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Home>Rich Griset

Rich Griset

Recent Articles from Rich Griset

Real Estate April 10, 2021

Chesapeake senior community acquired for $57.75M

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. According to Wink Ewing, managing director of investment sales for NorthMarq, Chesapeake Crossing sold for $57.75 million. The total capitalization of the transaction was approximately $68 million. [...]

Groundbreaking for The Pinnacle has been set for May 7.
Real Estate April 10, 2021

Construction to start in May on $66M Pinnacle apartments in Va. Beach

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 […]

Lingerfelt CommonWealth has announced that a multimillion-dollar renovation and reposition of the property will take place.
Real Estate April 10, 2021

Henrico industrial facility purchased for $7.8M

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 pr[...]

Rustburg Marketplace
Real Estate April 10, 2021

Rustburg shopping center sells for $4.7M

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 […]

Real Estate April 10, 2021

Chesapeake industrial building sells for $2.4M

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. […]

Economic Development April 8, 2021

German auto parts maker to build $38M Wythe County factory

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 […]

Home prices still increasing
Real Estate April 5, 2021

Virginia sees major housing inventory shortage

Across Virginia and the nation, real estate experts are singing the same tune: We’re facing a major housing inventory shortage that shows no signs of letting up soon. “Inventory is down about 44% compared to a year ago and it’s about a third of what it was five years ago,” says Lisa Sturtevant, chief economist […]

CarMax Inc. is acquiring the remaining stake in Edmunds.com Inc.
Transportation April 1, 2021

CarMax to acquire remaining stake in Edmunds

Goochland County-based used car giant CarMax Inc. announced Thursday that it had signed an agreement for full ownership of vehicle research website Edmunds.com Inc. in a cash and stock deal. In January 2020, CarMax invested $50 million to acquire a minority stake in Santa Monica, California-based Edmunds. CarMax, a Fortune 500 company, will acquire the […]

Alexandria’s shuttered Landmark Mall served as a set for “Wonder Woman 1984.” It’s slated for demolition to make way for a mixed-use development anchored by a $1 billion Inova Health System hospital. Photo courtesy Warner Bros. Pictures
Real Estate March 30, 2021

Saving the day

Running from police, an unremarkable bad guy with sandy hair suddenly grabs a little girl and dangles the young hostage from the third floor of a mall atrium. As a gaggle of nonplused bad guys decked out in ’80s pastels and John Oates mustaches look on, the skylight above shatters. It’s Wonder Woman, swooping into […]

Real Estate March 28, 2021

Commercial real estate leasing roundup

Central Virginia Environmental Quality Resources LLC renewed its lease of 32,670 square feet of industrial space at 11131 Progress Road in Ashland. Gregg W. Beck of Thalhimer handled the lease negotiations on behalf of the landlord. Surplus Freight has leased 16,361 square feet of retail space at Park South Shopping Center, 798 Southpark Blvd. in […]

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Top Stories

This July 13, 2008, file photo shows the Freddie Mac headquarters in McLean. (AP Photo/Pablo Martinez Monsivais)

7 Virginia businesses land on Fortune Global 500

Virginia has seven businesses named to the Fortune Global 500 for 2025.

The University of Virginia Rotunda. Photo by Jay Paul

Judge blocks Youngkin university board appointees

A judge stops three Virginia universities from recognizing eight gubernatorial board appointees who [...]

Union Pacific and Norfolk seek 1st transcontinental railroad through a massive merger

Union Pacific and Norfolk seek 1st transcontinental railroad through a massive merger

OMAHA, Neb. (AP) — Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that wou[...]

Like many universities, George Mason University is addressing the problem of how best to reduce costs for students seeking to avoid extreme loan debt. Photo courtesy George Mason University

GMU Faculty Senate targeted in DOJ letter

U.S. Department of Justice's civil rights division is requesting "all written communications" regard[...]

Woman accused of running high-end brothels in Northern Virginia and near Boston set to be sentenced

Judge to rule soon on Virginia Senate’s rejection of college board appointees

Fairfax County Circuit Court Judge Jonathan Frieden expects to rule by Tuesday night on an injunctio[...]

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Northern Virginia business leaders rally behind GMU president

Four powerful business organizations in Northern Virginia have sent a letter to George Mason Univers[...]

People

Parry Labs names chief growth officer

Parry Labs names chief growth officer

28/7/2025

Empower AI taps new chief growth officer

Empower AI taps new chief growth officer

25/7/2025

SES Space & Defense announces new CEO

SES Space & Defense announces new CEO

22/7/2025

Regions

AstraZeneca plans multibillion-dollar pharma factory in Virginia

AstraZeneca plans multibillion-dollar pharma factory in Virginia

AstraZeneca plans to construct a multi-billion dollar manufacturing center focused on chronic diseas[...]

Frederick prepares for data center development

Frederick prepares for data center development

Increasingly, data center developers are eyeing sites in parts of the commonwealth outside Northern [...]

Officials envision new life for shuttered state campus

Officials envision new life for shuttered state campus

Summary CVTC closed in 2020, costing the region 1,600 jobs and $87M. Redevelopment plan envisions ho[...]

Post GreenCity, Henrico tries again

Post GreenCity, Henrico tries again

Henrico revives arena plans after GreenCity collapse, targeting a 17,000-seat venue by 2028 amid law[...]


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