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Martinsville apartment complex sells for $2.52M
An apartment complex in Martinsville sold for $2.525 million, Cushman & Wakefield | Thalhimer announced Thursday. Located at 16 Molly Circle, the Wellington Manor Apartments includes 62 town house-style units. The property was sold by TP Two LLC and Wellington Inc. to Wellington Manor Apartments LLC. The complex is located[...]
Suffolk shopping center sells for $2.72M
A shopping center in Suffolk sold for $2.72 million, Cushman & Wakefield | Thalhimer announced Tuesday. Located at 1910 N. Main Street, the 7,600-square-foot Obici Shops retail property was sold by Venture Obici LLC to Battlefield Consolidated Properties LLC as an investment. The property was 100% leased at the time of the s[...]
Construction backlog declines in July
The Associated Builders and Contractors (ABC) national trade association announced Tuesday its Construction Backlog Indicator (CBI) declined to 7.8 months in July, a decrease of 0.3 months from June — which, in turn, has decreased contractor optimism. The CBI is a forward-looking national economic indicator that shows work construction companies are contracted to do in […]
Dewberry executive VP appointed to Construction Industry Round Table board
Fairfax-based engineering consulting firm Dewberry announced Tuesday that Dave Mahoney, an executive vice president based in the company’s Fairfax office, has been appointed to the Construction Industry Round Table’s (CIRT) board of directors. As a board member, Mahoney will work with other industry professionals in the [...]
$8.79M in CARES Act funding going to affordable housing
Following Gov. Ralph Northam’s announcement on Aug. 7 that the eviction moratorium would be extended through Sept. 7, U.S. Sens. Mark R. Warner and Tim Kaine on Monday announced that $8.79 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will go to affordable housing in Virginia. “As housing insecurity continues to […]
Construction continues to struggle during pandemic
The nonresidential construction industry lost 4,000 jobs in July, as compared to June, the Associated Builders and Contractors (ABC) announced Friday. The construction industry as a whole, however, has added 639,000 jobs during the past three months — recovering approximately 59% of the jobs lost during the pandemic. “For several weeks, contractors have noted an […]
Va. Supreme Court grants eviction moratorium through Sept. 7
The Supreme Court of Virginia granted a temporary statewide eviction moratorium to begin Aug. 10 and remain in effect through Sept. 7, Gov. Ralph Northam announced Friday. The moratorium halts all eviction proceedings related to rent payment failures due to the pandemic. Northam requested the moratorium in a letter to the state’s highest court on […]
Five Richmond-area Wawa locations sell for $35.2M collectively
Five Wawa locations in the Richmond area have collectively sold for $35.2 million, JLL Capital Markets announced Monday. The buildings leased by Wawa Inc. encompass 24,867 square feet. The sale includes five Wawa locations in Chesterfield and Henrico counties: 6001 Iron Bridge Road in Chesterfield County; 8800 Brook Road in Gl[...]
Construction investments shrank by roughly 30% last quarter
While the U.S. domestic gross product in the second quarter dropped to its lowest point since 1947, nonresidential and residential fixed investment contracted by 27% and 38.7%, respectively, the Associated Builders and Contractors (ABC) reported Thursday. “Despite construction’s status as an essential industry in most cities and states, the sector did not escape the wrath […]
Industrial building in Ashland sells for $2.7M
An industrial building in Ashland has sold for $2.756 million, Glen Allen-based commercial real estate company Commonwealth Commercial Partners LLC announced Wednesday. Located at 11250 Hopson Road, the 52,500-square-foot building sits on more than 3.6 acres of land. TMC Properties LLC (doing business as Green Air Inc., The Duct[...]
Bechtel Corp. names new president, COO
Reston-based construction company Bechtel Corp. announced Thursday that Craig Albert has been promoted to president and chief operating officer, effective Sept. 8. Albert will succeed Jack Futcher, who will retire at the end of the year after a 40-year career but continue to serve as a director on the company’s board. “Jac[...]
Tech talent factory
Lance R. Collins was hired to lead Virginia Tech’s $1 billion Innovation Campus in one world, but he begins work Aug. 1 in another. But the Innovation Campus’ new vice president and executive director sees the disruption fueled by the pandemic and recession as only sharpening the mission of Tech’s initiative to create a te[...]
