Associated Builders and Contractors Chief Economist Anirban Basu said that it will likely take years for the nation’s economy to recover from the COVID-19 pandemic’s blow. “One of the reasons for this is that state and local government budgets are now under severe pressure. With retail sales, hotel and income tax revenues declining, many state
OrthoVirginia is the sole occupant of the property.
The OrthoVirginia building in Prince George County has sold for $3.85 million, Glen Allen-based commercial real estate company Commonwealth Commercial Partners LLC announced Thursday. Located at 4710 Puddledock Road, the 11,172-square foot building is 100% occupied by OrthoVirginia, an independent group practice of orthopedic surgeons, sports medicine doctors and physical therapists. OrthoVirginia has more than
The Virginia Cancer Institute has been the sole tenant since 2012.
The Virginia Cancer Institute building in Hanover County’s Mechanicsville area has sold for $2.1 million, Glen Allen-based commercial real estate company Commonwealth Commercial Partners LLC announced Thursday. Located at 7501 Right Fork Road, the 8,100-square-foot building is 100% occupied by the Virginia Cancer Institute, which has been there since 2012, according to CCP. The Virginia
Sale proceeds will go to Virginia Research Investment Fund for technology-based economic development
The Center for Innovative Technology (CIT) office building complex in Herndon has sold for $47.35 million, Gov. Ralph Northam announced Thursday. The Virginia Department of General Services (DGS) sold the property Thursday to affiliates of Chicago-based Origami Capital Partners LLC and Timberline Real Estate Partners in a transaction that closed Thursday. Located at 2214 Rock
David Carneal will manage The Lawson Cos.' multifamily portfolio
Virginia Beach-based property management firm The Lawson Cos. announced Wednesday that David Carneal will be its director of property management. He will be responsible for management of the company’s portfolio of more than 5,500 units and will oversee the company’s six regional property managers. Carneal was most recently president and senior vice president at Midlothian-based
Associated Builders and Contractors released results from April survey
The Associated Builders and Contractors (ABC) national trade association announced Tuesday that its Construction Backlog Indicator (CBI) fell to 7.8 months in April, the lowest it’s been in nearly eight years. The CBI is a forward-looking national economic indicator that shows work construction companies are contracted to do in the future, measured in dollars. “Backlog
Former Arlington American Legion Post 139 building sold for $8.8 million
Arlington Partnership for Affordable Housing (APAH) has purchased the former Arlington American Legion Post 139 building for $8.8 million to construct apartment units and a new veterans programming center, Toronto, Canada-based real estate company Avison Young Inc. announced Monday. The Arlington chapter of the American Legion — a national organization that provides programming for veterans —
EDA now has control of the entire mall property.
Less than a week after Norfolk announced its purchase of the Military Circle Shopping Mall for $11 million, the Norfolk Economic Development Authority (EDA) said Thursday it has also approved a plan for the city to purchase the former DoubleTree Hotel at Military Circle for $2.4 million. The hotel property was listed for sale for
It marks the largest decrease in construction jobs since 1939.
The United States construction industry lost 975,000 jobs in April, according to an Associated Builders and Contractors (ABC) analysis of data released by the U.S. Bureau of Labor Statistics. It’s the largest recorded decrease in construction jobs since 1939 — when the government first started tracking employment, according to ABC. “The hope had been that
The property is across from the Boulevard redevelopment project.
A vacant plot of land in Richmond across from The Diamond baseball stadium has sold for $1.95 million, Colliers International announced Thursday. Located at 3110 N. Arthur Ashe Blvd., the property is 1.19 acres. The property is located directly across from the planned Boulevard redevelopment project, known as The Boulevard RVA. The redevelopment project launched