The HRBRC was recently approved by Gov. Ralph Northam and the General Assembly with a goal of strengthening relationships among the three institutions and encouraging more health care research collaboration in Hampton Roads.
“The state has commissioned a study to recommend the optimal structure for our partnership. But for now, the consortium’s first order of business is to mine the region’s vast collection of health care data — stripped of personal information,” Morris Foster, ODU vice president for research, said in a statement. “The resulting algorithms and applications could produce extensive benefits for our region, including wearable devices to monitor health and more pinpointed recommendations for patients.”
Leslie was most recently the associate director of VCU Ventures, a division of Virginia Commonwealth University that helps faculty and staff launch health care startup companies.
“Kevin knows the biotech ecosystem in the commonwealth, and he’s well-versed in sources of funding opportunities, both on the public and private sides,” Foster said in a statement. “Under his direction, the consortium stands poised to build the biotech sector in Hampton Roads and catalyze more innovation.”
Leslie earned his doctorate degree in biophysics from VCU and has worked as a senior scientist in the private sector.
“The HRBRC embodies what drives and excites me: the challenges of a startup, the pursuit of health equity, community building and working with diverse and talented people,” Leslie said in a statement. “The foundational pieces of a world-class pipeline are in place. Now, we finally have the opportunity to coordinate them in earnest.”
Reston-based Rolls-Royce North America Holdings Inc. has agreed to pay $135,000 in back wages and interest to 26 female applicants who were not selected for machine operator positions at its Prince George County aircraft component manufacturing facility. The payments were the result of an agreement with the U.S. Department of Labor‘s Office of Federal Contract Compliance Programs (OFCCP).
“Companies that accept federal contracts must monitor their hiring processes to ensure applicants are not rejected based on unlawful practices,” OFCCP Regional Director Michele Hodge said in a statement. Rolls-Royce North America Holdings has contracts with the Department of the Navy, Federal Aviation Administration, the Department of the Air Force, the U.S. Coast Guard, NASA and the Department of the Army.
The OFCCP announced Monday that it had entered into an early resolution conciliation agreement with Rolls-Royce North America to resolve the hiring discrimination allegations. The company also agreed to provide job opportunities to four of the female applicants who were affected by the alleged hiring discrimination.
Rolls-Royce North America announced in August that it will be closing down the Prince George factory and laying off all 280 employees by summer 2021, due to the economic impact of the coronaviruspandemic. It laid off 120 of the plant’s initial 400-person workforce in June 2020.
“Though no confirmed findings were assessed, and as we remain fully compliant under the law, Rolls-Royce embraces the opportunity to work collaboratively with the Office of Federal Contracting Compliance Programs to move forward with an early resolution conciliation agreement,” Rolls-Royce North America Director of Communications Donald Campbell said in a statement. “We are eager to begin the important work of strengthening our hiring practices. It’s important to note that the concerns raised as a result of the OFCCP review were specific to one job classification at one facility, and relate to hiring in 2017 only.”
From Jan. 1, 2017 to Dec. 31, 2017, OFCCP alleges that Rolls-Royce discriminated against 26 female applicants who applied for positions as machine operators, a violation of Executive Order 11246, which prohibits gender-based discrimination in hiring by federal contractors. As part of the agreement, Rolls-Royce has also agreed to evaluate its process, policies and procedures for hiring for operator roles.
“Rolls-Royce remains firmly committed to fair and lawful hiring practices, has implemented programs over the past three years to increase the number of women across all levels of the organization and continues to focus on all areas of diversity and inclusion so that each of our employees can be at their best every day,” Campbell said in a statement.
A subsidiary of London-based international conglomerate Rolls-Royce Holdings plc, Rolls-Royce North America manufactures power and propulsion systems, including jet engines, for use in the aerospace, naval marine and energy sectors. It employs approximately 7,000 people in the United States and Canada. The company’s Reston-based headquarters houses corporate support functions, including finance, human resources, legal and government relations and provides management for all Rolls-Royce businesses and operations in the U.S. and Canada.
A 320,000-square-foot industrial building in Virginia Beach sold for nearly $21.7 million, Cushman & Wakefield | Thalhimer Capital Markets Group announced late last week.
The property located at 1537 Air Rail Drive is fully leased to World Distribution Services, an affiliate of The World Group, which offers logistics services through more than 10 warehousing locations in the U.S. The property, which sits on approximately 18 acres, is located 15 miles from the Port of Virginia.
Richmond-based Lingerfelt CommonWealth Partners sold the property to Manchester Capital Management LLC, a Charlottesville-based wealth management and real estate advisory firm, in a transaction that closed on Nov. 12, according to Lingerfelt.
Lingerfelt purchased the building in December 2018 for $8 million and invested $7 million in renovations, including interior office space renovations, warehouse flooring repair, electrical upgrades, adding exterior tailgate doors and repairing the 300,000-gallon water tank, according to Lingerfelt.
Cushman & Wakefield | Thalhimer’s Capital Markets Group represented Lingerfelt in the transaction. Senior Vice President Eric Robison led the brokerage team that handled the transaction.
“Single-tenant industrial assets remain highly sought after by investors seeking yield in buildings leased to strong, high-growth companies like World Distribution Services,” Robison said in a statement. “In addition to the strength of the tenant and long-lease term, the location of the property and health of the industrial market in Hampton Roads made this an attractive investment for the buyer.”
Falls Church-based defense and government services contractor Pacific Architects and Engineers (PAE) announced Monday that one of its subsidiaries will acquire Arlington-based Metis Solutions Corp. for approximately $92 million in cash.
Metis Solutions, which employs 450 people, provides services including intelligence analysis, operational and tactical training and program management. PAE provides mission support services to government clients and employs more than 20,000 workers across its operations in 60 countries. It reported more than $2.7 billion in revenue last year.
This is the second large acquisition PAE has made in recent months. On Oct. 26, PAE announced it would acquire Burlington, Massachusetts-based Centra Technology Inc., an intelligence analysis service provider for the U.S. intelligence community and other federal agencies, in a $208 million transaction net of tax.
“This acquisition [of Metis Solutions] expands and builds scale in intelligence analysis, training and program support, all of which are well-funded market areas of the U.S. government and our allied nations,” PAE President and CEO John Heller said in a statement. “Moreover, the acquisition of Metis is expected to be accretive to adjusted EBITDA margins and free cash flow. Additionally, in combination with CENTRA Technology, PAE will have significant breadth and depth across the Intelligence and National Security communities in capability and customer access.”
Under the acquisition, PAE will gain more than eight contract vehicles that have a total combined ceiling value of more than $60 billion, according to reports.
“Our shared cultures of service excellence and innovation make this a compelling combination. Together, we will pursue exciting new revenue opportunities,” Metis President and CEO Christopher Wynes said in a statement. “Joining together with PAE will help accelerate growth in our intelligence and national security business and enable us to pursue a broader customer base across more markets.”
A former coal-fired power plant in Alexandria will become home to a mixed-use development along the Potomac River.
Chicago-based Hilco Redevelopment Partners (HRP), a Hilco Global business unit, announced Monday it purchased the 71-year-old Potomac River Generating Station site, which encompasses approximately 20 acres. HRP acquired the property through an agreement negotiated with Potomac Electric Power Co. (Pepco), which will retain a property interest on part of the site where it will continue to own and operate an electrical substation.
“We’re excited for the opportunity to redevelop the old Potomac River Generating Station site,” HRP CEO Roberto Perez said in a statement. “Hilco Redevelopment Partners is committed to remediating this extraordinary site to the most current environmental standards and transforming it into a new and exciting development that will best serve the community and create economic growth and opportunity for all stakeholders.”
The Potomac River Generating Station (PRGS) site, located in the Old Town North neighborhood in Alexandria, was decommissioned in 2012, but remains one of the largest industrial sites in Alexandria. The Alexandria City Council in 2017 approved a plan committing to “creating sustainable and livable communities,” at the site.
“We approach every redevelopment opportunity in a way that is sustainable for the environment, sustainable for the community, and sustainable for jobs,” Perez said in a statement. “Alexandria will be no exception.”
Details of the planned mixed-use development have yet to be released. HRP will work with the city of Alexandria, community partners and stakeholders on plans for the former industrial site.
“We are thrilled to have the chance to re-envision this former industrial site in a manner that is consistent with the Old Town North Small Area Plan and provides for new uses such as housing, commercial office, dining and retail and public open space along the Potomac River and we look forward to working with local officials and stakeholders on the vision,” Melissa Schrock, HRP senior vice president of mixed use development, said in a statement.
Although Virginia’s tourism industry had another record year in 2019, posting $27 billion in spending, the commonwealth’s tourism revenue for 2020 is expected to decrease by $10 billion, a 37% drop compared to last year, according to mid-October reports from the Virginia Tourism Corp. — ending a 10-year streak of record-breaking tourism revenues. Virginia Tourism Corp. revised its traditional Marketing Leverage Program to create RMLP to support tourism initiatives responding to COVID-19’s economic impact.
The program is open to all Virginia tourism industry partners and aims to help local and regional tourism programs through local in-kind matches of state grant funds. During this cycle, local partners will contribute more than $5.6 million in-kind value to match the grants, ultimately helping 483 statewide tourism entities.
“In Virginia, the travel and tourism industries are the backbone of our communities and our economy, and they have been among those hardest hit by the pandemic,” Northam said in a statement. “This program will give localities and businesses access to much-needed marketing resources to sustain their operations and ensure the commonwealth’s many attractions are safe for visitors.”
Grants ranged in value from $1,750 to $20,000 for marketing programs across the state. A full list of recipients can be viewed on Virginia Tourism Corp.’s website. Recipients include Virginia cities, towns, counties, convention and visitors’ bureaus, chambers of commerce, local or regional destination marketing organizations, private businesses, museums, attractions, cultural events and other tourism-related businesses.
“The ongoing COVID-19 pandemic has upended the tourism industry, which is one of Virginia’s largest sectors,” Secretary of Commerce and Trade Brian Ball said in a statement. “RMLP will inject dollars in every region of the commonwealth and help the development of new tourism product while getting communities back on their feet.”
If Virginia legalizes marijuana, sales could generate up to $300 million in annual state tax revenue and create 11,000 jobs, according to a Joint Legislative Audit & Review Commission (JLARC) report issued Monday. But legalizing the drug would not be without hurdles.
Gov. Ralph Northam, however, is pushing to legalize marijuana for recreational use in Virginia, according to a Monday Associated Press report. “Legalizing marijuana will happen in Virginia,” Northam said, according to the AP.
“Our commonwealth has an opportunity to be the first state in the South to take this step, and we will lead with a focus on equity, public health and public safety,” Northam said in a statement released later Monday. “I look forward to working with the General Assembly to get this right.” In July, possession of marijuana was decriminalized in Virginia, with only a $25 civil fine as the maximum penalty for people caught with an ounce or less.
The JLARC report released Monday notes that aside from necessary General Assembly actions to completely legalize marijuana, establishing a well-regulated commercial market to sell marijuana products would take two or more years to get up and running, and cost between $8 million and $20 million, including prevention efforts, social equity programs and regulatory agency establishment.
The General Assembly this year commissioned JLARC to conduct a study about how Virginia could legalize marijuana. Before considering commercial market specifications, the General Assembly would need to determine the scope of legalization, including setting limits on the amount of the drug a person could possess and determining the legal age for use.
JLARC recommended that the General Assembly could consider legislation to issue licenses for marijuana cultivation, processing, distribution, retail sales and testing, among other recommendations pertaining to public health and safety concerning marijuana use. To achieve this, JLARC recommends that all commercial marijuana operations be licensed by the state. This could be done using one of three models: a government-controlled distribution and retail model; a model in which vertical integration of operations is allowed; and one in which vertical integration of operations is prohibited.
A government-controlled model would leave an authority in charge of distribution and retail sales, similar to how the Alcoholic Beverage Control (ABC) operates in Virginia. Since the legal market would be competing with the existing illegal market, a vertical integration market could work best for competition, JLARC notes.
Vertical integration would allow a business to grow, process, distribute and sell its own marijuana products. “This approach could promote a more efficient legal market that best competes with the illegal market and most likely would result in the lowest prices for consumers,” the JLARC report states.
A model without vertical integration (similar to that currently used by Washington state) would require distribution and retail sales be handled by another party. That could better suit public health needs, JLARC finds. “Lower prices would contribute to increased use,” according to JLARC. “The primary consumers of marijuana are young adults and a small number of heavy, everyday users. These users are sensitive to small price changes and may consume more marijuana if prices are lower, which could negatively affect public health.”
In order to attain the projected tax revenue that a legalized marijuana market could bring to the state, JLARC notes, legal marijuana dealers must be able to compete for customers against the existing illegal market. In some markets, home delivery has assisted the legal market with this competition because current users in the illegal market typically buy the product close to home, but JLARC recommends prohibiting home delivery as well as businesses that would allow on-site marijuana consumption for at least three to five years in order to let the market get established in retail stores.
It could take several years for Virginia to see the revenue gap close between legal and illegal marijuana markets. JLARC projects that it could take four years for Virginia to claim the majority market share for the product. If the General Assembly authorizes commercial marijuana sales, JLARC recommends a 20% to 25% marijuana retail sales tax on top of the existing 5.3% standard retail sales tax. Dependent upon tax revenue and demand, taxes on marijuana sales could bring in $300 million annually, according to JLARC. This revenue could be shared between state and local governments.
Attorney General Mark R. Herring also spoke in support of legalization Monday. “This JLARC report just confirms what I have long been saying — Virginia needs to allow legal, regulated adult use of marijuana as a matter of public safety, justice, equity and economic opportunity,” Herring said in a statement. “For too long, the commonwealth’s approach to cannabis was needlessly and disproportionately saddling Black Virginians and [other] people of color with convictions, and this report shows just how important legalizing marijuana is for promoting equity in Virginia.” Herring’s statement notes that Black people in Virginia are arrested at a rate of 3.5 times more often than white people are for marijuana-related charges.
Though the legal marijuana market could create up to 11,000 jobs, the majority would be low-paying jobs below Virginia’s median wage. These jobs would include production technicians, security guards, retail clerks, packers, labelers and growers. Fewer jobs would be in the realm of quality control, chemistry and management.
In terms of commercial market regulations, JLARC recommended that the General Assembly consider putting one agency, perhaps the Virginia ABC, in charge of implementing and enforcing market regulations. Using the existing agency would lower operating costs, take less time to implement and lead to a lower risk of unexpected delays, JLARC points out. A new agency, however, could perhaps better focus on marijuana and social equity.
Despite the challenges, “Virginia could establish a well-regulated, fully private commercial market where licensed businesses cultivate, process, distribute and sell marijuana,” according to JLARC.
With more demand, the state would be able to generate more tax revenue and increase job creation.
A Family Dollar store property in Chesapeake sold for $1.78 million, Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Monday.
Located at 3736 Ahoy Drive, the 8,320-square-foot retail property was net leased to Family Dollar. TRC Chesapeake sold the property, which it bought in July 2019, according to Chesapeake property records.
SMI Investment II LLC purchased the property. It was most recently assessed at $1.15 million in July 2020, according to Chesapeake property records.
Catharine Spangler and Nicki Jassy with Cushman & Wakefield | Thalhimer’s Capital Markets Group handled the sale negotiations.
L3Harris Technologies Inc. renewed its lease of 6,357 square feet of office space at 17021 Combs Drive in King George County. Chris Russotti and Jamie A. Scully of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord.
Floors by Design leased 9,900 square feet of industrial space at 11001 Houser Drive in Spotsylvania County. Virgil G. Nelson of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord.
Pure Barre leased 1,446 square feet located at Embrey Mill Town Center at 1630 Publix Way, Suite 120 in Stafford. Ellen Long of Taylor Long Properties represented the tenant.
Central Virginia
The Country Vintner Inc. renewed its lease of 39,907 square feet of office space at Lakeview Center, 4800 Cox Road at the Innsbrook Corporate Center in Henrico County. Mark E. Douglas and Mac Wilson of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord.
Virginia Physician for Women Ltd. renewed its lease of 30,359 square feet of office space at Fairfax Building at 10710 Midlothian Tnpk. in Chesterfield County. Mark E. Douglas of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord.
Ace/Mechanicsville Hardware has leased 19,841 square feet of retail space at 7026 Mechanicsville Turnpike in Mechanicsville. Reid Cardon and Nathan Shor of S.L. Nusbaum Realty Co. represented the tenant.
Bon Secours – St. Francis Medical Center leased 12,400 square feet at 2500 Pocoshock Place in Chesterfield County. Tucker Dowdy of Commonwealth Commercial Partners represented the landlord.
Liberty Mutual Insurance Co. renewed its lease of 10,099 square feet of office space at West Shore III, 301 Concourse Blvd. in Henrico County. Amy J. Broderick and Mark E. Douglas of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord.
Kustom Kreationz LLC leased 3,000 square feet located at the Byrd Corporate Park in Richmond. Rebecca von Meister of Taylor Long Properties represented the tenant.
Chandler Eye Care Specialists PC leased 2,920 square feet at 8266 Atlee Road in Mechanicsville. Catherine Walker, John Carpin and Malcolm Randolph of Colliers International Virginia LLC represented the landlord.
Todd Ratner PLC renewed its 1,630 square foot lease at 7201 Glen Forest Drive in Richmond. Frank Hargrove and Barry Hofheimer of Colliers International Virginia LLC represented the tenant.
Eastern Virginia
Eimskip Logistics Inc. leased 100,891 square feet of industrial space at 5816 Ward Court in Virginia Beach, as well as 37,900 square feet of industrial space at 3501 E. Princess Anne Road in Norfolk. Geoff Poston of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the tenant in both transactions; Brett Sain, also with Thalhimer, represented the landlord of 3501 E. Princess Anne Road.
BAE Systems Norfolk Ship Repair renewed its lease of 66,300 square feet of industrial space at 401 Woodlake Drive in Chesapeake. Robert M. Thornton and William C. Throne of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of the landlord.
Wells Fargo renewed its lease for 15,199 square feet of office space in the Reflections III building located at 208 Golden Oak Court in Virginia Beach. Brian Devlin of Divaris Real Estate Inc. represented the landlord in the lease negotiations.
Catch Surfboard Co. LLC leased 15,000 square feet of office/warehouse space at 1416 Ballentine Boulevard in Norfolk. Stephanie Sanker of S.L. Nusbaum Realty Co. represented the landlord and Neal Sadler and Chris Hucke represented the tenant.
Wasserhund Brewing Co. LLC has leased 4,000 square feet in Summit Pointe, located at Pinnacle Drive and Belaire Avenue in Chesapeake, Cushman & Wakefield | Thalhimer announced. Eric Stanley of Cushman & Wakefield | Thalhimer handled the lease negotiations on behalf of Wasserhund Brewing.
Kaufman and Canoles P.C. renewed its lease for 2,240 square feet of office space in the Lake Center located at I 501 Independence Parkway in Chesapeake. Brian Devlin of Divaris Real Estate Inc. represented the landlord in the lease negotiations.
Southwest Virginia
UnitedHealth Group signed a long-term lease for more than 70,000 square feet of office space at Valley Court Business Center on Thirlane Road in Roanoke. Matt Huff and Stephen Pendergrass of Poe & Cronk Real Estate Group represented the owner of the property in negotiating the lease.
Shenandoah
The Department of Motor Vehicles (DMV) signed a long-term lease at Stonewall Square Shopping Center in Lexington. Stephen Pendergrass of Poe & Cronk Real Estate Group represented the owner of the property.
McLean-based Gannett Co. Inc., the nation’s largest newspaper publisher, sold its business media and B2B marketing subsidiary, BridgeTower Media, to Los Angeles-based middle-market private equity firm Transom Capital Group, the company announced last week.
Financial terms of the sale were not disclosed.
Through more than 40 digital and print brands, BridgeTower Media provides media and marketing content about the legal, business, construction, legislative, pet retail and home furnishing sectors. The owner of USA Today, Gannett has a portfolio of 261 local daily newspapers in 46 states and Guam, including the Arizona Republic, the Des Moines Register and the Burlington Free Press. Transom has more than $600 million in assets under management.
“BridgeTower Media has been an integral partner to businesses across the country, providing valuable media and marketing services for a long time,” Transom Partner James Oh said in a statement. “The company has a strong leadership team and has invested in its brands to be a market leader today. Our plan is to continue on the success the team has achieved and invest in technology and resources to stay ahead of the dynamic market.”
Transom used Kirkland & Ellis as corporate legal adviser and Perkins Coie LLP as the financing legal adviser. Cerberus Business Finance provided financing for the transaction. JEGI LLC was a financial adviser to Gannett.
Gannett announced in early April that it was negotiating with its vendors, creditors and pension regulators in order to preserve the company’s liquidity. It was noticeably not on the Fortune 1000 list released in mid-May. The company also announced mass layoffs, furlough and pay cuts in late March due to the COVID-19pandemic.
“We’re excited to partner with Transom to expand our business and strengthen our commitment to the markets we serve,” BridgeTower Media CEO Adam Reinebach said in a statement. “The culmination of this deal is a tribute to the resiliency, dedication and creativity of our people, whose collective grit is unmatched. We’re thrilled to find an investment partner who shares our vision for the future.”
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