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Generator Supercenter signs lease in Ashburn, its first Va. location
Houston-based national generator franchise Generator Supercenter announced Friday it has signed the lease for a 6,000-square-foot space at the Ashburn Crossing business park in Loudoun County, its first location in Virginia. The company plans to eventually have six locations in the commonwealth. The lease amount has not been disclosed. Generator Supercenter provides emergency generators for [&hell[...]
Virginia places 20-day moratorium on evictions
With almost 400,000 Virginians still unemployed due to the COVID-19 pandemic’s economic fallout, Gov. Ralph Northam has announced a temporary statewide moratorium on eviction proceedings in the commonwealth, to remain in effect through June 28. Granted by an order from Virginia Supreme Court Chief Justice Donald Lemons, the moratorium will pause evictions will the Northam […]
Chesapeake shopping center sells for $13.6M
The Gainsborough Square shopping center in Chesapeake sold on June 2 for $13.6 million, according to city property records. Virginia Beach-based Armada Hoffler Properties Inc. (which declined to state the sales price) sold the 88,862-square-foot property to Slate Asset Management, according to a June 3 announcement from Colliers International. The property last changed hands in […]
Henrico real estate firm names chief strategy, investment officer
Glen Allen-based real estate investment company Capital Square announced Thursday it has promoted Whitson Huffman as its chief strategy and investment officer. He was previously the company’s senior vice president and head of acquisitions. In his new role, Huffman will oversee investments including 1031 exchanges, opportunity zone funds and private placement offerings. Before his time [&he[...]
Fairfax medical office building sells for $4.6M
A medical office building in Fairfax County’s Merrifield area has sold for $4.6 million, Toronto, Canada-based commercial real estate company Avison Young Inc. announced Monday. The five-story, 53,430-square-foot building is 37% leased to several medical practices, says Avison Young Principal Jim Kornick, who led the sale on behalf of the seller, Harrison Street Real Estate. […]
An implosion for the ages
Dominion Energy Inc.’s 1970s-era former headquarters made a big kaboom! Saturday morning as it was imploded in downtown Richmond, making way for a new office tower — although plans for the replacement building have not been finalized. Thousands of people gathered on bridges, hills and sidewalks to watch the spectacle, which was for many the […]
Gilbane Building Co. names Richmond office head
Construction industry veteran Colin Robinson — who’s had a hand in some of Richmond‘s most prominent redevelopment projects, including the Virginia State Capitol, the Altria Theater and Carpenter Theatre — will head Gilbane Building Co.’s Richmond office. Robinson succeeds Matt Sarver, who will become the vice president and business unit leader at the company’s Washingt[...]
Private equity firm purchases Reston office building
A New York-based real estate private equity firm, HighBrook Investors, secured a three-year floating-rate loan of $29 million, with extension options, to purchase the Reston Metro Center One office building, located near the future Reston Town Center Metro station and the planned $1.4 billion Halley Rise mixed-use development. HighBrook received the loan from Rubenstein Mortgage […]
It may take years for economy to recover, construction economist says
Associated Builders and Contractors Chief Economist Anirban Basu said that it will likely take years for the nation’s economy to recover from the COVID-19 pandemic’s blow. “One of the reasons for this is that state and local government budgets are now under severe pressure. With retail sales, hotel and income tax revenues declining, many state […]
Center for Innovative Technology campus sells for $47.35M
The Center for Innovative Technology (CIT) office building complex in Herndon has sold for $47.35 million, Gov. Ralph Northam announced Thursday. The Virginia Department of General Services (DGS) sold the property Thursday to affiliates of Chicago-based Origami Capital Partners LLC and Timberline Real Estate Partners in a transaction that closed Thursday. Located at 2214 Rock […]
Construction backlog, confidence remains low
The Associated Builders and Contractors (ABC) national trade association announced Tuesday that its Construction Backlog Indicator (CBI) fell to 7.8 months in April, the lowest it’s been in nearly eight years. The CBI is a forward-looking national economic indicator that shows work construction companies are contracted to do in the future, measured in dollars. “Backlog […]
Veterans affordable housing complex coming to Arlington
Arlington Partnership for Affordable Housing (APAH) has purchased the former Arlington American Legion Post 139 building for $8.8 million to construct apartment units and a new veterans programming center, Toronto, Canada-based real estate company Avison Young Inc. announced Monday. The Arlington chapter of the American Legion — a national organization that provides programming for veterans �[...]
