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Under the radar
Considering that four of the world’s five largest defense contractors are headquartered in Northern Virginia and that Hampton Roads is home to the world’s largest naval base, it isn’t surprising that Virginia was ranked the top state in the nation for defense spending in 2021. But what many observers may not know is that q[...]
Roanoke medical building sells for $2.8M
The Asthma and Allergy Center medical office building in Roanoke has changed hands. The 9,120-square-foot building, built in 2000 and sitting on a nearly 1-acre parcel at 1505 Franklin Road SW, was acquired by HKM LLC, which will lease it back to the asthma and allergy practice. Clay Taylor of Cushman & Wakefield | Thalhim[...]
Va. Beach strip mall sells for $1.7M
The CheckSmart Plaza strip mall in Virginia Beach has a new owner. 5650 Virginia Beach Blvd purchased the strip mall at 5650 Virginia Beach Blvd. from the Lenhart-Frauenberg Partnership for $1.7 million as an investment, according to Cushman & Wakefield | Thalhimer. Built in 2006, the shopping center is 8,537 square feet, [...]
Chesterfield industrial property sells for $1.7M
An industrial/flex space property in Chesterfield County has sold for $1.7 million. 11300 Business Center LLC purchased a 9,100-square-foot building on 11300 Business Center Drive from AdvanceTEC Properties LLC as an investment, according to Cushman & Wakefield | Thalhimer. The building has been the corporate headquarters [...]
Roanoke apartment complex sells for $1.1M
The Eastgate Apartments in Roanoke have been sold for $1.1 million, Cushman & Wakefield | Thalhimer announced Monday. Restoration Turnkey Investments LLC acquired the community on March 28 from Rafan LLC. The buyer is planning extensive interior and exterior renovations. The complex, built in 1977, has 14 townhouse-style[...]
Rain and wind delay Something in the Water’s start
Rain and high winds delayed the start of Pharrell Williams’ Virginia Beach music festival Something in the Water by about four hours Friday, leaving fans and businesses waiting for the weather to clear. Scheduled to start at 12:30 p.m. Friday, the festival was delayed until 5 p.m. Instead of being filled with throngs of mu[...]
Va. Beach uses SITW festival to woo business
It’s not every week that international fashion brand Louis Vuitton creates a pyramid on the sand at Virginia Beach’s Oceanfront. And that kind of buzz that music superstar Pharrell Williams is bringing to his hometown with his Something in the Water this weekend is something the city’s economic development official[...]
Building a hub
Fairwinds Landing LLC is demolishing dilapidated infrastructure, preparing to construct new facilities and signing tenants as it transforms Norfolk Southern Corp.’s Lambert’s Point Docks in Norfolk into Fairwinds Landing, a maritime operations and logistics center supporting Hampton Roads’ offshore wind, defense and transp[...]
New rules
In theory, the Ocean Shipping Reform Act (OSRA) would, among other things, help reduce inflation by adding transparency to container handling fees. In practice, though, it’s not that simple. When President Joe Biden signed OSRA into law in June 2022, he touted it as a weapon against shipping costs that had soared during the pa[...]
Regional TIDs generate tourism marketing bucks
Tourism improvement districts are new to Virginia, but they’ve been in place elsewhere for two decades. Designated areas that raise funds for tourism marketing through hotel assessments, TIDs were passed by the Virginia General Assembly in 2021, and a Richmond-area TID is expected to launch this year. “There are more than 200 TIDs already in […]
Port of Virginia
The Port of Virginia again set a cargo record in fiscal year 2022, handling 3.7 million TEUs (20-foot equivalent units) and surpassing its 2021 record by 14.7%. The six-terminal port, which includes facilities in Hampton Roads, Richmond and Front Royal, also continued with its project to widen and deepen its channels to at least 55 […]
Electric avenue
Electric trucks still have some shortcomings — including difficulties covering long distances, and the fact that it’s taken manufacturers as long as five years to deliver on some vehicle orders — but Virginia trucking companies are nonetheless forging ahead. For instance, in addition to its 22 diesel trucks, Camrett Logist[...]
