Please ensure Javascript is enabled for purposes of website accessibility

byline: Rich Griset

Chester strip mall sold for $6M

Chester’s The Shoppes at River Forest, a 30,720-square-foot strip anchored by a Wal-Mart, was purchased on Feb. 26 for $6 million.

Raleigh, North Carolina-based PGP River Forest purchased the property from Bogese Cos., a -based development group.

At the time of the sale, the center was 82% leased to tenants that include a mix of national, regional and local operators. The center is located along ‘s Iron Bridge Road corridor.

Cushman & Wakefield | Thalhimer’s Capital Markets Group represented Bogese Cos. The transaction was completed by Catharine Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group and leasing advisers Pete Waldbauer and Nicki Jassy, also with Thalhimer.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Ministry buys Chesterfield building for $1.2M

Chesterfield County-based Mountain Movers Ministry has purchased a building near the intersection of Hull Street and Courthouse roads for $1.175 million.

The ministry will relocate to 3300 Old Courthouse Road and occupy the entirety of the 8,942-square-foot building. The property is situated on 7 acres.

Gray Bryant, an associate with Colliers International Virginia, represented the buyer. The seller was The Westhampton Group LLC.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Norfolk’s MacArthur Center may meet the wrecking ball

Downtown ‘s , a 140-store that opened in 1999, may have a future date with a wrecking ball.

According to a newsletter released March 2 by Norfolk’s department, a complete teardown of the 1.1 million-square-foot structure is one of three possibilities envisioned for MacArthur Center’s future by the city, which does not own the mall. This option would build a new urban district with a street pattern that reopens Bank and Court streets to connect the Scope arena and Chrysler Hall with Norfolk’s Main Street and the Waterfront area.

Another option outlined for the 23-acre property would open up the ends of the mall, lighten up the exterior and place retail on the ground floor and offices above. A third possibility would “de-mall” the center, and reopen Market Street as a landscaped, pedestrian-friendly promenade with mixed-use buildings that included residential space. It would also line City Hall Avenue with micro retail and craft manufacturing, as well as small services and businesses.

The newsletter highlights a section of the city’s previously released Downtown Plan 2030, which is meant to guide Norfolk’s long-term development into the next decade. The newsletter credits MacArthur Center as being a catalyst for downtown development, generating more than $4 billion in retail sales and $157 million in tax revenue for Norfolk since it opened, but states that the must be redeveloped to ensure its future viability.

“The nature of retail has changed globally, and a 1,100,000-square-foot indoor shopping mall is no longer viable in downtown Norfolk,” the newsletter reads. “Since MacArthur Center opened 20 years ago, the number of competing department store chains has drastically diminished. Local/regional chains have virtually disappeared, and national chains have contracted the number of stores they operate.”

The newsletter states that a phased redevelopment will take place, focusing on the anchor space that once had Nordstrom as a tenant, then working to de-mall the building’s interior and reconnect the property to its surrounding street grid.

Jared Chalk, Norfolk’s director of economic development and executive director of the Norfolk EDA, says that MacArthur Center has been a successful development, but that the mall needs to be repositioned to ensure its future viability.

“At the time it was built, it really brought new downtown. It changed the way in which people from the suburbs envisioned downtown, and created a walkable place in our core,” says Chalk. “The idea is really how to break open the mall and integrate it into Downtown Norfolk.”

Still, according to The Virginian-Pilot, the city doesn’t own the mall, and can’t control what happens to it. Norfolk owns the land the mall sits on, part of the mall, the mall’s parking structure and the anchor space that had Nordstrom as a tenant until mid-2019. The mall structure is owned by , which the Pilot says defaulted on an interest-only loan worth $725 million in late 2019 that used MacArthur and three other malls as collateral. $681.6 million is still owed on that loan.

Chalk says Starwood is “a good partner. They recognize the need to add additional investment into the mall.”

Calls placed to Starwood Property Trust on Friday were not immediately returned.

Referencing the city’s efforts to redevelop its Military Circle Mall property as another example, Chalk says Norfolk is dedicated to revamping its assets.

“We’re not just going to continue to let a mall decline. We’re going to be aggressive in our steps to reposition it.”

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Dominion joins initiative to create electric vehicle charging network

Dominion Energy Inc. and five other major announced a plan Tuesday to create a network of charging stations for across major highway systems stretching from Washington, D.C., to Chicago to West Texas and the Florida Heartland.

The newly announced Electric Highway Coalition — made up of American Electric Power, Dominion, Duke Energy Corp., Entergy Corp., Southern Co. and the Tennessee Valley Authority — aims to create a semi-national network of direct-current fast charging stations for electric vehicles that would allow drivers the ability to travel without interruption.

The member utilities are seeking charging station locations along major highway routes with easy highway access and amenities for travelers. Charging stations will be capable of getting drivers back on the road in approximately 20 to 30 minutes.

“ is committed to equitable and reliable charging access so our customers may experience the benefits of electric transportation, including reduced carbon emissions,” said Dominion President and CEO Robert M. Blue in a statement. “We’re excited to collaborate with our partners on this important initiative to connect customers to charging resources and encourage electric vehicle travel.”

The announcement marks the public debut of the coalition. Reached by email, Dominion spokesman Rayhan Daudani said that Dominion’s total investment in the initiative has yet to be determined.

“All companies are in the process of determining sites,” he said. “The partner utilities have started discussions to collaborate on site location needs, with each utility further refining items such as site partners, site design, equipment selection, deployment schedule and other details. We plan to begin deployment this year.”

Dominion is a Fortune 500 utility with more than 7 million customers in 16 states.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Capital Square names chief technology officer

Henrico County-based investment company announced Tuesday that Jeffrey Blount has been named the company’s chief technology officer.

Prior to joining Capital Square, Blount served as virtual chief information officer at Glen Allen-based office IT services and equipment supplier Cobb Technologies.

“Jeff, who built Capital Square’s technology systems from the ground up at his prior firm, will play an essential role in helping Capital Square expand the rollout of new technologies,” said Louis Rogers, founder and CEO of Capital Square, in a statement. “The goal is to use technology to work better, smarter and at reduced cost to the benefit of a growing number of broker-dealers, financial advisors, and investors.”

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Capital One taps new board members from Facebook, Nike

McLean-based Financial Corp. announced Tuesday the addition of two new members to its of directors: Ime Archibong, head of new product experimentation at Inc., and Craig Williams, president of Jordan Brand at

Archibong and Williams have been appointed to fill two new seats on the board, and will stand for election by the Fortune 500 company’s shareholders in May 2021.

At Facebook, Archibong leads an internal group of entrepreneurs building and testing new mobile applications and product experiences. Previously, he served as Facebook’s vice president of product partnerships, building and scaling a global team that managed strategic partnerships with consumer technology companies platform developers, community leaders and nonprofits.

Prior to Facebook, Archibong served in various roles at , including as a software engineer, on its corporate strategy team and its advanced technology business development team.

“When I first met Ime, his optimism and sense of possibility jumped off the screen,” Capital One Chairman and CEO Richard D. Fairbank said in a statement. “Ime’s product and partnership experience at a company that has billions of users and global reach has given him a broad understanding of the issues at the intersection of product, technology, data and the customer experience.”

Williams has more than 30 years of experience leading international consumer brands, business operations and strategy. As president of Jordan Brand at Nike, he leads the global vision, strategy and growth for its multibillion-dollar portfolio. Prior to Nike, Williams was a senior vice president at The Coca-Cola Co. and global president of Coca-Cola’s The McDonald’s Division (TMD).

“Craig’s great judgment has been honed by more than three decades of global experience in setting visions, building brands and driving stellar results at some of the world’s most admired companies,” added Fairbank. “He’s a seasoned business executive who was hand-picked to lead Jordan Brand, one of the world’s most iconic brands.”

Capital One also announced today that, after 16 years of service on the company’s board, Pierre Leroy is retiring from the board effective as of the date of the 2021 annual meeting, in accordance with the company’s retirement policy.

Capital One Financial Corp. is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $305.4 billion in deposits and $421.6 billion in total assets as of December 31, 2020.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Atlantic Diving Supply awarded $100M federal contract

Virginia Beach-based equipment vendor (ADS) been awarded a five-year, $100 million contract from the (DLA) to deliver patient monitoring technology, associated accessories and training support to military and federal civilian customers.

DLA selected ADS from 54 bids the agency received for the firm-fixed-price, indefinite-delivery/indefinite-quantity contract, the announced on Monday; DLA is a combat support agency in the Department of Defense. The ordering period for the U.S. Army, Navy, Air Force, Marine Corps and other customers from the government sector will close Feb. 28, 2026.

The contract has one five‐year option period and will be funded using defense working capital appropriations for fiscal year 2021 through fiscal 2026. ADS supplies operational equipment to its military and emergency responder customers and offers procurement, program management and logistics support.

ADS’s first contract with DLA was awarded in 2000 and covered technologies used for marine lifesaving, diving, and search and rescue operations.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Kansas engineering firm acquires Va. Beach geotech company

On Tuesday, Kansas-based consulting engineering firm Terracon Consultants Inc. announced that it had purchased for an undisclosed amount.

GET is a geotechnical, environmental and materials testing firm serving public- and private-sector clients throughout the mid-Atlantic. In addition to its headquarters, GET has another Virginia office in Williamsburg and North Carolina offices in Elizabeth City and Jacksonville. Its services include in-house drilling capabilities and soils and concrete testing laboratories.

“GET has built a strong presence in Virginia and throughout the mid-Atlantic, based not only on technical expertise, but on a strong commitment to outstanding client service,” said Gayle Packer, Terracon president and CEO, in a statement. “Adding GET as a part of Terracon increases our regional bench strength to continue providing nimble, responsive support for our clients’ projects.”

GET’s 95 employees will immediately become part of Terracon, an employee-owned company. The firm will continue to operate locally as GET Solutions Inc., a Terracon Co.

GET joins three other recent Terracon acquisitions in the mid-Atlantic: TAM Consultants Inc. of Williamsburg, in 2021; Skelly and Loy of Harrisburg, Pennsylvania, in 2020; and GeoConcepts of Ashburn, in 2017.

Terracon has more than 5,000 employees providing environmental, facilities, geotechnical and materials services from more than 150 offices.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Alexandria-based VSE Corp. buys biz unit from N.C. company

Alexandria distribution and maintenance provider has purchased North Carolina-based HAECO Americas’ special services business, which provides maintenance, repair and overhaul support for government and military aircraft platforms

The financial terms of the deal were not disclosed.

HAECO Special Services helps maintain the U.S. Air Force’s KC-10 aircraft as a subcontractor under a contract and employs approximately 280 employees who work at two hangars located in Greensboro, North Carolina.

VSE President and CEO John Cuomo said that HSS’ financial profile, backlog and contracting work complement the corporation’s federal and defense services segment. VSE expects the purchase to grow its support work on government aircraft and views the move as an opportunity to help the acquired business expand its role in fleet modernization and sustainment initiatives.

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

ManTech names chief growth officer

Herndon-based technology contractor International Corp. announced Monday that it has recruited Joseph Cubba, formerly senior partner and vice president for defense and intelligence at Corp., as its chief growth officer.

Cubba will report directly to Matt Tait, ManTech’s chief operating officer, and will be responsible for strategic growth efforts across the federal civilian, defense and intelligence sectors.

Cubba is known for his ability to provide “sophisticated” technology services to customers, Tait said in a statement.

Cubba has driven various sales programs focused on the and intelligence community during his three-decade industry career. He also serves in the U.S. Navy Reserve as a captain and previously spent 10 years at the U.S. Air Force.

Subscribe to Virginia Business.

Get our daily e-newsletter.