richmond market will offer an extensive wine selection, housewares, cookware, candy, cut flowers, a coffee shop and ice cream shop, tasting stations and take-out prepared food among other items. The store also will feature a full-service restaurant and culinary school.
Also coming soon is a three-story, 60,000-square-foot Libbie Mill library that will replace the area’s Dumbarton Library. Located next to a two-acre lake, it’s expected to be under construction this summer with an opening slated for November 2015. Gumenick Properties donated the land for the library.2014-07-23T16:25:00+00:00
More Hispanic and Latino students attending Virginia’s community colleges
http://www.virginiabusiness.com/news/article/more-hispanic-and-latino-students-attending-virginias-community-colleges#When:16:16:00ZAn analysis by the Virginia Community College System (VCCS) has found that Hispanic and Latino students are attending the state’s community colleges in record numbers.
The report, presented to the State Board for Community Colleges, says that Hispanic and Latino student enrollment grew nearly 58 percent from 2009-2013 and the number of Hispanic graduates increased 150 percent during that time period.
The analysis also found that the number of Hispanic students enrolled in science, technology, engineering and mathematics (STEM) programs has doubled over the past five years. More than one in six Hispanic students are currently enrolled in such programs, the report says. Their grade point averages (GPA) are also rising, with three quarters of Hispanic students earning a GPA of 2.0 or better in 2012-13, compared to 70 percent five years ago.2014-07-23T16:16:00+00:00
Nautilus equipment plant to be expanded
http://www.virginiabusiness.com/news/article/nautilus-equipment-plant-to-be-expanded#When:14:59:00ZA strength and cardio product company will spend $2 million to expand a Nautilus manufacturing plant in Grayson County, creating 250 jobs.
Core Health & Fitness LLC has purchased the former Med-Fit facility in the Town of Independence, which had been manufacturing Nautilus equipment. Core Health & Fitness, which manufactures StairMaster machines, indoor cycling bikes, and Star Trac strength and cardio equipment, will manufacture both Nautilus equipment and its strength training product lines that are currently being manufactured in China.
“We are excited to be able to acquire the Nautilus commercial licensing rights and to be able to manufacture world-renowned strength products in Independence, Virginia,” Dustin Grosz, Core Health & Fitness president and chief operating officer, said in a statement. “The skilled workforce has consistently built some of the best, if not the best, strength fitness equipment in the world. This campus will become our major, worldwide strength manufacturing hub.”
Nautilus equipment has been manufactured at the plant in Independence for 34 years. Med-Fit had gone through two rounds of layoffs affecting 100 employees, according to the Galax Gazette. Normal production at the plant stopped in April, but some former Med-Fit workers were called back to work last week, the newspaper reported.
Gov. Terry McAuliffe approved a $350,000 grant from the Governor’s Opportunity Fund to assist Grayson with the investment. The Virginia Tobacco Commission approved a $1 million grant for the project.2014-07-23T14:59:00+00:00
PBMares hires director of practice growth
http://www.virginiabusiness.com/companies/article/pbmares-hires-director-of-practice-growth#When:14:43:00ZVirginia-based accounting and consulting firm PBMares has hired Edward Warren as director of practice growth, a new position.
Warren, who has 25 years of experience in business development, will be responsible for growing the company’s practice areas, building out the sales pipeline, and lead generation. He also will oversee the firm’s marketing and communications.
Warren previously was a manager responsible for marketing at Smith Elliott Kearns & Co. LLC, an accounting company with offices in South Central Pennsylvania and Hagerstown, Md.
He has served on the boards of United Way, Capitol Theatre Foundation and Greencastle-Antrim Chamber of Commerce.2014-07-23T14:43:00+00:00
Executive order designed to boost state contracts for small companies
http://www.virginiabusiness.com/news/article/executive-order-designed-to-boost-state-contracts-for-small-companies#When:20:25:00ZGov. Terry McAuliffe on Tuesday signed an executive order designed to increase state procurement opportunities for small, women and minority-owned (SwAM) businesses.
The executive order directs state agencies to award more than 42 percent of their contracts to small businesses. This goal is the highest requirement since Virginia started tracking its spending with such businesses in 2004, according to the McAuliffe administration.
The order also creates a “micro business” designation for businesses that have fewer than 25 employees and less than $3 million in annual revenue in the three years prior to certification. The administration says this covers 80 percent of SwAM-certified businesses.
The order also increases the value of state contracts that are set aside for small businesses to $100,000 for goods and nonprofessional services and up to $50,000 for professional services when the quoted price is “fair and reasonable.” It also requires that purchases under $10,000 be set aside for micro businesses if the price is fair.
McAuliffe’s order directive also encourages prime contractors to use SwAM businesses for subcontracts and requires them to come up with a procurement plan.2014-07-22T20:25:00+00:00
Union Mortgage Group names president and CEO
http://www.virginiabusiness.com/news/article/union-mortgage-group-names-president-and-ceo#When:19:52:00ZUnion Mortgage Group Inc., a non-bank affiliate of Richmond-based Union Bankshares Corp., has hired James G. "JG" Carter III as its president and CEO.
Carter has more than 30 years of experience in the mortgage industry starting with United Virginia Mortgage. His mortgage banking background includes retail, sales and operations, risk management, fraud prevention and governance.
Carter is a member of the Mortgage Bankers Association of America. He also is on the board of Housing Virginia, a nonprofit that focuses on affordable housing issues in Virginia. Carter is a past president of the Virginia Mortgage Lenders Association and has served on the association's board of directors.
Union Bankshares is the holding company for Union First Market Bank, which has 131 branches and 200 ATMs throughout Virginia.2014-07-22T19:52:00+00:00
APM Terminals to sell Portsmouth facility
APM Terminals is selling its state-of-the-art marine terminal in Portsmouth.
Affiliates of investment funds Alinda Capital Partners, an infrastructure investor, and pension fund Universities Superannuation Scheme Ltd. (USS), plan to purchase the facility in the third quarter.
The sale is not expected to affect the Virginia Port Authority’s current 20-year lease of the facility, the terminal’s staff, or customers of the facility.
APM Terminals, a unit of the A.P. Moller-Maersk, built the $540 million deep-water marine terminal in 2007. At the time it was the most technologically advanced marine terminal in North America.
After expected container traffic failed to materialize in the weak economy, APM Terminals agreed in 2010 to lease its facility to the Port of Virginia.
Christian Moller Laursen, CFO of APM Terminals, said the terminal no longer fits with the port operator’s global strategy. “We have chosen to sell our Portsmouth terminal because we are a non-operating lessor of the facility to the Commonwealth of Virginia for the next 16 years,” Laursen said in a statement.
Once the sale is completed, the terminal will be renamed Virginia International Gateway.2014-07-22T16:19:00+00:00
Three new executives named to Virginia Tech Board of Visitors
http://www.virginiabusiness.com/companies/article/three-new-executives-named-to-virginia-tech-board-of-visitors#When:20:34:00ZEffective this month, three new members have joined the Virginia Tech Board of Visitors.
Wayne Robinson, Mehul Sanghani and Horacio Valeiras were recently appointed to the board by Gov. Terry McAuliffe. All three appointees are Virginia Tech alumni.
Robinson is the chief diversity practice leader at Greensboro, N.C.-based Wyndham Mills International; Mehul Sanghani is the founder and president of Octo Consulting Group in McLean; and Horacio Valeiras is a principal of HAV Capital LLC, headquartered in La Jolla, Calif.
Michael Quillen, the founder and retired chairman of Bristol-based Alpha Natural Resources, has also been re-appointed to the board. Quillen, also a Virginia Tech graduate, served two years as rector during his first term on the Board of Visitors.
Their terms on the Board of Visitors run until June 30, 2018.2014-07-21T20:34:00+00:00http://www.virginiabusiness.com/uploads2/BLVD_-_Reston_Station_email.jpgA rendering of BLVD at Reston Station | Photo courtesy HFF
HFF arranges $95 million financing for BLVD at Reston Station
http://www.virginiabusiness.com/news/article/hff-arranges-95-million-financing-for-blvd-at-reston-station-apartments#When:20:19:00ZHFF, a provider of commercial real estate and capital markets services, announced Monday it has secured $95 million in financing for BLVD at Reston Station, a 21-story luxury apartment building that will be atop the Wiehle-Reston East Metro Station in Reston.
HFF worked on behalf of Comstock Partners to place the 48-month construction loan with Citizens Bank.
The building will be the inaugural phase of the Reston Station mixed-use project that will include 550,000 square feet of Class A office space, retail, a 200-room hotel and another multi-family residential building. The residential units will average 868 square feet each and will include studio, one-, two- and three-bedroom floor plans. Community amenities will include a rooftop swimming pool, fitness facility, yoga room and private entertaining area. Preleasing for BLVD at Reston Station will begin in late 2015.
Wiehle-Reston East Metro Station is the last stop on Phase I of the new Silver Line that’s debuting Saturday.2014-07-21T20:19:00+00:00
Virginia’s oyster population continues surge
http://www.virginiabusiness.com/news/article/virginias-oyster-population-continues-surge#When:19:38:00ZThere’s good news for oyster fans: last year’s Virginia oyster harvest was the largest in the commonwealth since 1987.
Virginia’s oyster harvest grew 25 percent in 2013 to 504,000 bushels.
Harvesting from public oyster grounds grew 42 percent to 213,152 bushels last year, while the harvest at privately leased growing areas grew 12.6 percent to 290,961 bushels.
The state has been undergoing an oyster replenishment program to save Virginia’s oyster population, which dwindled to 23,000 bushels in 2001. The Virginia Marine Resources Commission’s program includes rotational oyster harvest areas and the deployment of fossil oyster shells from under the James River to public oyster grounds. These shells become home for oyster larvae that attach to them during spawning.
Oysters themselves do their part to help clean the Chesapeake Bay. Each oyster can filter up to 50,000 gallons of water a day, according to the commission.
“State investments in our oyster replenishment program are showing positive results,” Molly Joseph Ward, Virginia Secretary of Natural Resources, said in a statement. “Keeping this momentum is vital to the growth of the oyster industry. Our comprehensive fisheries management programs, combined with private sector investments, are having a very positive impact for the Bay, consumers and the economy. We need to keep moving forward.”2014-07-21T19:38:00+00:00
Skanska USA sells Arlington office property for $90 million
http://www.virginiabusiness.com/news/article/skanska-usa-sells-arlington-office-property-for-90-million#When:15:21:00ZSkanska USA Commercial Development has agreed to sell a 139,394-square-foot office property in Arlington County to an institutional client of Invesco Real Estate. According to the Washington Business Journal, the sales price is $90 million.
Skanska said in a press release that the property, office and retail space at 1776 Wilson Blvd., is 90 percent leased.
The company acquired the site in May 2010 and self-financed all of the development costs for the five-story, Class A project. Completed in November 2012, the property was the first commercial office building in Arlington to achieve LEED platinum (the highest sustainable building rating) under the U.S. Green Building Council’s Core and Shell certification program.
The building offers a fitness center, a green roof, which reduces storm water over flow, and a photovoltaic array which produces more than 1 percent of the building’s total energy use.
Besides Skanska, current tenants include LMO Advertising, National Association of Drug Stores and Pier 1 Imports.2014-07-21T15:21:00+00:00http://www.virginiabusiness.com/uploads2/Knepper.jpeg
Kris Knepper joins CBRE|Hampton Roads as a vice president
http://www.virginiabusiness.com/companies/article/kris-knepper-joins-cbrehampton-roads-as-a-vice-president#When:15:13:00ZCBRE| Hampton Roads has hired Kris Knepper to join its investment properties team as a vice president.
A commercial real estate professional for more than 11 years, Knepper has experience in commercial construction, development, acquisition and finance.
In his new position, he will help buyers and sellers meet tinvestment property goals.
Knepper received his bachelor's degree in mathematics from Allegheny College in Meadville, Pa., and he has a master's degree from Old Dominion University in Norfolk. He is a member of the International Council of Shopping Centers.2014-07-21T15:13:00+00:00
Cushman & Wakefield | Thalhimer reports new lease transactions in Hampton Roads
http://www.virginiabusiness.com/news/article/cushman-wakefield-thalhimer-reports-new-lease-transactions-in-hampton-roads#When:15:05:00ZCushman & Wakefield | Thalhimer reports several new lease transactions in Hampton Roads.
According to the commercial real estate company, the largest transaction was for Homeland Security Solutions, which renewed its lease of 19,500 square feet at 3130 NASA Drive in Hampton. Andy Dallas and Bobby Phillips handled the lease negotiations.
In other deals, S & V Warehousing leased 18,000 square feet at 801 48th Street in Newport News. Phillips handled the lease negotiations.
Kuerig Green Mountain leased 17,000 square feet of industrial storage space in the Ark Group Building at 1010 Obici Industrial Blvd. in Suffolk. William Throne handled the lease negotiations.2014-07-21T15:05:00+00:00
Corporate Executive Board signs for 350,000 square feet at new office tower in Arlington
The Corporate Executive Board (ÇEB) and the governor’s office announced a new global headquarters operation for CEB on Monday that will create 800 news jobs and give a new office tower in Rosslyn an anchor tenant.
CEB has signed an agreement to lease about 350,000 square feet of space in The JBG Cos. Central Place development at 1201 Wilson Blvd. According to the governor’s office, the company plans to invest $149.7 million in a headquarters operation that supports future workplace plans and can accommodate CEB’s growing global requirements. The member-based advisory company, which works with more than 10,000 organizations around the world, plans to move from two buildings nearby in Rosslyn to its new headquarters in 2018. The building will be named "CEB Tower." Company spokesperson Leslie Tulio said the relocation will consolidate staff into one building.
Tom Monahan, CEB chairman and CEO, said in a statement that as the company engaged in long-range financial, workforce and real estate planning, “it became clear that this move represented a rare opportunity to secure state-of-the-art space for our growing employee population while realizing attractive economic leverage. Beyond pure economics, employee engagement and productivity were key considerations in our CEB Tower decision. We wanted to ensure that our team would have access to all the tools they needed to do their jobs and to collaborate effectively with their colleagues across our 50+ offices on six continents."
Gov. Terry McAuliffe said the new global headquarters and investment “are tremendous testaments to the confidence the company has in Arlington County and the commonwealth as it grows its presence internationally, and creates the workspace and technology for jobs of the 21st century. As governor, I am committed to bringing projects like these to Virginia – those that create high-paying jobs and will help to diversify and protect the Virginia economy from federal budget cuts.”
In a nod to $9.5 million in state incentives that came with the deal, Monahan said the agreement “would not have been possible without the exceptional partnership of the commonwealth and Arlington County.’’
The Virginia Economic Development Partnership worked with Arlington Economic Development to secure the project for Virginia. Gov. McAuliffe approved a $4.5 million grant from the Governor's Opportunity Fund to assist Arlington County, and he also approved $5 million in funds from the Virginia Economic Development Incentive Grant (VEDIG). This is a self-funded program of performance-based incentives that the state awards to economic development projects with large numbers of employees and very high wages relative to average wages for that particular area.
Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance also will provide funding and services to support the company's recruitment, training and retraining activities.
CEB initially will occupy 15 floors within the CEB Tower, a mixed-use complex development located directly above the Rosslyn Metro Station in Arlington. The two-building project will include a 31-story, 525,000-square-foot office tower, a 31-story, 377-unit residential tower, a public observation deck, public plaza and 45,000 square feet of ground-level retail.
CEB’s lease includes office and conference space to facilitate the hundreds of executive leadership events the company hosts annually. The location offers proximity to international travel hubs and is close to local public transportation. The facility also will offer bike and car parking for commuters and a panoramic observation deck.
"We are very excited to have CEB sign on for the new CEB Tower," said Andy VanHorn, a JBG Principal. "We've landed a world-class tenant that will help us realize the complete vision for Central Place as a thriving mixed-use development that creates a new sense of community in Rosslyn."
CEB moved from the district to Virginia in 2008. By combining advanced research and analytics with best practices from member companies, CEB says it helps business leaders realize better returns by more effectively managing talent, information, customers, and risk. Member companies include nearly 90 percent of the Fortune 500, more than 75 percent of the Dow Jones Asian Titans, and 85 percent of the FTSE, the 100 companies listed on the London Stock Exchange with the highest market capitalization.2014-07-21T14:32:00+00:00http://www.virginiabusiness.com/uploads2/James_Hope_hires.jpg
Performance Food Group hires new executive
http://www.virginiabusiness.com/companies/article/performance-food-group-hires-new-executive#When:18:38:00ZPerformance Food Group announced Friday that it has hired a longtime Sysco Corp. executive.
The Richmond-based company named Jim Hope as executive vice president of operations. He will be in charge of operations and procurement at the food company.
Hope worked for Sysco for 26 years, joining the company as a corporate financial analyst in 1987. He held a variety of leadership roles at the company, most recently as executive vice president of business transformation.
Hope is a former board trustee of the National Restaurant Association.2014-07-18T18:38:00+00:00http://www.virginiabusiness.com/uploads2/Shunde-Admin-Entrance2.jpgThe entrance of Rainbow Station's school in Foshan’s Shunde District.
Rainbow Station opening second school in China
http://www.virginiabusiness.com/news/article/rainbow-station-opening-second-school-in-china#When:18:07:00ZRainbow Station is expanding its presence in China. The Henrico County-based company is adding a second school in Foshan’s Shunde District, about 80 miles from its first location in Shenzhen.
Classes are set to start Monday at the 4,600-square-foot school that is located inside a shopping mall. As of Thursday there were six children enrolled at the new location, which will have a maximum enrollment of 350 students.
“The kindergarten will be similar to our U.S. option and will include a full day of school as well as an afterschool and camp option in the summer,” Gail Johnson, Rainbow Station’s president, CEO and founder, said in an email.
In the U.S., Rainbow Station offerings include nursery, preschool, kindergarten and after-school programs. The company has eight franchises in the U.S. and plans to expand abroad through franchising. Johnson says the company’s goal is to add a school in a new country each year. In China, Rainbow Station aims to open 110 schools within five years. The company also is set to debut in Jakarta, Indonesia, later this year.
Rainbow Station China’s CEO Paul Pan says the company has received an “extremely positive” response in China. “Our first school in Shenzhen is continuing to grow at a remarkable rate with 250 children enrolled,” he said in an email. “With the opening of our second school, we expect to have a very similar welcoming in Shunde.”
Photo courtesy Rainbow Station2014-07-18T18:07:00+00:00
New furniture store coming to Hampton Roads market
New York-based home furnishings retailer West Elm is making its first foray into the Hampton Roads Market. Divaris Real Estate Inc. said Friday that West Elm has signed a lease for 10,000 square feet at The Town Center of Virginia Beach.
Its store will be located on Main Street on the first floor of the newly constructed 4505 Main Street Tower and next to a recently announced Anthropologie store.
Since opening for business in 2002 in Brooklyn, West Elm collaborated with independent artists and craft communities to create affordable statement pieces and seasonal collections. The company offers furniture, bedding, bathroom accessories, rugs, curtains, lighting, decorative accessories, dinnerware, kitchen essentials and gifts.
West Elm’s grand opening at the town center is expected in 2015.
“It’s a perfect complement to our growing and exciting retail tenant mix,” Gerald Divaris, chairman and CEO of Divaris, said in a statement.
West Elm is the sixth new tenant to announce a location in the fifth phase at the center. Other new retailers that have joined the mixed-use development include Anthropologie, Free People, a women’s clothing store; Lululemon Athletica, Francesca’s and Twist Martini, a restaurant and martini bar.
In the West Elm deal, Divaris and Sezin Cortinas handled lease negotiations on behalf of the landlord, Armada Hoffler Properties Inc. in Virginia Beach. Divaris Real Estate leases the town center, and it is managed by Divaris Property Management Corp.2014-07-18T17:21:00+00:00
Virginia unemployment rises again
http://www.virginiabusiness.com/news/article/virginia-unemployment-rises-again#When:16:44:00ZVirginia unemployment rose in June for the second consecutive month, reaching 5.3 percent.
The June jobless rate is two-tenths of a percentage point higher than May’s rate of 5.1 percent, according to the Virginia Employment Commission.
June’s figure also is four-tenths of a percentage point higher than the 4.9 percent rate recorded in April.
The unemployment numbers are seasonally adjusted, meaning they take into account seasonal fluctuations in the labor market.
In June 2013, Virginia’s jobless rate was 5.7 percent. The national unemployment rate last month was 6.1 percent, down two-tenths of a percentage point from May.
Virginia’s seasonally adjusted, nonfarm employment in June rose by 4,100 jobs to a total of 3.77 million. Nonetheless, the employment level has not returned to its precession peak of 3.79 million reached in April 2008.
Employment rose in seven industry sectors in June while declining in four others.
The biggest increase occurred in private education and health services, up 2,200 jobs to 512,400, the second consecutive gain after declining in March and April.
The biggest decline in employment occurred in trade and transportation, down 2,700 jobs to 638,400. That sector had seen four consecutive months of job growth before June.
JLL selected as leasing agent for logistics facility in Lorton
http://www.virginiabusiness.com/news/article/jll-selected-as-leasing-agent-for-logistics-facility-in-lorton#When:21:14:00ZRealterm NAT has hired JLL’s Northern Virginia office to lease a 48,000-square-foot logistics warehouse on nine acres of paved industrial land in Lorton.
The property at 8550 Terminal Road has more than 550-feet of frontage on I-95, offering tenants visibility from more than 200,000 cars per day. It includes a 7,000-square-foot vehicle maintenance facility.
“This is one of the most unique industrial offerings in the Washington metro area,” John Dettleff, a senior vice resident at JLL, said in a statement.
“It is very rare to find this much available industrial land so close to Washington and surrounded by a densely populated, affluent and young population base.” Dettleff will manage the assignment for JLL.
Realterm NAT, based out of Annapolis, Md., closed on its acquisition of the property last week. The acquisition was made through the firm's Realterm Logistics Fund L.P, a $400 million vehicle that focuses on investments in logistics real estate in primary and key secondary U.S. markets.
Realterm NAT is a subsidiary of Realterm Global, a private equity investment firm and development company focused on logistics and infrastructure assets with about $2.5 billion in assets under management across more than 300 operating and development investments in the U.S., Canada, Europe and India.2014-07-17T21:14:00+00:00
New chair named for State Board for Community Colleges
http://www.virginiabusiness.com/companies/article/new-chair-named-for-state-board-for-community-colleges#When:20:31:00ZDorcas Helfant-Browning of Virginia Beach has been named chair of the State Board for Community Colleges.
She will serve a one-year term. Helfant-Browning previously was vice chair.
She was appointed to the State Board by Gov. Tim Kaine in 2009 and was reappointed in 2011 by Gov. Bob McDonnell.
She previously served eight years, including three terms as chair on the Tidewater Community College local board. She currently serves as liaison to both Tidewater and Paul D. Camp community colleges.
The Virginia Community College System includes 23 community colleges on 40 campuses across the commonwealth.2014-07-17T20:31:00+00:00
Staunton’s economic development director retiring
http://www.virginiabusiness.com/companies/article/stauntons-economic-development-director-retiring#When:20:28:00ZBill Hamilton, Staunton’s economic development director for 26 years, is retiring.
Hamilton has headed the Department of Economic Development since its creation in 1988.
During his tenure, the city said, Hamilton has played a key role in major projects such as the American Shakespeare Center, Stonewall Jackson Hotel and Conference Center, The Villages at Staunton, Green Hills Industry & Technology Center, Western State Hospital and Staunton Crossing.
Staunton will begin the search process for a new economic development director immediately.
Deputy City Manager Steve Rosenberg, in coordination with assistant director of economic development Courtland Robinson, will oversee the economic development office until a replacement is found.2014-07-17T20:28:00+00:00
New winery opens in Loudoun County
http://www.virginiabusiness.com/news/article/new-winery-opens-in-loudoun-county#When:20:09:00ZLoudoun County has opened its 43rd winery. The new operation, Winery 32, continues Loudoun’s momentum in the industry with the county home to more wineries than any other county in Virginia.
Winery 32 is located at 15066 Limestone School Road in Leesburg. The Loudoun County Department of Economic Development worked with the owners throughout the development process from concept to reality, assisting with land-use decisions, permitting, marketing concepts and obtaining a Virginia Alcohol Beverage Control license. According to the department, the winery is valued at $800,000.
Winery 32’s initial offerings include a peach dessert wine and a peach-flavored vidal blanc, along with traditional wines such as chardonnay, chambourcin and merlot.
“Choosing Loudoun County for a new agricultural winery and vineyard was an easy decision,” owner Roxanne Moosher said in a statement. “We found the farmlands of Loudoun County to be stunningly beautiful, coupled with the warm and welcoming agricultural community, who are amazingly helpful. We are looking forward to serving the county in turn by creating more jobs and providing a great tourism venue to the public.”
As for how the winery came up with its name, Moosher and husband, Michael, explain that on the winery’s Website. They noticed that the 32-acre property came with 32 large stone planters, into which they planted 32 Gloria Peach trees. In addition, “The planting of our grape vines coincided with our 32nd wedding anniversary. The number 32 is just right,” the couple stated.
Wineries are one of Loudoun’s most important industries, with an estimated $136 million economic impact for the county, according to Loudoun Economic Development Director Buddy Rizer.
The wineries not only impact the local economy through product sales to customers and retailers, but also by attracting visitors to the county for wine-tasting and culinary tours.
Loudoun Agricultural Development Officer Kellie Boles said in a statement that Visit Loudoun’s research shows that 60 percent of winery visitors come from outside the county. “Those who just come for the day spend more than $300 on their winery trip, and those who stay overnight spend almost $800.”2014-07-17T20:09:00+00:00
Orbital reports lower revenues but higher profit
http://www.virginiabusiness.com/news/article/orbital-reports-lower-revenues-but-higher-profit#When:19:59:00ZOrbital Sciences Corp. reported a 4.5 percent revenue decrease in the second quarter, which the company attributed to delays on satellite contracts. The company’s quarterly profit, however, was slightly higher than in the same quarter last year.
The space technology company reported lower revenues in its launch vehicles, satellites and space systems and advanced space programs segments. Orbital, which is based in Dulles, lowered its full-year revenue projections to between $1.4 billion and $1.425 billion. Previously the company’s projections were for revenues of $1.45 billion to $1.5 billion.
The company also said Thursday that it remains on target to close the merger of its aerospace and defense groups with those of ATK (Alliant Techsystems) in the fourth quarter.
THE NUMBERS: Revenues were $318.1 million in the second quarter, compared with $333.1 million during the same period last year. Profit was up to $16.5 million, or 27 cents per diluted share, compared with $16.3 million, or 27 cents per diluted share, in the second quarter of 2013.
THE COMPANY’S TAKE: "While revenues were down due to the delayed start of several satellite contracts, the quarter's adjusted earnings per share and year-to-date free cash flow were well ahead of last year's results," David W. Thompson, Orbital's chairman and CEO said in a statement. "In addition to carrying out a series of important space missions and booking $550 million of new business, the company's big news in the second quarter was the announcement of a proposed merger-of-equals combination of Orbital and ATK's Aerospace and Defense Groups.”2014-07-17T19:59:00+00:00
Interstate Hotels & Resorts acquires Rim Hospitality hotel management agreements
http://www.virginiabusiness.com/news/article/interstate-hotels-resorts-acquires-rim-hospitality-hotel-management-agreeme#When:19:57:00ZArlington-based Interstate Hotels & Resorts — a major hotel management company — has acquired the hotel management agreements of Rim Hospitality.
Interstate plans to create a Rim Hospitality Division based in Rim's Newport Beach, Calif., headquarters to manage the acquired portfolio.
Interstate said the portfolio strengthens the company's West Coast presence while increasing its management agreements with independent boutique and branded hotels.
The acquisition adds nearly 70 hotels with more than 10,600 rooms, including brands such as Marriott, Hilton and Starwood.
Interstate is a subsidiary of a joint venture between the subsidiaries of Thayer Lodging Group and Jin Jiang Hotels.
The company and its affiliates manage 440 hotels with more than 81,000 rooms in North America, Europe and Asia-Pacific, with ownership interest in 31 hotels.
In addition, Interstate has executed agreements to manage 39 hotels with over 6,400 rooms under construction or development throughout the world.2014-07-17T19:57:00+00:00
ByteGrid acquires Seattle-area data center
http://www.virginiabusiness.com/news/article/bytegrid-acquires-seattle-area-data-center#When:18:59:00ZMcLean-based data-center company ByteGrid Holdings LLC has acquired NetRiver, a colocation provider based in Lynnwood, Wash., a suburb of Seattle.
Financial terms of the deal were not disclosed.
ByteGrid said the acquisition expands its data center portfolio to the West Coast, giving it a national footprint. The deal also provides the company with a managed-services platform that can be used at its other data center.
“This acquisition and expansion is the latest step in the execution of our growth plan as we have evolved into a leading provider of colocation solutions to mid-market, large-enterprise and government entities,” Ken Parent, ByteGrid’s CEO, said in a statement.
NetRiver provides colocation, cloud-server, managed-storage and connectivity solutions to more than 170 business and cloud-service customers.
Under the terms of the deal, ByteGrid acquired all of NetRiver’s assets, including its customer contracts, land and a multi-tenant, 45,000-square-foot data center.
In addition, ByteGrid gained leasehold rights to a second data center in Spokane, Wash., that serves primarily as a disaster recovery base for customers.
ByteGrid plans a multi-million dollar expansion to enhance services to NetRiver’s current customers while creating room for growth at its data center.
ByteGrid owns and operates five data centers in the Atlanta, Cleveland, Chicago, Seattle and Washington, D.C., metro areas encompassing more than 700,000 square feet of space.
The company plans to acquire more facilities.2014-07-16T18:59:00+00:00
Airbus joins Commonwealth Center for Advanced Manufacturing
http://www.virginiabusiness.com/news/article/airbus-joins-commonwealth-center-for-advanced-manufacturing#When:18:09:00ZEuropean aircraft manufacturer Airbus has joined the Commonwealth Center for Advanced Manufacturing (CCAM), a Virginia-based collaborative research organization.
The France-based company becomes the 19th industrial member of CCAM, which is housed near a Rolls-Royce jet components factory in Prince George County.
“Airbus was founded on innovation – we operate daily knowing that using and developing leading-edge technology is a requirement in our business, and CCAM is founded on that mindset,” Charles Champion, executive vice president for engineering at Airbus, said in a statement. “This union is a natural one. Tapping the intellects of the greatest researchers in the industry benefits everyone involved from the developers to the end users.”
The company announced its membership with CCAM during the Farnborough International Airshow in the United Kingdom.
“The addition of a major player like Airbus is a great testament to the pivotal role CCAM plays as a centerpiece of Virginia’s efforts to promote R&D and technology commercialization, and contribute to a growing Virginia economy,” Gov. Terry McAuliffe said in a statement.
Airbus is an “organizing industry member” of CCAM, a group of members that agree to a long-term commitment to the organization. According to the CCAM website, these members have influence over its management, vision and research plans. They also appoint one voting member each to the CCAM board of directors, industry operations board and the technical advisory council.
Airbus has manufactured single-aisle and wide-body commercial aircraft, military airlifters, cargo transports and business aircraft for more than 40 years.
CCAM member companies and its academic and government partners collaborate on research to lead to innovative manufacturing practices in aerospace, defense, transportation, consumer electronics and other industries.
In addition to Airbus, CCAM industry members include Canon Virginia Inc., Chromalloy, Newport News Shipbuilding, Rolls-Royce, Sandvik Coromant, Siemens, Oerlikon Metco, Aerojet Rocketdyne, Blaser Swisslube, Hermle Machine Co., Mitutoyo, Paradigm Precision, Buehler, Cool Clean Technologies, GF AgieCharmilles, Mechdyne, National Instruments and Spatial Integrated Systems.
The government member is NASA Langley Research Center. Academic partners are the University of Virginia, Virginia State University, Virginia Tech and Old Dominion University.2014-07-16T18:09:00+00:00
Liberty-Source PBC to create 596 jobs at Fort Monroe
http://www.virginiabusiness.com/news/article/liberty-source-pbc-to-create-596-jobs-at-fort-monroe#When:14:40:00ZLiberty-Source PBC said Wednesday it plans to invest $1.56 million to establish a customer service operation at Fort Monroe in Hampton that’s expected to create 596 jobs.
In a statement, Gov. Terry McAuliffe called Liberty-Source “a tremendous” addition to Hampton Roads.
“The company’s delivery model is centered on employing staff from the U.S. military community, and Fort Monroe and the City of Hampton have a long and storied military history,” McAuliffe said.
Liberty-Source will provide finance, accounting, human resources, customer care and other support services.
Liberty-Source offers large multinational companies an onshore alternative to a traditional offshore business process outsourcing (BPO) model.
“Virginia is the ideal location to headquarter a BPO operation,” Steve Hosley, president and CEO of Liberty-Source said in a statement. “With over 30,000 active military from all 5 branches in the greater Hampton Roads area, Fort Monroe provides us access to a highly skilled and dedicated workforce.”
McAuliffe approved a $300,000 grant from the Governor’s Opportunity Fund to assist Hampton with the project.2014-07-16T14:40:00+00:00
Chantilly-based American Systems names new CEO
http://www.virginiabusiness.com/news/article/chantilly-based-american-systems-names-new-ceo#When:21:07:00ZPeter Smith has been named president and CEO of Chantilly-based American Systems, a major provider of federal IT and engineering solutions.
The appointment is effective on Aug. 1.
Smith, who is currently chief operating officer, succeeds Bill Hoover who is retiring. Hoover, who had been CEO since 2005, will remain vice chairman on the company’s board of directors.
Smith joined the company in 1980 and has held a number of roles with increased responsibility. He was named COO in 2010.
In addition, Smith holds several industry leadership roles including service on the TechAmerica Public Sector board of directors .
He received a bachelor’s degree in physics from the University of Massachusetts at Amherst and an master’s in electrical engineering from George Washington University.
Founded in 1975, American Systems has about 1,500 employees nationwide.
Anderson’s Home and Garden Showplace to open site in Virginia Beach
http://www.virginiabusiness.com/news/article/andersons-home-and-garden-showplace-to-open-site-in-virginia-beach#When:16:10:00ZAnderson’s Home and Garden Showplace plans to build a 35,000-square-foot retail center on the corner of Sandbridge Road and Fisher Arch in Virginia Beach.
The project is expected to create 48 jobs with a projected payroll of $800,000.
The company has purchased the 6.7-acre site for $1.5 million. Construction costs are estimated to be $5 million. Completion is scheduled for March 2015.
Anderson’s Home & Garden Showplace, a family owned business, opened in Newport News in 1954.
The Virginia Beach location will be modeled after the Newport News location with a garden center, café, women’s boutique featuring fashion, handbags, shoes, and fragrances, design/build landscaping services and an extensive collection of seasonal, gift and home-décor items.
The Virginia Beach Development Authority approved an Economic Development Investment Program grant of $75,000 based on the total capital investment for real estate, construction, furniture, equipment and fixtures. The award is subject to City Council approving the rezoning application at its Aug. 19 meeting.2014-07-15T16:10:00+00:00
Marine and industrial products manufacturer to locate in Virginia Beach
http://www.virginiabusiness.com/news/article/marine-and-industrial-products-manufacturer-to-locate-in-virginia-beach#When:15:51:00ZA Canadian marine and industrial products manufacturer is planning to open its first U.S. Location in Virginia Beach, creating 70 new jobs over three years.
Canada Metal (Pacific) Ltd., based in Vancouver, will invest $3 million on the project on Horse Pasture Road, according to the governor's office.
“Virginia Beach came out ‘head and shoulders’ above all other locations due to its highly skilled labor force, excellent logistics, and, most importantly, having a culture that personifies our desire to be fully integrated within the community in which we conduct our business," Jim Stuart, vice president of business development for Canada Metal, said in a statement.
The company will be eligible for sales and use tax exemptions on manufacturing equipment.2014-07-15T15:51:00+00:00
Vanguard Furniture plans to bring more than 200 jobs to Carroll County
http://www.virginiabusiness.com/news/article/vanguard-furniture-plans-to-bring-more-than-200-jobs-to-carroll-county#When:15:00:00ZNorth Carolina-based Vanguard Furniture announced Tuesday plans to invest $550,000 in Carroll County to establish its first Virginia household furniture upholstery production operation. The move is expected to create more than 200 jobs in the area.
The operation will be at Carroll County Industrial Park, Gov. Terry McAuliffe said in a statement.
Vanguard Furniture is a family-owned company that employs 500 people. It currently has five manufacturing buildings in Conover, N.C., and a 40,000-square-foot showroom in High Point, N.C. The company offers high-end upholstery and case goods.2014-07-15T15:00:00+00:00
TowneBank to acquire Franklin Financial Corp. in $275 million deal
http://www.virginiabusiness.com/news/article/townebank-to-acquire-franklin-financial-corp.-in-275-million-deal#When:14:59:00ZSuffolk-based TowneBank plans to acquire 80-year-old, Richmond-based Franklin Financial Corp. in a deal valued at $275 million.
The acquisition would create a bank with total assets of $5.9 billion and total deposits of $4.1 billion.
“Our Towne family is humbled and excited to join hands with a legendary company that has served the greater Richmond community for over 80 years,” G. Robert Aston Jr., TowneBank’s chairman and CEO said in a statement, describing the deal as a “great foundation” for the bank’s entry into the Richmond market.
Franklin Financial, the parent company of Franklin Federal, had assets of $1.1 billion on March 31, the end of the first quarter.
TowneBank, which began operation in 1999, had $4.78 billion in assets at the end of March. It operates 28 branches in Hampton Roads and Northeastern North Carolina.
“I expect this combination to provide appreciable long-term value for our respective shareholders, and it will enable the combined institution to provide a much greater line of products to Franklin Federal’s current customers,” Richard T. Wheeler, Jr., the chairman, president and CEO of Franklin Financial, said in a statement.
Under the terms of the deal, Franklin shareholders will receive 1.40 shares of TowneBank common stock for each common share of Franklin.
Based on TowneBank’s closing stock price of $16.46 on Monday, the deal is valued at $23.04 per share or $275 million.
Wheeler will join TowneBank’s board of directors and executive committee while also serving on the TowneBank of Richmond board.
T. Patrick Collins has been named president and CEO of TowneBank of Richmond.2014-07-15T14:59:00+00:00
DynCorp names new CEO
http://www.virginiabusiness.com/news/article/dyncorp-names-new-ceo#When:20:04:00ZDelta Tucker Holdings Inc., the parent of DynCorp International Inc., has named S. Gordon Walsh as its new CEO.
The appointment is effective on July 21.
The company said Walsh has more than two decades of experience in aerospace and defense services, including executive positions with L-3 Communications and Lockheed Martin.
Walsh replaces Steven F. Gaffney, who served as CEO from August 2010 until this month.2014-07-14T20:04:00+00:00http://www.virginiabusiness.com/uploads2/NGPICS.jpgLeft to right: Mark A. Caylor and Stephen C. Movius
Northrop Grumman executives expanding roles
http://www.virginiabusiness.com/companies/article/northrop-grumman-executives-expanding-roles#When:19:24:00Z Two Northrop Grumman executives are expanding their roles at the Falls Church-based company.
Mark A. Caylor is now Northrop Grumman’s corporate vice president, president of Enterprise Services and chief strategy officer. He previously was the company’s corporate vice president and president of Enterprise Shared Services. In his new role, he will continue to lead that organization as well as Northrop Grumman’s corporate development and supply chain functions.
Starting Aug. 1, Stephen C. Movius will be Northrop Grumman’s corporate vice president and treasurer. Movius is currently the company’s vice president of investor relations. He will add the treasurer role to his investor relations responsibilities. Movius will succeed Prabu Natarajan as treasurer. Natarajan will become CFO of the company's Information Systems sector.
Caylor continues to report to Northrop Grumman’s President and CEO Wes Bush. Movius will report to James F. Palmer, the company’s corporate vice president and CFO.
Photo courtesy Northrop Grumman2014-07-14T19:24:00+00:00http://www.virginiabusiness.com/uploads2/200-Stovall-Street--2461-Eisenhower-Ave.jpg
Department of Defense renews lease for 606,575 square feet in Alexandria
http://www.virginiabusiness.com/news/article/department-of-defense-renews-lease-for-606575-square-feet-in-alexandria#When:19:10:00ZOn behalf of the U.S. Department of Defense, the U.S. General Services Administration (GSA) has signed a lease renewal for 606,575 square feet at Hoffman Tower II in Alexandria.
“This is the largest lease in the Washington, D.C., region in 2014, and is one of the top five in the region in the last five years,” Brendan Owen, chairman of the Asset Services Group for Newmark Grubb Knight Frank (NGKF) said in a statement. He and NGKF Principal Scott Johnston represented the owner, The Hoffman Co., while CBRE represented the government.
“The Department of Defense has occupied the site for more than 30 years, and more recently has modernized the building, including energy efficiency upgrades,” said Owen.
Hoffman Tower II is part of Hoffman Town Center, an urban mixed-use development in central Alexandria, developed by The Hoffman Co. Located adjacent to the Eisenhower Avenue Metro Station and within three blocks of the U.S. Federal District Courthouse, Hoffman Town Center represents the potential for more than 5million square feet of office, retail and residential space on 54 acres.
The transaction comes after USAA Real Estate Co. purchased the two-acre development site for the new headquarters of the National Science Foundation (NSF), which signed a 704,571-square-foot, pre-construction lease last summer. Owen represented The Hoffman Co. in the land sale in April.
Other notable activity at Hoffman Town Center includes the recently renovated Hoffman Tower I. The Class A building recently completed a multi-million dollar renovation that preserved the concrete super-structure while adding such amenities as a new façade, upgraded lobby, a tenant-only fitness center and conference center.
Owen also is marketing a multifamily parcel in the center known as Block 11, where grocer Harris Teeter has committed to the retail base of the proposed development. The new store is within walking distance of the three office buildings and will complement the Hoffman Town Center’s retail amenities.
"The opportunities are part of fulfilling Mr. Hoffman's original concept of creating a vibrant, self-sustaining and integrated community in Alexandria that is a hub of daytime and evening activity," Owen said2014-07-14T19:10:00+00:00
Assisting living facility in Manassas sells for $14.1 million
http://www.virginiabusiness.com/news/article/assisting-living-facility-in-manassas-sells-for-14.1-million#When:15:50:00ZCapitol Seniors Housing has purchased Sudley Manor House, a 78-bed assisted living and memory care community in Manassas, for $14.1 million.
According to Avison Young, which negotiated the sale, Capitol was among more than a dozen investors that submitted offers for the property at 7750 Garner Drive. Capitol Seniors Housing, based in Washington, D.C, says on its website that it has acquired or developed more than 40 seniors housing communities.The company is a joint venture operating partner with one of the largest university endowments in the United States, and it also partners with The Carlyle Group, a $157 billion global asset manager based in Washington.
“The great interest we received from REITS, fund advisors and regional operators demonstrates the tremendous interest in well-located, senior housing communities,” Matthew Clinebell, a principal with Avison Young, said in a statement.
The sale is the second seniors housing transaction brokered by Avison Young in the past six months. According to the commercial real estate services company, the new owner plans an extensive capital improvement program to update the facility and will retain The Arbor Co. to operate the community.
The seller is American Senior Living LC, the facility’s original developer.2014-07-14T15:50:00+00:00
Medalist Properties in Richmond buys Roanoke apartment complex for $13 million
http://www.virginiabusiness.com/news/article/medalist-properties-in-richmond-buys-roanoke-apartment-complex-for-13-milli#When:14:53:00ZMedalist Properties, a Richmond-based real estate fund, purchased Westwind I and II, a 288-unit apartment complex in Roanoke, for $13 million.
The community, located on 13 acres, was built in two phases in 1981 and 1985.
Sam Worley and Ryan Fanelli of Commonwealth Commercial Partners LLC in Henrico County represented the seller, HHHunt.
Bill Elliott, co-president of Medalist, said in an interview that the property was consistent with the company’s investment strategy. It buys diverse product types, including class B apartments, in secondary and tertiary markets through the Southeast. “The icing on the cake is that the seller, HHHunt, has kept the property impeccably maintained,” Elliott said.
In addition, he added, Roanoke enjoys a steady economy and is seeing lots of renovation in the downtown area and around the Virginia Tech Carillion School of Medicine and Research Institute.2014-07-14T14:53:00+00:00http://www.virginiabusiness.com/uploads2/waterfront.jpg
Alexandria office buildings sell for $31.5 million
http://www.virginiabusiness.com/news/article/alexandria-office-buildings-sell-for-31.5-million#When:14:17:00ZBethesda, Md.,-based Finmarc Management Inc. has purchased Waterfront Center I and II in Alexandria for $31.5 million. The two adjacent office buildings are located at 801 N. Fairfax St. and 209 Madison St.
Totaling 148,480 square feet, Waterfront Center is located a block from the Potomac River, within a five-minute drive of Ronald Reagan National Airport and 10 minutes from Washington, D.C.’s Central Business District. Currently 69 percent leased, the center provides Finmarc the opportunity to create value in the short term through the lease-up of the buildings’ existing vacancy, while providing long-term redevelopment opportunities.
“The transaction achieved the strategic goals of both parties,” Gerry Trainor, executive managing director at Transwestern, said in a statement. “Finmarc adhered to its value-add strategy with the acquisition, which was accomplished through a 1031 exchange.”
Transwestern represented both the buyer and seller in the transaction, with the seller, Gates Hudson, assisting in its own representation.
Transwestern’s Institutional Commercial Group focuses on investment services throughout the Washington, D.C. region.
Finmarc’s portfolio includes more than 5 million square feet of space in the mid-Atlantic region.2014-07-14T14:17:00+00:00
CEOs cite talent recruitment as major concern
http://www.virginiabusiness.com/news/article/ceos-cite-talent-recruitment-as-major-concern#When:20:49:00ZCentral Virginia CEOs say recruiting and keeping talent is a big concern, according to a recently released survey.
The second quarter 2014 CEO Economic Outlook survey by the University of Richmond’s Robins School of Business and the Virginia Council of CEOs found that companies are particularly concerned about finding people for sales, marketing and information technology.
The survey interviewed the chief executives of 87 small and midsized companies.
Seventy percent of respondents said staffing is a significant issue. Finding, recruiting and retaining sales talent was identified as a significant challenge by 25.3 percent of CEOs.
The search for operational talent was cited as a challenge by 16.1 percent of respondents, while 14.9 percent cited marketing talent as an issue. The other categories of talent noted as challenges by more than 10 percent of respondents were engineering, information technology and general management.
If their talent concerns were resolved, more than half of the CEOs (51.7 percent) expected growth of 11 percent or more. In fact, 17.2 percent of CEOs expected revenue growth of more than 20 percent if they could solve their staffing issues.
The median annual revenue for CEOs responding was $3.1 million. The companies had a median workforce of 20 employees.2014-07-11T20:49:00+00:00http://www.virginiabusiness.com/uploads2/RADFORD.jpgAn architectural rendering of the new CHBS building. | Photo courtesy Radford.
Construction begins on Radford’s College of Humanities and Behavioral Sciences
http://www.virginiabusiness.com/news/article/construction-begins-on-radfords-college-of-humanities-and-behavioral-scienc#When:19:16:00Z Radford University (RU) has begun construction on its $52.8 million College of Humanities and Behavioral Sciences Building, the college announced this week. The 143,600-square-foot building, which will house several of RU’s academic departments, is scheduled to be completed in 2016.
The departments moving into the building include communications, criminal justice, psychology, sociology, political science, English, foreign languages, history, philosophy & religious studies, and the office of the dean. The departments currently are housed in seven buildings.
To make way for the new building, demolition of Lucas Hall began July 9. The 85-year-old structure most recently served as the College of Graduate and Professional Studies. The university says the new building will incorporate wood flooring salvaged from Lucas Hall.
The College of Humanities and Behavioral Sciences Building will include a courtyard, a 90-seat classroom, moot courtroom with adjacent classroom, television studio, forensic laboratory and an emergency operations training center that will double as RU's emergency operations center if necessary.2014-07-11T19:16:00+00:00
Ferguson is relocating its national sales center to Hampton
http://www.virginiabusiness.com/news/article/ferguson-is-relocating-its-national-sales-center-to-hampton#When:16:40:00ZNewport News-based plumbing distributor Ferguson is relocating its national sales center to the Hampton Roads Center in Hampton.
The move could bring as many as 350 jobs to Hampton in the next three years, city officials said.
Ferguson also plans to build a new distribution center in Coxsackie, N.Y., and has leased property for a regional distribution hub in Secaucus, N.J.
The two facilities, which will support the company’s metro New York and Northeast branches, will have almost 1 million square feet of warehouse space.
In a statement, Ferguson CEO Frank Roach, said the company's national sales center had outgrown its current space in Newport News. The center provides assistance to customers placing orders or looking for product information.
The relocated sales center - with 144 employees currently – is scheduleded to open sometime this fall.
Company officials expect to hire 79 new employees in the next 12 months and another 92 in 2015.
The current sales center, which is next to the company headquarters, will be used for other business needs.
The new 460,000-square-foot distribution center in Coxsackie, about 100 miles north of New York City, will create 95 jobs. Groundbreaking is scheduled for mid-August with completion expected in summer 2015.
The Secaucus shipping hub involves 450,000 square feet of warehouse space at the site of the former Panasonic headquarters in the Harmon Cove district of the Meadowlands.
Renovations are currently underway with opening expected in the first quarter of 2015.
In recent months, Ferguson has made several acquisitions in New York and New Jersey including The Davidson Group, Davis & Warshow and Karl’s Appliance.
Before the acquisitions, the company already had more than 100 locations in the Northeast.
Founded in 1953, Ferguson is the nation’s largest wholesale distributor of residential and commercial plumbing supplies.
The company has about 19,000 employees and a distribution network with approximately 1,350 locations.2014-07-11T16:40:00+00:00
Whole Foods Market to anchor Loudoun shopping center
http://www.virginiabusiness.com/news/article/whole-foods-market-to-anchor-loudoun-shopping-center#When:21:01:00ZA Whole Foods Market store will be the anchor store at Belmont Chase, a new retail development in Ashburn.
Regency Centers Corp., Belmont Chase’s developer, said the 80,000-square-foot shopping center is expected to open in summer 2015.
The developer said the 40,000-square-foot Whole Food Market store will be the grocery chain’s first in Loudoun County.
Other tenants in the shopping center will be Cooper’s Hawk Winery and Restaurant, Cava Mezze Grill, Peet’s Coffee and Tea, and PR Fresh Look Salon.
The 18-acre Belmont Chase is part of the Belmont Executive Center, at the intersection of Claiborne Parkway and Leesburg Pike (Route 7).
Belmont Executive Center includes 1.2 million square feet of future office and hotel space.
The center is expected to provide a gateway to Belmont Estates, a 2,137-home golf course community.2014-07-10T21:01:00+00:00http://www.virginiabusiness.com/uploads2/Railroad_Y_Lofts.jpg
Historic Shockoe Bottom apartment building sells for $4.5 million
http://www.virginiabusiness.com/news/article/historic-shockoe-bottom-apartment-building-sells-for-4.5-million#When:20:36:00ZB.R.J. Enterprises LLC has purchased the Railroad Y Loft Apartments at 1548 E. Main St. in Richmond $4.57 million.
Built in 1907 near Richmond’s Main Street Station, the property once was used for railroad workers. According to CBRE, which brokered the transaction, it was redeveloped in 2013 and now consists of 30 apartments and two other rental units.
The property is located east of downtown Richmond, near the James River in the city’s Shockoe Bottom district. Building amenities include granite countertops, cable and internet, washer and dryers in the units, off street parking and a local pub and restaurant on the property.
CBRE|Richmond’s Craige Pelouze represented the buyer in the transaction.2014-07-10T20:36:00+00:00http://www.virginiabusiness.com/uploads2/00020003.jpg
Dominion will use research vessel to collect data on offshore wind
http://www.virginiabusiness.com/news/article/dominion-will-use-research-vessel-to-collect-data-on-offshore-wind#When:18:35:00ZKeep your eyes open for a 110-foot long lift vessel that will periodically be off the shore of Camp Pendleton in Virginia Beach during July. The U.S.-flagged Inez Eymard will help Dominion Virginia Power obtain core samples so it can move ahead with a proposal to build wind turbines 27 miles off the coast.
The vessel will provide a stable platform for collecting samples. As weather permits, Dominion said it will conduct borings off Camp Pendleton. The vessel’s location will range from 300 to 3,300 feet from the shoreline while collecting data for the design of the underground electric distribution line.
“This proposed project provides a very interesting opportunity to develop renewable offshore wind energy for Virginia,” Paul Ruppert, senior vice-president of Business Development and Generation Construction, said in a statement. “Both the demonstration project and the commercial venture tie into our strategy of promoting a diverse generating mix that includes nuclear, natural gas, coal, hydro, solar and sustainable wind … “
The Inez Eymard, which usually works in the Gulf of Mexico, has spent the past few days working at both Camp Pendleton and at the turbine site 27 miles off the coast of Virginia Beach.
Dominion has received two Department of Energy grants totaling $51 million for its wind turbine demonstration project. If the project Is approved, the company plans to build two 6-megawatt turbines and test design features intended to lower the cost of construction, reduce maintenance and withstand hurricane-force winds.
Dominion also holds the lease on 112,800 acres of commercial wind area adjacent to the demonstration project. The company intends to use lessons learned from the demonstration turbines to guide the development of up to 2,000 megawatts of wind turbine energy.
To develop the demonstration project, Dominion is working with a team of national and international organizations recognized for their offshore expertise. The team includes: Alstom Power Inc., a wind turbine manufacturer and major supplier of equipment and services to the global power generation market; KBR, a global engineering, construction, and services firm with experience in offshore wind; and the state’s Department of Mines, Minerals and Energy, which will hold the lease on the demonstration site.
The four borings at the turbine site will be collected about 330 feet below the ocean floor. The samples will be used to determine soil characteristics — such as composition and strength — to finalize the design of the wind turbine foundations.
Near shore, the vessel has finished two borings and has nine more to complete. The samples will be used to finalize the installation plan of the underground distribution line that will run from the turbines to Camp Pendleton, where they will be connected to Dominion’s electrical grid. Each of these borings will be obtained about 80 feet below the ocean floor.
Dominion still needs to obtain several regulatory approvals. Based on approval by mid-2016, major construction would occur in 2017 and the wind turbines would begin operating later that year.2014-07-10T18:35:00+00:00
Tidewater Community College names Norfolk campus provost
http://www.virginiabusiness.com/companies/article/tidewater-community-college-names-norfolk-campus-provost#When:17:14:00ZJeffery S. Boyd, a dean at a community college in Illinois, has been named the new provost of Tidewater Community College’s Norfolk Campus.
He begins his new job on Aug. 1.
Boyd is currently dean of sustainability, business and career technologies at of Elgin Community College in Illinois.
As a provost, Boyd will serve as chief operating officer and lead academic and student affairs administrator of the campus.
The downtown Norfolk campus serves more than 14,000 students each year.
Boyd holds a doctorate in community college leadership, a master’s in education and a bachelor’s in human services.2014-07-10T17:14:00+00:00
CCA Industries leases space in Richmond’s new Gateway Plaza
http://www.virginiabusiness.com/news/article/cca-industries-leases-space-in-richmonds-new-gateway-plaza#When:17:09:00ZA second tenant has signed on at Gateway Plaza, downtown Richmond’s newest office tower.
CCA Industries, Bill Goodwin’s holding company which has several resort properties in its portfolio, has signed a lease for an entire floor, says Larry Chapman, a partner with Clayco Realty Group, a subsidiary of Clayco, the project’s Chicago-based developer.
Chapman said CCA has taken 25,000 square feet of space. It joins the anchor tenant, the McGuireWoods law firm, which has leased 205,000 square feet.
Both companies will move from their current homes at One James Center on Ninth Street, right across the intersection at Eighth and Cary Streets where the new skyscraper is taking shape.
“By Christmas, all the glass will be up. Tenant finishes will start in the spring and people will start moving in mid- to late summer of 2015,” Chapman said. “The goal is to be in the building for the bike race. McGuireWoods is a big sponsor of that, and they want to use the new space for that event,” added Chapman, referring to the international cycling championship bike tour that’s coming to Richmond in 2015.
With two tenants, the 330,000-square-foot building is nearly 70 percent leased, Chapman said. There’s 64,000 square feet of office space still available on the 7th, 8th, and 9th floors, along with retail space in the lobby.
Rents range from $26 to $28 per square foot for office space, with the higher floors commanding the top rents. Retail space goes for $30 to $32 per square feet, with the highest rents for space right on the lobby.2014-07-10T17:09:00+00:00http://www.virginiabusiness.com/uploads2/FLYERIMAGE.jpg
One of mid-Atlantic’s largest industrial complexes goes on the market
http://www.virginiabusiness.com/news/article/one-of-mid-atlantics-largest-industrial-complexes-goes-on-the-market#When:16:21:00ZJLL said Thursday that its Hampton Roads office has been hired to sell or lease the International Industrial Center (ICC), an 870,000-square-foot building on a 62-acre campus in the Oceana West Industrial Park in Virginia Beach. The center is the former headquarters and distribution center for Lillian Vernon, a catalog company that departed the location in 2012 after filing for bankruptcy and being acquired by a new owner. It has been vacant since that time.
"There are no other properties in the mid-Atlantic region offering this size and quality for immediate occupancy," JLL Senior Vice President Deborah Stearns said in a statement. Stearns along with Associate Director Gregg Christoffersen and Managing Director Mark Levy will manage the assignment.
Located at 2600 International Parkway, the center is positioned for a user seeking scale for manufacturing, distribution and office requirements at one site. “A national or international brand that needs an East Coast headquarters, fulfillment center or industrial logistics center,” would be a good fit, said Christoffersen.
The building offers 676,000 square feet of high-bay warehouse and manufacturing space and 100,000 square feet of mezzanine area. It also contains 95,000 square feet of attached Class A office space, and features 60 dock doors with levellers, three oversized drive-in doors, 1,100 parking spaces and 50 trailer parking spaces.
Located about one and a half miles from the I-264 Interchange at London Bridge Road, the location provides interstate access to the Ports of Virginia, Norfolk International Airport and Interstate 64. The site also is eligible for Foreign Trade Zone status and other state, city and port-related incentives.
For instance, since it is close to Oceana Naval Air Station, a land-use conformity program there offers several incentives such as a 90 percent rebate of business license fees for 15 years for conforming users. “We think the incentives available to the right user make this a tremendous opportunity,” said Stearns.
Stihl Inc. purchased the 62-acre property in 2012 for just more than $18 million according to published reports at the time. At that time, the German-based manufacturer of outdoor power equipment, which has been expanding its U. S. headquarters in Virginia Beach, said the purchase was part of a strategic plan for growth, although it had no immediate plans for the complex.
Philly Pretzel Factory expands into Virginia
http://www.virginiabusiness.com/news/article/philly-pretzel-factory-expands-into-virginia#When:15:10:00ZThe Philly Pretzel Factory, which sells soft, Philadelphia-style pretzels, is expanding into Virginia. President Marty Ferrill said the company already has opened outlets in Walmart stores in Newport News and Mechanicsville in Hanover County , and it has plans for nine additional locations across the state.
“It seems like a natural progression for us. We have a bunch of stores in the Philadelphia and New Jersey area. The next markets going south for us are Maryland and Virginia,” Ferrill said.
In Virginia, Ferrill says the company is going with a smaller, nontraditional store that will be located inside of Walmarts. “The locations are all going to be placed inside Walmarts,” he said.
The company’s larger stores run about 1,200 square feet. The smaller Walmart models will be about 300 square feet. Each store will employ about seven to 10 part-time and full-time workers, Ferrill said, for a total of about 75 to 100 employees for the 11 stores.
The pretzels will sell for $1.27 each, and there’s more than one version. Ferrill says customers can opt for bite-size nuggets, cinnamon twists and bacon pretzel hot dogs. “The pretzel is always the focus,” he said.
The company plans new locations in Fairfax, Hampton, Glen Allen, Chesterfield County, Richmond, Colonial Heights, Chesapeake, Norfolk and Virginia Beach.
Founded in 1998, Philly Pretzel Factory has more than 100 franchised locations, primarily in the Northeast.2014-07-10T15:10:00+00:00
Michael & Son Services buys land for business relocation
http://www.virginiabusiness.com/news/article/michael-son-services-buys-land-for-business-relocation#When:14:25:00ZMichael & Son Services has purchased 2.2 acres of land in Chesapeake from the Stanley F. Scott Revocable Trust & the Lewis P. Gibson Family Trust for $1.2 million.
According to Cushman & Wakefield | Thalhimer, the Northern Virginia-based company, which provides plumbing, electrical, HVAC and remodeling services, plans to relocate a business to the site. The land consists of three tracts at 1831 English Ave., 1229 South Military Highway and 1826 Rokeby Ave.
Michael & Son Services already has 22 locations, with many offices in Northern Virginia and Maryland, and locations in Norfolk, Richmond and Raleigh, N.C..
Eric Stanley of Thalhimer handled sale negotiations on behalf of the buyer.2014-07-10T14:25:00+00:00http://www.virginiabusiness.com/uploads2/CVA_Evzio.jpgPhoto courtesy Kaleo
EVZIO now available in the U.S.
http://www.virginiabusiness.com/news/article/evzio-now-available-in-the-u.s#When:13:56:00ZRichmond-based Kaleo announced Tuesday that its handheld auto-injector for opioid overdoses is now available. Opioids include pain medicine like hydrocodone (e.g., Vicodin), oxycodone (e.g.,OxyContin, Percocet), morphine and heroin.
The pharmaceutical company received approval for Evzio in April. Evzio is available by prescription to patients, family members or caregivers for suspected opioid overdose.
The product delivers naloxone, a drug usually administered with a syringe to counterattack an overdose. EVZIO uses voice and visual cues to assist users through the injection process.
The Centers for Disease Control and Prevention says deaths from drug overdoses have been rising steadily during the past two decades. Of the 22,810 deaths related to pharmaceutical overdoses in 2011, 74 percent involved opioid pain relievers. An opioid overdose is characterized by decreased breathing or heart rates, or loss of consciousness.2014-07-10T13:56:00+00:00
Northern Virginia Technology Council names new officers
The Northern Virginia Technology Council (NVTC) has announced officers for the 2014-15 fiscal year.
• Chair: Sudhakar Kesavan, the chairman and CEO of ICF International.
• Vice chairs: Todd Stottlemyer of Acentia and Anne K. Altman of IBM Corp.
• Secretary: Enrico Della Corna of PNC Bank.
• Treasurer: George E. Quinn of Ernst & Young.
Bobbie Kilberg is the president and CEO of Herndon-based NVTC, which is the largest technology council in the nation.2014-07-09T21:34:00+00:00
Huntington Ingalls Industries plans on-site health centers
http://www.virginiabusiness.com/news/article/huntington-ingalls-industries-plans-on-site-health-centers#When:21:31:00ZNewport News-based Huntington Ingalls Industries will provide on-site family health-care centers for its shipbuilding employees and their families in Virginia and Mississippi.
"The establishment of these family health centers is another investment in our employees and an important step toward building a culture of health and wellness across our company," Bill Ermatinger, the company’s corporate vice president and chief human resources officer, said in a statement. "These health centers will offer personalized care with a focus on prevention and health maintenance along with full patient confidentiality and privacy."
The health-care centers are scheduled to open next year. They will offer a variety of services, including primary care, an onsite pharmacy and laboratory services.
The company said it has begun a major benefits strategy designed to provide its employees health and wellness options beyond primary-care physician visits.
The options include Teladoc, in which employees can talk to physicians via telephone, mobile application or computer. The company also is offering a discounted rate for health care to salaried employees who attest that they do not use tobacco.
Operated by a third-party vendor, the health centers will be located near the shipyards. The services will be available employees and their dependents who are covered by the Anthem health plans.
Huntington Ingalls Industries’ shipbuilding divisions are Newport News Shipbuilding in Newport News and Ingalls Shipbuilding in Mississippi.2014-07-09T21:31:00+00:00
Cvent is hiring more than 500 people in 2014
http://www.virginiabusiness.com/news/article/cvent-is-hiring-more-than-500-people-in-2014#When:18:29:00ZMcLean-based Cvent announced plans this week to hire more than 500 people this year.
The cloud-based event management platform said it expects to add employees across all of its offices to support demand for its products.
Positions currently advertised on its Website are in McLean, Los Angeles, London and Portland, Ore.
According to the Website, Cvent employs more than 1,500 people around the world. Its software is used by 187,000 event planners and hoteliers.
The company also expects to move into bigger headquarters this year. Cvent will lease about 130,000 square feet of space in the former SAIC building at 1710 Solutions Drive in Tysons Corner.2014-07-09T18:29:00+00:00http://www.virginiabusiness.com/uploads2/Celeste_Spear2.jpgABOVE: Celeste Spear.
AT&T names director of retail sales in Virginia
http://www.virginiabusiness.com/companies/article/att-names-director-of-retail-sales-in-virginia#When:16:18:00ZAT&T has tapped Celeste Spear to lead Virginia’s AT&T-owned retail stores. She will be based in Richmond.
She comes to the area from Atlanta, where she served as an area retail sales manager, managing eight stores. Spear’s 14-year-career with AT&T began in a call center. Her experience includes working with outside vendors and in operations.2014-07-09T16:18:00+00:00
Harmony Senior Services is building seven facilities
http://www.virginiabusiness.com/news/article/harmony-senior-services-is-building-seven-facilities#When:15:40:00ZRoanoke-based Harmony Senior Services is spending $150 million constructing seven senior living communities in Virginia and South Carolina.
The expansion, scheduled for completion in early 2016, will more than double the corporate footprint of the company. It currently manages six communities in Virginia.
“During the recession, construction of senior housing plummeted, and yet the baby boomers population began to turn 65-plus at a rate of more than 10,000 per day,” Susan Eckert, Harmony’s president, said in a statement. “The care needs of an aging population, combined with a limited supply in new construction created a window of opportunity for us and we pushed forward to meet the growing need for senior housing in the mid-Atlantic and the Southeast regions.”
The first of the seven properties — a 90-unit assisted-living and memory-care community — is set to open in Blacksburg in early 2015.
The other six communities also are underway:
• A 87-unit community in Columbia, S.C. (offering assisted living and memory care).
• A 124-unit community in Richmond (independent living).
• A 160-unit community in Chantilly (independent living, assisted living and memory care).
• A 102-unit community in York County (assisted living and memory care).
• A 174-unit community in Suffolk (independent living, assisted living and memory care).
• A 180-unit community in Virginia Beach (independent living, assisted living and memory care).
As the number of facilities grows, Harmony also is adding new management, including Brent D. Russell as senior vice president of operations; Rebecca Smith, vice president of sales and marketing; and Cyndi Brown-Spellman, director of clinical care.
Harmony owns and operates senior living communities for Smith/Packett, a health-care development firm specializing in design, development, and financing.
Founded in 2008, Harmony currently manages facilities in Roanoke, Richmond, Chester, Hampton and Fredericksburg.2014-07-09T15:40:00+00:00
Virginia Beach rezones large tract for apartment project
http://www.virginiabusiness.com/news/article/virginia-beach-rezones-large-tract-for-apartment-project#When:15:27:00ZThe Virginia Beach City Council has approved rezoning of a large tract of land in the Princess Anne Commons area, which will allow the development of a 240-unit luxury apartment community.
The Franklin Johnston Group, a Virginia Beach-based apartment development and management company, sought the rezoning on behalf of its newest venture, Southern Pines Apartments. The community will consist of 10, three-story buildings done in the style of low-country architecture.
The residential buildings, together with a clubhouse and garage, will be built around two lakes that are adjacent to a golf course.
Other amenities will include an infinity pool, clubhouse with 2,000-square-foot fitness club, two-lane bowling alley and lounge with 80-inch flat screen televisions.
The apartments will offer 9-foot ceilings, center islands, stainless-steel appliances, granite countertops and ceramic floors.
Franklin Johnson said rents would begin at just over $1,100 per month.
A groundbreaking is scheduled for spring of 2015 with first tenant move-ins expected the end of next year.
Tom Johnston, chief development officer of Franklin Johnston Group, cited the Princess Anne and Courthouse areas’ rapid growth and residential housing demands as reasons for the rezoning and construction of Southern Pines. “The Courthouse and Princess Anne corridor area is without a doubt the most dynamic spot in our region right now,” he said in a statement. “Quality rental housing has not kept pace with the new employment created at the health care complex, educational institutions, and retail and office space in the area.“
Southern Pines is the third new community announced by FJG in Hampton Roads this year. In May, the company announced two affordable living communities in Norfolk: The Crossings at Berkley Station, a 156-unit gated apartment community and The Pointe at Pickett Farm, a 300-unit apartment community. The estimated investment of the three communities is more than $100 million.2014-07-09T15:27:00+00:00
Advance Auto Parts names senior vice president
http://www.virginiabusiness.com/companies/article/advance-auto-parts-names-senior-vice-president#When:15:09:00ZDavid Allen has been named senior vice president, supply chain management, at Roanoke-based Advance Auto Parts.
Allen’s responsibilities will include the integration of Advance’s supply chain with Carquest, the brand of General Parts International Inc. (GPI) Advance acquired GPI in a $2 billion deal that closed in January.
Allen will report to Charles Tyson, executive vice president, merchandising, marketing and supply chain, and will be based in Raleigh, N.C., GPI’s former headquarters.
Before joining Advance, Allen was senior operations executive for Del Monte Foods, Dell Inc., and Frito-Lay North America.
Recently, Allen also has been an operating partner for TriPointe Capital Partners, an investment firm in distribution companies.2014-07-09T15:09:00+00:00
JLL will market large infill tract near Bon Air in Chesterfield County
http://www.virginiabusiness.com/news/article/ll-will-market-large-infill-tract-near-bon-air-in-chesterfield-county#When:14:57:00ZJLL has been hired to market Parkway Crossings at Bon Air, a nearly 170-acre infill tract located at a key intersection in Chesterfield County.
The property is situated at the intersection of Chippenham (VA-150) and Powhite (VA-76) parkways, about eight miles southwest of Richmond's central business district in suburban Bon Air.
The large tract is adjacent to several major medical and retail projects, including the 1.4 million-square-foot Boulders Office Park, HCA’s 466-bed Chippenham Hospital, the 100-acre Powhite Park, Chippenham Forest Square and The Shops at Stratford Hills shopping center. It is owned by HMK LLC and is part of the holdings of Jonathan Perel, a Richmond resident and owner of the General Service Corp. property management firm. Perel has tried to develop the tract before, but ran into objections from residents in the nearby Crestwood Farms subdivision who raised concerns that a new road network would impact the area's wetlands and their home values.
According to JLL, the property can be used for mixed-use development, with substantial density in retail, office, hospitality, health-care and residential uses, providing large-scale developers with an opportunity to bring multiple uses to the region at a singular location.
“This site is an important, visible and entitled in-fill opportunity with attractive features, demographics and accessibility that support a variety of uses. Richmond has embraced the national trend of mixed-use development … We expect strong, widespread interest from developers,” JLL’s Gareth Jones, a senior associate, said in a statement.
Parkway Crossings at Bon Air is divided into three parcels. The largest one is 106 acres to the north of Powhite Parkway and fronting Chippenham Parkway. A second 50-acre parcel fronts Chippenham Parkway south of Powhite Parkway, and is bounded by Jahnke Road. The third parcel consists of the two remaining tracts — 11 and five acres, respectively — at either side of the entrance to the Boulders Office Park at Boulders Parkway and Jahnke Road.
Greg Ferrante, senior vice president, and Jones will lead the assignment for JLL.2014-07-09T14:57:00+00:00http://www.virginiabusiness.com/uploads2/RU_Nursing_Art1.jpg
Radford University partners with Virginia community college system on nursing degree
http://www.virginiabusiness.com/news/article/radford-university-partners-with-virginia-community-college-system-on-nursi#When:19:53:00ZRadford University President Penelope W. Kyle has signed a guaranteed admissions agreement for nursing with the Virginia Community College System (VCCS). The agreement will provide a pathway for the community college system’s Applied Science in Nursing graduates to earn a bachelor's of science in nursing (BSN) degree from Radford.
"We are pleased to partner with VCCS to provide this educational opportunity for its students and the commonwealth's future nurses," Kyle said in a statement. "Together, we can develop a highly-educated nursing workforce to meet Virginia's focus on serving and providing the highest quality health care to our communities."
Radford University's BSN program provides online learning opportunities for students, including those who are graduates of community colleges and are licensed RNs. The curriculum accommodates nurses who are employed or involved with family, community and other responsibilities. The program enrolled more than 30 students in 2013, and aspires to double that enrollment in three years.
Under the new agreement, the program will begin admitting the first community college students this fall.
Upon completion of an associate degree, students at one of the state's 23 community colleges will be granted admission into the Radford program. Once accepted, students will complete 26 credits and may be awarded 56 credits for prior learning and work experience. Up to 51 transfer credits are awarded towards the core curriculum requirements for a bachelors of science in nursing degree, thus completing a total of 133 semester hours at the baccalaureate level.2014-07-08T19:53:00+00:00
Gannett acquires Texas TV stations
http://www.virginiabusiness.com/news/article/gannett-acquires-texas-tv-stations#When:19:12:00ZIt’s official. McLean-based Gannett has acquired six television stations in Texas for $215 million in cash. With this acquisition, Gannett says it will reach 83 percent of households in the Lone Star State.
The deal includes KCEN (NBC) in Waco-Temple-Bryan, KYTX (CBS) in Tyler-Longview, KIII (ABC) in Corpus Christi, KBMT (ABC) and its digital sub-channel KJAC (NBC) in Beaumont-Port Arthur, KXVA (FOX) in Abilene-Sweetwater and KIDY (FOX) in San Angelo.
Phil Hurley, London Broadcasting Co.’s chief operating officer, will continue to lead the six stations. He will report to Dave Lougee, president of Gannett Broadcasting.
Gannett’s properties include broadcast, digital, mobile and publishing platforms .2014-07-08T19:12:00+00:00http://www.virginiabusiness.com/uploads2/Untitled1.png
Daniel Building sells for $2.7 million in Richmond
http://www.virginiabusiness.com/news/article/daniel-building-sells-for-2.7-million-in-richmond#When:18:55:00ZThe Daniel Building, a 67,000-square-foot office building situated on a 1.2-acre site on Cutshaw Avenue in Richmond, has sold for $2.7 million.
According to Cushman & Wakefield | Thalhimer, the new owner, Daniel Building LLC, a subsidiary of C. A. Harrison Cos. out of Washington, D.C., plans to redevelop the building into a 66-unit apartment project.
Mac Wilson and Brian K. Berkey of Thalhimer handled sale negotiations on behalf of the seller.2014-07-08T18:55:00+00:00http://www.virginiabusiness.com/uploads2/Regal_Center_Photo1.jpg
Rock Creek Property Group sells Regal Center in Sterling for $18.2 million
Rock Creek Property Group has sold Regal Center, a 52,500-square-foot shopping center in Sterling, to The Regal Center LLC/Bernstein Management Group Inc. for $18.2 million, or about $347 per square foot. The transaction closed on June 30.
Washington, D.C.-based Rock Creek owned the center, adjacent to the 20-screen Regal Cinemas on Route 7, for about nine years. The center is anchored by national tenants including Domino’s, 7-Eleven, Firehouse Subs and BB&T. There also is a mix of regional tenants such as sweetFrog Yogurt, O’Faolains Irish Pub, Cheng’s Oriental Restaurant and Old Virginia Tobacco Co.
“This asset has really stood the test of time,” Gary Schlager, a partner with Rock Creek Property, said in a statement. “The tenant mix we assembled over the years is very complementary, and the leases were well stabilized when we decided to sell the property.”
Rock Creek’s sale of Regal Center comes two weeks after the firm sold 5185 MacArthur Blvd. NW in D.C. for $14.9 million. That deal followed the firm’s acquisition of a prime development site at 7th and H Streets NE in D.C. where Rock Creek and a joint venture partner, Cornerstone Development Group, plan to build residential condominiums with ground-floor retail space.
Rock Creek Property Group, founded in 2002, owns a diverse portfolio of office, industrial, multi-family and retail properties in the mid-Atlantic region.
Commonwealth Center for Advanced Manufacturing adds industrial member
http://www.virginiabusiness.com/news/article/commonwealth-center-for-advanced-manufacturing-adds-industrial-member#When:15:17:00ZSpatial Integrated Systems Inc. has become the newest member of the Commonwealth Center for Advanced Manufacturing (CCAM), a Prince George-based collaborative research organization.
Based in Virginia Beach, Spatial Integrated Systems provides digital imaging hardware, software and modeling systems to the Department of Defense and commercial customers. Its applications include command centers and facial recognition equipment.
In joining CCAM as its 19th industrial member , Spatial Integrated Systems will provide it with digital 3-D equipment and software including the 3D Imaging System used by commercial and military equipment manufacturers.
“As an innovator of 3D imaging and visualization, Spatial Integrated Systems serves the defense industry and commercial manufacturers with a unique set of process-based solutions,” Joseph Moody, CCAM’s president and executive director, said in a statement,. “CCAM member companies and academic and government partners will benefit from these game-changing technologies.”
CCAM member companies and its academic and government partners collaborate on research on innovative manufacturing practices for aerospace, defense, transportation, consumer electronics and other industries.
Other CCAM industry and government members include Canon Virginia Inc., Chromalloy, Newport News Shipbuilding, Rolls-Royce, Sandvik Coromant, Siemens, Sulzer Metco, Aerojet Rocketdyne, Blaser Swisslube, Hermle Machine Co., Mitutoyo, Paradigm Precision, Buehler, Cool Clean Technologies, GF AgieCharmilles, Mechdyne, National Instruments and NASA Langley Research Center.
Its academic partners are the University of Virginia, Virginia State University, Virginia Tech and Old Dominion University.2014-07-08T15:17:00+00:00
U.Va. official named to Kaiser boards
Dr. Richard Shannon, executive vice president for health affairs at the University of Virginia, has joined the boards of directors of the Oakland-based Kaiser Foundation Hospitals and Kaiser Foundation Health Plan Inc.
Before joining the University of Virginia Health System, Shannon was the Frank Wister Thomas Professor and chair of the Department of Medicine at the University of Pennsylvania Perelman School of Medicine. He also served as chair of the Department of Medicine at Allegheny General Hospital in Pittsburgh.
Shannon holds a bachelor of arts degree from Princeton University and earned his medical degree at the University of Connecticut School of Medicine.
Kaiser Foundation Hospitals and Kaiser Foundation Health Plan are part of Kaiser Permanente, which serves about 9.3 million members in eight states and the District of Columbia.2014-07-07T19:30:00+00:00
MicroTech sells visual communications division to UNICOM
http://www.virginiabusiness.com/news/article/microtech-sells-visual-communications-division-to-unicom#When:18:57:00ZMicroTech, a contractor based in Vienna, announced Monday the sale of its visual communications division to UNICOM Government Inc. which has facilities in and around Herndon. Terms of the deal were not disclosed.
MicroTech’s visual communications division is located in Greensboro, N.C. The acquisition includes a patented secure switching technology that powers sensitive systems throughout government and commercial installations.
The North Carolina facility includes an integration center and logistics operation and staffs an in-house lab for the design, test and integration of audio, video, voice and presentation technologies. The facility also includes a 24/7 call center.
MicroTech is a contractor on more than 100 federal projects. Founded in 2004, the company provides technology integration, telecom solutions, network systems, cloud computing, product support and managed service solutions. UNICOM Government Inc. is a division of UNICOM Global.2014-07-07T18:57:00+00:00
Marketplace at Tech Center is 70 percent leased
http://www.virginiabusiness.com/news/article/marketplace-at-tech-center-is-70-percent-leased#When:15:52:00ZMarketplace at Tech Center, a mixed-use lifestyle center at Jefferson Avenue and Oyster Point Road in Newport News, is 70 percent leased as more first-to-market retailers sign on at the new project.
Marketplace is the retail component of Tech Center at Oyster Point, a $250 million, development on 100 acres. It’s also turning out to be the site of several stores and restaurants that are new to the Virginia Peninsula.
“The availability of this much acreage on one of the busiest intersections in Hampton Roads, coupled with the ability to intermix an upscale marketplace with high-end apartments and specialty office space, all on one site, provides an unparalleled opportunity for retailers in this market,” Erica Meekins Rorrer, a vice president of retail for Divaris Real Estate Inc. said in a statement.
According to Divaris, Whole Foods has helped attract the tenant line up. “Many more exciting retailers will be announced in months to come,” said Gerald Divaris, chairman and CEO of Divaris Real Estate.
So far, these “first-to-market” retailers (with the exception of those that have outlet stores in Williamsburg) include:
Whole Foods – 35,000 square feet of retail space
DSW Shoe Warehouse – 18,062 square feet of retail space
BJ’s Brewhouse – 7,400 square feet of retail space
PF Chang’s China Bistro – 6,400 square feet of retail space
Carters - 3,915 square feet of retail space
Café Rio – 3,000 square feet of retail space
OshKosh B’gosh – 3,040 square feet of retail space
Zoe’s Kitchen – 2,600 square feet of retail space
Avalon Spa – 1,200 square feet of retail space
Other retailers who have signed leases to join Tech Center include:
Stein Mart – 32,000 square feet of retail space
ULTA Salon, Cosmetics and Fragrances – 11,000 square feet of retail space
Five Below – 7,854 square feet of retail space
Massage Envy – 3,640 square feet of retail space
Navy Federal Credit Union – 3,500 square feet of retail space
Starbucks – 1,950 square feet of retail space
Jimmy Johns Gourmet Sandwiches – 1,600 square feet of retail space
Hair Cuttery – 1,200 square feet of retail space
Conte’s Bike Shop – 2,000 square feet of retail space
The master plan for Tech Center at Oyster Point includes 230,000 square feet of retail, 290 luxury apartment homes and 30,000 square feet of specialty office space. This is in addition to the adjacent research park planned around The Thomas Jefferson National Accelerator Facility (a.k.a. Jefferson Lab), a federally funded U.S. laboratory. Ultimately, the research park could have up to 1.3 million square feet of office space in up to 15 buildings.
More than 148,000 square feet of the retail space, or 70 percent, was leased prior to March ground breaking. Divaris’ focus now is on leasing small shop space.
The retail portion should celebrate its grand opening in July 2015.2014-07-07T15:52:00+00:00
JLL’s Hampton Roads office reports transactions totaling more than 334,000 square feet
http://www.virginiabusiness.com/news/article/jlls-hampton-roads-office-reports-transactions-totaling-more-than-334000-sq#When:14:11:00ZJLL’s Hampton Roads office has completed several recent transactions totaling more than 334,880 square feet.
The largest transaction was a 45,663-square-foot office/warehouse lease for Valkyrie Enterprises at 3800 Village Drive in Norfolk. Maureen Rooks of JLL represented the tenant in this transaction.
In other tenant deals:
L&W Supply Corp. renewed its 31,471-square-foot lease at 401 E St. in a Hampton. Rooks and Gregg Christoffersen of JLL represented the tenant.
Harrison's Moving & Storage extended its 30,008-square-foot lease at 1400 Cavalier Blvd. in Chesapeake. Erin Corrie, Christoffersen and Mark Levy of JLL represented the tenant.
Troutman Sanders renewed its lease for 26,966 square feet at the Armada Hoffler Tower at 222 Central Park Ave. in Virginia Beach. Rooks and Deborah Stearns of JLL represented the tenant.
Serco Inc. leased 23,646 square feet at 2115 Portlock Road in Chesapeake. Christoffersen represented the tenant.
Under landlord representation, Pioneer Photos renewed its 43,000-square foot-lease at 1400 Cavalier Blvd. (Bay Warehouse) in Chesapeake. Mark Levy, Erin Corrie and Gregg Christoffersen represented the landlord, Indcor, in this transaction.
AmeriComm renewed its 35,728-square-foot lease at 804 Greenbrier Circle in Chesapeake. Wesley Edwards of JLL represented the landlord, Waggoner Greenbrier Properties LLC.
JCR Cos. buys retail space at Lorton Station Town Center
The JCR Cos. has acquired 51,800 square feet of retail space at Lorton Station Town Center for $13.8 million.
The center, which occupies the ground-floor area directly above the Virginia Railway Express (VRE) commuter train station, was sold by Regency Centers.
According to JCR, the space is totally leased to 19 local, regional, and national tenants including Wells Fargo, Fireside Grill, Subway, Pan e Vino, FedEx and others.
The center is part of a mixed-use project with more than 170,000 square feet of office and commercial space and nearly 1,200 single-family homes, townhomes, condominiums, and apartments.
“We are excited about the growth of the Lorton area and the strong year-over-year ridership increases at the Lorton VRE Station,” Joe Reger, managing partner of the JCR Cos., said in a statement.
He added that JCR plans to reposition about 7,000 square feet of the retail space that is leased but currently vacant, and hold the property for the long term. Cantor Commercial Real Estate financed JCR’s acquisition.
Founded in 2009, Arlington-based JCR is one of the most prolific buyers of urban retail, multifamily, office and mixed-use properties in the Washington, D.C., area. Its portfolio of 16 properties includes retail space in the 14th Street corridor and apartment buildings in northwest Washington.2014-07-07T14:04:00+00:00
CEO pay: Should we worry?
http://www.virginiabusiness.com/opinion/article/ceo-pay-should-we-worry#When:17:57:00ZDuring the plast year, the political class has raised income inequality as an issue either to be embraced as a verification that the United States is not (or should not) be more socialistic, but should stay a primarily capitalistic economy. Superior skill and talent should be rewarded.
Others, however, point to a related issue: the middle class is declining with a big chasm between the upper 1 percent and the lower 99 percent, which is not favorable based upon criterion of equity. CEO pay is a subset of the broader issue of income equality.
So what are the facts related to CEO and employee pay? For 2013, the median pay of a public corporation CEO rose to more than $10 million, according to an Associated Press/Equilar pay study. This is an increase of 50 percent from the depths of the recent Great Recession in 2008 and is 257 times the pay of the average worker now, the highest to date.
One of the criticisms of CEO pay has been the need for a stronger linkage between CEO pay and performance. There have been changes regarding CEO pay, with a greater portion of compensation being in the form of shares of stock with less through stock options and cash. Obviously, the higher the stock price, the greater the compensation of the CEO, and to the extent that stock price reflects the “bottom line” financial performance of the company, there is a stronger linkage.
As indicated above, criticism of CEO pay is primarily made on the issue of equity and less on performance, talent or productivity. The CEO pool for large public companies is small, and the skills needed to navigate the increasingly competitive business environment -- marked by rapid change in such factors as technology, consumer tastes, regulatory requirements and internationalization -- require a competitive compensation. In comparison to these highly sought after CEOs, many employees at the bottom of organizations have a limited ability to increase productivity just due to the nature of the job.
Americans preoccupation with inequality of wealth and income, some say class envy, is relatively new and a potent political tool for those on the left. But historically Americans compare their compensation with those within their own socioeconomic reference group or profession as opposed to their CEO. As long as the employee is doing well within his or her reference group, he or she will feel satisfied with their pay. In addition if the economic pie is growing and the employee is “keeping up,” then class envy will be less. It is the job of the CEO to make the pie grow larger for his/her company. To the extent that this occurs, and the employee progresses through increased salaries and promotional opportunities, then envy of the CEO should be lessened.
Unfortunately, there is a significant skill divide in the United States, with CEOs in general possessing extraordinary business skills, while the public education system is not performing well in equipping workers with even rudimentary entry-level skills that would allow the employee to progress up the corporate hierarchy. According to the Bill & Melinda Gates Foundation, “Only 25 percent of public high school graduates have the skills needed to succeed academically in college, which is an important gateway to economic opportunity in the United States.”
Even if there is a significant redistribution of income, and it is given directly to low-income workers, there is not enough to go around to make an appreciable impact upon their lives and would do nothing to reduce the skill divide (unless it can be used to increase the quality of education.) CEO pay does not need to be reduced as a matter of public policy, but the skill divide does.
Philip H. Umansky, CPA, Ph.D., is chair of the Department of Accounting and Finance at Virginia Union University in Richmond.2014-07-03T17:57:00+00:00
The Breeden Co. reports more than $4 million in land sales
http://www.virginiabusiness.com/news/article/the-breeden-co.-reports-more-than-4-million-in-land-sales#When:17:43:00ZThe Breeden Co., a Virginia Beach-based commercial real estate company, has closed on more than $4 million in land sales at Towne Center West in Henrico County in the past 90 days.
The transactions at the 40-acre mixed-used site in the county’s Short Pump area are expected to lead to new retailers, restaurants and office buildings.
The Stanley Shield Partnership bought 4.11 acres of land, planning to build a 109,000-square-foot, five-story medical building by late summer. The $48 million development is part of a series of medical office buildings planned by Stanley.
“This is the missing piece,” Mark Pendleton, the president of Breeden Realty, said of Stanley’s plans in a statement, adding “we now have the office component, which has long been sought after.”
Another deal involved an 8,376-square-foot BJ’s Restaurant and Brewhouse.
Breeden began work on Towne Center West in 2007. Development, however, stopped in 2009 because of the Great Recession.
The company said seen what it calls “the Short Pump Surge” in the past year.
Town Center West already includes a Hilton hotel (including a Shula’s Steakhouse and Aura Salon & Spa), the Virginia Eye Institute and an Ethan Allen store.
Two apartment communities on the site, Reflections at West Creek and Marshall Springs at Gayton West, provide a total of 842 units.2014-07-03T17:43:00+00:00
U.S. mortgages rates show little change
http://www.virginiabusiness.com/news/article/u.s.-mortgages-rates-show-little-change#When:17:10:00ZU.S. mortgage rates showed little change heading into the July 4 weekend, according to McLean-based Freddie Mac.
The company’s weekly Primary Mortgage Market Survey, released Thursday, showed a slight dip in rates for 30-year, fixed rate-mortgages and one-year Treasury-indexed, adjustable-rate mortgages while two other types of home loans remained unchanged.
"Mortgage rates were little changed from the previous week and remain below levels seen the same time last year, which should provide some help with homebuyer affordability in many markets,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.
“Recent housing data was better with pending home sales up 6.1 percent in May and overall construction spending showing a slight improvement with private residential spending now up 7.5 percent on yearly basis," he said.
The survey showed:
• 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending July 3, down from previous week when it averaged 4.14 percent. A year ago, the 30-year FRM averaged 4.29 percent.
• 15-year FRM averaged 3.22 percent with an average 0.5 point, unchanged from the previous week. Last year, the 15-year FRM averaged 3.39 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent with an average 0.4 point, unchanged from the previous week. Twelve month before, the 5-year ARM averaged 3.10 percent.
• 1-year Treasury-indexed ARM averaged 2.38 percent with an average 0.4 point, down from last week when it averaged 2.40 percent. At same period last year, the 1-year ARM averaged 2.66 percent.2014-07-03T17:10:00+00:00
S. L. Nusbaum reports $8.17 million in deals during June
http://www.virginiabusiness.com/news/article/s.-l.-nusbaum-reports-8.17-million-in-deals-during-june#When:18:40:00ZThe Richmond and Norfolk offices of S. L. Nusbaum Realty Co. completed commercial real estate transactions totaling $8.17 million on 177,931 square feet of space in June.
New leases include EdgeConneX Holdings LLC taking 19,820 square feet of industrial space at 3800 Village Ave. in Norfolk. C. Cheyney Cole Jr. of S. L. Nusbaum represented the landlord.
In sales transactions, Pawsatively Purrfect LLC purchased a 12,792-square-foot commercial building on .725 acre of land located at 1605 Rhoadmiller St. in Richmond from MCV Associated Physicians for $635,000. Reid Cardon of S. L. Nusbaum represented the buyer.
Metropolitan Property Investments LLC bought .22 acre located at 200 N. George Washington Highway in Chesapeake from Yushika Exports Inc. for $250,000. John Wessling and Bill Overman of S. L. Nusbaum represented the buyer and seller.
In lease renewals and expansions, Continental Terminals Inc. has extended its lease on 38,500 square feet of industrial space at 3941 Holland Blvd. in Chesapeake. S. L. Nusbaum’s Stephanie Sanker represented the landlord and Michael Myers represented the tenant.
Big Lots has exercised its option on 33,599 square feet of retail space at Suffolk Plaza in Suffolk. Christopher Hucke of S. L. Nusbaum represented the landlord.
Bed, Bath & Beyond renewed its lease on 23,000 square feet of retail space at WindsorMeade Marketplace in Williamsburg. S. L. Nusbaum’s Richard Jacobson and Tyler Jacobson represented the landlord.2014-07-02T18:40:00+00:00
Law Catalyst names director of business development
http://www.virginiabusiness.com/companies/article/law-catalyst-names-director-of-business-development#When:18:40:00ZJeffrey S. Bergren has joined Law Catalyst as director of business development. Law Catalyst is a Virginia Beach-based marketing, public relations and media agency serving lawyers and law firms.
Bergren will work with the firm’s president and vice president to lead the marketing and business development strategies for the organization.
The agency provides services and consultation to lawyers and firms in Pennsylvania, New Jersey, Virginia and Georgia.
Law Catalyst was formed in 2009 out of the media production company Law Journal Television.
Bergren is a graduate of the LEAD Hampton Roads program and previously served on the board of directors for the Hampton Roads Chamber of Commerce. He also is a member of the energy committee for the Virginia Chamber of Commerce and serves on the marketing advisory board for Super Lawyers.2014-07-02T18:40:00+00:00
Merkle acquires RKG
http://www.virginiabusiness.com/news/article/merkle-acquires-rkg#When:18:32:00ZColumbia, Md.-based Merkle has acquired RKG, a marketing agency based in Charlottesville. Terms of the deal were not disclosed.
RKG is a search and digital marketing agency that was founded in 2003. Besides its headquarters, RKG has locations in Bend, Ore., and Boston.
Merkle, also a marketing agency, works with Fortune 1000 companies and nonprofit organizations. The acquisition brings Merkle’s employee base to more than 2,400, adding nearly 220 workers to the company’s digital agency group. Merkle estimates it will have media billings of over $500 million this year. Outside the United States, Merkle has offices in England and China.2014-07-02T18:32:00+00:00
Kensington Vanguard opens offices in Woodbridge and Stafford
http://www.virginiabusiness.com/news/article/kensington-vanguard-opens-offices-in-woodbridge-and-stafford#When:18:23:00ZNew York-based Kensington Vanguard National Land Services, a national title insurance and settlement agency, has opened two new Virginia offices, in Woodbridge and Stafford.
Kensington Vanguard provides commercial and residential title insurance, settlement, escrow and 1031 exchange services.
Last year, the company acquired two Northern Virginia title agencies, New Era Title and Clear to Close Settlement Services, to establish its first office in the greater Washington, D.C., market in Tysons Corner.
Marc Wiltshire and Alicia Thompson will lead operations at the Woodbridge and Stafford offices, respectively.
Kensington Vanguard has offices in Florida, New Jersey, New York, Virginia and Texas.
The company is the result of a merger between Kensington National Land Services LLC and Vanguard Title Agency Inc. , which were both founded in 2002.2014-07-02T18:23:00+00:00http://www.virginiabusiness.com/uploads2/Trolley_Barn.jpgTrolley Barn
Technology company to be first corporate tenant in Roanoke project
http://www.virginiabusiness.com/news/article/technology-company-to-be-first-corporate-tenant-in-roanoke-project#When:18:21:00ZCalifornia-based JDSU will be the first corporate tenant at The Bridges, a $100 million redevelopment project in Roanoke.
JDSU is a technology company that develops network and service enablement solutions for network equipment manufacturers, communications service providers and enterprises.
The developers of The Bridges are redeveloping a vacant stretch along Roanoke’s South Jefferson Street into new apartments, offices and retail.
The commercial real estate firm Cushman & Wakefield | Thalhimer said JDSU will occupy about 24,643 square feet in the Trolley Barn at 323 Walnut Ave., which is part of the overall redevelopment.
The space, which will feature an open floor plan, is scheduled for completion in December 2014.
John K. Nielsen of Cushman & Wakefield | Thalhimer, who is the exclusive leasing representative of The Bridges, handled the lease negotiations.
In a statement, Nielsen said the deal represents the largest new office lease signed in the downtown Roanoke area since March 2008.2014-07-02T18:21:00+00:00
Eastern Henrico property sells for $1.2 million
http://www.virginiabusiness.com/news/article/eastern-henrico-property-sells-for-1.2-million#When:17:45:00ZRockit Sports LLC has purchased an office/warehouse property in Eastern Henrico County for $1.2 million to operate a youth athletic training facility.
The 47,655-square-foot building is situated on 2.42 acres at 3001 E. Parham Road, according to the commercial real estate firm Cushman & Wakefield | Thalhimer.
The property was owned by 3001 E. Parham LLC.
Birck Turnbull and Gregg W. Beck of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the sellers.2014-07-02T17:45:00+00:00
Versar Inc. acquires J.M. Waller Associates for $13 million
http://www.virginiabusiness.com/news/article/versar-inc.-acquires-j.m.-waller-associates-for-13-million#When:09:57:00ZSpringfield-based project management company Versar Inc. has acquired J.M. Waller Associates for $13 million.
J.M. Waller Associates is a Fairfax-based consulting company with annual revenues of more than $30 million. It provides environmental, facilities, professional staffing and logistics consulting services to a variety of government, industry and commercial clients. J.M. Waller Associates’ long-term clients include the U.S. Army Corps of Engineers, U.S. Air Force, U.S. Navy, Environmental Protection Agency and the General Services Administration.
Versar Inc. is a publicly-traded company serving clients in the construction management, environmental services, munitions response, and professional services industries.
"The acquisition of J.M. Waller is a great strategic fit for Versar, and will immediately strengthen not only our environmental services and professional services businesses, but also our engineering and construction management services,” Tony Otten, Versar’s CEO, said in a statement.
The acquisition price of $13 million will be satisfied with cash and a seller note.2014-07-02T09:57:00+00:00
Jobless rates climb in Virginia metro areas
http://www.virginiabusiness.com/news/article/jobless-rates-climb-in-virginia-metro-areas#When:18:45:00ZUnemployment rates rose in Virginia’s urban areas in May.
The Virginia Employment Commission reported Tuesday that jobless rates in the commonwealth’s 11 metro area all increased during May, from half a percentage point in the Winchester area to 1.3 points in the Harrisonburg region.
Northern Virginia had the lowest rate in May, 4.4 percent, up six tenths of a percentage point from April.
Following behind NOVA were the Charlottesville and Winchester areas, both with rates of 4.7 percent.
The numbers reported by the VEC are not adjusted for seasonal fluctuations.
The not seasonally adjusted unemployment rate for Virginia in May was 5.4 percent, up from 4.7 percent in April.
The comparable national jobless rate for May was 6.1 percent, up from 5.9 percent in April.
Here is a rundown of the metro area unemployment numbers:
Blacksburg-Christiansburg-Radford: 5.8 percent in May, up from 4.6 percent in April.
Bristol: 6.3 percent, up from 5.9 percent.
Charlottesville: 4.7 percent , up from 3.7 percent.
Danville: 7.7 percent, up from 6.9 percent
Hampton Roads: 5.8 percent, up from 5.1 percent.
Harrisonburg: 5.4 percent, up from 4.1 percent.
Lynchburg: 6.2 percent, up from 5.2 percent.
Northern Virginia: 4.4 percent, up from 3.8 percent.
Richmond: 5.6 percent, up from 5 percent.
Roanoke: 5.5 percent, up from 4.8 percent.
Winchester: 4.7 percent, up from 4.2 percent.2014-07-01T18:45:00+00:00
Leidos names Boeing executive as its next CEO
http://www.virginiabusiness.com/news/article/leidos-names-boeing-executive-as-its-next-ceo#When:18:17:00ZReston-based Leidos has named a Boeing executive as its next CEO.
Roger A. Krone, president of Network and Space Systems for Boeing, will begin his new role on July 14. He’ll succeed John P. Jumper who announced his retirement as CEO in February but will continue as chairman of the company’s board of directors.
In his current role at aerospace company Boeing, Krone leads about 15,000 employees in 35 states and 12 countries. Krone also previously was vice president and general manager of Boeing's Army Systems division, where he was responsible for military aircraft programs such as the AH-64D Apache Longbow and the CH- 47 Chinook.
When Boeing merged with McDonnell Douglas, Krone was vice president and treasurer at that company. He joined McDonnell Douglas in 1992 as director of financial planning after working for General Dynamics for 14 years, where he held positions in program management, engineering and finance.
Leidos was formed last year when SAIC, a major government and defense contractor, was divided into two parts — Leidos and a smaller company also called SAIC. The Fortune 500 company is made up of 22,000 employees. It works to address challenges in national security, health and engineering. Leidos reported revenues of $5.77 billion for the fiscal year ended Jan. 31.2014-07-01T18:17:00+00:00
Washington-area commercial real estate market sees modest growth in second quarter
http://www.virginiabusiness.com/news/article/washington-area-commercial-real-estate-market-sees-modest-growth-in-second#When:17:58:00ZThe Washington, D.C., area saw modest commercial real estate growth in the second quarter, according to preliminary research reports by CBRE Group.
“The trend toward more efficient, consolidated, and sustainable workplaces is here to stay. But with an improved economic forecast and the resulting market stabilization, we’re seeing noticeable spurts of touring activity, as well as a rising demand from nonprofits, and technology and business services,” John Germano, executive managing director of CBRE’s Washington-Baltimore region, said in a statement.
The second quarter saw rising demand for services by nonprofits and associations in the District of Columbia. More tenants seeking 10,000 square feet or more came to the market as well, CBRE said.
The D.C. market also experienced 393,000 square feet of negative absorption and a slight rise in vacancy to 11.3 percent, in large part because of Intelsat’s relocation from a 475,000-square-foot Uptown headquarters to Tysons Corner.
The impact of this move was lessened by tenants who expanded their footprint or relocated to D.C., CBRE said.
The commercial real estate company expects significant increase in Northern Virginia office market sales activity because a growing number of investors are seeking a yield outside the urban core. More than 15 properties are currently on the market with a large business park soon to follow, the company said. Four buildings totaling 1.2 million square feet were delivered during the second quarter with a preleasing rate of 73 percent. Another 2.3 million square feet is under construction.
Demand, however, has been unable to keep pace with the supply of vacant blocks of space, CBRE reports. Northern Virginia experienced 275,752 square feet of negative absorption and an increase in vacancy rate by 70 basis points. Several tenants reduced their footprints and gave back space, while the delivery of four office buildings also added 324,302 square feet of vacant space to the market.
Tenants occupying less than 15,000 square feet continue to be the most active and accounted for nearly three-quarters of the deals signed in the second quarter, although that figure was as high as 85 percent in the first quarter, CBRE said. The two largest move-ins of the quarter were Intelsat’s relocation to Tysons Corner and the CIA’s move to Dulles Discovery IV in the Route 28 South submarket.2014-07-01T17:58:00+00:00
$65 million in financing arranged for The View
http://www.virginiabusiness.com/news/article/65-million-in-financing-arranged-for-the-view#When:17:26:00ZHFF has arranged $65 million in financing for The View, a 17-story, 257-unit apartment tower in Arlington.
HFF worked on behalf of Ashton Park Associates III, LLC, an affiliate of The Shooshan Co., to place the 15-year, fixed-rate loan with Prudential Mortgage Capital Co. Loan proceeds were used to retire the existing construction debt on the property, which HFF secured for the borrower in 2012.
The View is located at 4000 Wilson Boulevard in the Rosslyn-Ballston Corridor of Arlington. Completed this year, the LEED Silver luxury property includes studio, one- and two-bedroom units with open floor plans and floor-to-ceiling windows. The property also includes 9,000 square feet of ground-floor retail space with outdoor café seating.
The View is the residential cornerstone of the second phase of Liberty Center, a 2.3 million-square-foot, mixed-use project. When completed, nine-building Liberty Center development will include hotel, retail, office and multi-housing components centered on open public space.
Founded in 1986, The Shooshan Co. is a privately owned developer. The company has planned, developed and invested in more than 3 million square feet of mixed-use space in Arlington.2014-07-01T17:26:00+00:00