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Richmond office tower sells for $77M
NYC firm buys home to Troutman Pepper law firm's Richmond office
Richmond’s 15-story Riverside on the James office tower has sold for $77 million, McLean-based American Real Estate Partners LLC (AREP) announced on April 6. Located at 1001 Haxall Point, the 263,752-square-foot building was acquired from AREP by New York-based Opal Holdings and is 95.3% leased. The building’s main tenant is the Richmond office of Atlanta-based
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Chesapeake senior community acquired for $68M
Standard Communities buys Chesapeake Crossing
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Chesapeake Crossing, a 597-unit mixed-income senior housing community in Chesapeake, has been purchased by Los Angeles-based Standard Communities, the affordable housing division of Standard Companies. The total capitalization of the transaction is approximately $68 million. Located at 1921 Robert Hall Boulevard, Chesapeake Crossing will undergo a $7.5 million renovation that includes modernization upgrades to individual
Construction to start in May on $66M Pinnacle apartments in Va. Beach
Breeden Co. Oceanfront project will feature 240 luxury apartments
Published
Virginia Beach-based Breeden Co. has scheduled a May 7 groundbreaking date for The Pinnacle, its upcoming $66 million luxury apartment complex at the Oceanfront. Located at 521 31st St., The Pinnacle will offer 240 one-, two- and three-bedroom apartments on the site of a former Farm Fresh grocery store that closed in 2018. Construction is
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Henrico industrial facility purchased for $7.8M
Building in Richmond Distribution Center will undergo renovations
Published
On April 7, Richmond-based commercial real estate investment firm Lingerfelt CommonWealth Partners LLC announced it had acquired an industrial facility in Henrico County for $7.8 million. Located at 4300 Carolina Ave., the 223,479-square-foot industrial facility is located in the Richmond Distribution Center complex near Richmond International Raceway. Lingerfelt CommonWealth announced that the property, which is
Rustburg shopping center sells for $4.7M
Rustburg Marketplace anchored by Food Lion
Published
Rustburg Marketplace, a 46,700-square-foot grocery-anchored shopping center at 1051 Village Highway in Rustburg, has sold for $4.7 million. Anchored by a Food Lion, the shopping center’s other major tenants include Family Dollar and Virginia ABC. The Kent Mall LLC purchased the strip mall, which sits on 8.55 acres, from Rustburg Ventures LLC. S. L. Nusbaum
Chesapeake industrial building sells for $2.4M
Barnhart Crane and Rigging Co. buys 4.79-acre property
Published
Memphis, Tennessee-based heavy lifting and hauling company Barnhart Crane and Rigging Co. has purchased a 34,312-square-foot industrial building on 4.79 acres in Chesapeake for $2.4 million. The property is located at 835 Wilson Road. S. L. Nusbaum Realty Co.’s Ben Leon and Sam Rapoport represented the seller, Chesapeake-based Burton Lumber Corp. Subscribe to Virginia Business.
German auto parts maker to build $38M Wythe County factory
STS Group AG's first U.S. manufacturing operation will create 120 jobs
Published
German auto parts manufacturer STS Group AG will invest $39 million to establish its first U.S. manufacturing operation in Wythe County’s Progress Park industrial park, creating 120 jobs, Virginia Gov. Ralph Northam announced Thursday. Located near Wytheville, the new facility, operating as a subsidiary of STS Group North America, will supply Volvo Trucks in Pulaski
Kings Dominion sets minimum wage at $13 for seasonal workers
Previous base was $9.25 at Doswell theme park
Published
Kings Dominion, the Doswell amusement park, has set its minimum wage for seasonal employees at $13 per hour, it announced Thursday. Previously, the base wage was $9.25. The park, owned by Cedar Fair Entertainment Co., expects to hire 2,100 seasonal workers before reopening May 22, and it also is hiring 80 new full-time positions with
New, continued jobless claims in Va. stay steady a second week
Initial unemployment filings 81% lower than a year ago
Published
The number of initial unemployment claims filed during the week ending April 3 was 81% lower than the same period a year ago, when the burgeoning COVID-19 pandemic saw unemployment filings near peak levels. The number of new filers last week increased slightly from the previous week. The Virginia Employment Commission reported Thursday that 28,526
Metro committee approves $4.7B budget for FY2022
Metro will be able to maintain current service levels, avoid cuts
Published
With an injection of federal funding, Metro will be able to maintain current service and accelerate repairs on the public transportation system. On Thursday, the Metro Board of Directors’ Finance and Capital Committee approved a $4.7 billion operating and capital budget for fiscal year 2022, which begins July 1. The full board is expected to