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$40.8M apartment building in Alexandria sells
A 227-unit apartment building in Alexandria assessed at $40.8 million sold for an undisclosed sum, JLL Capital Markets announced Tuesday. JLL Capital Markets arranged a three-year $34.34 million loan for commercial real estate company Washington Property Co., which brought the property from 100 South Reynolds LLC. The loan was s[...]
Construction starts on $100M industrial center in Hanover
Construction started Dec. 9 on the $100 million, 1.1-million-square-foot East Coast Commerce Center in Hanover County. The speculative industrial project is slated for completion in mid-summer 2022. The 129-acre center will have 120 truck docks, 540 trailer parks, 8-foot floor slabs, a 2:1 parking ratio and more than 35 surplus [...]
Va. had fewer job openings in October
Virginia had 308,000 job openings in October, the largest drop in openings among U.S. states, as well as 108,000 quits, according to U.S. Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) data released Dec. 17. In September, Virginia had a record-setting 336,000 job openings, but in October, openings declined by 28,000, […]
ODU earns R1 classification in national ranking
Old Dominion University has earned the highest research activity classification in the Carnegie Classification of Institutions of Higher Education, the university announced Tuesday. ODU is now one of 137 four-year research institutions with the Research 1 classification, which indicates “very high research activity.” To rece[...]
$55M affordable housing community to be built in Richmond
Construction is set to start in January 2022 on a new $55 million affordable housing community in Richmond, developer Dakota Partners announced this week, after having purchased a 14.4-acre parcel at 2200 Brady St. on Richmond’s South Side. To be known as Brady Square, the community will include 264 residential units in tw[...]
Va. hotel revenues down 19% from Nov. 2019 levels
Virginia hotel revenues in November were 19% below November 2019 levels, according to data released Wednesday by STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, hotel rooms sold decreased by 12% compared with 2019 levels. The average daily rate (ADR) paid for [...]
U.Va. alumni make $5M gift to fund professorship
University of Virginia alumni Donna and Richard Tadler made a gift of $5 million that will be used to create a professorship of entrepreneurship at their alma mater, U.Va. President Jim Ryan announced earlier this month. The gift will be matched with $5 million more from the university’s Bicentennial Professorship Fund, for a total investment […]
Former MUFG Americas head tapped as next Va. finance sec
Stephen Emery Cummings, who retired in March as the president and CEO of Mitsubishi UFJ Financial Group (MUFG) in the Americas, has been chosen as Virginia’s next secretary of finance, Gov.-elect Glenn Youngkin announced Wednesday. “Lowering taxes and restoring fiscal responsibility in Richmond is a primary focus of our [...]
Virginia named top business climate in U.S. by Business Facilities
Business Facilities magazine, a trade publication that focuses on corporate site selection and economic development, has named Virginia first in the nation for its overall business climate, Gov. Ralph Northam announced Tuesday. The state joins fellow honorees Tennessee (recognized for best dealmaking) and Massachusetts, recognized for its workforce and educational system in Business Facilities’ annual […][...]
47 mixed-use parcels in Richmond sell for almost $22M
Seven bundles of properties totaling 47 parcels in Richmond sold for almost $22 million, Commonwealth Commercial Partners LLP announced last week. The mixed-use properties are located in Richmond’s Fan District and consist of retail, office and restaurant space, as well as about 24 apartments and 267 parking spaces. Richmond-b[...]
Virginia Beach, Manassas apartment complexes sell for $77.6M
An apartment complex in Virginia Beach sold for $52.1 million, and an apartment building in Manassas for $25.5 million, Alexandria-based real estate company Bonaventure announced Monday. Sitting on 19.83 acres, Magnolia Run is a 200-unit, 421,272-square-foot apartment complex in Virginia Beach with two- and three-bedroom units, [...]
Merrick named as state’s next commerce secretary
Caren Merrick, the CEO of Virginia Gov.-elect Glenn Youngkin’s nonprofit Virginia Ready Initiative, has been chosen to serve as Virginia’s next secretary of commerce and trade, Youngkin’s campaign announced Tuesday. Before leading VA Ready, a role in which she managed $10 million in public and private funding t[...]
