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byline: Rich Griset

Mack Trucks’ Salem manufacturing facility sells for $12.7M

An Argentinian private equity partnership purchased a 280,900-square-foot manufacturing facility in Salem for $12.7 million.

Located at 6450 Technology Drive, the property is leased to the Mack Trucks Inc. division of AB Volvo Group. Mack Trucks employs 250 people at the Roanoke Valley Operations facility in Salem, where it’s producing a new line of medium-duty trucks.  The plant is about 45 miles from sister company Volvo Trucks North America’s factory in Dublin, which makes heavy-duty trucks.

The seller was an individual investor based in Virginia; a spokesman for real estate investment brokerage firm Stan Johnson Co. declined to release further information about the buyer and seller.

Stan Johnson Co.’s Rob Gemerchak marketed the property on behalf of the owner.

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February activity signals busy spring for NoVa home sales

The pace and price of home sales in Northern Virginia likely signal a busy spring for the real estate sector, according to the Northern Virginia Association of Realtors (NVAR).

In a news release, the association states the average February sale price was 100.2% of the listing price. The total dollar volume of the region in February was $985,594,433, which was 27% higher than February 2020 and 10% higher than January 2021. This reflects earlier than usual spring market conditions, according to NVAR, with 25% more closed sales this February than the previous February. There were 2,222 contracts pending at the end of February 2021, up 6.5% from the previous year.

A total of 1,497 homes sold in February 2021, a 25.5% increase above February 2020, which saw home sales of 1,193. The number of active listings decreased last month compared with 2020. Listings were 6.8% below last year, with 1,579 active listings in February, compared with 1,695 homes available in February 2020.

The average days on market for homes in February 2021 rose by 3.9% to 27 days — compared to 26 days on market for homes in February 2020. New listings fell by 8.7% in February compared with last year, to 2,029. There were 2,222 new listings in February 2020.

The average home sale price rose by 2% compared with last February, to $661,391. The February 2020 average sale price was $647,681. The median sold price of homes this February, which was $570,000, rose by 1.8% compared to the median price of $560,000 in February 2020.

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W.M. Jordan Co. promotes two Richmond execs

Newport News-based construction firm W.M. Jordan Co. recently promoted two executives in its Richmond division.

K. Brooks Ballance has assumed the role of vice president of the Richmond division; William “Bill” L. Lucas Jr. has been promoted to director of estimating for Richmond. Ballance joined the company as a project manager in 1999; he is the current chair of the board of directors for the ACE Mentor RVA program. Lucas joined the company in 2007 as a project engineer; he is an active member of the Associated Builders and Contractors (ABC) of Virginia and serves on its membership committee.

“Brooks has consistently demonstrated himself as a forward-thinking leader, is committed to our WMJ team, and has a solid history of delivering quality results for our clients,” the company’s president, Ronald J. Lauster Jr., said in a statement. “Through his passion for construction, Bill has developed strong relationships with clients and trade partners and is extremely focused on a thorough preconstruction process. I look forward to working with both Brooks and Bill to continue the growth of the Richmond division and create new and exciting projects for our clients in Central Virginia.”

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Fairfax County senior living community begins $56.5M renovation

Fairfax County senior living community The Virginian has begun a $56.5 million renovation, aimed to be completed in phases through June 2022.

The renovated seven-story, 367,000-square-foot building will include four wings featuring 155 independent living apartments, 56 assisted living apartments and 38 memory care residences. The Virginian also includes long-term nursing and skilled nursing care.

Residents will be able to choose new rental units beginning in May 2021, and the memory care unit will be the first under development with completion by June 2021.

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Commonwealth Commercial Partners announces promotion, hires

Richmond-based commercial real estate firm Commonwealth Commercial Partners has announced one promotion and two new hires.

Thomas Hatcher has been promoted to managing director of asset management; Hunter Huber has been hired as managing director of Virginia; and F. Gresham “Gresh” Wall III has been hired as managing director of Hampton Roads.

Hatcher joined the firm in 2017 and will head the management of and business development for CCP’s asset management team. Huber previously worked at CCP from 2010 to 2017, and will now be responsible for oversight of the company’s Virginia property portfolio, property acquisitions and dispositions and third-party business development. Wall will lead all services of the company’s Hampton Roads office, which includes 1.2 million square feet under property management and will build CCP’s brokerage division in the region.

“These new managing directors bring positive solutions-oriented attitudes, and I am confident that they will help lead our company to the next level of growth for all of our platforms throughout the CCP footprint,” Ken Strickler, president of Commonwealth Commercial, said in a statement. “Thomas, Hunter and Gresh are the right people to lead the charge, bringing decades of experience and outstanding reputations. I could not be more excited to have them as colleagues and partners on our leadership team.”

Founded in 1996, Commonwealth Commercial has offices in Virginia, Tennessee, Florida, North Carolina,  South Carolina, Texas, Missouri, Ohio, and Minnesota.

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Chesapeake industrial property sells for $2.9M

2280 Steppingstone LLC has purchased two 12,000-square foot office/warehouse condo buildings from Chesapeake Land Co. LLC for $2.88 million in Chesapeake.

The buildings are located at 2278-2280 Steppingstone Square.

Geoff Poston of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser.

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Virginia Beach medical office building sells for $2.7M

Virginia Beach-based Gwynn-Reed Enterprises LLC has purchased a 10,036-square-foot medical office building on 1.84 acres in Virginia Beach for $2.65 million.

The property is located at 1817 Republic Road.

Gwynn-Reed purchased the property from Virginia Beach-based Vitruvian Property Group LLC. S.L. Nusbaum Realty Co.’s Chris Zarpas and Chris Devine represented the seller.

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Hampton industrial property sells for $1.7M

G & V LLC has purchased a 44,76-square-foot industrial building situated on 3.71 acres in Hampton for $1.74 million to open a manufacturing operation.

The property is located at 315 E. Street. Clay Culbreth of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the purchaser; Robert L. Phillips, Jr., also with Thalhimer, represented the seller, Shamrock Manufacturing Co.

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Portsmouth apartment property sells for $1M

Portsmouth property management company Doud Realty Services Inc. has purchased the Edison Apartments in Portsmouth for $1 million as part of a 1031 tax-deferred exchange.

The 16-unit multifamily property is located at 219-249 Edison Ave. Clark Simpson of Cushman & Wakefield | Thalhimer Capital Markets Group handled the sale negotiations on behalf of the seller, Edison Avenue Partners LLC.

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Perspecta wins $202M defense contract

The Defense Information Systems Agency (DISA) awarded Chantilly-based federal contractor Perspecta Inc. a $201.5 million contract to provide technical services in support of its Global Content Delivery Services (GCDS) II program, the company announced Thursday.

Perspecta was the prime contractor for the GCDS I program, working with DISA in expanding the Defense Information Systems Network. The company was tapped for the initial program in 2006 and won an additional contract in 2014.

The GCDS II contract award will require Perspecta to continue its work managing the content-related services used by all military services, combatant commands and U.S. Department of Defense agencies. Perspecta will provide network storage, streaming, secure content delivery, web application availability, single sign-on and related services.

“The global reach of the [Department of Defense] means it must have the most secure, reliable and rapid capability for delivering content anywhere. This award is a testament to our strong performance on the GCDS I program,” said Jeff Bohling, senior vice president and general manager of Perspecta’s defense group, in a statement.

In late January, Perspecta announced it was being acquired by Herndon-based national security contractor Peraton Inc. in a $7.1 billion all-cash transaction. The acquisition is expected to close during the first half of 2021.

 

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