NAPA Holdings Richmond LLC has purchased a 230,000-square-foot industrial property in Richmond from Keck Realty for $2.57 million.
The property is situated on 13.5 acres at 1700 Jefferson Davis Highway. According to Cushman & Wakefield | Thalhimer, which brokered the sale, the buyer acquired it as an investment.
Thalhimer’s Isaac DeRegibus Thalhimer handled the sale negotiations on behalf of the seller.
The historic Lynchburg National Bank building has sold for $1.08 million to a buyer who plans to renovate the 26,718-square-foot building.
According to Cushman & Wakefield | Thalhimer, which brokered the sale, Bailey Grey Holdings LLC purchased the building from Downtown Enterprises LLC.
Located in the Central Business District at the center of the city’s downtown revitalization efforts, the building was constructed in 1916. One of its distinctive features is the stained glass that was used throughout the dome roof structure during the construction phase.
The building received the Merit Award from the Lynchburg Historical Foundation. Thalhimer said the buyer plans to completely renovate the building into a mix of retail and office space, along with an event center.
Thalhimer’s George Lupton and Norman Moon handled the sale negotiations on behalf of the seller.
Wheeler Real Estate Investment Trust Inc., a company with a primary focus on grocery-anchored centers, said Monday that WHLR-JANAF LLC, a wholly owned subsidiary of the firm, has purchased JANAF Shopping Yard shopping center in Norfolk for $85.6 million.
At 887,917-square-feet, JANAF is the largest open-air shopping center in the region. According to CBRE broker Ryan Sciullo who, along with Bill Kent handled the sale, the transaction represents the largest non-mall retail sale in Hampton Roads in the past five years.
When it opened in 1959, JANAF Shopping Yard was one of the first large suburban shopping centers in the U.S. The property’s original investment group was composed of retired and active-duty military personnel who named the center JANAF, an acronym for Joint Army Navy Air Force.
“JANAF Shopping Yard is a key shopping district serving Southside Hampton Roads, and this growing area is attracting robust investment,” Norfolk Mayor Kenneth Cooper Alexander said in a statement. “The city’s vision for this area is building on various assets and will play an important role in defining our future. We appreciate that Wheeler is increasing its corporate portfolio to include one of Norfolk’s commercial destinations. And, we are proud to have local ownership of this valuable asset.”
Jon S. Wheeler, chairman and CEO of Virginia Beach-based Wheeler, describes JANAF as “an iconic property located nine miles from our corporate headquarters. This asset aligns perfectly with our business strategy of owning the dominant center in secondary and tertiary markets. We expect JANAF to be a long-term play for WHLR as we believe there is tremendous value in the underlying real estate,” Wheeler said in a statement.
JANAF is located at the intersection of Military Highway and Virginia Beach Blvd., one of the area’s most traveled intersections. It is easily accessible to Interstates 64 and 264.
Chuck Rigney, Norfolk’s director of economic development, noted that the area surrounding JANAF is experiencing an economic boom with the recent opening of the Norfolk Premium Outlets and with IKEA’s planned second store in Virginia.
Since its opening, JANAF Shopping Yard has undergone numerous transformations with the last major renovation in 2006. As of Sept. 30, 2017, it was 94% occupied, according to Wheeler Real Estate. Tenants include BJ’s Wholesale Club and Fuel Center, 151,345 square feet; Big Lots, 42,500 square feet; T.J. Maxx, 37,383 square feet; and Petco, 17,000 square feet.
JANAF also is home to a number of restaurants including Hooters, Logan’s Roadhouse, Olive Garden, Cici’s, Panera Bread, Popeyes, Applebee’s and Firehouse Subs. Additionally, there is a six-stall Tesla supercharging station.
Editor's Note: This story has been updated.
Northern Virginia made the short list of prospects for Amazon’s second $5 billion headquarters. Metropolitan Richmond and Hampton Roads, which also had pitched for the project, did not make the initial cut.
Washington, D.C., and Montgomery County, Md., are also on the short list, giving the metropolitan Washington area a total of three prospects, more than any other area of the country.
Amazon announced the list of 20 cities Thursday that will continue to be considered for a project that the company says will create 50,000 high-paying jobs over the next 15 to 17 years.
Amazon has said HQ2 would be a full equal to its 33-building headquarters in Seattle.
Virginia Gov. Ralph Northam welcomed the news. “We couldn’t be prouder that Northern Virginia has been selected as one of 20 candidate locations for this historic project,” he said in a statement. “The Commonwealth’s strong proposals for the Amazon HQ2 project represent an unprecedented level of local and regional collaboration, as well as strong support from Governor McAuliffe’s administration and leaders in the Virginia General Assembly. Virginia’s outstanding business climate and world-class workforce make our commonwealth the right place for Amazon to place this key base of operations.”
Amazon reviewed 238 proposals from across the U.S., Canada, and Mexico. These are the following 20 metropolitan areas that will move to the next phase of the bidding process (in alphabetical order): Atlanta; Austin, Texas; Boston; Chicago; Columbus, Ohio; Dallas; Denver; Indianapolis; Los Angeles; Miami; Montgomery County, Md.; Nashville, Tenn.; Newark, N.J.; New York; Northern Virginia, Philadelphia; Pittsburgh; Raleigh, N.C.; Toronto; and Washington, D.C.
“Thank you to all 238 communities that submitted proposals. Getting from 238 to 20 was very tough — all the proposals showed tremendous enthusiasm and creativity,” Holly Sullivan, Amazon Public Policy, said in a statement. “Through this process we learned about many new communities across North America that we will consider as locations for future infrastructure investment and job creation.”
Amazon said it evaluated each of the proposals based on the criteria outlined in a request for proposal (RFP) to create the list of 20 HQ2 candidates. In the coming months, Amazon will work with each of the candidate locations to delve deeper into their proposals, request additional information, and evaluate the feasibility of a future partnership that can accommodate the company’s hiring plans as well as benefit its employees and the local community. Amazon expects to make a decision this year.
In its request for proposals released in September, Amazon said it would prefer metropolitan areas with more than one million people, access to mass transit, a stable and business-friendly environment and urban or suburban locations with the potential to attract and retain technical talent.
The company also said it would need an initial site requirement of 500,000 square feet with total build out for the headquarters expected to be 8 million square feet. Amazon made clear that it wanted the headquarters to be within 30 minutes of a city center and 45 minutes from an international airport.
Business leaders and economic development officials were giddy with the news that Northern Virginia had made the short list. The region’s official proposal included four sites in Alexandria, Arlington County, Fairfax County, and Loudoun County.
“This is excellent news for Northern Virginia and the commonwealth that we are recognized, along with many other great areas across the country, as a top place to grow and locate a business, particularly one as substantial and successful as Amazon,” said Michael Forehand, senior vice president, government and public affairs for the Northern Virginia Chamber of Commerce. Forehand says NoVa has all the things Amazon is looking for: “A great work force, a great educational system, both K-12 and higher education, and a tremendous transportation system that’s getting better consistently.”
Going forward, what the region needs to focus on to continue being a serious contender, Forehand added, is a dedicated funding for Metro. Business leaders have been meeting to address how to fix the region’s transit system, which has suffered from declining ridership and deteriorating infrastructure.
“That effort is currently taking place in Virginia, Maryland and D.C., and the business community is fully committed to getting that done,” said Forehand. “If we could, it would be a tremendous demonstration that leaders in Virginia are committed to one of Amazon’s key priorities spelled out in the RFP, access to reliable public transit.”
Asked if Northern Virginia and the state will feel pressure to kick in more generous incentives since the region is among a group of 20 finalists, Forehand said, “Obviously, the competition will be fierce among the final 20, and it’s important for Virginia to put its best foot forward.”
Bob Kettler, CEO of Kettler in McLean, a major developer of residential and multi-use properties in the Washington region, also was thrilled with the news. Kettler and the Meridian Group pitched one of their sites, The Boro at Tysons, although they offered it separately — not as part of the state’s official bid. “This is wonderful news,” said Kettler. Tysons would make a good location for Amazon, he added, because of its access to a robust community of technology talent and the fact that it’s undergoing a transformation into a more urban, walkable environment that will add thousands of new housing units.
The two partners have 1.5 million square feet of office under construction at The Boro, which is adjacent to the Greensboro Metro Station. It will be part of a larger 4.2 million-square-foot, mixed-use project. Plus, Meridian already controls other office buildings and parking garages near that metro station, Kettler noted.
“We have a solution for housing, transit, workers … If you line us up and weigh all of their requirements, we have a pretty heavy weight,” Kettler said of his site, and Northern Virginia in general.
With the announcement of the short list, officials are now gearing up to work with Amazon in the next round. “We look forward to working with their team in this next round to convince them that our unrivaled sites, workforce, education system, and quality of life are the best fit for their planned growth,” Stephanie Landrum, president and CEO of the Alexandria Economic Development Partnership, said in a statement.
“This is an exciting time for Virginia,” said Victor Hoskins, director of Arlington Economic Development. “The opportunity to showcase Northern Virginia’s incredible assets, from our top-notch workforce and unparalleled transportation access to our vast residential opportunities and proximity to the nation’s Capital, to Amazon’s top executives is truly a win for all of us, and it would be a win for all of us.”
Gerald L. Gordon, president and CEO of the Fairfax County Economic Development Authority, noted that Amazon already has chosen Fairfax County for an East Coast campus of Amazon Web Services (AWS). “We are excited to learn that Northern Virginia made the list of candidate locations that Amazon will consider for HQ2,” Gordon said. “The Economic Development Authority and partners stand ready to demonstrate to the company why our combination of business and quality-of-life assets make this a great location for HQ2 in addition to the mission-critical services AWS provides to the private and public sectors.”
As part of the Northern Virginia proposal, Loudoun and Fairfax counties collaborated with developer Open-Rebees to submit the largest nondeveloped site on the Metro. It straddles Loudoun and Fairfax counties. Buddy Rizer, executive director of Loudoun Economic Development, explained in a statement that “the site Amazon is considering is near Loudoun's Data Center Alley — the largest and fastest-growing data center market in the world. It will be more than fitting for an internatinal e-commerce corporation of Amazon's stature to local its second headquarters here.”
In Virginia, the state’s business recruiting agency, The Virginia Economic Development Partnership (VEDP), hired a consultant and assisted regions in making their pitches. However, VEDP has remained mum on the details of the pitches and incentives that may have been offered — even in the face of freedom of information requests.
“The Virginia Economic Development Partnership looks forward to continued collaboration with our partners in Northern Virginia, Gov. Northam’s administration, and leaders in the Virginia General Assembly as the process moves forward. Virginia’s proposals for Amazon HQ2 contain proprietary information, reflect negotiation positions on future contracts, and contain strategies for targeting future large economic development opportunities. For competitive reasons and to protect confidential company information, we cannot provide further details at this time,” the agency said when asked for comment Thursday.
Other localities were more forthcoming about their incentive packages. The Washington Business Journal has reported that D.C.’s package includes property and sales tax exemptions, relocation reimbursements of up to $7,500 per worker for people moving to D.C., and wage reimbursements of up to $30,000 per new job filled locally by a military veteran.
After hearing that Montgomery County had made the cut, Maryland Gov. Larry Hogan released a statement Thursday posted to his website saying, “This is tremendous news for Montgomery County, our entire state, and further proof that Maryland is truly open for business. Maryland put forward an extremely strong group of sites that were all supported by the state with incentive packages totaling more than $5 billion, including road and transit improvements.”
In addition to Amazon’s direct hiring and investment, construction and ongoing operation, HQ2 is expected to create tens of billions of dollars in additional investment in the surrounding community. On its website, Amazon estimates that its investments in Seattle from 2010 through 2016 resulted in an additional $38 billion to that region's economy.
The world's largest online retailer, Amazon has more than 540,000 employees worldwide. It already has several facilities in Virginia, including two major distribution centers in central Virginia and data centers in Northern Virginia. Last year, Amazon Web Services announced that it would build an East Coast campus in Herndon, creating 1,500 jobs.
Over the past five years, Amazon said it has invested more than $100 billion in the U.S., including corporate offices, development and research centers, fulfillment infrastructure, and compensation to its teams.
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Northern Virginia localities ready their pitch for Amazon’s second headquarters
Colliers International in Richmond reports a trio of industrial sales. The largest one involved Columbia, Ohio-based IBP Property LLC purchasing a portfolio of properties totaling 81,150 square feet in Richmond for $6 million. The properties are located in the Interstate Business Park on Saunders Avenue and the Interchange Corporate Center on Gaskins Road. Colliers’ Chris Wallace, Jason Hetherington and Marshall Burke represented the seller in transaction.
In other transactions for Colliers:
1519 Summit LLC purchased 45,000 square feet of industrial property at 1519 Summit Ave. and 3015 Moore St. in Richmond for $2.7 million from FastBird LLC. Ken Barnhill and Chip Louthan handled the transaction on behalf of the seller.
Doswell Ventures LLC purchased a portfolio of industrial properties totaling 53,294 square feet for $2.6 million from Clayman Investments. The properties are located on Wilden Drive, Tomylnn Street and Granite Springs Road in Richmond. Bill Mattox, Hetherington and Burke represented the seller in this transaction.
UP Adams LLC purchased 11 residential units at 20-24 W. Marshall St. and 411 and 413 N. Adams St. in Richmond for $2.37 million from Marshall Adams LLC. Bruce Milam and Hetherington handled the transaction on behalf of the seller.
Colliers also reported several leasing deals.
N.B. Handy renewed a lease of 50,300 square feet of industrial space at 7437-7439 Ranco Road in Richmond. David Williams represented the landlord.
Phipps & Bird Inc. leased 27,614 square feet of industrial space at 2924 Bells Road in Richmond. Louthan and Barnhill represented the tenant.
Dominion Energy leased 12,120 square feet office space at 47 Lee Highway in Verona. Ken Campbell, Andrew Ferguson, Chris Wallace and Hetherington represented the tenant.
The IDI Group Cos. has completed its first 402-unit building at Rivergate, a project located on the Occoquan River in northern Prince William County.
With a development cost of $95 million, the first phase is part of what will be 720 units in two six-story buildings. IDI doesn't have a start date yet for the second building, although the company said it hopes to start work on it during the third or fourth quarter of 2019.
According to the Arlington-based company, leasing is underway on the one-, two- and three-bedroom apartments. They range in rents from $1,680 per month for one-bedroom units with at least 740 square feet to $2,685 a month for three-bedroom units with more than 1,300 square feet.
Rivergate is located next to the Occoquan Harbor Marina, which offers access to the river for kayaking, canoeing, jet skis or boat rentals.
Other amenities include two resident lounges with televisions, a pool table, bar and kitchen, a fitness center with cardio and weight-training equipment, a business center and conference room for resident use and a community pet salon.
There also are outdoor spaces including a pool and courtyard, sand volleyball court, grilling stations, firepit, outdoor bar and rooftop terrace with cabanas and bar.
“Now that the building is finished and visitors can see everything it offers for themselves, people are so excited about what their life can be like here,” Fawna Ruley of McLean-based Kettler Management, who is overseeing leasing and property management at the community, said in a statement.
The first residents began to move into Rivergate in December. The apartments include open kitchens with granite countertops and stainless steel appliances, and many offer balconies and views of the Occoquan River.
Rivergate is east of the shops and restaurants of historic Occoquan and a short drive to the regional shopping destinations of Potomac Mills and Stone Bridge at Potomac Town Center.
Heffner Architects of Alexandria designed Rivergate. John A. Moriarty & Associates of Arlington served as the general contractor. Centennial Bank and Basis Investment Group provided the construction financing.
Newmark Knight Frank (NKF) in McLean has been awarded the exclusive office leasing assignment for CRC at Metrowest, a mixed-use development adjacent to the Vienna-GMU metro station in Fairfax.
The 10-acre project, located at 9500 Saintsbury Drive south of I-66 and west of Nutley Street, can accommodate up to 250,000 square feet of office space. Additionally, the project will offer about 50,000 square feet of retail space and up to 900 multifamily units in the high-density core of what is a transit-oriented development.
NKF’s Executive Managing Directors Andy Klaff, Ed Clark and Steve Hoffeditz as well as Managing Director Jeff Tarae will represent CRC Cos. in marketing and leasing the office space. CRC, a real estate firm based in Arlington, has a diverse portfolio of 50 million square feet, including more than $7 billion in development in residential, retail, mixed-use, commercial, and land developments.
“CRC at Metrowest offers office users a transit oriented project with ample amenities that will assist corporations in attracting and retaining valuable employees. With the flexibility of building sizes, we can design and construct a building that provides a unique branding opportunity,” said NKF’s Klaff.
Bcause LLC, a privately held data mining and digital currency company, will expand operations in Virginia Beach, moving into a larger, 84,000-square-foot space at 5465 Greenwich Road.
The new location will house the firm’s corporate headquarters and the computers and systems necessary to mine digital currency and support other data-processing needs.
Established in Virginia Beach in 2013, Bcause said in a news release that it is developing the world's first full-stack cryptocurrency ecosystem. This currency, including bitcoin, is available only in digital form.
Cryptocurrency is a digital asset that uses cryptography to secure transactions, control the creation of additional units and verify the transfer of assets.
Bcause says its system will include a digital mining facility, spot market and a pending regulated derivatives exchange and clearing house. Bcause has filed with the U.S. Commodity Futures Trading Commission to become a designated contract market (DCM) and intends to file with the commission to establish a derivatives clearing organization (DCO).
When regulatory approvals are in place and trading and clearing begins in derivatives, Bcause claims it would become the only venue to serve as a one-stop shop for all parts of the digital currency value chain. The company, currently located at 277 Bendix Road, said it hopes to launch spot trading in the first half of 2018.
With the expansion, Bcause plans to add 100 full-time jobs with average annual salaries of $60,000. According to the city of Virginia Beach, the beach resort city competed with Pennsylvania, Montana and Turkmenistan for the digital mining operation.
“Virginia Beach is again on the forefront of innovative technology, and we are extremely pleased that Bcause LLC will remain here,” Virginia Beach Economic Development Director Warren D. Harris said in a statement. “The cryptocurrency market is rapidly expanding, and we anticipate Bcause LLC will be at the forefront of this emerging financial system.”
The company leased its new space at the former Hoffman Beverage building and has an additional 21,000 square feet of space available for future expansion. Bcause and its customers will make a $64.8 million capital investment for business property, furniture, fixtures, and digital mining equipment and construction.
“Bcause is pleased to locate what we expect will be part of the largest cryptocurrency mining operation in North America here in Virginia Beach. The region has a growing reputation for innovation and technology, and we believe that our state-of-the-art operation will add to that reputation,” Fred Grede, CEO of Bcause LLC, said in a statement. “After looking at many facilities across the globe, we were able to find one that met all of our requirements for floor space, proximity to power and access to highly skilled people that a facility like ours requires to be successful.”
The Virginia Beach Development Authority has approved a $500,000 Economic Development Investment Program grant based on the company's capital investment. Additionally, the company will be eligible to take advantage of the city's recently reduced business property tax rate for computers and peripherals used in data centers, which is now 40 cents per $100 of 40 percent of assessed value. The company also has requested additional assistance from the Virginia Economic Development Partnership.
Cabo Fish Taco has signed a lease to occupy the former Metro Restaurant location in downtown Roanoke.
The company currently has locations in Charlotte, N.C., and Blacksburg. Its three owners are graduates of Virginia Tech, according to Bryan Musselwhite of Poe & Cronk Real Estate Group in Roanoke.
“In working with the owners of Cabo Fish Taco in identifying their next restaurant location, they were extremely drawn to the vibrant emerging scene in downtown Roanoke,” Musselwhite said. “With hundreds of new employees, new retailers and the growing Virginia Tech Carilion campus, they decided this is where they had to open their next location.”
The 4,969 square-foot restaurant plans to open this spring.
Willowsford, a new community in Loudoun County, has gained national recognition for its farm-to-table lifestyle.
RCLCO Real Estate Advisors released a national report that lists Willowsford as 18th in the nation among top-selling master-planned communities.
According to the report, sales for 2017 were up 56 percent, compared to 2016, with more than 473 homes sold. Willowsford is the only community in the mid-Atlantic to make the list’s top 20.
Formerly Robert Charles Lesser & Co., RCLCO is a national real estate advisory and consulting firm that provides and leverages quantitative analytics. The report, Top-Selling Master-Planned Communities in 2017, lists the top 50 best-selling master-planned communities in the U.S.
“It’s been six years since Willowsford first opened, and the community has certainly hit its stride,” Stacey Kessinger, vice president of marketing at Willowsford, said in a statement. At the end of 2016, Willowsford ranked 45th on the list, then moved up to 21st and is now in 18th position.
Willowsford, inspired by Virginia’s agricultural heritage, includes more than 4,000 acres with 2,000 plus acres in open space. One of its amenities is a 300-acre farm and a farm-to-table program with a culinary director, pop-up restaurants, visiting chefs and a farm market.
The community also offers more than 40 miles of trails and active outdoor programming, resort-style pools, demonstration kitchens, a seven-acre lake and fitness centers.
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