Sampson Bladen Oil Co. Inc. purchased a 27,000-square-foot industrial property in Salem from SVI Properties for $1 million.
The property is situated on five acres at 3993 Daugherty Road.
According to Cushman & Wakefield | Thalhimer, Sampson Bladen will operate its Southwest Virginia business unit from the facility.
Thalhimer’s Kent Robert handled sale negotiations on behalf of the buyer, and Jessica Gauldin and Matt Gaziano, also with Thalhimer, represented the seller.
Belfast Bay II LLC purchased two industrial buildings in Portsmouth totaling 77,647 square feet for $6.85 million. The buildings are located on 5.2 acres on Court Street.
According to Harvey Lindsay Commercial Real Estate, Belfast Bay purchased the property as an investment from Challenge Builders LLC.
Charles L. Dickinson of Norfolk-based Harvey Lindsay handled the sale negotiations acting as dual agency.
Publix Super Markets Inc. announced Monday that it has closed on the purchase of the former Martin’s grocery store in Williamsburg. The purchase price was not disclosed.
This store, at 4660 Monticello Ave., marks the first location for Publix in southeastern Virginia. A grand opening will depend on the scope of the remodel and completion of the store’s construction. The store is expected to employ 140 associates.
“Further expanding into southeastern Virginia aligns with Publix’s aggressive growth plan for the commonwealth of Virginia,” Kim Reynolds, Publix media and community relations manager, said in a statement.
Publix currently operates eight stores in the Richmond metro area.
Publix is privately owned and operated by its 188,000 employees, with 2016 sales of $34 billion. Currently the Lakeland, Fla.- based company has 1,162 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia.
The RMR Group has selected JLL to lease more than 3.4 million square feet of office and industrial flex space across 30 properties in Maryland, Northern Virginia and Southern Virginia.
“We are very eager to work with RMR on a robust portfolio here in the mid-Atlantic region,” Michael Ellis, market director, Southeast Region, JLL, said in a statement. “The regional JLL teams came together and demonstrated the value we can bring to lease the assets for which RMR sought representation.”
JLL’s regional leasing teams will be responsible for leasing and marketing the properties. In Hampton Roads, Deborah Stearns, Wes Edwards and Christine Young will spearhead leasing efforts for a big chunk of the portfolio at 2.02 million square feet.
Leasing efforts for the 827,017-square-foot portfolio in Northern Virginia will be led by Matt Gallagher, Brent Mathis, Jessica Schuett, John Dettleff, Dan Coats and Abbott Wallenborn.
The Church Hill North Retail Center, a mixed-use project in Richmond’s East End, is moving forward.
Virginia Commonwealth University and VCU Health System will develop a health education and wellness center at the center at 25th Street and Nine Mile Road. Additionally, Norm Gold, a FeedMore executive with a long history of food services experience, will lead the development and management of a new 27,000-square-foot grocery store.
Gold currently serves as the chief operating officer of FeedMore, Central Virginia’s hunger-relief organization serving 34 cities and counties. He oversees the organization’s programs, including Meals on Wheels, Kids Café, Weekend BackPacks and Mobile Pantry programs.
Earlier in his career, Gold worked in the retail grocery field for 24 years.
Gold will begin his new post with the full-service grocery store in January. The projected opening for the store is late 2018. It is expected to create 65 to 70 jobs.
“I am so fortunate to be able to combine both of my passions in this project — helping people and communities and working in the grocery industry. … I’m truly looking forward to working with Kathie and Steve Markel and the incredible partners included in this project to make a positive difference for Church Hill,” Gold said in a statement.
The health education and wellness center will be located adjacent to the grocery store at the intersection. It will be part of a larger redevelopment initiative that also includes apartments and the culinary institute operated by J. Sargeant Reynolds Community College.
The VCU center will complement Bon Secours’ Sarah Garland Jones Center, which is already in the area. More than 15 VCU and VCU Health System academic and clinical units have signed up to offer services and programming at the health education and wellness center.
The 5,600-square-foot center will include health education and screening spaces and a community room. Services will be provided at no charge by interdisciplinary teams of VCU faculty and students who are working either as a community service activity or as part of their academic program. The center is expected to open in late 2018.
BJ’s Wholesale Club has leased 102,600 square feet of retail space in the Crossroads Shopping Center in Roanoke.
It will locate in what was a former site for a Kmart. According to Divaris Real Estate Inc. (DRE), the Kmart building will be demolished, and a new building will be constructed with plans to open by the end of next year.
Crossroads Shopping Center, located at 1419 Hershberger Road, has 154,316 square feet of space. Other tenants include Aldi Food Market, Subway and National Optical.
DRE’s Sam McCoy, Brett McNamee and Ali Newton represented the landlord in the lease negotiation.
Legacy Farms, a 156-unit apartment community located at Tech Center in Newport News, has sold for $19.2 million dollars. The buyer was K2 Real Estate Partners, and the seller was Norfolk-based Harbor Group International.
The community is located off Jefferson Avenue close to many retailers. It’s also near the new Marketplace at Tech Center, which includes a Whole Foods Market, DSW and Steinmart.
The property offers amenities such as a fitness center, dog park, dog-wash station and on-site laundry.
Dan Johnson and Victoria Pickett of the CBRE|Hampton Roads office brokered the sale.
Skanska USA has signed a contract with The Meridian Group and Rockefeller Group to build an office building and movie theater at The Boro in Tysons.
The 20-story, 458,000-square-foot Class A office building and more than 110,000-square-foot movie theater will both be constructed over a shared five-level, below-grade parking garage. Three additional levels of parking will be constructed above grade below the theater complex.
These buildings are part of The Boro’s 1.7 million-square-foot Phase One. The first phase also includes 260,000 square feet of retail, 700 residential units and 500,000 square feet of office space. Once complete, The Boro will consist of more than 1,500 residential units, 1.8 million square feet of office, 316,000 square feet of retail and 250,000 square feet of hotel space.
“As one of the largest and most exciting private development projects under construction in the Washington region, The Boro represents a significant addition to the rapidly changing Tysons area,” Steve Skinner, executive vice president and general manager of Skanska’s Washington, D.C. building operations, said in a statement. “It will offer a unique ‘downtown’ feel to Tysons, with its blend of residential, retail, entertainment, and office environments.”
According to Skanska, the office tower, constructed from a design by the Gensler architectural firm, is more than 20 percent leased. Tegna, a broadcasting, digital media and marketing services company, which owns 46 television stations in 38 markets, has leased the top floors of the office building. Hogan Lovells is leasing 44,500 square feet on the 16th and 17th floors.
Chicago-based Kerasotes ShowPlace Theatres will operate the 15-screen theater with dining options. The theater will offer a lobby lounge with a bistro and bar and seating for more than 150. There also will be rentable space for corporate meetings and events.
The project is expected to be complete in October 2018. It will be seeking LEED gold certification.
A group of mortgage industry executives said in a survey that saving for a sufficient down payment and a lack of affordable housing are the biggest hurdles for first-time homebuyers.
Genworth Mortgage Insurance, an operating segment of Richmond-based Genworth Financial Inc. released the results of a survey Thursday that included a focus on the first-time homebuyer market.
The survey of 200 mortgage industry professionals was conducted at this year's Mortgage Bankers Association Annual Convention and Expo in Denver, Color.
Forty-six percent of the respondents cited a lack of a down payment, while 35 percent pointed to a lack of affordable housing as challenges to home ownership. Additional responses included student debt (14 percent) and the ability to qualify for a mortgage (5 percent).
“Despite their emergence as today's fastest-growing, home-buying demographic, first-time homebuyers still face many headwinds. While some of these, such as shortages in affordable inventory, are environment-driven, others can be addressed via improved awareness on the various low down-payment solutions available in today's market,” Rohit Gupta, president and CEO, Genworth Mortgage Insurance, said in a statement.
Respondents anticipate strong first-time homebuyer growth in 2018, with over half (57 percent) believing that the first-time homebuyer market will grow at a faster pace than the overall housing market in 2018. Thirty-one percent thought this group would continue to grow at the same rate as the overall housing market, while only 12 percent thought the population's growth would slow.
Additional findings from the survey highlight the industry's perspectives on credit expansion. For instance, respondents expect to see a higher mix of above 80 percent loan-to-value loans (45 percent) and a higher mix of borrowers with FICO credit scores of 700 and below (38 percent).
CBRE|Hampton Roads announced Thursday that Pat Mugler has been promoted to executive vice president effective immediately.
“Pat Mugler has been and contuinues to be the backbone of the office leasing department for CBRE. Pat has been responsible for mentoring and training numerous CB brokers and has developed them into top producers all while being at the top of the production ladder himself, “Perry Frazer, managing director of CBRE | Hampton Roads, said in a statement.
Mugler has been with CBRE|Hampton Roads for more than 25 years. According to CBRE, he has closed millions of square feet of lease transactions. In addition to leasing, Mugler has participated in numerous sale transactions throughout the Hampton Roads region. A graduate of the University of Virginia, Mugler has twice been awarded the “Hunter A. Hogan Award” for being the region's highest producing broker.
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