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Tag: commercial real estate

Capital Square names new SVP, product specialist

Stuart Bahnmuller has joined Glen Allen-based real estate company Capital Square as the firm’s senior vice president and registered product specialist to lead a national sales team for wealth managers and registered investment advisers, Capital Square announced Thursday.

“For decades, alternative investments have been the staple of independent broker-dealers and their registered representatives. More recently, wealth managers and RIAs have shown great interest in offering alternatives to their investors to create greater diversification, reduce correlation and increase returns,” Louis Rogers, founder and co-CEO of Capital Square, said in a news release. “Stuart Bahnmuller is a proven leader who will introduce the RIA community to Capital Square’s industry leading Delaware statutory trust/1031 exchange programs, opportunity zone funds, apartment REIT and development funds. This is the next evolution in Capital Square’s growth as we further expand our reach to RIAs and their clients.”

Bahnmuller previously worked as senior vice president of RIA at Versity Invest in Washington, D.C., according to his LinkedIn account, and has served in a variety of leadership roles at a number of other real estate investment firms. He has a bachelor’s degree in management from the University of South Carolina.

Capital Square has completed more than $7.5 billion in transaction volume since its founding in 2012. In March, the company announced the launch of a wholly-owned subsidiary, Capital Square Living, to oversee management of the company’s multifamily portfolio.

 

Harvey Lindsay Jr., Norfolk real estate icon, dies at 93

Harvey L. Lindsay Jr., chairman and former president of Harvey Lindsay Commercial Real Estate, died Wednesday at the age of 93, the Norfolk firm announced Thursday. In addition to his nearly 70-year career in real estate, Lindsay was a Korean War veteran and an active volunteer in Hampton Roads civic organizations, as well as an early civil rights activist.

“Harvey was an eternal optimist and a true servant leader who believed in empowering individuals to take care of their neighbors,” said Robert M. King, one of Lindsay’s sons and current president of the real estate firm, which was started by Harvey Lindsay Sr. “Throughout his career, my dad believed that what was good for people was good for business. His solid unyielding values are embedded in the culture of our company. All of us at Harvey Lindsay Commercial Real Estate are committed to honoring his legacy of leadership and community service in the Hampton Roads region.”

Lindsay, who served on the Korean War’s front lines as a Marine lieutenant and graduated from the University of Virginia, joined his father’s company in 1954 and became president of the firm in 1969. He continued as chairman up to his death and, according to his grandson Bobby Beasley III, was still a regular presence in the firm’s office up through last week.

“He treated everybody like family,” Beasley said Thursday. “He taught me how to always have an interest in someone’s life. He loved this city, and the city was very good to him.”

Over his career, Lindsay was part of many major real estate developments in Hampton Roads and the Peninsula, including Tidewater Community College, Military Circle Mall, City Center at Oyster Point, Dominion Tower and the Village Shops at Kingsmill. He also was closely involved with Old Dominion University, where the commercial real estate program was named for him.

A conversation with a Black soldier during the Korean War prompted Lindsay to take action to support desegregation when he returned home to Virginia, Beasley said, which was a courageous plan in 1950s Virginia. In the foxhole, the soldier had said that even though he was on the front lines of a U.S. military conflict, as a Black man, he wasn’t treated the same as white people at home. Lindsay took the story to heart, and he chaired a racially mixed citizens advisory committee that pushed to reopen Norfolk public schools, which had closed down instead of integrating. Lindsay later helped found the Urban Coalition, a precursor to the Urban League of Hampton Roads, and served as its president.

“At a time when taking a bold stance on race relations in Southern Virginia was risky, Mr. Lindsay stood for what was right, demonstrating uncommon courage,” Gilbert Bland, president and CEO of the Urban League of Hampton Roads, said in a statement. “He continued to be an ally throughout his whole life in support of the Urban League and our mission, as well as support of other like-minded organizations. And he was a personal friend. Hampton Roads is a stronger, more inclusive community because of his efforts.”

Beasley, the son of Lindsay’s daughter Franny Beasley and vice president of industrial sales and leasing at the firm, says his grandfather preferred to steer attention away from himself and often gave to others anonymously. “He always wanted to help people.”

One of his grandfather’s joys was attending his children’s and grandchildren’s sporting events. “He’d come out in a suit and tie and stand on the sidelines and root us on,” Beasley said. Another pleasure was having a hot dog with mustard and relish, and a vanilla milkshake from Doumar’s, his grandson remembered. Often, the two would eat their meal together at the office, and Lindsay would tell Beasley stories about the war, the civil rights era and the legacy of his own father, whom he called “a great real estate man [who] did a lot of great things” in a 2021 interview with Virginia Business.

Lindsay also served as president of the Norfolk Community Concert Association, director of the U.S. Naval Base Little League, director of the Norfolk Chamber of Commerce and a board member of the Access College Foundation, as well as raising money for local chapters of the Boys & Girls Club and the United Way, and the Union Mission Ministries’ $30 million campus in Norfolk. In 2018, he was given the Darden Award by the Civic Leadership Institute in Norfolk, and was named First Citizen of Hampton Roads by LEAD Hampton Roads in 2014.

Lindsay had five children, including Bob and Billy King, the sons of Robert M. King Jr., a naval pilot who died in a training flight accident in 1954. Lindsay adopted the brothers when he married King’s widow, Frances, and had three more children. Frances Lindsay died in 2018 at the age of 88, and Harvey Lindsay is survived by his five children, several grandchildren and great-grandchildren, and other family and friends. A celebration of his life will be announced later, Beasley said.

VCU to open $125M STEM building next week

Virginia Commonwealth University will open its $125 million College of Humanities and Sciences’ 168,000-square-foot STEM building during a ribbon cutting scheduled next week.

The six-floor building, located at 817 W. Franklin St. in Richmond, will expand lab, classroom and office space for the college, which is home to 17 departments, two schools and three programs. About 60% of VCU’s undergraduates are enrolled in the college and the new building will provide classroom and study space for more than 10,000 students who will take up to 70 courses in the building each semester, beginning in fall 2023.

“At VCU, we pride ourselves on making education and research more accessible to all students. Modern facilities thoughtfully designed to support learning and innovation will foster our ability to shape Virginia, its robust economy and the well-being of people everywhere,” Michael Rao, president of VCU and VCU Health, said in a statement. “As we educate the next generation of scientists and leaders, VCU’s new STEM building will foster seamless integration of classroom learning with hands-on research engagement, encouraging students to collaborate across disciplines and facilitate discovery — which is what the world needs. We are modeling a truly public research university in the 21st century.”

Opening April 26, the STEM building will feature 32 teaching labs; a Math Exchange and Science Hub; two 250-seat, team-based learning classrooms; computer labs; and flexible classrooms. It will also feature wet and dry instructional labs. The college’s main offices will remain in their current building, Blanton House, at 828 W. Franklin St.

Funding for the building was provided by the commonwealth in 2019. It was not funded by VCU students’ tuition or fees. The building was designed by Philadelphia-based Ballinger and Washington, D.C.-based Quinn Evans architects and constructed by Richmond-based Hourigan.

Fed Fifth District economy shrinks slightly

The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has contracted slightly since March, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday.

Published eight times per year, the Beige Book is based on anecdotal information about economic conditions gathered from the 12 Federal Reserve Banks. It is compiled from reports by bank and branch directors, as well as information gathered from business contacts, economists, market experts and other sources.

Here’s what the April 19 Beige Book edition revealed about the direction the economy is taking:

Manufacturing activity softened as manufacturers had fewer new orders, and customers began pushing back on price increases as supply chain pressures eased. Employers continued to struggle to find skilled workers.

Travel and tourism spending increased moderately in the region. The sector saw strong revenue growth, with hotels reporting increases in the number of rooms sold and higher room rates compared with last year. In February, Virginia hotel revenues were 14.9% higher than those recorded in February 2019.

Ports and trucking companies in the Fifth District reported declining freight volumes, especially in imports of retail goods and household items. Exports of loaded containers were stronger, though, particularly in auto and machine parts. Empty containers remained at ports slightly longer.

Because shipping carriers had excess availability, their spot rates fell to pre-pandemic levels or below, significantly under contract rates. Airfreight rates stabilized as airlines pulled back on freight capacity, according to the Fed.

Trucking companies saw a moderate decline in freight volumes and received some customer pushback on continued rate increases. Firms continued to add drivers but scaled back recruiting because of the lowered freight volumes. The supply of new tractors and trailers improved.

The Fifth District’s employment increased slightly compared with its March report, although respondents reported a continued lack of qualified workers. Wages increased modestly, partly because Virginia, Maryland and Washington, D.C., increased minimum wages.

Prices in the region continued to grow at a strong rate, the Fed reported. Manufacturers reported average price increases of about 5.5%, down from the 2022 peak, and service sector firms reported prices increases of about 6.5%, a near-peak rate.

Retail activity remained strong, although firms reported slightly lower sales and demand. Some retailers said they expected business to pick up soon, as their busy seasons started in April.

The typical spring housing market did not appear. Sales and pending sales in the Fifth District residential real estate market declined, and sales prices remained flat, although respondents began seeing new contracts at less than list price. Housing inventory has decreased year-over-year, and new listings have dramatically decreased. Although construction costs were down, builders did not buy new lots because of economic uncertainty.

Commercial real estate activity declined overall last month, particularly in the office market. Retail and industrial/flex space leasing, however, remained strong, and the industrial sector had higher rental rates. Sales slowed due to rising interest rates, and some banks stopped lending for new commercial construction projects or tightened underwriting standards.

Demand for all types of loans slowed modestly, but the commercial loan portfolio was the weakest. The region saw mixed demand from consumers, but demand for home equity and used auto loans increased some.

Deposit levels declined slightly, although some banks had an inflow of deposits following Silicon Valley Bank’s collapse. Financial institutions expected loan and deposit levels to decline moderately for the rest of the year, according to the Fed.

Chesapeake industrial building goes for $1.4M

AG Wraps Inc. has purchased a 11,200-square-foot industrial building in Chesapeake for $1.4 million, Cushman & Wakefield | Thalhimer announced Monday.

The building, at 913 Business Park Drive, is on 1.05 acres, and it was purchased from Allen V. Alewine. The company installs short- and long-term vinyl graphics for vehicles and has other locations in Chesapeake and Virginia Beach. The building was purchased as an additional location.

Brett Sain and Ellis Colthorpe of Cushman & Wakefield | Thalhimer handled sale negotiations on behalf of the seller.

Chesterfield business center building sells for $1.36M

Six Bees II LLC has purchased a 10,680-square-foot office and warehouse building in Chesterfield County’s Branchway Business Center for $1.36 million.

Six Bees II, which is affiliated with CK Bosworth Construction, purchased the building from 1321 Business Center Drive LLC, and the company will occupy half of the building to accommodate its growing commercial construction business, Cushman & Wakefield | Thalhimer announced Monday.

Additional information about CK Bosworth’s growth and its plans for the other half of its new building was not immediately available Tuesday.

Amy J. Broderick and Kate Hosko, of Cushman & Wakefield | Thalhimer, handled the sale negotiations on behalf of Six Bees II.

Former auto dealership property in Va. Beach sells

A former auto dealership property in Virginia Beach has a new owner. 

Best Buy Wheels purchased a 3,904-square-foot former auto dealership from BT Associates LLC for $1.5 million to operate as a second location for its auto dealership. The property, located at 1305 Oceana Blvd., was formerly Bay Shore Used Auto Sales. 

Clay Willis and Brett Sain, of Cushman & Wakefield | Thalhimer, handled the sale negotiations on behalf of the seller.

Frito-Lay building in Chesapeake sells for $5.4M

A 29,494-square-foot industrial building in Chesapeake has changed ownership, S.L. Nusbaum Realty Co. announced. 

B&D Acquisitions LLC purchased the building for $5.425 million from Rolling Frito-Lay Sales LP. The building is located on about 6.5 acres at 909 and 913 Professional Place in Chesapeake.

Rolling Frito Lay will lease the building back from B&D. 

Stephanie Sanker of S.L. Nusbaum Realty Co. represented the seller.

$35.8M Newport News affordable housing redevelopment begins

The BLVD Group has acquired and started renovations on the Aqua Vista Apartments in Newport News, the Los Angeles- and Dallas-based company announced Tuesday.

BLVD expects development costs, including the property purchase and “soft costs” like engineering and design, to total more than $35.8 million. A BLVD-affiliated limited partnership, Aqua Vista LP, bought the property in December 2022 for $14.6 million, according to property records.

Built in 1970, Aqua Vista Apartments is a 150-unit affordable housing complex located at 648 Aqua Vista Drive. After the redevelopment, all units will be reserved for individuals and families with incomes of 60% or less than the area’s median income through 2072.

BLVD and Virginia Housing have partnered on the project, with Virginia Housing serving as a lender and providing a Low-Income Housing Tax Credit (LIHTC), and Enterprise Communities is a limited partner investor who will receive the tax credits.

“We are pleased to partner with Virginia Housing and Enterprise Community Investments to preserve and extend the affordability of Aqua Vista Apartments through a creative and collaborative 4% LIHTC acquisition,” BLVD Acquisitions Director George Saad said in a statement.

The complex has not been renovated for more than 50 years, according to a news release, and BLVD expects the redevelopment construction to total $13.5 million. The buildings’ systems will be converted from gas to electric power, and BLVD expects the property to receive an Enterprise Green Communities certification — a sustainability-focused building program created for the affordable housing sector — when complete.

The complex will also get new roofs, insulation, windows and entry doors. Each unit will have new finishes, including new appliances and flooring. The renovation plans include expanding amenities, adding a playground, dog park, business center, community room and new leasing office. BLVD plans to partner with a social services provider, Hampton Roads Community Action Program, to offer residents webinars, seminars and workshops focused on personal finances and development.

Metro Group Inc. is the project’s general contractor, and Hooker DeJong Inc. is the project architect.

Bowman acquires Maryland engineering firm

Reston-based Bowman Consulting Group Ltd. has acquired Rockville, Maryland-based Richter & Associates, a dry utility infrastructure engineering firm, the company announced Tuesday.

Terms of the deal were not disclosed.

Richter has 28 employees. The company works with private and public clients as well as utilities to design, develop and implement natural gas, electric and telecommunications infrastructure. The firm was founded by CEO Steve Richter in 1989, according to his LinkedIn account. Richter, along with other senior managers of the company, will become part of the Bowman management team.

“Evolving complexity of end use, combined with increasing load demand, is forcing utilities to rethink their approach to system extension, capacity management, interconnectivity, and last-mile design,” Bowman CEO Gary Bowman said in a statement. “Steve has built a business uniquely positioned to address the need for integrated dry utility engineering inherent in all infrastructure projects. Every structure built requires coordinated orchestration of last-mile utility engineering and interconnection with multiple utility providers. Richter has built a solid foundation of experience and an impeccable reputation from which we can grow this service nationally.”

Bowman expects the Richter acquisition to contribute approximately $5.5 million of annualized net service billing.

“As development issues relating to electric, natural gas, telecommunications, alternative energies, streetlighting and traffic signaling became more complex, development costs escalated and frustration increased,” Richter said in a statement. “An opportunity presented itself for a firm to navigate and intercede with utilities and public agencies on behalf of infrastructure planners, developers  and owners. … We feel that this is the right time to join with a bigger firm to expand our reach and breadth of services and accelerate our growth.  We are excited to become part of Bowman and look forward to adding value to their national platform.”

Bowman has 1,700 employees in more than 70 offices across the country and provides planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services. The company went public in May 2021 and has acquired 17 companies across the country as it continues to look for strategic growth opportunities.