Va. Beach apartment complex where Pharrell lived sells for $24.5M
Atlantis Apartments will undergo $15M overhaul
The Virginia Beach apartment complex where music superstar Pharrell Williams lived until he was 7 has been sold for $24.5 million to Fairstead, a New York-based real estate company focused on sustainable development and affordable housing. The company announced Thursday that it plans a $15 million overhaul of the Atlantis Apartments in Virginia Beach’s Seatack
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Arlington federal contractor acquires Alexandria tech firm
Planned Systems International purchases ProSphere Tek
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Arlington-based IT services federal contractor Planned Systems International Inc. acquired Alexandria-based technology company ProSphere Tek Inc., it announced Thursday. Financial details of the transaction were not disclosed. Founded in 2006, federal contractor ProSphere designs and maintains mission-critical systems, supports data center operations and migrates business services to public clouds. PSI valued its network/cloud operations and
Yorktown’s Duke of York Hotel sells for $3M
Built in 1965, hotel will receive renovations, name change
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The Duke of York Hotel in Yorktown sold for $3 million, M.A. Bowry & Co. announced July 2. Built in 1965, the 57-room, 26,084-square-foot, limited-service hotel is located on the York River. It will remain open as the company renovates it. Crockett Enterprises LLC sold the hotel to a limited liability company connected to M.A.
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James City County industrial building sells for $2.67M
Design Masters building will house The Drying Co.
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The Design Masters building in James City County sold for $2.67 million, Cushman & Wakefield | Thalhimer announced Wednesday. Tetreault Holdings Inc. bought the 40,000 square-foot-building from Friendship Partner as an investment for their contracting business, The Drying Co./ThermalTec, according to the news release. The industrial building is located in Toano at 3005 John Deere
Shield AI acquires Alexandria-based defense contractor
Companies creating AI pilots for military aircraft
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Alexandria-based defense contractor Heron Systems Inc. was acquired by San Diego-based technology company Shield AI, according to announcement Thursday from Shield AI. Financial details of the transaction were not disclosed. The companies will work on the deployment of artificial intelligent pilots for military aircraft. Shield AI is applying self-driving car technologies to military aircraft, according
Danville apartment complex sells for $7.85M
100-unit Turnpike Townhomes is on Franklin Turnpike
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Danville Investors LLC sold the 100-unit Turnpike Townhomes for $7.85 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Tuesday. Turnpike Townhome Apartments LLC purchased the apartments at 1300 Franklin Turnpike, as well as parcels of adjacent vacant land, on June 21. Clay Taylor, a certified commercial investment member, of Cushman & Wakefield |
John Tyler Community College renamed Brightpoint
Slaveholding, Confederacy-supporting namesake didn't reflect institutional values, college said
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John Tyler Community College will become Brightpoint Community College after receiving unanimous approval from the Virginia Community College System state board in its Thursday meeting. On July 8, John Tyler Community College President Edward “Ted” Raspiller announced that he had recommended Brightpoint Community College as the school’s new name to the state board. The Chester
Va. new jobless claims edged up last week
Continued claims remain in decline
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Virginia’s initial unemployment claims increased slightly last week while continued claims decreased again, as they have for several weeks, the Virginia Employment Commission reported Thursday. For the filing week ending July 17, the state recorded 6,304 new jobless claims, up 352 from the previous week, while continued claims totaled 35,202, down 1,135 from the previous
Diversity Leadership Series: Ron Carey and Brian Robertson
Co-sponsored by Virginia Business and Bank of America
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Brought to you by Virginia Business and Bank of America, join us every other month for the Diversity Leadership Series — virtual fireside chats with a diverse group of Virginia business leaders sharing their insights and thoughts on leadership, their career paths, and diversity and equity. Our series kicked off on July 20 with Brian
Virginia Lottery reports record $3.26B in annual revenue
Nearly 30% increase in profits attributed to online lottery sales
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The Virginia Lottery posted an all-time record $3.26 billion in annual sales and a record $765 million in profits for the fiscal year that ended June 30, the lottery’s board announced Wednesday. The lottery saw a 52% increase in revenue and a nearly 30% increase in profits over the prior fiscal year. The introduction of
Virginia could receive $530M from $26B opioids settlement
Deal with drug distributors, Johnson & Johnson announced by states attorneys general
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Virginia is expected to receive about $530 million as part of a $26 billion settlement that the nation’s three primary drug distributors and pharmaceutical manufacturer Johnson & Johnson reached Wednesday with the states that would release the companies from legal liability in the opioid crisis. A majority of the roughly $530 million that Virginia is expected
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Northrop Grumman names chief sustainability officer
Michael Witt was Dow's corporate director of environment, health and safety and sustainability
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Northrop Grumman Corp. has named Michael Witt its vice president and chief sustainability officer. He will assume the role on Aug. 9, according to the Falls-Church based Fortune 500 aerospace and defense contractor. Witt will lead Northrop Grumman’s sustainability initiatives, creating business practices for carbon reduction, resource efficiency and materials management. Witt previously held leadership
DISYS names CFO and treasurer
Philip Monti will oversee finances for McLean-based staffing firm and Florida subsidiary
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McLean-based staffing firm Digital Intelligence Systems LLC named Philip Monti as its chief financial officer and treasurer of the combined enterprise of DISYS and Signature Consultants, DISYS announced Wednesday. He will oversee financial operations and management of the enterprise, building on his former position at Signature Consultants, a Florida-based IT staffing firm that DISYS acquired
George Mason hires chief diversity officer
Sharnnia Artis is assistant dean for access and inclusion for two UC Irvine schools
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Sharnnia Artis will be George Mason University’s vice president for diversity, equity and inclusion and chief diversity officer, beginning Sept. 1. Artis currently serves as the assistant dean for access and inclusion in the Donald Bren School of Information and Computer Sciences and Samueli School of Engineering at the University of California, Irvine. George Mason
Old Point National Bank appoints VP operations
Christopher Hobbs comes from U.Va. Community Credit Union
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Hampton-based Old Point National Bank has appointed Christopher Hobbs as its vice president of operations, the bank announced Wednesday. “We are so pleased to have Chris Hobbs join the Old Point family,” said Susan R. Ralston, executive vice president and chief operating officer for Old Point, in a statement. “His expertise will be instrumental as
Opinion
What’s good for HBCUs is good for Virginia business
It's time to increase state support for historically Black colleges and universities, former Gov. Wilder writes
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Earlier this year, I issued a call for the commonwealth to confront and reassess its disproportionate support of its historically Black colleges and universities (HBCUs). I wrote a letter to the governor, lieutenant governor, attorney general and the respective leadership of the General Assembly. At this juncture, I have not received any acknowledgment or response
Making history (belatedly)
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Virginia, sometimes better known for its history than anything else, is poised to make more of it this November. There will be two female candidates on this year’s ballot for lieutenant governor. It has been nearly three decades since Mary Sue Terry served as Virginia’s attorney general from 1986 to 1993. Heretofore, Terry has been
Seizing our future by creating value together
What must we do as business leaders to cultivate the co-creation economy?
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Here in Virginia and across the nation we are witnessing an unprecedented effort to create greater equity — in consideration, treatment, opportunity and investment — throughout our society. Media attention has focused intently on what governments are doing to evolve their policies, but businesses are rapidly transforming as well, confirming the effectiveness of existing practices
Are big tech firms more like nations?
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Roughly two years ago, Facebook announced plans to lead a consortium of companies creating a new digital token currency called Libra. The partners were to include major payment processors Visa, Mastercard, PayPal and Stripe, among others. However, strong opposition from financial regulators around the world led to its shelving. Fast-forward to 2021, as global acceptance