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Recent Articles from Katherine Schulte
Va. labor market stayed strong in February
Virginia’s labor market remained strong in February, although growth is slowing, according to employment data from the Federal Reserve Bank of Richmond. Virginia had a net gain of 3,200 jobs in February. The Virginia state government employment was previously 12,000 jobs below the February 2020 level, but the state government nearly halved that deficit last […]
Va. home sales down 20% from a year ago
Virginia home sales were down 20.3% in February compared with the same month last year, marking the 15th consecutive month of declining sales, according to a Virginia Realtors report released March 21. Home sales in the commonwealth last month totaled 6,505, a decrease of 1,655 sales from February 2022. The Northern Neck and parts of […]
Va. hotel revenues in February up 14.9% from 2019
Hotel revenues in Virginia were 14.9% higher in February compared with pre-pandemic levels, largely because of increased room rates, according to data released Tuesday by STR Inc., a division of CoStar Group Inc. that provides market data on the U.S. hospitality industry. Hotel rooms sold increased by 4.3% last month compared with February 2019. The […]
Chesterfield County kicks off $210M mixed-use project
Chesterfield County officials began demolition Tuesday of the former Best Products Co. Inc. building in the Spring Rock Green shopping center to clear the way for the $210 million first phase of the Springline at District 60 mixed-use development. The 42-acre first phase of the project, located on Midlothian Turnpike off Chippenham Parkway, includes a […]
Virginia ABC to hold Secretariat bourbon lottery
Bourbon fans should gallop to enter the Virginia Alcoholic Beverage Control Authority’s online lottery later this month for 187 autographed bottles of Secretariat Reserve Straight Bourbon, celebrating the 50th anniversary of the thoroughbred’s 1973 Triple Crown sweep. The bourbon comes from Charlottesville-based Ragged Branch Distillery and includes grain grown at Meadow Event Park in [...]
Hampton Roads housing market appears to stabilize
The Hampton Roads housing market appears to be stabilizing, according to a new report from the Real Estate Information Network Inc. (REIN). “We expect 2023 to be similar to pre-pandemic years where inventory increases in the spring and summer, and as long as buyers have inventory to choose from, they’re going to shop for homes,” […]
Four Richmond-area distribution centers sell for $105.6M
A joint venture between Glen Allen-based Lingerfelt and Swiss private investment firm Partners Group bought three Chesterfield County distribution centers and one Hanover County facility for $105.6 million, Lingerfelt announced Friday. The four multi-tenant facilities are 100% leased to 18 tenants and total 1.16 million square feet. The properties were developed between 2000 and 2003. […]
Two Roanoke apartment properties sell for $3.35M
A 26-unit multifamily community and a 16-unit apartment complex in Roanoke sold together for $3.35 million on Feb. 10. Located at 2002 Langdon Road SW, the 26-unit community, Langdon Square at Raleigh Court, has 22 garden-style apartments built in 1985 and four townhomes built in 1990. The structure is 59,407 square feet total, according to […]
Two Hampton Roads marketing agencies to merge
Norfolk-based WB Marketing’s parent company has acquired majority interest in Virginia Beach-based marketing and communications firm Meridian Group and will merge the two into one agency, Meridian Group announced Tuesday. Mike Matacunas from Norfolk-based private investment firm Five Hill Capital — WB Marketing’s parent — acquired the majority interest from Meridian Group founder J[...]
Metallica acquires Alexandria records maker
Master of puppets — and now master of vinyl record production, legendary heavy metal band Metallica has acquired a majority interest in Alexandria-based vinyl records maker Furnace Record Pressing. Financial terms of the transaction, which the two entities announced Tuesday, were not disclosed. “We couldn’t be more happy to take our partnership with Furnace … […]
