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

Best Places to Work in Virginia

Hamburger Menu Hamburger Menu

byline: Richard Foster

Florida REIT acquires Norfolk office buildings valued at $18.9M

A Tampa, Florida-based REIT, Generation Income Properties Inc., has acquired two Norfolk office buildings valued at $18.9 million via an UPREIT transaction brokered by Colliers International.

The buildings are:

  • The 71,774-square-foot General Services Administration NAVSEA building at 2510 Walmer Ave., which is primarily occupied by the GSA, as well as global container ship operator Maersk.
  • A 34,847-square-foot office building in Riverside Corporate Center at 130 Corporate Boulevard, which is occupied by PRA Group Inc., a debt collection firm.

Robinson Development Group, a Virginia Beach-based development and investment company, contributed the two buildings to Generation Income Properties through an Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction, which allows property owners to convert real estate assets into share interest in the UPREIT. This UPREIT is managed by Generation Income Properties.

The transaction was brokered by a team from Colliers | Virginia, including: J. Scott Adams, president; Patrick Mugler, executive vice president; Gray Randolph, executive vice president; and Will Bradley, senior vice president.

Virginia Beach medical building sold for $2.75M

A 15,054-scquare-foot medical office building in Virginia Beach has sold for $2.75 million.

The property, which is located on 1.34 acres at 2117 McComas Way, was acquired as an investment by Nimmo Properties LLC from JFS Real Estate LLC.

Janet Whitbeck of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of JFS Real Estate.

 

Virginia’s unemployment rate drops to 2.7%

Virginia’s seasonally adjusted unemployment rate decreased to 2.7% in September, down 0.1% from last month and the same time a year ago, Gov. Ralph Northam announced on Friday.

The national unemployment rate for September was 3.5%. The commonwealth’s labor force expanded for the 15th consecutive month in September by 10,132 workers, or 0.2%, to set a new record of 4.41 million workers. The number of unemployed people in Virginia decreased by 3,555. Household employment in Virginia is also at a new high of 4.29 million workers.

Virginia has the lowest seasonally adjusted unemployment rate among Southeast states. Over-the-year employment growth in Virginia has been positive for 66 consecutive months.

“I am pleased to see the commonwealth’s unemployment rate drop to its lowest point in more than 18 years, a clear signal that our economy is strong and our efforts to attract 21st-century jobs to Virginia are paying off,” Northam said in a statement. “With more and more companies from diverse industries choosing to locate and invest in Virginia, we are showing the country and the world exactly why we are the best state for business. My administration will stay focused on creating economic opportunity so that every Virginian can share in our success, no matter who they are or where in the commonwealth they live.”

Drone delivery service takes off in Christiansburg

Wing, a division of Google’s parent company, Alphabet Inc., launched the nation's first commercial drone delivery service as a pilot program in Christiansburg Friday.

Flying at more than 70 mph, the 10-pound drones will deliver orders for FedEx, Walgreens and area retailer Sugar Magnolia. The drones lower cargo weighing up to three pounds into customers’ yards, making deliveries in as little as five to 10 minutes. 

Wing partnered with the Virginia Tech Mid-Atlantic Aviation Partnership (MAAP) to develop the service, which will eventually take flight in other cities across the nation. The drones made their historic first deliveries in three suburban yards Friday, witnessed by officials from the White House, the Federal Aviation Administration, Wing and Virginia Tech, including Virginia Tech President Tim Sands.

“When Wing first began talking with the Mid-Atlantic Aviation Partnership, we knew immediately this was a project the university should support,” said Sands. “We like bold, visionary ideas, strong partnerships, and the challenge of doing something that’s never been done before.”

“This is a big day for Wing, MAAP, and Virginia — another first in this industry that is happening right here in our commonwealth,” said U.S. Sen. Mark Warner in a statement. “I believe that unmanned systems have the potential to be a real game-changer, and I’m proud that Virginia is leading the way in testing and safely integrating this technology.”

According to MAAP and Wing officials, the drones can transport packages quicker than ground transportation with far less of a carbon footprint.

“This is a pivotal moment in aviation,” said Mark Blanks, MAAP’s director. “Package delivery has been one of the most sought-after applications for unmanned aircraft, but doing it well requires solving some of the hardest problems in the industry. It’s a privilege to partner with Wing to enable a service that we believe will transform the industry and bring real value to our communities.”

Four Virginians named Appalachian Leadership Institute Fellows

The Appalachian Regional Commission has named four Virginians to the inaugural class of the Appalachian Leadership Institute, the organization's intensive, multistate leadership development program.

Joining 37 other members from 12 other states will be:

  • Mary Anne Holbrook, director of community relations for the United Way of Southwest Virginia
  • Lydeana Martin, community and economic development director, Floyd County
  • Josh Sawyers, innovation center manager at The University of Virginia's College at Wise
  • Charles H. “Chuck” Slemp III, commonwealth's attorney, Wise County and Norton

In a statement released Thursday, United Way of Southwest Virginia President and CEO Travis Staton congratulated Holbrook, saying, “I believe Mary Anne is a perfect fit for the institute because of her passion for Southwest Virginia. Mary Anne plays a critical role in our efforts to convene cross-sector partners to address the most complex issues in our region.”

The nine-month program's curriculum will be anchored by six multiday sessions held around the Appalachian region, beginning in Morehead, Kentucky, on Oct. 21-24, and culminating in a July graduation event in Washington, D.C. The program's curriculum was developed by the commission in partnership with the University of Tennessee, Knoxville; The Howard H. Baker Jr. Center for Public Policy; Tuskegee University; and Collective Impact.

The annual program's 40 fellows will focus on developing skills such as designing effective economic development proposals; integrating community assets into long-lasting economic development strategies; learning how to locate and access investment capital from a variety of public and private sources; learning how to prepare competitive grant applications; and creating strong community coalitions.

Navy awards BWXT $806M contract

The U.S. Naval Nuclear Propulsion Program has awarded a contract with options totaling about $806 million to a subsidiary of Lynchburg-based BWX Technologies Inc., the company announced Thursday.

Related to a previous $2.1 billion contract, the newly awarded contract to BWXT Nuclear Operations Group Inc. will fund the procurement of long-lead materials needed for the manufacture of naval nuclear reactor components that will be used in Virginia–class submarines and next-generation Columbia-class submarines and Ford-class naval carriers. BWXT is a federal defense contractor specialzing in the supply of nuclear components and fuel. 

“BWXT remains committed to fulfilling our mission to deliver the highest quality nuclear propulsion components to the U.S. Navy,” said Rex Geveden, BWXT president and CEO, in a statement.

In February, BWXT announced an agreement with the U.S. Naval Nuclear Propulsion Program on new contracts totaling approximately $2.1 billion, including future-year options. The contract announced Thursday is in addition to that award, The base material procurement contract for fiscal year 2019 is valued at $75 million and is the first of seven annual options available through 2025. The remaining six options have an average annual value of about $122 million, contingent on U.S. congressional appropriations.

PATH Foundation makes $1.2M grant for food hub

The PATH Foundation announced Thursday that it has awarded a $1.2 million grant to Warrenton-based 4P Foods, a farm-to-table consumer food subscription service, to construct a food hub in the Vint Hill community aimed at assisting area nonprofits focused on food insecurity issues.

Also headquartered in Warrenton, PATH is a nonprofit foundation promoting healthy communities in Faquier, Rappahannock and northern Culpeper counties. In addition to helping area nonprofits with food distribution infrastructure, the food hub, which is expected to be completed in 2020, will also connect local farms to regional buyers, including schools, health providers and food banks.

Working with more than 220 farms, 4P Foods' delivery network reaches from the Washington, D.C., region to south of Richmond. The company recently added a wholesale division selling to restaurants and schools. 4P Foods employs 26 workers.

“Our community is heavily rooted in agriculture, but many of its residents lack access to fresh food,” said Christy Connolly, PATH Foundation president and CEO, in a statement. “Food impacts all four of the PATH Foundation’s health priorities and plays an important role in overall community health. By improving access to healthy food, the food hub will play a key role in accomplishing our mission: to strengthen the health and vitality of our community.”

“The 4P Food Hub is a game changer,” said Kirsten Dueck, senior program officer at the PATH Foundation, “In the past, we’ve seen promising programs struggle without a reliable, affordable way to get products from farms to tables. We are excited about this collaboration with … the great team at 4P Foods, and we look forward to the impact that it will have on our community.”

 

German manufacturing firm relocating sales office to Henrico

German packaging solutions manufacturer BRANOpac GmbH has relocated its Orlando, Florida, sales office to Henrico County, the Greater Richmond Partnership announced Thursday. The office will grow to five employees by 2020 and invest up to $500,000 in the relocation.

“Our office in Greater Richmond will provide closer proximity to business partners, existing customers and target markets/industries,” said Nico Choczko, BRANOpac USA’s general manager, in a statement. “The Greater Richmond Partnership was an invaluable resource during this relocation from start to finish. From initial meetings, introductions and ongoing advisory roles, the GRP supported BRANOpac and allowed for a seamless transition from Florida to Virginia.”

Headquartered in Lich, Germany, BRANOpac is an international manufacturer of protective packaging solutions, including volatile corrosion inhibitors and high-quality food-grade papers and technical papers for shipping.

The Greater Richmond Partnership worked with Henrico County Economic Development to facilitate the relocation. Commercial real estate agent Tom Langston of S.L. Nusbaum Realty Co., assisted BRANOpac with locating the office space in Glen Allen. 

 

Northern Virginia Technology Council CEO retiring

Northern Virginia Technology Council (NVTC) President and CEO Bobbie Kilberg announced Wednesday that she plans to retire on June 30, 2020, after 22 years at the helm of the membership and trade association for the region's tech industry.

Kilberg has served as president and CEO since 1998. The NVTC Board of Directors has engaged Los Angeles-based management consulting firm Korn Ferry to oversee the search for her successor. A longtime Republican White House appointee, she worked in the Nixon and Ford administrations and served as director of the White House Office of Intergovernmental Affairs under President George H.W. Bush. She also was appointed by President George W. Bush to serve as a member of the President's Council of Advisors on Science and Technology.

During her tenure at NVTC, the council has grown to represent about 1,000 Northern Virginia technology firms representing more than 350,000 employees. 

“Bobbie was instrumental in shaping NVTC into one of the largest technology councils in the U.S. and into the regional tech powerhouse that it is today,” said Richard Montoni, chairman of the NVTC Board of Directors, in a statement released Wednesday. “Bobbie is an icon in the industry. Her extraordinary leadership over two decades positions NVTC for its next phase during this very exciting time.”

Victor Hoskins, president and CEO of the Fairfax County Economic Development Authority, said, “No one has done as much as Bobbie to knit the regional technology community together. By convening the tech community in so many ways over so many years, she really has helped raise the profile of Northern Virginia as one of the world’s technology capitals.”

“It’s been my great honor to serve an organization that is so deeply committed to this region’s vibrant and diverse technology ecosystem. I’m grateful to have worked alongside some of the region’s most passionate tech luminaries and government officials who have shared the same vision of Northern Virginia as a major tech hub. I am especially grateful to NVTC’s dedicated and talented staff who made this all possible. Under the direction of our board of directors, we’ve accomplished so much together over the last 22 years,” Kilberg said. “I am confident that NVTC’s board will choose a leader who will maintain NVTC’s values while building on and expanding the organization’s impact in the coming years.”

 

Consumer goods supplier relocating warehouse operations to Virginia Beach

Colorado-based consumer goods supplier SRP Companies is investing $1.16 million to relocate its warehousing and distribution operations from Philadelphia, Utah and Oklahoma to Virginia Beach next year, Virginia Gov. Ralph Northam announced in a press release Tuesday. 

Founded as a sunglasses distributor in 1969, SRP Companies, a subsidiary of parent company Soloray, is consolidating and expanding its warehousing, storage and distribution services. SRP provides a variety of consumer goods, including eyewear, apparel, jewelry and travel items, to international retail outlets, including convenience stores, travel centers, amusement parks and resorts.

The Virginia Economic Development Partnership worked with Virginia Beach city officials, the Hampton Roads Economic Development Alliance and the Port of Virginia to secure the project, which is eligible for benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.

“SRP Companies’ decision to move its operations to Virginia is a significant win for the distribution industry in Hampton Roads and the entire commonwealth,” said Governor Northam. “With access to major population centers and the Port of Virginia as an international gateway, leading companies like SRP continue to recognize the advantages of locating in our commonwealth. We are confident that SRP’s new Virginia Beach facility will help the company grow on the East Coast.”

“We are very excited to be expanding our warehouse and distribution operations into Virginia Beach in 2020,” said Darrin Eisele, CEO of SRP Companies. “We are excited to be in such high-quality facilities close to the Port of Virginia. This enables us to improve the efficiency of our import activities and better serve our customers. Virginia Beach provides an excellent work environment for our employees and operations.”