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byline: Courtney Mabeus-Brown

Hampton Roads shipyards receive nearly $1B in Navy contracts

The Pentagon has announced nearly $1 billion in Navy contracts for work on vessels in Hampton Roads.

Under one contract, valued at $847 million, Reston-based General Dynamics Corp.’s Norfolk-based shipyards will support emergent work, continuous maintenance, pre-refueling complex overhaul availabilities, ship terminal offload program availability and scheduled work on aircraft carriers in the mid-Atlantic through April 2030. The contract was announced Friday.

Under a second contract, valued at $115 million, Huntington Ingalls Industries Inc.’s Newport News Shipbuilding division will continue its engineering overhaul of the USS Columbus, a Los Angeles-class nuclear-powered fast-attack submarine, with work expected to be completed in December. The contract was announced Monday and is among two others valued at more than $1.8 billion that were received by HII from the Pentagon in April.

Va. to establish trade office in Taiwan

Virginia will establish a trade office in Taipei, Taiwan’s capital, Gov. Glenn Youngkin announced Monday morning after meeting with that country’s president, Tsai Ing-wen.

Youngkin’s meeting with Taiwan’s president came during the governor’s first international trade mission, during which he will also stop in Seoul, South Korean and Tokyo throughout the remainder of April.

The trade office was established by an executive order issued Monday, and Youngkin has given the Virginia Economic Development Partnership and Secretary of Commerce and Trade Caren Merrick until June 30 to submit a plan for its opening, including the resources it will need as well as a timeline and an exploration of services to promote the state’s businesses and industries in Taiwan, as well as the generation of new business.

Virginia exported $730 million in products to Taiwan and imported $1 billion in goods from the island in 2022, Youngkin’s office said in a news release. It would be the state’s fourth international economic development office — others are in Germany, Seoul, and Japan.

“As a premier partner in the commonwealth’s economic and business ecosystem, I was thrilled to meet with President Tsai to strengthen Virginia’s decades-old partnership with Taiwan,” Youngkin said in a statement. “As a former business leader, I appreciate the commitment to excellence that Taiwan demonstrates across sectors. They are an important training partner and model of prosperity for nations across the globe.”

Taiwan ranked No. 8 as the U.S.’s largest trading partner in 2021, according to the U.S. Department of State, and Youngkin noted that the country ranks as the fourth fastest growing source of foreign direct investment in the U.S. That foreign investment includes the semiconductor industry, Younkin also noted in his order, and Taiwan, dominates that market, producing more than 60% of the world’s semiconductors, The Economist reported. Building out a semiconductor industry in the state has been a priority for state leaders, including U.S. Sen. Mark Warner, following passage of the CHIPS and Science Act last year. On Friday, Youngkin’s office announced the launch of the Virginia Alliance for Semiconductor Technology to build a chips workforce.

News of the new trade office comes amid tense relations between the U.S. and China, which has been antagonizing its neighbors for years. Beijing has declared that Taiwan, an island of 23 million people, will one day be unified with the mainland, by force if necessary, while Taiwan, a democracy that has been governed independently of China since 1949, has asserted its sovereignty.

A.J. Nolte, an assistant professor of government at Regent University, says there’s growing bipartisan consensus among lawmakers on Capitol Hill to defend Taiwan, if it comes to it, adding that the country has regular transfers of power, more religious freedom and more LGBTQ rights than China. Virginia is also home to four of the country’s top five defense contractors, Nolte says, adding establishing trade ties “makes sense for Virginia.”

The Biden administration has restricted the sale of semiconductors to China in recent months, citing national security threats. Late last year, Youngkin pulled Virginia from consideration for a $3.5 billion Ford Motor Co. electric vehicle plant amid concerns about the Chinese company that would operate it — a move some of the governor’s critics say may have been more motivated by Youngkin striving to be more appealing to a national GOP audience for a presidential bid.

While Youngkin has consistently demurred when asked about his presidential ambitions, billionaire GOP donor Thomas Peterffy gave $1 million last week to Younkin’s political action committee, Spirit of Virginia, after the businessman said he putting his support for Florida Gov. Ron DeSantis “on hold” because his positions on abortion and adult book bans have alienated some GOP donors and the mainstream wing of the party, Politico reported.

“From a state perspective, [Youngkin] might be able to just say … this is all about Virginia,” Nolte told Virginia Business. “It doesn’t hurt him, let’s just put it that way. If he decides that he wants to run for president later on … I don’t think he’s in any hurry to jump in. I think, if you’re Youngkin, probably what you’re thinking [is], ‘Well, if [former President Donald] Trump and DeSantis batter each other into oblivion, and if things go well for me in the [November] Virginia [General Assembly] elections, I’m going to try to swoop in and make a late entry.’ This kind of thing is not going to hurt him, that’s for sure.”

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.

 

Raytheon wins $308M contract for Navy destroyer work

Arlington-based Raytheon Technologies Corp.’s Missiles & Defense business has received a $308.4 million contract modification for combat systems work on the Navy’s Zumwalt-class guided-missile destroyers, the Pentagon announced Wednesday.

Work includes combat system installation, integration, development, testing, correction, maintenance and modernization of Zumwalt-class mission systems and systems equipment. The project is expected to be completed by April 2024.

The Navy initially planned to build 32 Zumwalt destroyers, which is the largest and most technologically advanced of its surface combatants at 610 feet long, but the program was later slashed to three ships as a result of cost overruns and delays. USS Zumwalt, the first in its class, was commissioned by the Navy in October 2016, and the service accepted final delivery on April 24, 2020. It was built by Reston-based General Dynamics Corp.’s Bath Iron Works in Maine.

Boeing lands $313.4M Super Hornet life extension contract

Arlington-based Boeing Co. has received a $313.4 million contract modification to upgrade and extend the service life of 25 Navy Super Hornet jet fighters, the Pentagon announced Wednesday.

The contract includes non-recurring engineering, system engineering program management and Block III avionics upgrades to extend the service life up F/A-18 E/F Super Hornets from 6,000 flight hours to 10,000 flight hours. The Super Hornet entered the fleet in 1999 as a replacement for the Navy’s F-14 Tomcat; the E variant is a single seat, twin engine carrier capable fighter, while the F variant is a tandem seat aircraft.

Boeing delivered two Block III test jets to the Navy in 2020; the upgrade incorporates an advanced cockpit system with touchscreen display, reduced radar cross section and advanced networking infrastructure. The company is under contract to build 78 new Block III Super Hornets for the service through 2024 ; Defense News reported in 2021 that if the Navy puts all of its Block II Super Hornets through upgrades, it will have more than 500 Block III aircraft that will work their way into the fleet into the 2030s.

Work under the latest contract is expected to be complete in February 2025.

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.

Raytheon receives $237M Army contract

Arlington-based Raytheon Technologies Corp. has received a $237 million Army contract to help the service detect and defeat unmanned aircraft with sensors and drones, the company announced Wednesday.

The contract includes a combination of fixed-site and mobile systems, including the company’s Ku-band Radio Frequency Sensor and Ku720 mobile sensing radar, as well as its Coyote drones, to support the Army’s operations in U.S Central Command. The sensors provide 360-degree threat detection and the Coyote is a warhead-equipped unmanned aircraft system that is launched by a tube and can be deployed from the ground, air or sea. The systems are part of the Army’s Low, slow, small-unmanned aircraft Integrated Defeat System, known as LIDS.

LIDS integrates the Ku radio frequency sensors and Coyote effectors with Falls Church-based Northrop Grumman Corp.’s Forward Area Air Defense Command and Control system and Syracuse Research Corp.’s electronic warfare system.

“The KuRFS radar and Coyote effectors effectively detect and defeat unmanned aircraft systems, an increasingly evident and global threat,” Tom Laliberty, president of land warfare and air defense at Raytheon Missiles & Defense, said in a statement. “LIDS is operationally deployed, providing a proven, reliable and essential layer of defense against enemy drones.”

CENTCOM is one of the 11 united combatant commands under the Department of Defense and includes Egypt and the Middle East.

Raytheon said in an email that the contract was received April 13, and the contracting agency is the Defense Microelectronics Activity.

 

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.

HII announces more than $1.8B in contracts

Newport News-based Huntington Ingalls Industries Inc. on Tuesday announced more than $1.8 billion in contracts awarded to its mission technologies and shipbuilding divisions.

The company’s McLean-based Mission Technologies was awarded a $1.3 billion U.S. African Command Personnel Recovery Enterprise Services and Solutions (PRESS) task order, which has a one-year base period with up to six one-year options. The task order was issued by the General Services Administration’s Federal Systems Integration and Management Center. Under the order, HII will provide a large-scale network of medical, rotary and fixed-wing solutions to support AFRICOM’s Warfighter Recovery Network.

Since 2021, HII has supported 91 casualty evacuation missions across East Africa area of operations under a personnel recovery and casualty evacuation services task order, the company said in a news release. HII’s work is expected to improve evacuation response and transport timelines and maximize survival rates for personnel operating in the AFRICOM area of responsibility.

AFRICOM is one of 11 united combatant commands under the U.S. Department of Defense. Headquartered in Germany, the region includes 53 African states.

“The PRESS mission goes hand-in-hand with HII’s mission to support and deliver all-domain solutions that create the advantage for the Combatant Commands in their mission to protect our national security around the world,” Mission Technologies President Andy Green said in a statement. “We are proud to partner with USAFRICOM to provide life-saving operations to the women and men who serve our nation.”

Also on Tuesday, HII announced that its Newport News Shipbuilding division received a $567.6 million subcontract modification from General Dynamics Corp.’s Groton, Connecticut-based Electric Boat Corp. to provide long-lead material and advance construction activities for Columbia-class ballistic missile submarines.

HII is currently under contract for construction of submarine modules for Build I, the first two submarines in the class: the future USS District of Columbia and USS Wisconsin. The advance procurement funds from the subcontract modification, awarded April 4, will allow the shipbuilder to purchase major components and commodity material and to begin advance construction on Build II, the next five submarines in the class.

“This contract modification underscores the critical manufacturing work our shipbuilders do for the U.S. Navy, as major contributors to the Columbia-class,” said Brandi Smith, the shipbuilder’s vice president for Columbia-class construction. “When delivered to the fleet, these submarines and their crews will protect peace and freedom around the world, in service of the nation. Our shipbuilders understand the responsibility, commitment and discipline required of them each day, and take great pride in supporting this mission.”

The Navy has designated the Columbia class its top acquisition priority. It will replace the service’s aging fleet of Ohio-class ballistic missile submarines.

Electric Boat, a subsidiary of Reston-based Fortune 500 contractor General Dynamics, is currently building the future USS District of Columbia and USS Wisconsin. Electric Boat expects to deliver the lead Columbia-class submarine to the Navy in 2027. At 560 feet long, the submarines are the largest ever built in the U.S. and will have a fuel core that will power them for their entire lifecycle, eliminating a need for midlife refueling. General Dynamics in 2019 won the largest Navy contract ever awarded for the Virginia-class nuclear-powered, fast-attack submarine.

NNS is a major shipbuilding partner in the Columbia-class program, constructing and delivering six module sections per submarine under contract to General Dynamics Electric Boat.