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byline: Paula C. Squires

JLL names new mid-Atlantic market director

JLL has promoted Christopher Molivadas to mid-Atlantic market director. Molivadas will be responsible for overseeing the entire mid-Atlantic region, which includes Virginia, Maryland and Washington, D.C.

He succeeds Michael Ellis, named the company’s east markets lead at the beginning of the year.

Molivadas has worked with JLL for 18 years. He formerly led JLL’s Mid-atlantic Project and Development Services (PDS) business for more than a decade. In 2017, he took over leadership for the mid-Atlantic’s Investor Services business.

Molivadas earned a degree in real estate and urban land economics from Southern Methodist University. He lives in Vienna with his wife Melissa and three sons.

CBRE|Richmond promotes Wood Thornton to first vice president

CBRE|Richmond has promoted Wood Thornton to first vice president.


Thornton, an office and industrial broker, has been with the Richmond office since 2011. He specializes in representing office and industrial tenants in leasing transactions, as well as representing owners and prospective owners of office, flex, and industrial buildings.


In 2017, Thornton was a top 10 producer for CBRE|Richmond,  He also is the founder and chair of the RVA LogistXGames.  The annual games, which include activities performed in the logistics work environment, raises money to support logistics programs offered by the Community College Workforce Alliance. 

Before entering the commercial real estate profession, Thornton spent 13 years as a corporate attorney.

Developers retain Transwestern to provide leasing for The View

 

Transwestern  announced Thursday that it has been retained by international joint venture Tysons Development LLC to provide leasing services for 873,830 square feet of space in the office tower proposed for The View.

The mixed-use project proposed for Tysons is currently under zoning review by Fairfax County. Tysons Development recently submitted an updated plan for The View to the county that includes 1,418,586 square feet of office, nearly tripling the office space of 529,673 square feet submitted in the original plan in spring 2017.

Tysons Development is a joint venture between Northern Virginia-based Clemente Development Co. and its international development partner, Khaled Juffali Co. of Saudi Arabia.

The View would consist of a block of office, residential, retail, hotel, cultural and recreational venues at the Spring Hill Metro Station in Tysons.

The development would encompass about 3 million square feet of space in six buildings. At the center of the project, designed by Gensler Architects, would be the office tower which, at 600 feet, would be the tallest commercial structure between Philadelphia and Charlotte, N.C. It would be topped by a sky garden, accessible to the public.

“The View will be to the nation’s capital region what Rockefeller Center is to New York City. It will become an epicenter of global commerce, regional entertainment and hospitality, and luxurious living, as well as a signature element of the Washington-Maryland-Virginia skyline,” C. Daniel Clemente, a principal in Tysons Development LLC, and the CEO of Clemente Development, said in a statement.

With a Tysons location, the View would be close to downtown Washington, D.C., Washington Dulles International Airport, and Ronald Reagan Washington National Airport.

Transwestern said it plans to market to an internationally-connected range of businesses, corporations, law firms and consultants.

The development will include over 90,000 square feet of retail and restaurant space, a cultural center with a performing arts space and outdoor amphitheater and a five-star hotel.  Developers hope to break ground in 2019 and finish the project by in mid-2021.

“The View will redraw the Tysons skyline and infuse the area with a new sense of vibrancy,” Phil McCarthy, a member of Transwestern’s leasing team said in a statement. “This development offers a city center environment, sophisticated design, and modern urban planning with a grid of streets and a vibrant cultural center and arts destination. It presents an unprecedented branding opportunity to corporations seeking to make a bold statement.”

Magnets USA will invest $1.5 million in Roanoke County operation

 

 

 

 

 

 

Magnets USA, a manufacturer of magnetic and paper promotional products, plans to invest $1.5 million in its  Roanoke County operation. 

 

According to an announcement Thursday from the governor’s office, the company has purchased new equipment to increase capacity, including a digital press and laser engraver, that will replace all of its current processes.

 

Other additions are slated for this year. The company’s 70 employees will be retrained to operate the new machinery and systems with support from the Virginia Jobs Investment Program (VJIP).

 

“Magnets USA is an impressive entrepreneurial success story for Virginia, and I am pleased to see the company reinvesting in its Roanoke County operation,” Gov. Ralph Northam. “To stay competitive in a 21st-century economy, growing companies must upgrade processes and technologies, and ensure its employees are equipped with the most in-demand skills.’’

 

Founded in 1990, Magnets USA serves about 35,000 customers today. Each year, the company produces millions of magnetized marketing products — including calendars, sports schedules, notepads, and car magnets — for a client base that stems largely from the real estate industry.

 
The Virginia Economic Development Partnership will support Magnets USA’s job retraining through the VJIP. The program provides consultative services and funding to companies creating new jobs or experiencing technological change to support employee training activities.

 

 

 

Cushman & Wakefield | Thalhimer to lease DDR retail portfolio in Richmond

Cushman & Wakefield | Thalhimer said Wednesday that it has been selected by DDR Corp. to provide exclusive leasing services for a combined portfolio of about 1.2 million square feet of retail space in the Richmond metropolitan area.

DDR, based in Beechwood, Ohio, is a publicly traded real estate investment trust that owns and manages a portfolio of shopping centers across the U.S.

The Richmond assignment includes three major retail centers. White Oak Village is a 955,538-square-foot regional shopping power center located off Laburnum Avenue in Eastern Henrico County. It’s anchored by tenants such as Target, Publix, Petsmart, JCPenney and Lowe’s.

Commonwealth Center is a 165,611-square-foot regional center located at Commonwealth Center Parkway off Hull in Chesterfield County. Major tenants include Stein Mart, Michaels, The Fresh Market and Old Navy.

Downtown Short Pump, off Broad Street and adjacent to Short Pump Town Center in Henrico County, comprises about 125,861 square feet of space. Retailers include Regal Cinemas, Barnes & Noble, Mattress Warehouse and World of Beer. James Ashby IV and Richard Thalhimer will serve as Thalhimer’s exclusive leasing representatives.

“We are thrilled to team with DDR on these trophy retail assets in the Richmond market,” Ashby said in a statement.

ComSonics Inc. adding 34 jobs in Augusta County

ComSonics Inc. said Wednesday it is investing $615,000 to expand its manufacturing operation in Augusta County. The company also plans to add 34 jobs over a three-year period.

Harrisonburg-based ComSonics provides design, manufacturing, sales, and repair solutions for the electronics and fiber optics industries.

The company says it will purchase new equipment and make facility improvements to allow for additional space.

ComSonics is an employee-owned corporation with roots stretching to the late 1960s. Warren Braun started the company in his basement.

The Virginia Economic Development Partnership (VEDP) will support the expansion through its Virginia Jobs Investment Program (VJIP). VJIP provides consulting services and funding to companies creating new jobs or experiencing technological change to support employee training.

Virginia Beach contractor moving headquarters within Virginia Beach

Custom Panel & Controls LLC said Tuesday it is expanding in Virginia Beach. The company is relocating its headquarters to a larger space and adding 15 jobs, almost doubling its workforce.

Custom Panel & Controls LLC, an electrical contractor for marine and commercial industries, will occupy 13,000 square feet of class B warehouse space at 504 Viking Drive in Oceana West Industrial Park. The company, founded in 2014, has been located at 2697 International Parkway since 2015.

The company plans to make a capital investment of more than $2.3 million for real estate, furniture, fixtures and equipment, and machinery and tools. The Virginia Beach Development Authority has approved a $75,000 grant based on the capital investment in the APZ-1 YesOceana zone. The grant funds will be used to offset machinery and equipment purchase.

Equitable Real Estate Partners makes another acquisition in Richmond

 

Equitable Real Estate Partners has purchased a two-building office portfolio on Forest Avenue in Richmond for $6.4 million.

With this transaction, the Miami-based real estate investment and development company owns seven buildings, with a total portfolio in Richmond’s Forest Office Park of over 300,000 square feet. 

According to CBRE|Richmond, which represented the seller, the class B Forest Avenue two-building portfolio totals 83,770 square feet.

The buildings are located in the Glenside/I-64 submarket, with convenient access I-64 and West End residential neighborhoods.

Tenants include Tuckahoe Orthopaedic, Virginia Cardiovascular, Westhampton Family Psychologists and Muscular Dystrophy Association.

CBRE|Richmond’s Will Bradley and Marc Allocca represented the seller.
 
CBRE’s David Wilkins and Matt Anderson will handle the leasing for the portfolio.

VCU Health to break ground on $349 million outpatient facility

Officials from Virginia Commonwealth University (VCU) and VCU Health will celebrate the start of construction on a $349 million outpatient facility during a groundbreaking event Friday, June 22.

The project is the largest capital construction project in the history of VCU Health.

The 9:30 a.m. groundbreaking will be held on the grounds of the former Virginia Treatment Center for Children on the MCV Campus. The 16-story, 603,000-square-foot building is expected to be a downtown hub for comprehensive outpatient care. A new 472,000-square-foot parking deck will add more than 1,000 parking spaces at the point of service on the downtown medical campus.

The estimated completion date of the initial design and construction phase is summer 2020. The new outpatient facility will consolidate most of VCU Massey Cancer Center’s outpatient care, on-site laboratory services, medical imaging, and women’s and rehabilitation services.

Blackburn Inn opens in Staunton

 

The Blackburn Inn officially opened for business on Tuesday in Staunton. 

A partnership involving The Blackburn Inn LLC and Richmond-based Retro Hospitality transformed the historic structure, built in 1828, into a 49-room boutique hotel.

The hotel is in a Jeffersonian-style building on an 80-acre site that was formerly part of the Western State Hospital.

“We couldn't be prouder to officially open our doors and bring this historical building back to its true glory,” Robin Miller, the owner of The Blackburn Inn, said in a statement.

In addition to the 49 guest rooms and suites, the hotel has a 20-seat bistro and bar, Second Draft, with a locally sourced menu and beverage program showcasing Virginia wines, beers and ciders.

The Library Lounge, located adjacent to the front lobby, also serves coffee, tea and fresh pastries.

The Blackburn Inn offers event space including a dramatic front lawn and the 2,500-square-foot Penthouse Loft adjacent to the hotel.

The hotel is located at 301 Greenville Ave. It shares the grounds with upscale apartments and condominiums owned by Village Development Associates. Its partners include Miller and Dan Gecker.