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Take a hike
Amid the ongoing pandemic, Virginians have escaped to the outdoors, enjoying the commonwealth’s varying recreational activities. “Since the pandemic started, people have wanted to get out of their homes and explore,” says Virginia Tourism Corp. Communications Manager Andrew Cothern, “and there’s so much to do in Virgin[...]
Real world learning
In 2021, colleges and universities got back to semi-normal, holding more classes in person and hosting sporting events and commencement ceremonies. Many institutions required students, faculty and other employees to be vaccinated against COVID-19 last fall, and some schools also mandated booster shots. In Hampton Roads, three in[...]
Hubs and spokes
Economic conditions bounced back across many sectors in 2021, but the COVID-19 pandemic still impacted development deals occurring in Virginia. The state saw a great deal of focus on manufacturing and supply chain growth, areas expected to stay busy despite the recent change in state political leadership. In Hampton Roads, many [...]
PAE’s former head named Amentum CEO
John Heller, the former CEO of Falls Church-based contractor PAE Inc., will serve as CEO of Germantown, Maryland-based aerospace defense contractor Amentum Services Inc., which purchased PAE earlier this month. Heller, who led PAE for seven years until March 2021, will take his new post effective March 28, Amentum announced Thur[...]
Jan. Va. home inventory was at all-time-low
Virginia’s housing market set another record in January, hitting an all-time-low of inventory, according to a new report released by Virginia Realtors this week. At the end of last month, there were 12,203 total active listings, which is 4,478 fewer than this time in 2021, a drop of nearly 27%, according to the industry gr[...]
Marina Point Apartments in Chesapeake sell for $14.15M
The Marina Point Apartments complex in Chesapeake has sold for $14.15 million, brokerage firm Marcus & Millichap announced Feb. 23. MRKT Realty LLC acquired the property from a joint venture headed by Phil Capron, according to Marcus & Millichap. The 104-unit multifamily property located at 1301 Canal Drive includes 13 b[...]
Chesapeake office buildings sell for $18.9M
Two office buildings in the Greenbrier area of Chesapeake have been sold for $18.9 million, Cushman & Wakefield | Thalhimer announced Feb. 22. Miami-based KAS Partners acquired Greenbrier Office Towers I and II from FP Greenbrier Towers LLC, according to Chesapeake property records. The 171,762-square-foot Class A office por[...]
Williamsburg’s Midtown Row to be acquired for $122M
Broad Street Realty Inc. will acquire Midtown Row in Williamsburg for $122 million, the Bethesda, Maryland-based company announced on Feb. 22. It previously has served as the mixed-use development’s manager and leasing broker. Broad Street is acquiring the 221 Monticello Ave. property from a joint venture whose controlling[...]
Walgreens to establish $34.2M fulfillment center in Hanover
Walgreens will invest $34.2 million to establish a micro-fulfillment center in Hanover County, a project expected to create 249 jobs, Gov. Glenn Youngkin announced Friday. The 65,686-square-foot facility will be located at the 185,000-square-foot Atlee Station Logistics Center and will have automated machinery to allow for a fle[...]
Amentum seals deal on $1.9B PAE acquisition
The $1.9 billion, all-cash acquisition of Falls Church-based government contractor PAE Inc. (Pacific Architects and Engineers) by an affiliate of Germantown, Maryland-based aerospace defense contractor Amentum Services Inc. has closed, the two companies have announced. The deal, which closed Feb. 15, was first announced in Oct[...]
Fed still likely to raise rates, despite Russia-Ukraine conflict
Federal Reserve Bank of Richmond President and CEO Thomas Barkin said Thursday that he hopes to bring interest rates up to pre-pandemic levels “relatively quickly,” while noting that it’s hard to predict the future effect of the geopolitical conflict between Russia and Ukraine on the nation’s economy. Spe[...]
Youngkin signs bill to conform tax code
This year’s tax season may be a little less complicated for businesses that were granted Paycheck Protection Program loans and Rebuild Virginia grants during the pandemic. A bill that Gov. Glenn Youngkin signed into law Wednesday will ensure that the aid granted through those programs won’t be treated as taxable inco[...]
