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byline: Robyn Sidersky

Va. Beach office building sells for $12.15M

Windwood Centre, a four-story Class A office building in the Lynnhaven area of Virginia Beach, has been sold for $12.15 million, Divaris Real Estate Inc. announced Wednesday.

CCP Commercial Real Estate sold the 78,619-square-foot building, located at 780 Lynnhaven Parkway, to Charlottesville-based Seminole Trail Management. Tenants include Regus and Moseley Architects.

It’s not the first acquisition in Hampton Roads for Seminole Trail Management. In April, the company bought Poplar Hill Medical Center in Chesapeake for $5.7 million.

Divaris will handle leasing and management of Windwood Centre.

Jason Oliver and Michael Divaris, of the Divaris Investment Sales Group, represented CCP in the transaction.

Norfolk warehouse sells for $9M

A warehouse in Norfolk has been sold for $9 million, Cushman & Wakefield | Thalhimer announced June 6.

Selko Real Estate Ventures LLC purchased the 109,609-square-foot industrial building from NorfolkCo LLC as an investment. The property is leased to American Tire Distributors (ATD) as the company’s Hampton Roads tire warehouse and distribution center.

The warehouse is on 7.19 acres at 4554 Progress Road in the Norfolk Industrial Park.

Brett Sain of Cushman & Wakefield | Thalhimer represented the seller and Geoff Poston, also with Thalhimer, represented the buyer.

 

BWXT subsidiary to build first U.S. nuclear microreactor

BWXT Advanced Technologies LLC, a subsidiary of  Lynchburg-based nuclear components and fuel supplier BWX Technologies Inc., will build the first advanced nuclear microreactor in the United States under a $300 million contract awarded by the Department of Defense’s Strategic Capabilities Office, the company announced Thursday.

In March 2021, BWXT was chosen as one of two companies to develop a final prototype design.

The transportable reactor prototype, known as Project Pele, is set to be delivered in 2024 and then tested at the Idaho National Laboratory for three years. The nuclear microreactor will be built in facilities in Lynchburg and Euclid, Ohio. Over the next two years, BWXT expects 120 employees to work on the project, including 40 skilled tradespeople, engineers and other people hired to support the effort.

According to the DOD, the development of a small, transportable nuclear reactor would allow the agency to reduce its carbon emissions and provide tools for disaster relief and critical infrastructure support. The DOD uses approximately 30 terawatt-hours of electricity per year and more than 10 million gallons of fuel per day.

“We are on a mission to design, build and test new nuclear technology to protect the environment while providing power, and we are thrilled with this competitively bid award after years of hard work by our design and engineering team,” BWXT Advanced Technologies President Joe Miller said in a statement. “The entire nuclear industry recognizes that advanced reactors are an important step forward to support growing power needs and significant carbon reduction imperatives.”

Project Pele is a whole-government project with oversight by the U.S. Army, the Department of Energy, the Nuclear Regulatory Commission, NASA and the National Nuclear Security Administration.

The objective is to design, build and demonstrate a prototype mobile nuclear reactor within the next five years, following the Defense Science Board (DSB) study recommendations, according to the office of the Under Secretary of Defense, Research and Engineering. It will provide a resilient power source to the DoD for a variety of operational needs that have in the past relied on fossil fuel deliveries and extensive supply lines. Instead, the microreactor will deliver clean, carbon-zero energy.

The prototype will operate on a power level of one to five million watts of electric capacity and will be transportable in shipping containers via road, rail, air or sea. It will be powered by fuel that can withstand extreme heat with very low environmental risks, according to BWXT. The whole system is designed to be assembled on-site and be operational within 72 hours.

While BWXT is the prime contract and integration lead, other companies on the team are Falls Church-based Northrop Grumman Corp., Aerojet Rocketdyne, Rolls-Royce LibertyWorks and Troch Technologies Inc.

In 2020, BWXT was chosen by the Department of Energy to design and develop a small nuclear reactor as part of a $106.6 million project. The contractor has approximately 6,600 employees across the United States and Canada, as well as joint ventures at more than a dozen Energy Department and NASA facilities.

Atlantic Diving Supply names new CEO, COO

Virginia Beach-based Atlantic Diving Supply Inc. (ADS) has promoted Ryan Angold to CEO, the company announced Tuesday.

Angold replaces Jason Wallace, who has stepped down from leading the company since 2014. Also, ADS promoted John Dunn to chief operating officer, adding to his duties as chief financial officer.

Their new roles took effect June 1.

For the past 11 years, Angold has climbed the ranks of ADS, which started as a small dive shop in 1979 and now supplies equipment to the federal government and military forces. He served in the U.S. Navy as a special warfare officer until sustaining a spinal cord injury in 2004. He transitioned to working in the defense industry and then joined ADS.

“Throughout his career, Ryan has served this country and brought expertise, experience and excellence to every position he has held,” Luke Hillier, chairman of the board, said in a statement.

He will oversee all aspects of the company’s business. In 2021, ADS recorded $3.1 billion in revenue.

In August 2019, the U.S. Department of Justice announced that Hillier, ADS’ majority owner and former CEO, had agreed to pay $20 million to settle allegations of fraudulently obtaining federal contracts reserved for small businesses. ADS settled its part of the dispute for $16 million in 2017. Admission of liability was not a part of either settlement. In 2020, ADS received further scrutiny when it applied for a Paycheck Protection Program loan worth between $2 million and $5 million after receiving $1 billion in government contracts in the last quarter of 2019 and $1.3 billion in backlog contract obligations in 2020, according to The Virginian-Pilot. The company was ranked the 22nd largest government contractor in fiscal year 2019.

Dunn joined ADS as corporate controller in 2003 and rose to vice president of finance in 2013. In 2017, ADS promoted him to chief financial officer, where he has led finance, business analytics and investor relations teams.

“John’s promotion to COO is a natural progression of the incredible work he’s already handling at ADS, having taken on a heavy role in the operational decision making of the business for some time,” Hillier said in a statement. “John’s promotion is a reflection and recognition of the terrific job he’s done for the company to date, and the trust and confidence the board, the company and its employees have in him.”

The company provides military equipment, army procurement, logistics and supply chain solutions for federal agencies and protective services.

Sentara Healthcare board elects new leaders

Sentara Healthcare’s Board of Directors has elected Allan Parrott as its new chair, Sentara announced Monday.

Parrott has served as the board’s vice-chair for the past three years and has been on the board since 2015. He succeeds Dian Calderone, who served three years as chair and has been on the board since 2014. She will remain on the board as immediate past chair and take on leadership of the Governance Committee. Whitney Saunders, a member since 2017, will become vice chair. In this role, he will also oversee the Sentara Healthcare Medical Affairs Committee.

Saunders

“Dian’s leadership vision has been outstanding and vital during one of the most dynamic periods in Sentara’s 134-year history,” Sentara President and CEO Howard P. Kern said in a statement. “I appreciate Dian’s advocacy and dedication to the communities we serve and thank her for her service and for her time as chair. I also welcome Allan and Whitney to their new roles as chair and vice chair.”

Calderone is president of Calderone Abbott PC, an accounting firm in Newport News. Parrott is former CEO of Tidewater Fleet Supply LLC and now serves as the company’s vice chair of its board. Saunders has practiced law in Suffolk since 1982 and is of counsel with Saunders & Ojeda PC and president of the Blocker Foundation.

Va. Beach post office building sells for $5M

A 29,813-square-foot property leased to the U.S. Post Office in Virginia Beach has been sold for $5 million.

U.S. Post Office Acredale-Annex at 1700 Centerville Turnpike was built in 2000 and was sold by Faith Irrevocable Trust to Postal Realty Trust.

The property is on a 25-year net-leased structure with the tenant.

Michael J. Early and Vince Schwab with Marcus & Millichap’s Hampton Roads and San Francisco offices, respectively, marketed the property on behalf of the seller.

 

Winmar Construction moves HQ to Reston

Winmar Construction has moved its corporate headquarters from Washington, D.C., to Reston, signing a 7,000-square-foot lease at 2100 Reston Center Parkway.

The general contractor has 40 employees in the seven-story building in Reston but will still have a presence in Washington, D.C., at 1010 Wisconsin Ave. The company also has regional offices in Miami and Baltimore.

“The building’s strategic position provides Winmar Construction with access to all points throughout the Northern Virginia region, which remains extremely vibrant in all real estate asset classes,” Scott Mendelson of Edge, who represented the tenant, said in a statement. “The company’s close proximity to a major airport will simplify travel for its employees and clients in South Florida, and the walkable amenities will help attract and retain talent. 2100 Reston Parkway provided every element and amenity important to Winmar Construction in its real estate search, and they are planning a best-in-class tenant build-out to showcase its capabilities.”

FORM Architects provided design services to Winmar in its build-out.

Winmar Construction provides construction management and general contracting services to the commercial, office, restaurant, hospitality and retail industries. The company specializes in ground-up adaptive reuse and tenant build-out activities.

Daniel Purrington, of Moore & Associates, represented the landlord in this lease transaction.

Bon Secours names COO of Hampton Roads market

Bon Secours has named Craig Schmidt chief operating officer for the health system’s Hampton Roads market, effective Monday.

He will lead the market’s operational projects within its facilities and oversee the growth in the Cincinnati, Ohio-based health system’s operations in Hampton Roads, according to a news release. He most recently served as vice president and chief operating officer of the Jewish Hospital — Mercy Health in Cincinnati, which is part of Bon Secours Mercy Health.

“We are thrilled to have Craig join our executive leadership team as we continue to align clinical operations with our ministry’s compassionate health care,” said Pat Davis-Hagens, market president. “Our patients and communities will benefit greatly from Craig’s knowledge in health care and his wide-ranging clinical operations expertise as we seek to make Bon Secours Hampton Roads an even stronger market where associates want to work, clinicians want to practice, people seek wellness and communities thrive.”

Schmidt joined Bon Secours 19 years ago and has held positions such as regional director of rehabilitation services, director of ancillary services and director of operations for Mercy Health — Fairfield Hospital.

“The mission of Bon Secours is one I’m uniquely familiar with, and it’s what sets us apart,” Schmidt said in a statement. “Our industry, our ministry and local community have been through some of the most challenging times in recent years, which is what makes right now an exciting time to join the team. I’m looking forward to working with our teams to see our vision realized with some exciting new projects on the horizon.”

He earned his bachelor’s degree from Ohio State University and his doctorate in physical therapy from the University of St. Augustine in Florida.

Raytheon moving global HQ to Arlington

Raytheon Technologies Corp. announced Tuesday that it will relocate its global headquarters from Massachusetts to Arlington in the third quarter of this year, a move that will see four of the top five U.S.-based aerospace and defense contractors headquartered in Virginia. Raytheon is the second-largest defense company in the world, just below Lockheed Martin, and will be the commonwealth’s largest aerospace and defense contractor.

Raytheon’s new corporate headquarters will be in Arlington’s Rosslyn neighborhood, near  company’s existing Raytheon Intelligence & Space business located there. Raytheon has not sought or accepted financial incentives from the state, it said in a release. A spokesperson said that Raytheon expects to “slightly expand the scope of our existing leased space in Arlington,” where 130 corporate staff members currently work. Chris Johnson, senior director of global media relations, said that the company does not expect its corporate staff to increase significantly as a result of the move.

“I commend Raytheon Technologies’ leadership and pledge that Virginia is committed to being a partner in their mission to build a safer, more connected world,” Gov. Glenn Youngkin said in a statement. “With four of the top five major U.S. aerospace and defense leaders now based in Virginia, [Raytheon’s] decision to headquarter in Arlington demonstrates the commonwealth is the best destination for the aerospace and defense community.”

Raytheon has 600 facilities in 44 states and territories, and all four of its business units have operations in Virginia, where it has more than 1,000 employees and is a top employer in Loudoun County and Falls Church. The company, which employs more than 180,000 people worldwide, reported $64.38 billion in 2021 sales. Raytheon Technologies formed in 2020 following the merger of Raytheon Co. with the aerospace business of United Technologies Corp.

Raytheon’s announcement comes after The Boeing Co. said in May that it would move its global headquarters from Chicago to Arlington. The world’s third-largest defense contractor joins Falls Church-based Northrop Grumman Corp. and Reston-based General Dynamics Corp., which rank fourth and fifth respectively among the world’s largest defense contractors.

Raytheon Chair and CEO Gregory J. Hayes was elected chairman of Raytheon’s board in 2021 and worked for nearly 21 years at UTC in several senior roles across finance, corporate strategy and business development. He was appointed UTC CEO in 2014 and named chair in 2016 and led UTC’s reshaping into a company focused on aerospace, spinning off Otis Elevator Co. and Carrier Global Corp. in 2020. He led UTC’s merger, including its remaining aerospace businesses, Pratt & Whitney and Collins Aerospace Systems, to form Raytheon Technologies in April 2020. Hayes received his bachelor’s degree from Purdue University, in Indiana, and is a certified public accountant.

“We are thrilled to welcome Raytheon Technologies’ global headquarters to Virginia, America’s corporate hometown,” Virginia Economic Development Partnership President and CEO Jason El Koubi said in a statement. “Raytheon and other leading firms are attracted to the commonwealth’s world-class talent, dynamic industrial and innovation ecosystem, strategic location, global connectivity and exceptional quality of life. Raytheon Technologies’ global headquarters location will reinforce strategic partnerships and further strengthen Virginia’s aerospace and defense ecosystem in areas like avionics, cybersecurity, directed energy, electric propulsion, hypersonics and quantum physics. We look forward to a continued partnership with Raytheon Technologies as we begin this exciting new chapter.”

Shannon Flanagan-Watson, interim director for Arlington Economic Development, said, “Raytheon’s announcement, as well as that of Boeing last month, show that more companies are choosing Arlington for their headquarters. Our skilled, highly-educated workforce, key investments in public infrastructure and our exceptional tech ecosystem are factors companies desire when locating a company. We welcome Raytheon’s global headquarters and look forward to their continued presence in Arlington.”

Raytheon Technologies traces its origins to the 1922 founding of Raytheon Co. in Cambridge, Massachusetts. Raytheon became the supplier of magnetron tubes, essential in the Britain’s air defense, to the Allies during World War II. Today, Raytheon businesses provide the U.S. Navy’s F/A -18 fighter jets with precision weapons, radars, sensors and other systems.

In April, Raytheon Missiles & Defenses received a $483 million contract from the Navy to activate, sustain and modernize the service’s fleet of three Zumwalt class of guided missile destroyers. The contract includes options that, if exercised, will total $1.68 billion over five years. The contract also includes additional design, integrations, test and evaluation and other services for the Zumwalt, a stealth destroyer that has been beset by development problems.

Raytheon manufactures Stinger anti-aircraft missiles, which the U.S. is providing to Ukraine in its defense against invading Russian forces. In May, Raytheon won a $624 million U.S. Army contract to produce 1,300 more of the Stinger missiles. The contract is being funded through a provision of the Additional Ukraine Supplemental Appropriations Act.

Amazon closes $198M PenPlace purchase from JBG Smith

Amazon.com Inc. has acquired the 11-acre PenPlace development site,  part of its HQ2, its East Coast headquarters, from Bethesda, Maryland-based JBG Smith Properties for $198 million, JBG Smith announced Monday.

Arlington County in April approved the 3.3 million square feet of office space spread across three 22-story buildings and Amazon’s planned spiral “Helix” building, including 100,000 square feet of retail and 2.5 acres of open space. It is bordered by Army Navy Drive, South Eads Street, 12th Street and South Fern Street. PenPlace is the second phase of Amazon’s HQ2 East Coast headquarters, following the first phase, Metropolitan Park. PenPlace will also have a 20,000-square-foot Arlington County High School and a daycare.

“As we saw with the sale of Metropolitan Park to Amazon in 2020, finalizing this deal allows us to move forward with our partners, realize Amazon’s vision and complete its second home here in the region,” JBG Smith CEO Matt Kelly said in a statement. Metropolitan Park and PenPlace will bring exciting new amenities to the broader neighborhood including public parks, dynamic retail, and infrastructure improvements.”

Metropolitan Park has two 22-story office buildings, 50,000 square feet of retail space, a roughly 2-acre park space and a 700-meeting center that community groups will be able to use for free.

Amazon and JBG Smith also “topped out” the 22nd and final level of Metropolitan Park, JBG Smith announced Monday. The two buildings are scheduled to be completed next year. Amazon’s HQ2 already has 5,000 workers. Amazon’s more than $2.5 billion investment in HQ2 will result in 25,000 jobs over the next decade.