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Recent Articles from Courtney Mabeus-Brown
Construction starts on 288 Lofts in Midlothian
Norfolk-based S.L. Nusbaum Realty Co. has started construction on 288 Lofts, a $28 million, 160-unit apartment community in Chesterfield County’s Midlothian area. The first apartments are expected to be completed in fall 2023. Located at 400 Katrina Court on about 11 acres at the northeast corner of State Route 288 and Midlothian Turnpike, 288 Lofts […]
S.L. Nusbaum promotes retail leasing exec to VP
S.L. Nusbaum Realty Co. has promoted Maggie Spillane to vice president, the Norfolk-based realty company announced Tuesday. Spillane joined the company’s shopping center leasing department in 2020 as an associate, providing landlord representation and leasing services to a variety of retail centers in Hampton Roads. Prior to joining S.L. Nusbaum, she was director of commercial […]
Waterford Apartments sells for $55M in Va. Beach
Waterford Apartments in Virginia Beach is under new ownership, after Blackfin Real Estate Investors LLC acquired the 376-unit apartment complex for $55.35 million, the real estate investment company announced. Located off Shore Drive near Lake Smith, the one- and two-bedroom apartment community was built in 1980 and previously renovated to include walk-in closets, maple custom cabinets, […[...]
Newport News office building sells for $2.87M
A Newport News office building has sold for $2.875 million, Cushman & Wakefield | Thalhimer announced in February. Sashe LLC purchased the 24,526-square-foot office building at 11839 Rock Landing Drive in Oyster Point Park. Cushman & Wakefield | Thalhimer declined to disclose the seller. The building is currently occupied by Engineering Development Laboratory Inc., an […]
Arko buys chain of 135 convenience stores
Arko Corp., a Fortune 500 holding company for Henrico County-based convenience store chain GPM Investments LLC, has closed the acquisition of South Carolina-based Transit Energy Group, which is valued at $370 million plus the value of inventory. The transaction, announced Thursday. includes 135 convenience stores, supply fuel to approximately 190 dealers and a transportation business […]
Virginia hold ’em
The slot machines are already ringing out in Bristol and Portsmouth, where Virginia’s first commercial casinos opened during the past year. The state’s first permanent casino, Rivers Casino Portsmouth, opened its doors on Jan. 23. Operated by Chicago-based Rush Street Gaming, the resort has 1,148 slot machines, 57 table games and 24 poker tables, as […]
Ups and downs
Compared with the previous two years, 2022 was less of a roller coaster for the housing market in Virginia, but it still presented challenges for many would-be first-time homebuyers. As inflation rates grew, peaking at a 40-year high of 9.1% in June 2022, the Federal Reserve increased interest rates rapidly. Inflation fell to 6.5% in […]
2023 housing market off to slow start
Virginia home sales were off to a slow start in 2023, with a 30% decline in January from a year ago, or 2,454 fewer sales, according to data released in February by Virginia Realtors. Across the state, 5,609 homes were sold, marking the slowest January that Virginia has seen in eight years. Fewer sales have […]
Angela and Carl Reddix donate $1.1M to JMU
James Madison University alumni Angela and Carl Reddix have made a $1.1 million commitment to their alma mater to support first-generation college students, JMU announced Friday. Founder, president and CEO of Norfolk-based ARDX, a health care management and IT consulting firm, Angela Reddix studied marketing at JMU and graduated in 1990. Her husband, Carl, studied […]
Farmer Focus to create 300 jobs with $17.8M expansion
Harrisonburg-based Farmer Focus is planning a $17.8 million expansion that will create 300 jobs and double its processing capacity, the organic poultry producer announced this week. Part of that expansion will be paid for with a $3.6 million grant from the United States Department of Agriculture’s Meat and Poultry Processing Expansion Program (MPPEP). U.S. Secretary […]
SAIC wins $171M IT contract
Reston-based Fortune 500 contractor Science Applications International Corp. has received an IT contract valued up to $151 million from the U.S. Transportation Command, the Pentagon announced Thursday. Under the contract, SAIC will manage and support operations and modernization of the command’s IT systems and applications. The work includes classified and unclassified programs on multiple [...]
$400M Bristol casino to break ground Dec. 7
Virginia’s first casino, the Hard Rock Hotel & Casino Bristol, is getting closer to moving into its permanent home. Officials will break ground at the casino’s permanent home at the former Bristol Mall, at 500 Gate City Highway in Bristol on Dec. 7, the casino announced Thursday. The $400 million permanent casino, set to open […]
LMI acquires national security software company
Tysons-based consultancy LMI has acquired Colorado Springs, Colorado-based Synaptech, according to a news release. Terms of the deal were not disclosed. Synaptech creates digital engineering, modeling and simulation software for the national security and space industries. “LMI is thrilled to be entering the fast-paced, growing space market by acquiring Synaptech, which protects our nation’s na[...]
Noblis defense unit receives $187M Navy contract
A subsidiary of Reston-based Noblis Inc. has received a contract worth up to $187 million to provide command, control, communications, computers, intelligence, surveillance and reconnaissance engineering services to the Navy, according to a news release. Noblis’ mission solutions for defense subsidiary will provide end-to-end engineering services to the Naval Information Warfare Center Pacif[...]
100 people to meet in 2023
It’s time to set your social calendar for 2023, and here are some Virginians you’ll want to introduce yourself to — Virginia Business’ fourth annual list of 100 people to meet in the new year. Hailing from all parts of the state and representing a variety of industries and nonprofits, this year’s cohort includes Nightingale […]
Tysons alliance replaces biz partnership
It’s been a decade since Tysons unofficially dropped “corner” from its name amid plans by Fairfax County to transform the area into an urban live-work-play mecca anchored by four Metro Silver Line stations. As Tysons marches toward the county’s goal — laid out in its 2010 comprehensive plan — to grow to 100,000 residents and […]
Technomics to add 150 jobs in Arlington
Government contracting firm Technomics Inc. is investing $1.7 million to expand its Arlington headquarters and add 150 jobs, Gov. Glenn Youngkin announced Tuesday. Technomics is an employee-owned consulting firm that specializes offers a variety of analytics services for federal and international government clients. The company will lease an additional 10,000 square feet at 1225 South […]
Leonardo DRS completes merger, goes public
Arlington-based defense contractor Leonardo DRS Inc. is now a public company. The company began trading on the Nasdaq composite Tuesday morning, opening at $11.50, following the completion Monday of its all-stock merger with Israel-based Rada Electronic Industries Ltd. to form a $3 billion company. The companies announced their plans to merge in June. Under the […]
Fairfax solar/roofing contractor aims to add 400+ jobs
McLean-based solar energy and roofing contractor SmartRoof is relocating to Reston, with plans to add 410 jobs during the next five years, Gov. Glenn Youngkin announced Monday. Founded in 2006, SmartRoof is a residential and commercial roofing contractor that also offers solar energy systems. It serves customers in Northern Virginia, Maryland, Washington, D.C., Eastern Pennsylvania, […]
Truist invests $7M in Virginia Community Capital
Virginia Community Capital received a $7 million investment from Truist Financial Corp. to support the organization’s Economic Equity Fund, a loan fund to expand access to capital and technical assistance for women- and minority-owned small businesses. VCC’s equity fund was launched in 2021 in response to the disproportionate impact of the pandemic on women- and […]
