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byline: Robyn Sidersky

Parsons to acquire N.J. software company

Centreville-based Fortune 1000 defense contractor Parsons Corp. has entered into an agreement to acquire IPKeys Power Partners Inc., a New Jersey provider of enterprise software platform solutions, the company announced Tuesday.

The $43 million acquisition is expected to close in the second quarter.

IPKeys Power Partners delivers cyber and operational security to electric, water and gas utilities across North America, according to a news release.

“The addition of IPKeys brings important software platforms and capabilities that strengthen our integrated solutions that protect critical infrastructure,” Parsons’ Chair, President and CEO Carey Smith said in a statement. “A natural extension of our growth strategy, this acquisition reinforces our position in the critical infrastructure protection market, enhances our customer base, spans both of our business segments, and extends our capabilities into adjacent markets.”

IPKeys Power Partners has about 70 employees, with office in Louisiana, Texas and California, in addition to its headquarters in Tinton Falls, New Jersey. The company will be integrated into Parsons’ Connected Communities business unit and the Parsons X digital accelerator organization, a spokesperson told Virginia Business.

“We empower utilities and operators to better adapt to today’s evolving grid. As digitalization and electrification advance, we move closer to reaching our nation’s climate goals of net zero by 2050, but these innovations present energy supply, cybersecurity and technological risks of their own,” said Robert Nawy, CEO of IPKeys Power Partners, in a statement. “We are excited to join our tools, technology and experience with Parsons’ proven, industry-leading critical infrastructure protection solutions, further proliferating the resiliency of the power grid and other infrastructure – a core mission of both companies.”

In May 2022, Parsons closed on its $400 million acquisition of Reston-based Xator Corp.

Parsons reported fourth quarter revenue of $1.1 billion, representing total growth of 16%, with net income of $28 million. For fiscal year 2022, Parsons reported revenue of $4.2 billion, 15% growth and net income of $97 million. In 2022, Parsons ranked no. 733 on the Fortune 1000 list.

Lingerfelt buys Chesterfield land to build luxury apartments

Glen Allen-based Lingerfelt Development LLC, a real estate investment management firm, has purchased about 4.5 acres of land in Chesterfield County from Hospitality VII Inc. with plans to build a luxury apartment community.

The land is located at 2407 W. Hundred Road in Chesterfield, between U.S. 1 and Interstate 95.

The $1.9 million sale comes months after Lingerfelt’s purchase of a nearly 16-acre parcel nearby for $4.8 million in December 2022. The two pieces of property, a combined 20.29 acres, will be developed into multiple three-story buildings with 390 one-, two- and three-bedroom units.

The complex will be named Silas, and Lingerfelt will break ground on the luxury community later this year and build it in two phases. It will have a 6,000-square-foot clubhouse, a pool and other amenities.

David M. Smith, of Cushman & Wakefield | Thalhimer, handled the sale negotiations on behalf of the purchaser.

 

Bowman names chief digital officer

Reston-based Bowman Consulting Group Ltd., an engineering services firm, has named Ryan Belyea chief digital officer, a new position.

Belyea brings 25 years of experience to Bowman, most recently serving as vice president and director for digital at AECOM in the U.S. and Latin America. He started his job in January.

At Bowman, Belyea will partner with the company’s senior executive team to establish and embed digital service offerings to existing and new business lines as well as ensure alignment of digital strategies with acquisition initiatives and technology systems development.

“Our industry is rapidly evolving, and Bowman is embracing these trends by investing in digital strategies to marry our expertise in traditional engineering practices with new technologies that bring advanced services to our clients and create new pathways for company growth,” Bowman Chairman and CEO Gary Bowman said in a statement. “Ryan is a seasoned leader who will bring our internal and external digital transformation vision to fruition, and help Bowman lead the market for delivering these services to our customers.”

Bowman has 1,700 employees in more than 70 offices across the country and provides planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services.

UMW alumna gives $30M to support research, scholarships

A 1959 graduate of the University of Mary Washington has bequeathed $30 million to her alma mater — the largest donation in the Fredericksburg university’s 115-year history — to support undergraduate research and scholarships, UMW announced Thursday.

Irene Piscopo Rodgers, who died in 2022, earned a bachelor’s degree in chemistry from what was then called Mary Washington College of the University of Virginia, the all-women’s sister school to U.Va. She then earned a master’s degree in chemistry from the University of Michigan. Rodgers started her career at the American Cyanamid Co. as a chemist and microscopist and Philips Electronic Instruments as an electron microscopist at a time when there were few women scientists in her field of electron microscopy, a technique for obtaining high resolution images of biological and non-biological specimens. She also was an independent consultant to FEI Co., a subsidiary of Thermo Fisher Scientific, which provides electron and ion beam microscopes and tools for nanoscale applications, according to her obituary.

Rodgers’ gift will grow UMW’s undergraduate research program. Students in the fields of biology, chemistry, physics, earth and environmental sciences, computer science and math will have more opportunities to explore their research interests throughout the academic year and at the university’s Summer Science Institute, working alongside faculty mentors, according to a news release. The gift also supports the creation of four new Alvey scholarships, providing full tuition, fees and room and board for out-of-state undergraduate students for up to four years. Rodgers had already created eight Alvey scholarships.

Rodgers gave her first $50 donation to UMW in 1980, and over the next 40 years, she donated a total of $39 million, including the gift announced Thursday.

In 2004, she donated a transmission electron microscope to UMW and trained students and faculty to use it. Ten years later, she earned an honorary doctorate of humane letters for her service and contributions to UMW. She named a microscopy lab and several scholarships after her late parents. She died in July 2022 in New York.

“Students who benefited from Irene’s generosity welcomed her into their lives, so she was able to observe firsthand the transformative power of her gifts,” UMW President Troy Paino said in a statement. “This unprecedented donation guarantees that exceptional students will continue to have access to a UMW education that delivers the kind of high-impact learning experiences that Irene valued so much.”

To date, 85 students have earned awards through Rodgers’ generosity, including 15 Alvey scholarship recipients and 28 research fellowships Rodgers funded. Seven students received other scholarships and 35 students received scientific presentation grants for conference travel, also established by Rodgers, according to UMW.

“The university is so grateful to have been the beneficiary of Irene’s generosity during her lifetime and now as a lasting part of her legacy. This gift was made possible through relationships built over decades by numerous members of the Mary Washington community,” UMW Vice President for Advancement Katie Turcotte said in a statement. “Everyone who knew Irene knows how much she loved Mary Washington and helping our students pursue opportunities to conduct research.”

Auto parts maker to establish North America HQ in Salem

German auto parts manufacturer STS Group AG will establish its North American headquarters in Salem, a $32 million investment expected to create 119 jobs, Gov. Glenn Youngkin announced Thursday.

In April 2021, the company announced a greenfield project in Wythe County, but will now use an existing facility in Salem instead, “due to changing market conditions and rising construction costs for a new building,” according to a news release. The project would have been a $39 million investment creating 120 jobs.

More than 100 jobs will be created over the course of this year, a spokesperson told Virginia Business. The facility will be a high tech facility with automated machine production setup, so the company will need workers with good knowledge of automation, machine programming and robotics.

“When STS Group’s business needs changed, Virginia quickly pivoted to an alternate solution to ensure we retained the project in the commonwealth,” Youngkin said in a statement. “I am pleased that the former General Electric building in the city of Salem could meet the company’s needs, representing 119 new jobs for hardworking Virginians and a vacant facility’s return to productive use. Collaboration, innovation and solutions are Virginia trademarks, and we are proud to officially add STS Group to the commonwealth’s corporate roster.”

In Salem, STS Group North America will supply commercial truck assembly components for Volvo Trucks in Pulaski County and other truck and automotive facilities in the Midwest and Southeastern U.S. markets. The company will upfit 200,000 square feet of existing space and construct a 32,000-square-foot addition. It’s renting about half the existing space of the former GE facility, which allows for future growth, a spokesperson told Virginia Business. The company has already broken ground and is preparing for machine installation, and production will start in 2024.

The former GE Power facility stopped production in 2019. The facility at 1501 Roanoke Blvd. opened in 1955 and once employed 3,500 people, according to The Roanoke Times.

“We were all disappointed when General Electric left Salem a few years ago, and it is encouraging that STS Group will be filling the void at this very workable site,” Del. Joe McNamara said in a statement.

Headquartered in Germany, STS Group develops, manufactures and supplies products and solutions for components made of plastic or composite material for the automotive and trucking industries. The company has 12 plants in four countries on three continents with production facilities in Europe, China and the Americas.

“Salem is a perfect base for STS Group to start its footprint in the USA, following existing customers locally and extending the customer portfolio,” Alberto Buniato, CEO of STS Group, said in a statement. “On top of a perfect existing location in a suitable industrial cluster, we were delighted to find very attentive and helpful support from the city of Salem, Roanoke Regional Partnership and Virginia Economic Development Partnership.”

VEDP worked with the city of Salem and the Roanoke Regional Partnership to secure the project for Virginia. Youngkin approved a $500,000 grant from the Commonwealth’s Opportunity Fund to assist the city of Salem with the project. Support for STS Group’s job creation will be provided through VEDP’s Virginia Talent Accelerator program.

STS Group has more than 1,500 employees worldwide.

 

Hickory Point Townhomes sells for $25M in Newport News

Arlington-based Ritz Banc Group, a real estate, private equity and alternative asset management firm, bought Hickory Point Townhomes, a 175-unit apartment complex at 399 Hickory Point Blvd. in Newport News, from New York-based AION Partners for $25 million, Cushman & Wakefield announced Monday. 

The new owner pland to continue a comprehensive renovation program implemented by the previous owner. 

The 175,600-square-foot property has 172 two-bedroom apartments and three three-bedroom apartments. The community also has a swimming pool and cabana. 

Ritz Banc Group’s portfolio includes multifamily communities in Virginia Beach, Winchester, Portsmouth, Chesapeake, Reston, Chantilly and Richmond. 

Construction starts on 288 Lofts in Midlothian

Norfolk-based S.L. Nusbaum Realty Co. has started construction on 288 Lofts, a $28 million, 160-unit apartment community in Chesterfield County’s Midlothian area.

The first apartments are expected to be completed in fall 2023. Located at 400 Katrina Court on about 11 acres at the northeast corner of State Route 288 and Midlothian Turnpike, 288 Lofts will offer one-, two- and three-bedroom apartments with amenities including a clubhouse, business center, fitness center and a pool.

The community was designed by TS3 Architects PC; Details Ltd.; Siska Aurand Landscape Architects Inc.; and Townes Site Engineering. Morgan-Keller Construction is the general contractor.

 

S.L. Nusbaum promotes retail leasing exec to VP

S.L. Nusbaum Realty Co. has promoted Maggie Spillane to vice president, the Norfolk-based realty company announced Tuesday. 

Spillane joined the company’s shopping center leasing department in 2020 as an associate, providing landlord representation and leasing services to a variety of retail centers in Hampton Roads. Prior to joining S.L. Nusbaum, she was director of commercial real estate with McKinley Companies Inc., where she oversaw all operations of the company’s commercial portfolio, which had 1.5 million square feet of office, retail and other properties. 

Murray Rosenbach, senior vice president and director of shopping center leasing, called Spillane an “invaluable” team member who hit the ground running immediately. “She has illustrated a strong work ethic and a positive can-do attitude in every aspect of her contributions to success of her clients and S.L. Nusbaum Realty Co.,” Rosenbach said in a statement.

Spillane graduated from Virginia Wesleyan University with a bachelor’s degree in management business and economics.

Waterford Apartments sells for $55M in Va. Beach

Waterford Apartments in Virginia Beach is under new ownership, after Blackfin Real Estate Investors LLC acquired the 376-unit apartment complex for $55.35 million, the real estate investment company announced.

Located off Shore Drive near Lake Smith, the one- and two-bedroom apartment community was built in 1980 and previously renovated to include walk-in closets, maple custom cabinets, granite countertops, updated lighting and fixtures, dishwashers and other upgrades, according to a news release from Blackfin. It is at near-full occupancy.

This acquisition is Blackfin’s second in Hampton Roads in 2023. In January, the real estate investment company purchased Riverlands Apartments, a 404-unit apartment complex in Newport News, for $44.2 million. Blackfin owns several apartment communities in Virginia, North Carolina, Tennessee, Florida, South Carolina and Maryland. It’s Blackfin’s 10th acquisition in Hampton Roads and its 14th acquisition overall during the past six months.

Hank Hankins, Victoria Pickett, Charles Wentworth and Garrison Gore, all of Colliers, represented the seller in the transaction.

Newport News office building sells for $2.87M

A Newport News office building has sold for $2.875 million, Cushman & Wakefield | Thalhimer announced in February.

Sashe LLC purchased the 24,526-square-foot office building at 11839 Rock Landing Drive in Oyster Point Park. Cushman & Wakefield | Thalhimer declined to disclose the seller.

The building is currently occupied by Engineering Development Laboratory Inc., an electronics manufacturing services firm that populates and tests printed circuit boards. The company has been in the building since 2002, when it was built, and will remain there for only a limited time following the sale, Steve Patterson, EDL’s managing director, told Virginia Business.

Teresa Nettles and Clay Culbreth, of Cushman & Wakefield | Thalhimer, handled negotiations on behalf of the seller.