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Hopewell businesses get boost after pitch competiton

Jonathan Montiel and his business partners Phillip and Lexi Hughes bought a building in downtown Hopewell and then asked community members what they needed. Their answer: more restaurants.

That’s how City Point Ice Cream & Burgers was born, and it’s why the trio think they won the $15,000 first prize in the Homegrown for Hopewell business pitch competition this spring.

Rather than asking the judges to buy into a personal dream, Montiel and Phillip Hughes said their business showed up to the May 26 pitch competition with a solution to a community problem. They plan to use the prize money to purchase some much-needed kitchen equipment.

City Point Ice Cream & Burgers and two other businesses were the winners of the HomeGrown for Hopewell competition, the Downtown Hopewell Partnership announced in late June. The other winners were: Studio One Salon, which won a $12,000 prize and leasing incentives; Brain to Box, which won $10,000 and a property stipulation; and Box 5 Cabaret Theatre, a community dinner theater troupe, won $3,000. Winners also received a yearlong free membership to the Hopewell-Prince George Chamber of Commerce, and ongoing business counseling and technical support from the Hopewell Downtown Partnership.

Funding for the program came from a community business launch grant from the Virginia Department of Housing and Community Development and the city of Hopewell. The city was one of seven recipients to receive grant funding from DHCD’s community business launch grant, which aims to spur economic development and job creation efforts around the state.

The competition attracted 109 applicants — half of which completed a virtual business boot camp held at Virginia State University. Of those, 30 businesses chose to continue to the pitch competition. They were advised by existing area small business owners and professional consultants. Then, 12 of those competed for funding in the pitch contest in front of a panel of judges.

Floyd Simmons launched Brain to Box after running into problems accessing an affordable commercial kitchen while trying to scale up his granola-making business. Now, instead of renting a commercial kitchen, he is opening one up and offering access to it to other growing small businesses, while also sharing what he’s learned from his own experiences. He hopes Brain to Box will serve as an incubator for similar businesses. With his $10,000 prize, Simmons plans to make a down payment on the kitchen property, freeing up money for other expenses such as kitchen equipment.

“I want people to get access to the information I got, so they can begin that journey instead of the four years it took me,” he said. The 4,000-square-foot kitchen building will have room for about four businesses to work simultaneously, and he hopes to rent it to approximately 30 businesses each month.

Heather Lyne, executive director of the Downtown Hopewell Partnership, wants to find a way to make the Homegrown for Hopewell program sustainable. There’s a need for it, she said, because downtown Hopewell has open storefronts and the program can help entrepreneurs fill those spaces with their fledgling businesses.

“Homegrown for Hopewell is proving that there is an immense amount of creative energy in the area, as well as a need for additional programming and access for capital,” she said. “Our board hopes to find innovative ways to build on the Community Business Launch Grant with our partners and keep startup resources flowing into the business community in Hopewell.”

Assistant Editor Katherine Schulte contributed to this story.

Colonial Heights shopping center sells for $5.45M

Q&L Realty LLC has purchased the Southpark Square Shopping Center in Colonial Heights from the Colonial Heights Land Associates Limited Partnership for $5.45 million, Divaris Real Estate Inc. announced Thursday.

The 35,705-square-foot retail shopping center is located at 1829-1865 Southpark Blvd. in Colonial Heights. The shopping center is on 6.67 acres of land about 20 minutes south of Richmond.

Colonial Heights Land Associates LP has owned the shopping center since 2005. Party City, For Eyes and Landmark Financial are tenants in the shopping center. Q&L plans to add landscaping improvements, new signage and parking lot upgrades.

Divaris will handle leasing responsibilities for the shopping center. John Madures of Divaris negotiated the deal.

Bowman hires longtime client as Leesburg manager

Bowman Consulting Group Ltd. has named Gary VanAlstyne as the company’s branch manager and principal at its Leesburg office.

VanAlstyne brings more than 30 years of experience in construction and development to Bowman, with which he had worked closely as a client since 2000. He previously served as vice president of Fairfax-based Davis Utility Consulting LLC, as director of design and construction services for Loudoun County Public Schools and was a member of Loudoun County’s Facilities Standards Manual public review committee. He also has worked for Toll Brothers Inc., Beazer Homes USA and Lennar Corp. Additionally, he owned and operated a development consulting firm.

“Thanks to his 22 years as a Bowman client, Gary VanAlstyne is a perfect addition to our team and we look forward to his continued contribution to Bowman’s success,” Bowman Chief Operating Officer Mike Bruen said in a statement.

VanAlstyne earned a bachelor’s in civil engineering (BSCE) and a geotechnical minor from Union College in Schenectady, New York, and is a registered professional engineer in New York, Pennsylvania and Virginia. 

Reston-based Bowman Consulting Group Ltd. is an engineering services firm with more than 1,400 employees and more than 60 offices across the country.

Chesapeake office building sells for $11M

Investment group Gracestone Investments LLC has purchased an 81,318-square-foot office building in Chesapeake from GSI Inc. for $11 million, Cushman & Wakefield | Thalhimer announced July 5.

The property, located at 850 Greenbrier Circle, is 100% leased to Canon U.S.A. Inc.

Rob Wright of Cushman and Wakefield | Thalhimer brokered the transaction and handled sale negotiations on behalf of GSI.

 

Cortland completes $1B investment in Arlington

Cortland, an Atlanta-based multifamily real estate investment, development and management company, has completed its initial round of apartment acquisitions in Arlington with the purchase of Evo Rosslyn, a 27-story apartment building.

The purchase is part of a $1 billion investment in multiple Arlington apartment communities, first announced in May. Evo Rossyln will be renamed Cortland Rosslyn and will merge with its neighboring high-rise community, formerly the Aubrey apartment building.

“The closing of Evo is the culmination of our investment round that was started in May with the purchase of Cortland Rosslyn, formerly known as the Aubrey. We are creating a seamless, resident-centric and hospitality driven experience with the combination of these two trophy towers,” Cortland Chief Investment Officer Mike Altman said in a statement.

The building added 455 units to Cortland Rosslyn, ranging from studios to three-bedroom apartments, as well as more than 300,000 square feet of amenity space, including coworking lounges, a spa, rock climbing wall and fitness center. The tower is LEED Gold certified and was developed by Penzance in partnership with the Baupost Group LLC.

Cortland also announced $60 million in upgrades to two other properties it bought recently: Cortland Pentagon City and Arlington Apartments, located across from Amazon.com Inc.’s HQ2 East Coast headquarters.

“We are excited to sustainably upgrade our buildings to integrate into the built environment. At Cortland Pentagon City, we plan to fully upgrade the apartment interiors and corridors and change the feel of the heavy exterior and ground level of the buildings to match the street energy and open, modern design around HQ2,” Dan Irvin, director of investments at Cortland, said. “With Arlington Apartments, the scope of work will be much greater. This is a total reposition of that community and will offer residents modern finishes, first-class amenities and an unrivaled apartment-living experience focused on hospitality.”

Cortland owns and manages more than 250 apartment communities, with about 85,000 units across the country. The company has regional offices in Texas, North Carolina, Florida and Colorado.

Norfolk apartment community sells for $12.4M

Cleghorn Capital purchased a 104-unit apartment community in Norfolk from Israeli investment fund Valore for $12.8 million, Marcus & Millichap announced July 7.

Valore at Southern Park, located at 7922 Old Ocean View Road, has three buildings, each with two stories, and was built in 1964 and renovated in 1999. The 104,944-square-foot property has 5.04 acres.

Valore bought the property in 2017.

Altay Uzun, Justin Ferguson, Theo Jolley and David Chae with Marcus & Millichap’s Hampton Roads office listed the property on behalf of the seller and brokered the deal on behalf of Cleghorn Capital.

Serco appoints defense VP as new CEO

Herndon-based federal contractor Serco Inc. (a subsidiary of United Kingdom-based Serco Group plc) on Tuesday announced that defense executive Tom Watson will be promoted to CEO, effective Sept. 1.

Watson will replace David Dacquino, who is retiring as chief executive but will remain as chairman of the company’s board of directors in North America. Dacquino joined Serco in 2015 and has been at its helm since 2017.

“I am grateful to have spent more than seven years with Serco, and I am deeply honored to have had the opportunity to lead this team for the last five,” Dacquino said in a statement. “Today, I am excited for Tom and for Serco. Tom is ready for this role; he is a proven leader with tremendous passion. I am confident in his ability to continue guiding the organization, to drive innovation and to shape our collaborative and inclusive culture.”

Dacquino

Watson joined the company in April 2018 and is being promoted from senior vice president responsible for Serco’s North American defense business. Before joining Serco, Watson was senior vice president and general manager of SAIC’s Navy and Marine Corp. Customer Group. Prior to Serco, he worked for Resource Consultants Inc., which was acquired by Serco in 2005, and served six years active duty in the Navy. He earned his MBA from the University of Maryland and a bachelor’s degree in information technology from National University.

“I am humbled and excited by this opportunity,” Watson said in a statement. “Serco is an incredible company, and it is an honor to lead and work alongside the amazing people we have here.  I look forward to building on the great foundation and positive growth we have established over the past few years. I thank Dave for his leadership, friendship, counsel and collaboration over the years, and I congratulate him on his exceptional career at Serco and well-earned retirement.”

In May 2021, Serco acquired Whitney, Bradley & Brown, a Reston-based federal tech contractor, for $295 million.

Serco Inc. has about 8,000 U.S. employees in defense, citizen services and transportation.

 

CTSI purchases NYC’s largest fire alarm company

Chantilly-based technology company Corbett Technology Solutions Inc. (CTSI) has acquired New York-based fire alarm company Firecom, CTSI announced Tuesday.

Financial terms of the transaction were not disclosed.

CTSI is a portfolio company of Chicago-based private equity firm Wind Point Partners. The Firecom deal is CTSI’s 10th acquisition since it was purchased by Wind Point in June 2020.

Founded in 1963 and based in New York’s Queens borough, Firecom bills itself as New York City’s largest provider of fire alarms, servicing more than 800 high-rise buildings in the city.

“We are very pleased to add Firecom and their best-in-class customer service to the CTSI family,” CTSI President and CEO Joe Oliveri said in a statement. “Firecom is a fantastic addition to our fire business unit, enhancing our ability to service large and complex fire alarm and life safety systems, while enabling Firecom existing customers to take advantage of our world-class central station, security, audiovisual, cybersecurity and other low voltage solutions.”

Founded in 1969, CTSI provides audiovisual, communications, collaboration and security solutions for enterprise, government, health care and educational customers.

Va. receives $22.7M to reclaim abandoned mine lands

The Virginia Department of Energy will receive $22.7 million in federal funding toward redeveloping abandoned mine lands across the commonwealth, Gov. Glenn Youngkin announced Wednesday.

The funding is aimed at redeveloping the sites so that they can be used to attract new development and job opportunities to the region. Handled through Virginia’s Abandoned Mine Lands program, funded projects involve mitigating safety hazards and environmental issues on the sites that resulted from coal mining prior to the implementation of the Federal Mine Safety and Health Act of 1977.

In March, Virginia Energy sought companies with three or more years of mining and reclamation experience to bid on remediation work at abandoned mine sites. Virginia has thousands of such sites awaiting reclamation, according to Youngkin’s office, and previous funding limited the number of projects that could be addressed in a grant year. The program has been getting about $4 million annually, creating more than 1,000 jobs since 2017, according to the state.

“We are excited to get to work and assist in getting others back to work with this announcement of federal funds,” Youngkin said. “Creating jobs in coal-impacted communities is a priority and through the reclamation and repurposing of these mined lands, we hope to see … additional economic activity for properties that can become suitable for development.”

Southwest Virginia has benefited from the federal Abandoned Mine Land Pilot Program, which has offered multiple rounds of funding to Virginia Energy, formerly known as the state Department of Mines, Minerals and Energy.

“Southwest Virginia has a ready workforce to complete the numerous infrastructure projects in Virginia,” Secretary of Commerce and Trade Caren Merrick said in a statement. “Our agency prides itself on economic development in this region and we will aid in continued job increases over the next 15 years with this specific funding.”

Virginia offered funding for these projects previously in 2021.

“There are thousands of features posing safety and environmental harm due to historic mining in Southwest Virginia and other areas of the state where coal was once extracted,” Virginia Energy Director John Warren said in a statement. “These funds will allow us to reclaim and repurpose just over 80% of the current inventory Virginia Energy has gathered since our AML program began in 1981.”

“Our AML team finally gets to complete projects and tasks that have been on our wish list for years,” Virginia Energy Deputy Director Will Clear said in a statement. “The impact this work will have on our region will be so significant for a growing economy and for community enhancement.”

 

Carsales.com to fully acquire Trader Interactive

Australian online auto sales forum Carsales.com Ltd. plans to acquire the remaining 51% of Norfolk-based Trader Interactive from Eurozeo and Goldman Sachs Asset Management for $839.14 million, the companies announced this week.

Carsales.com bought 49% of Trader Interactive in August 2021 for $624 million and will now own the company in its entirety, funding the latest transaction through a combination of equity and debt. The deal is expected to close in the third quarter.

An announcement of the deal placed the Norfolk startup’s enterprise value at $1.87 billion, well above the unicorn threshold.

Founded in 2010, Trader Interactive runs marketplaces for buyers, sellers and renters of powersports and recreational vehicles, aircraft, marine and commercial vehicles, and heavy equipment. Through brands such as Cycle Trader, RV Trader, Commercial Truck Trader and Equipment Trader, it reaches more than 13 million unique monthly users and hosts more than 9,500 dealers. The company has more than 380 employees.

“The first year of ownership has been very successful and we have strong conviction in the quality of the Trader Interactive business, the management team and its growth opportunities,” Carsales.com Managing Director and CEO Cameron McIntyre said in a statement. “Culturally, there is strong alignment between the Carsales and Trader Interactive teams and we are excited to be working more closely together to execute on our strategic objectives.”

Carsales.com was founded in 1997 and operates the largest online platform in Australia for automotive, motorcycle and marine classifieds listings.

“I’ve worked with the Carsales leadership team over the last 12 months and I have been extremely impressed. We can see how compatible we are from a culture and strategy perspective” Trader Interactive CEO Lori Stacy said in a statement. “The backing of Carsales, along with their domain expertise from their worldwide marketplace portfolio, will enable us to accelerate innovation across all of our verticals, while refining and improving both the buying and selling experiences for our consumers and dealers alike.”