Please ensure Javascript is enabled for purposes of website accessibility
Upcoming Event

Best Places to Work in Virginia

Hamburger Menu Hamburger Menu

byline: Paula C. Squires

Virginia Beach apartment community sells for $12 million

Baywatch Pointe, a 22-building, 160-unit apartment complex in Virginia Beach, has sold for $12 million, or about $75,000 per unit.

Marcus & Millichap announced the sale Thursday.

 “The sale of Baywatch Pointe achieves the seller’s financial goals and provides new ownership with significant upside potential that the buyer plans to unlock by rehabilitating units that are currently offline,” Altay Uzun, a multifamily specialist in Marcus & Millichap’s Hampton Roads office, said in a statement.

Uzun and Christian Beck, an office property investment specialist, represented the seller, a regional private investment group. Uzun procured the buyer, a private investment entity based in New York.

Built in 1977 on nearly 12 acres, the property is less than four miles from the Virginia Beach Town Center.  It is accessible via Newtown Road, one of Virginia Beach’s major thoroughfares. The location also is close to public schools and provides tenants with access to major employers, shopping, and dining.


“Out-of-state investor interest in Virginia’s multifamily assets has been steady,” adds Uzun. “This is the sixth multifamily transaction we have concluded with an out-of-area buyer this year.”

Franklin County breaks ground on 550-acre business park


Franklin County broke ground Thursday on the 550-acre Summit View Business Park.  The park is intended to create new sites for businesses while providing residents with additional recreational options.

The first phase of construction, estimated at $9.7 million, is expected to be completed by June. According to the county, it will include grading for two building pad sites, with one five-acre site and a 25-acre site. Phase one also will extend utilities and build an access road connecting the site to U.S. 220. Eventually the project will include pavilions, athletic fields, a BMX bicycle course, festival area, tourist visitor center, multiuse trails and more.



“This is just the first step of a long-term effort by Franklin County to create a new economic future for its citizens,” Franklin County Board of Supervisors Chairman Cline Brubaker said in a statement.  He added that the park is expected to attract “a wide variety of economic development prospects looking for low costs of doing business, a skilled workforce, and ready-to-go building pads.”




The county was supported by a number of partners in the project, including the Virginia Tobacco Region Revitalization Commission, Virginia Department of Transportation, Western Virginia Water Authority, Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund, Appalachian Power and the VEDP Business Ready Sites Program.





Deadline for Amazon HQ2

On a day when other states were touting the strength and uniqueness of their proposals to win Amazon’s second massive headquarters, Virginia continued to play its cards close to the vest.

Thursday, Oct. 19, was the deadline for cities in the U.S. and Canada to respond to Amazon’s request for proposals for a new North American headquarters that would bring a $5 billion investment and 50,000 new jobs.  Ever since Amazon announced a call for bids on Sept. 7, cities have been pulling out their creative stops and developing economic incentives to win the tech giant’s attention.

Virginia’s chief business recruitment agency, the Virginia Economic Development Partnership (VEDP), said it worked closely with Gov. Terry McAuliffe, Commerce and Trade Secretary Todd Haymore, General Assembly leaders and economic development partners at the local, regional, and state levels “to prepare multiple robust proposals for Virginia in response to Amazon’s HQ2 RFP [request for proposals.” But the agency remained mum on exactly how many sites were submitted or what goodies Virginia threw in to court the world’s largest online retailer.

VEDP did say that it submitted three comprehensive regional proposals — one each for Greater Richmond, Hampton Roads and Northern Virginia. “We also supported individual proposals from a few localities. This effort represented an unprecedented level of local and regional collaboration, as well as strong support from the administration and leaders in the Virginia General Assembly. We look forward to continuing these special partnerships as the process proceeds. For competitive reasons and to protect confidential company information, we cannot provide further details at this time,” Stephen Moret, VEDP’s president and CEO, said in a statement.

Other localities weren’t shy about broadcasting their offers. According to various news accounts, here are some off some of the ways cities are trying to stand out from the crowd in efforts to win Amazon’s second, 8 million-square-foot headquarters.

Stonecrest, Ga.
The Stonecrest City Council in Georgia voted earlier this week to rename the city Amazon.  If selected, it plans to de-annex 345 acres of its land and to call the new area the city of Amazon. Stonecrest, which has a population of 53,000, is about 20 miles from Atlanta. 

Tuscon, Ariz.
One of Southern Arizona’s economic development groups sent a 21-foot Saguaro cactus to Amazon’s headquarters in Seattle.  The idea behind the gesture from Sun Corridor Inc. was to send Amazon CEO Jeff Bezos a message: Arizona has plenty of room for Amazon to grow.

Research Triangle, N.C.
Ryan Combs, executive director of the Research Triangle Regional Partnership, posed for a photo on Thursday to show off the group’s 32-pound proposal for Amazon HQ2. While he didn’t reveal the details of its contents, he said the proposal included seven sites from the Raleigh-Durham region.

Adam Sedo, an Amazon spokesman, told several news organizations, “We’re energized by the response,” We invited cities to think big, and we are starting to see their creativity.”
Amazon plans to make a decision on the second headquarters next year.

Deadline day for Amazon HQ2

On a day when other states were touting the strength and uniqueness of their proposals to win Amazon’s second massive headquarters, Virginia continued to play its cards close to the vest.

Thursday, Oct. 19, was the deadline for cities in the U.S. and Canada to respond to Amazon’s request for proposals for a new North American headquarters that would bring a $5 billion investment and 50,000 new jobs.  Ever since Amazon announced a call for bids on Sept. 7, cities have been pulling out their creative stops and developing economic incentives to win the tech giant’s attention.

Virginia’s chief business recruitment agency, the Virginia Economic Development Partnership (VEDP), said it worked closely with Gov. Terry McAuliffe, Commerce and Trade Secretary Todd Haymore, General Assembly leaders and economic development partners at the local, regional, and state levels “to prepare multiple robust proposals for Virginia in response to Amazon’s HQ2 RFP [request for proposals.]” But the agency remained mum on exactly how many sites were submitted or what goodies Virginia threw in to court the world’s largest online retailer.

“VEDP submitted three comprehensive regional proposals — one each for Greater Richmond, Hampton Roads and Northern Virginia, and we also supported individual proposals from a few localities. This effort represented an unprecedented level of local and regional collaboration, as well as strong support from the administration and leaders in the Virginia General Assembly. We look forward to continuing these special partnerships as the process proceeds. For competitive reasons and to protect confidential company information, we cannot provide further details at this time,” Stephen Moret, VEDP’s president and CEO, said in a statement.

Other localities weren’t shy about broadcasting their offers. According to various news accounts, here are some of the ways cities are trying to stand out from the crowd in efforts to win Amazon’s second, 8 million-square-foot headquarters.

Stonecrest, Ga.
The Stonecrest City Council in Georgia voted earlier this week to rename the city Amazon.  If selected, it plans to de-annex 345 acres of its land and to call the new area the city of Amazon. Stonecrest, which has a population of 53,000, is about 20 miles from Atlanta. 

Tuscon, Ariz.
One of Southern Arizona’s economic development groups sent a 21-foot Saguaro cactus to Amazon’s headquarters in Seattle. The idea behind the gesture from Sun Corridor Inc. was to send Amazon CEO Jeff Bezos a message: Arizona has plenty of room for Amazon to grow.

Research Triangle, N.C.
Ryan Combs, executive director of the Research Triangle Regional Partnership, posed for a photo on Thursday to show off the group’s 32-pound proposal for Amazon HQ2. While he didn’t reveal the details,  he said the proposal included seven sites from the Raleigh-Durham region.

Washington, D.C.

The city has created a website to tout four locations it says matches Amazon's requirements for an accessible site with urban amenities. They are: the Anacostia Riverfront, NoMa Union Station, Capitol Hill East and Shaw-Howard University. 

Earlier this month Moody's Analytics,  a financial services company, said it ranked the top cities vying for Amazon based on the criteria listed in Amazon's RFP.  Based on such site-specific conditions including a pro-business environment, access to high-tech talent and transportation and cost of living and quality of life, it selected Austin, Texas, as the winner.

Adam Sedo, an Amazon spokesman, told several news organizations, “We’re energized by the response. We invited cities to think big, and we are starting to see their creativity.”


Amazon plans to make a decision on the second headquarters next year.

VCU names Kevin Sullivan assistant vice president for capital assets and real estate

Kevin G. Sullivan will join the Virginia Commonwealth University’s Division of Administration as assistant vice president for capital assets and real estate, effective Jan. 1. 

In this role, Sullivan will be responsible for developing the overall real estate strategy for VCU, the VCU Health System, and its affiliated foundations for the acquisition and disposition of buildings and lands.
Since 2003, Sullivan has served as associate vice president for administration and general counsel for the Virginia Tech Foundation Inc., a $1.5 billion university-related 501(c)(3) organization.


“Kevin brings tremendous depth to this new position with more than a decade directing the Virginia Tech Foundation Inc.’s real estate operations,” Meredith Weiss, VCU’s vice president for administration, said in a statement.


Earlier in his career, Sullivan worked for the law firm of LeClair Ryan in Blacksburg, where he was an associate specializing in business and technology and part of the firm’s real estate group. He also has worked as counsel in the law department at Mobil Oil Corp./ExxonMobil Corp. in Fairfax and as associate counsel at MCI Communications Corp. in Washington, D.C.

A Chicago native, Sullivan earned a bachelor’s degree in political science from Northern Illinois University and a master’s degree in political science from the University of Illinois at Chicago. He earned his Juris Doctor degree at Northern Illinois University College of Law and a graduate certificate in nonprofit management from Virginia Tech.

CBRE brokers sale of Williamsburg portfolio


CBRE|Hampton Roads announced the sale Wednesday of a multi-faceted portfolio in Williamsburg that included apartments, townhomes and a 114,000-square-foot retail center.


According to CBRE, a global real estate investment manager sold the portfolio in separate transactions to three individual buyers. The offering, located at the corner of Richmond and Ironbound Roads, included Sterling Manor-Apartments, the Townhomes at Treyburn, The Shops at High Street and 20.9 acres of residential land located in the High Street mixed-use development.

Sterling Manor Apartments and the Townhomes at Treyburn, built in 2008, are a mixture of 191 apartment units and 16 rental townhomes. The property was sold to Chaucer Creek Capital for an undisclosed price.

The Shops at High Street is a retail center anchored by a 33,864-square- foot Movie Tavern. The center offers an additional 96,694 square feet of retail expansion space. Lamar Companies purchased the retail components.

Commonwealth Properties purchased the 20.9 acres of developable multi- and single-family land. CBRE agents from Washington, D.C., Hampton Roads, and Charlottesville, including Robert Dean, Bill Kent, Dan Johnson, John Sheridan, Jonathan Greenberg, Ryan Sciullo, Victoria Pickett and Jay O’Donnell handled the sales transaction.

Bunzl Distribution leases 114,009 square feet in Henrico County for relocation

Bunzl Distribution Midatlantic LLC has leased 114,009 square feet of space in a new building at Henrico County’s Airport Distribution Center.

Based in St. Louis, Bunzl supplies products to food processors, supermarkets, and convenience stores, including food packaging, disposable supplies and cleaning and safety products.

The company plans to relocate its Richmond-area operation to the new space.

Developed and built by Becknell Industrial, the new building, Building B, offers a total of 153,504 square feet, with 32-foot clear ceilings, LED lighting and an ESFR sprinkler system. The building was completed in the third quarter of this year.

Clifford B. Porter of Porter Realty Co, Inc. represented Becknell in the lease to Bunzl and is the park's exclusive agent.

Becknell also has started construction on Building D in the same park, which will include 202,560 square feet of distribution space.  The park is home to three other existing facilities, including Building C. It was completed in 2008 and purchased by Becknell along with site pads in 2014.

The park’s occupants include WestRock, Batesville Casket, Forward Air Solutions and Graybar among others.

GET Solutions is relocating and expanding in Virginia Beach

GET Solutions will relocate its current corporate headquarters in Virginia Beach to a larger site in the former Hoffman beverage building that will allow the company to expand from 11,600 square feet to 29,000 square feet.


GET Solutions said it will make a total capital investment of $3.65 million at the new site at 5465 Greenwich Road that includes real estate and equipment. The company also plans to add 10 new full-time jobs to its current staff of 65 as part of the expansion, with average annual salaries projected to be $40,000, excluding benefits.


The Virginia Beach Development Authority has awarded an Economic Development Investment Program grant in the amount of $125,000 based on capital investment.
Now located at 204 Grayson Rd. in Virginia Beach, GET Solutions provides geotechnical engineering/construction materials testing services with in-house drilling capabilities, environmental testing, and certified soil and concrete testing laboratories.


The firm is a small, women and minority-owned certified business. In addition to the Virginia Beach headquarters, GET Solutions has offices in Williamsburg and Elizabeth City and Jacksonville, N.C.

$24 million Residence Inn by Marriott coming to Town Center of Virginia Beach

​Linkhorn Associates LLC, doing business as Coastal Hospitality, announced plans Tuesday for a $24 million Residence Inn by Marriott at the  Town Center of Virginia Beach. The 100,000-square-foot building will be located on a two-acre site at 4401 Bonney Road. When complete in October 2018, it will have 120 rooms.

“This is a substantial investment in Town Center and adds another high-quality project to this thriving area,” Virginia Beach Economic Development Director Warren Harris, said in a statement.

Coastal Hospitality is a management company with more than 30 years of experience managing major brands in Virginia and North Carolina. The company, based in Virginia Beach, has developed several other hotels in the resort city  including Fairfield Inn & Suites by Marriott, Holiday Inn Express & Suites, Holiday Inn Va Beach-Oceanfront, Sheraton Virginia Beach Oceanfront and Springhill Suites by Marriott.

The Virginia Beach Development Authority said it awarded Linkhorn Associates a $200,000 Economic Development Investment Program Grant based on the $24 million capital investment, which includes $23.5 million in real estate and $500,000 in furniture, fixtures & equipment. The grant will be used to offset costs to enhance the streetscape to align with Town Center standards.

“Coastal Hospitality is thrilled to bring Residence Inn by Marriott, the nation's leading extended-stay hotel, to the Town Center area,” Russell Lyons, area director of operations, said in a statement. “The 120 rooms, which are all suites, have all the features a business traveler wants and will be an excellent complement to the thriving Town Center market.

 

Poe & Cronk Real Estate to manage 305,000-square-foot Virginia Tech Foundation portfolio

The Virginia Tech Foundation has selected Poe & Cronk Real Estate Group in Roanoke to provide property and facility management services for a 305,000-square-foot portfolio of mixed use properties located adjacent to the Virginia Tech campus in Blacksburg.

According to Poe & Cronk, the portfolio is comprised of three large commercial properties owned by the foundation located along Prices Fork Road and Turner Street. These properties are known locally as North End (formerly Collegiate Square Shopping Center), North End Center, and University Gateway Center.


All three properties are mixed-use retail and office locations housing various university and foundation offices, commercial offices and retail tenants including Carilion Velocity Care, Starbucks, Five Guys, BB&T and Buffalo Wild Wings.


“We are honored and excited to have been selected by the Virginia Tech Foundation to provide property management services for these prestigious Class-A properties at Virginia Tech,”Matt Huff, executive vice president and COO of Poe & Cronk, said in a statement. “These outstanding Blacksburg properties located next to the campus are an excellent addition to the growing number of office and retail properties managed by our firm,” added  Dennis Cronk, President/CEO of Poe & Cronk.