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![“Congress is looking at ways to raise additional revenue and taxes and ultimately [may] discourage people from investing in IRAs,” says Jeff Grinspoon, managing director and partner of VWG Wealth Management at Hightower Advisors in Vienna. Photo by Will Schermerhorn](https://www.virginiabusiness.com/wp-content/uploads/2021/11/Va-Biz-Grinspoon-Mega-IRAs-2142-112x75.png)
Supersize means
Mega retirement accounts draw congressional scrutiny
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Watch your nest egg, particularly if it is extra-large. As Congress scrambles to hike taxes on the wealthy and fund trillions of dollars in social spending, legislators see a potential goldmine in so-called mega individual retirement accounts. Mega IRAs, defined as individual retirement accounts containing at least $5 million, are being touted as a hot
Zion Crossroads shopping center sells for $4.85M
Deal includes land next to center, totaling 3.51 acres
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L&D Land Trust purchased the Freedom Drive Shops retail center and the land next to it in Zion Crossroads for $4.85 million from Freedom Drive Shops LLC, Cushman & Wakefield | Thalhimer announced Friday. The 100% leased, 10,296-square-foot shopping center is at Freedom Drive and Route 15. Tenants include Dunkin’ Donuts and Anytime Fitness. The
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Hampton multifamily property sells for $9.25M
The property has 136 units
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Barrington Woods, a 136-unit multifamily property in Hampton, has sold for $9.25 million, Cushman & Wakefield | Thalhimer announced Wednesday. Outlier Realty sold the property, at 607 Michigan Dr. in Hampton, to Los Angeles-based investor DBC Barrington. Clark Simpson and Erik Conradi of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Hampton Roads and
Colliers promotes J. Scott Adams to executive managing director
Adams is based in Norfolk
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J. Scott Adams has been promoted from regional president to executive managing director for Colliers’ Virginia and Raleigh, North Carolina, brokerages, Colliers announced Nov. 9. Adams will focus solely on the leadership of all brokerage operations in the region. He will be based in Norfolk but will travel between the Virginia and Raleigh offices weekly.
Dominion reports increases in diverse hiring over past 5 years
Utility aims for 40% women, people of color in workforce by 2026
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Dominion Energy Inc. released its first public diversity, equity and inclusion report on Friday, reporting increases in gender and racial diversity among employees hired between 2016 and 2020. With a goal of reaching 40% in diverse workforce representation — meaning hires of women and non-white people — by 2026, the Richmond-based utility giant, which employs
Va. hotel revenues continue to lag from 2019 levels
October overall revenues decreased 20% from 2019, but Hampton Roads revenues 8% higher
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Virginia hotel revenues for October were 20% below pre-pandemic levels in October 2019, according to newly released data from STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, hotel rooms sold decreased by 13% compared with 2019 levels. The average daily rate (ADR) paid for
Va. unemployment rate dropped to 3.6% in October
October marks 17th month of declining rate
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In October, Virginia’s unemployment rate fell to 3.6%, 0.2 points below September’s rate, Gov. Ralph Northam announced Friday. The state’s unemployment rate has declined for 17 months straight. In October 2020, the jobless rate was at 5.3%, 2.5 points higher than last month. The labor force increased by 5,918 to almost 4.26 million, and the number
$41.9M apartment building coming to Richmond’s Manchester neighborhood
Commodore will have 173 units, 7 stories
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Atlanta and Washington, D.C.-based developer Capital City Real Estate is building a seven-story, 173,000-square-foot multifamily project in Richmond’s Manchester neighborhood about a mile from downtown Richmond. Colliers, which assisted with the financing, announced the $41.9 million project Nov. 11. Commodore will have 173 residential units and 3,500 square feet of ground-floor retail space. Construction is
BWXT to invest $65M in new Campbell County campus
Nuclear fuel supplier expects to create 97 jobs over three years
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Lynchburg-based nuclear components and fuel supplier BWX Technologies Inc. (BWXT) will build out and upfit a center for manufacturing and research and development adjacent to its Campbell County facility, creating 97 jobs, Gov. Ralph Northam announced Friday. The Fortune 1000 company plans to invest $65 million over the next three years, a Virginia Economic Development
Springfield office building sells for $29.3M
Springfield Corporate Center office building is 84% leased
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The Springfield Corporate Center office building sold for $29.3 million, New York-based real estate company Newmark Group Inc. announced Wednesday. Located at 6225 Brandon Ave., the five-story building is 138,830 square feet. The building was constructed in 1988 and renovated in 2014 and 2015 in a $2.7 million program. The property is 84% leased, primarily