Scott Adams has left his role as executive managing director of Colliers International and joined Harbor Group International LLC as senior vice president in investor relations.
Harbor Group announced Adams’ hire Tuesday. In his new role, which he started Monday, Adams will initially focus on capital raising efforts in the mid-Atlantic region. He will be based in Norfolk and initially won’t have any direct reports.
“I am thrilled to be joining the team as senior vice president in investor relations,” Adams said in a statement. “HGI has always maintained a strong reputation as a leading national real estate owner and investor and I look forward to working with the team to build new strategic relationships with capital sources.”
Adams has 30 years of experience in real estate, and at Colliers, he primarily focused on growth initiatives, including new business development, recruiting, acquisitions and client management. Over his career, Adams has led the negotiation and sales closings of more than $1.8 billion worth of commercial properties.
“Scott’s diverse experience and deep knowledge in commercial real estate investments will be an asset to driving the growth of HGI’s investor relations capabilities,” Saul Lubetski, vice chairman of Harbor Group International, said in a statement. “We look forward to working with Scott to strengthen the firm’s existing investor relationships and further diversify our investor base.”
In November 2021, Adams’ was promoted from regional president to executive managing director for Colliers’ Virginia and Raleigh, North Carolina, brokerages. A year later, he transitioned to another role, still as executive managing director and market leader, but his leadership region was limited to Raleigh. He was also an active investment sale broker for office and industrial properties in Virginia and North Carolina. Before he joined Colliers, Adams was regional president with CBRE and oversaw its offices in Central and Southeast Virginia and North Carolina. He also was a senior real estate consultant in Kenneth Leventhal & Co.’s Washington, D.C., office.
A coffee company purchased a 2,400-square-foot retail building in Newport News for $1.1 million with plans to turn it into a coffee shop.
Seven Cities Coffee LLC, doing business as 7 Brew, purchased the building located at 398 Denbigh Blvd. from JMP Properties LLC, Cushman & Wakefield | Thalhimer announced.
The coffee company, 7 Brew, is a national chain and has dozens of locations. It’s known for its drive-thru business model. According to the company’s website, this would be the first location in Virginia.
Wick Smith, of Cushman & Wakefield | Thalhimer, handled sale negotiations on behalf of the seller.
Atlantic Park, the $335 million dollar surf park development planned for Virginia Beach’s Oceanfront, has broken ground and closed on its financing, according to an announcement Thursday from Venture Realty Group, the firm developing the project with music icon Pharrell Williams.
The 11-acre surf park has been in development since 2017 and its first phase is expected to be open in summer 2025, a year later than initially announced.
Construction on Atlantic Park’s first phase will begin immediately, developers said Thursday. It will include about 100,000 square feet of mixed-use retail, including restaurants, shops and “experiential attractions.” The development also will have 309 apartments and about 10,000 square feet of office space in addition to a 70,000-square-foot entertainment venue, called “The Dome”, and the nearly 3-acre surf lagoon.
The surf lagoon will feature wave-making technology from Wavegarden, an engineering company based in northern Spain, and will generate about 1,000 waves per hour. Amenities will include cabanas in a beach club environment
Atlantic Park’s second phase, which is still being conceived, will include public parking, residential and retail space and a boardwalk connecting Atlantic Park to the Virginia Beach Boardwalk and 17th Street Park. A target date has not been confirmed.
“After a lengthy, complicated and unorthodox process that included various COVID-related shutdowns and historic post-pandemic inflation, we are honored to finally get started on bringing Atlantic Park to life,” Donna MacMillan-Whitaker, Venture Realty Group’s founder and managing partner, said in a statement. “This project hits close to home for our entire Virginia Beach-based team, and we’re immensely proud to move our vision forward.”
Along with Venture Realty, the project is being developed by Williams, the Virginia Beach Development Authority, Newport News-based W.M. Jordan Co., Virginia Beach-based Bishard Development Corp. and Virginia Beach- based Priority Title & Escrow /Virginia Beach-based H2O Investments LLC.
The city of Virginia Beach will contribute $125 million of public investment to the project, including funding for two parking decks, the entertainment venue and public infrastructure improvements to the central resort area.
The public-private partnership is also funded by $210 million of private investment, including the sale of Atlantic Park Community Development Authority (CDA) Revenue Bonds and Virginia Small Business Authority (VSBFA) Sports and Entertainment Facility Revenue Bonds, according to a new release from Venture Realty. The Atlantic Park CDA is the first community development authority in Virginia Beach and relies on project tax revenues to provide support for the project’s infrastructure. The VSBFA bonds will finance the surf lagoon, which will be owned by P3 VB Holdings LLC, a nonprofit that will contribute excess revenues from the surf park to community organizations.
Private construction financing was led by Fulton Bank, including Old Point National Bank and Dollar Bank, according to the release. Additional supporting construction lending was provided by TowneBank. Venture Waves LLC, supported by a team of local investors and community leaders, provided equity.
Atlantic Park rendering courtesy Venture Realty Group
The Dome will seat 5,000 people at full capacity, with indoor and outdoor seating — when a convertible door is opened. With the door closed, the venue will seat 3,500 patrons inside. Douglas Higgons, senior vice president with Oak View Group, told Virginia Business in July 2022 that there are only about a half dozen or so similarly sized venues with indoor/outdoor capabilities around the country. The venue’s indoor area will be air-conditioned, even when the door is open for outdoor events.
The entertainment venue’s name harks back to the property’s roots as the site of The Dome, a geodesic dome concert venue and civic center that was demolished in 1994. Acts such as The Rolling Stones, Ray Charles, and The Monkees were among the musicians that rocked the house in The Dome’s heyday.
OVG360, a venue management and hospitality division of global sports and entertainment company Los Angeles-based Oak View Group LLC and Live Nation, will operate and manage programming for the entertainment venue.
“Atlantic Park changes everything for Virginia Beach,” Virginia Beach Mayor Bobby Dyer said in a statement. “With year-round surfing, entertainment, community gatherings and the influence of global visionaries like Pharrell, the heart of the Virginia Beach Oceanfront will be changed forever and for the better, for locals and visitors alike.”
Virginia-based Smithfield Foods Inc. has named a new chief human resources officer and a new general counsel, the nation’s largest pork product manufacturer and hog producer announced Tuesday.
Isham “Jay” Bennett was previously vice president of human resources at Lockheed Martin before joining Smithfield Foods as chief human resources officer in March. In a role new to Smithfield, Bennett will report to the president and CEO and is responsible for developing and executing a talent strategy, as well as leading the company’s recruiting, retention, training, development, and diversity, equity and inclusion programs.
Before Bennett was at Lockheed Martin, he was in similar roles at Sikorsky and Rolls-Royce plc and served in leadership positions with United Technologies Corp. and General Motors. He has a bachelor’s degree from DePauw University and law degree from Indiana University School of Law.
Tennille Checkovich Photo courtesy Smithfield Foods Inc.
Tennille Checkovich has been promoted to Smithfield Foods’ general counsel, after joining the company in 2020. She most recently served as the company’s deputy general counsel for litigation. Checkovich will report to Mike Flemming, the company’s chief legal officer. In her new role, she will manage all litigation involving Smithfield Foods, oversee risk mitigation efforts related to regulatory and compliance issues and assist the chief legal officer with managing the legal team.
Before joining Smithfield Foods, Checkovich was an equity partner at McGuireWoods LLP in its business and securities litigation department. She also served as an attorney at Cravath, Swaine & Moore LLP in New York, handling securities litigation and white collar defense issues for Fortune 100 companies. She earned a bachelor’s degree in economics from the University of Virginia and her law degree from Yale University School of Law. She serves on the boards of directors of the Legal Aid Justice Center and Alliance for the Chesapeake Bay. Last year, she won three awards from the Virginia Access to Justice Commission, a project of the Virginia Supreme Court, for her pro bono work.
Newport News-based government contractor ITA International LLC has promoted Mark Honecker from chief operating officer to CEO, effective April 3, the federal contractor announced Monday.
Honecker succeeds outgoing CEO Mike Melo, who will transition to chairing ITA’s advisory board and will also take on the new position of chief visionary officer, a role in which Melo will be responsible for developing a long-term strategy for company growth and ensuring the company’s culture remains in tact. Melo and his wife, Kathy, founded ITA in 2005.
Mike Melo Photo courtesy ITA International LLC
“I am more than thrilled to have Mark in this role, he is sure to exceed expectations and I know the company and our employees are in good hands,” Melo said in a statement. “I am looking forward to working closely with Mark and the leadership team to grow the company, ensure the correct leadership is in place and confirm new and existing customer relationships are intact. We have a bright future ahead of us!”
Honecker has been with ITA since 2019 in various roles of increasing responsibility. Before joining ITA, he was executive director and chief of staff for U.S Fleet Forces Command in Norfolk.
“I’m honored to be a part of this amazing organization, and I want to thank Mike and Kathy for having faith in me to lead ITA into the future,” Honecker said in a statement. “For the last 17 years, Mike has guided us, championed major initiatives and operationalized our mission and vision. I have no doubt he will continue to provide the support and leadership required to help us continue to grow as a company.”
ITA has more than 300 employees and provides services in operational support, marine engineering, cyber operations and data analysis.
The U.S. Fleet Cyber Command Center of Operations, a 114,045-square-foot building in Suffolk, has changed ownership.
The building, part of a secure naval operations campus, sold for $33.25 million, according to Colliers Government Solutions. It is located at 115 Lake View Parkway in Suffolk. The seller of the building is Salus Group, and Colliers declined to disclose the buyer. Suffolk’s property records also do not provide information on the acquisition.
The U.S. Fleet Cyber Command is responsible for Navy information network operations, offensive and defensive cyberspace operations, space operations and signals intelligence.
Will Bradley and Mark Williford, both of Colliers, represented the seller.
Carole and Marcus Weinstein, alumni of the University of Richmond, have donated $25 million — the second-largest single gift in the Richmond university’s history — to support a center focused on student learning, UR announced Wednesday.
The Carole and Marcus Weinstein Learning Center will be located in the Boatwright Memorial Library. The gift will enable the university to create a center that “co-locates, integrates and expands services that support academic achievements for students, including effective speaking, writing and peer tutoring,” as well as advanced quantitative support and other resources for students.
Marcus Weinstein, a 1949 UR graduate, is chairman of Weinstein Properties, a Henrico County-based real estate company that owns and manages more than 21,000 apartment units in Georgia, North Carolina, Tennessee, Texas and Virginia. (The couple’s daughter, Allison Weinstein, is the company’s co-president and CEO. Both Allison and Carole Weinstein have served on UR’s board of trustees.)
“We are excited by the way the university’s Boatwright Library will accommodate the next generation of students,” Marcus and Carole Weinstein said in a statement. “We remember spending hours poring over the library’s card catalog to do further research for papers we were writing. The new learning center will use the library’s centralized space to offer cutting-edge practices and support new skills students need now and into the future.”
The Weinsteins have given to UR previously and their gifts have supported scholarships, faculty chair positions, international education, well being and chaplaincy programs, according to UR. They have also supported the creation of the Carole Weinstein International Center, the Weinstein Center for Recreation and Weinstein Hall.
“We are deeply grateful to the Weinsteins for their steadfast support,” University of Richmond President Kevin F. Hallock said in a statement. “They continually lead by example in showing the transformative power of philanthropy at UR.”
In January, the university awarded Marcus Weinstein the Paragon Medal, UR’s highest honor.
Ashburn-based Fortune 500 IT company DXC Technology Co. has been penalized by the federal government for making “misleading” financial reports from 2018 to early 2020, according to the U.S. Securities and Exchange Commission. DXC did not admit or deny the charges, but consented to a cease-and-desist order and agreed to pay an $8 million penalty.
The $8 million SEC penalty must be paid within 28 days of the order Tuesday. The SEC reported that DXC “materially increased its reported non-GAAP net income by negligently misclassifying tens of millions of dollars of expenses as non-GAAP adjustments for so-called transaction, separation and integration-related (TSI) costs and improperly excluding them from its non-GAAP earnings.”
DXC overstated its income by $83 million over three quarters in fiscal years 2019 and 2020, according to the SEC order. It misclassified certain expenses as transaction, separation and integration-related (TSI) costs when reporting non-GAAP — or general accepted accounting principles — income to investors. “Reasonable investors would have considered the … information to have been material in deciding whether to purchase DXC securities during the relevant period,” the order says.
In a statement, DXC said it had cooperated with the SEC and resolved the matter, which it said was related to its formation in 2017 from the merger of Computer Science Corp. and the Enterprise Services business of Hewlett Packard Enterprise Corp.
“DXC Technology has resolved this legacy matter, which related to the presentation of non-GAAP M&A costs principally related to the 2017 merger that formed DXC,” the company said in a statement. “Our current management team has proactively clarified its disclosure, reduced these non-GAAP costs and cooperated fully with the SEC, and is happy to put this matter behind us.”
The SEC report said that during 2018 through early 2020, members of DXC’s controllership reviewed the company’s TSI costs for accuracy and compliance to SEC standards. The former assistant corporate controller for external reporting questioned certain costs that were characterized as TSI costs but often received “inaccurate or incomplete information,” and often received answers to their questions orally, without written records of “how particular issues were resolved,” according to the SEC.
GAAP is a set of accounting standards followed by most businesses and the public sector, and are created and administered by the Financial Accounting Standards Board and the SEC, according to The Motley Fool. Companies use non-GAAP earnings to make their net income look better, often by eliminating non-recurring or other charges. A common form of non-GAAP measurements are earnings before interest, taxes, depreciation and amortization, or EBITDA.
By misclassifying TSI costs, the company “materially overstated its non-GAAP net income in three financial quarters” and “failed to evaluate the company’s non-GAAP disclosures concerning TSI costs.”
The SEC found that DXC “negligently violated the anti-fraud provisions of the Securities Act of 1933 and reporting provisions of the federal securities laws.”
In addition to paying the $8 million, DXC promised to develop and implement “appropriate non-GAAP policies and disclosure controls and procedures,” which must be completed within the next 120 days.
During the SEC’s investigation, DXC voluntarily undertook a review of its TSI practices and made witnesses available, according to the order. It also has replaced “nearly all of its senior executive and financial leadership personnel who were present during the relevant period.”
Last week, DXC ended buyout talks after a “financial sponsor” — revealed by Bloomberg as Baring Private Equity Asia last year — failed to raise enough capital. In late September 2022, DXC had been approached by the private equity firm and worked with advisers on the potential takeover.
Chairman, President and CEO Mike Salvino was Virginia’s highest paid CEO in 2021, with his pay totaling $28.7 million, a 32% raise from 2020. DXC posted $16.265 billion in 2022 revenue, down 8.26% from 2021, which also saw a 9.44% decline from DXC’s 2020 revenue, $19.577 billion. Salvino joined the company in 2019 and moved the headquarters from Tysons to Ashburn in 2021 as it moved to a hybrid-friendly workplace.
Richmond-based construction and development firm Hourigan Group has promoted Bryan Jones to head its construction division, the company announced Tuesday.
Jones joined Hourigan in 2016 and served as chief administrative officer before his promotion to president of construction.
“Bryan personifies leadership at the highest level and I look forward to working together for many years to come, building leaders for our company and the greater community,” Hourigan CEO Mark Hourigan said in a statement.
Jones served as a supply corps officer in the U.S. Navy after his graduation from the U.S. Naval Academy with a degree in engineering. He earned a master’s degree from the Florida Institute of Technology. He has served on boards including the Virginia Council of CEOs and was chair of the Children’s Museum of Richmond. He is currently part of the Regional Leadership Circle for the Greater Richmond Partnership and serves on the board of First Tee of Greater Richmond.
In 2021, Hourigan was named Engineering News-Record’s mid-Atlantic contractor of the year.
Suffolk-based TowneBank has named Aubrey L. Layne Jr., executive vice president of governance and external affairs for Sentara Healthcare, and Suburban Capital founder and CEO Christopher Perry to its corporate board of directors, the bank announced Tuesday.
Christopher Perry Photo courtesy TowneBank
Layne, who chairs the Virginia Port Authority’s board of commissioners and formerly served as state secretary of finance as well as transportation, will also serve on TowneBank’s Norfolk regional board. Perry will serve on the bank’s Virginia Beach regional board. He also serves on the board of trustees of Norfolk Academy, the Windward Foundation and the Perry Family Foundation.
“TowneBank is honored to have both Aubrey and Chris join our corporate board of directors,” TowneBank President and CEO William I. “Billy” Foster III said in a statement. “The board is charged with providing governance and oversight for TowneBank and our family of companies, ensuring that we remain committed to serving others and enriching lives. Both Aubrey and Chris bring a wealth of knowledge and experience that will prove invaluable as we continue to carry out that mission.”
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