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Lee Enterprises rejects Alden’s $144M purchase offer
Lee Enterprises Inc.’s board unanimously rejected Alden Global Capital’s $144 million buyout offer made last month, saying it “grossly undervalues” the company and its newspapers, which include 31 publications in Virginia. “The Alden proposal grossly undervalues Lee and fails to recognize the strength o[...]
VCU president to chair American Council on Education
Michael Rao, president of Virginia Commonwealth University, has been elected chair of the American Council on Education Board of Directors, the council announced Tuesday. Rao, VCU’s fifth president, has been at the helm of the university — and VCU Health System — since 2009. He was selected as ACE‘s chair Tuesday[...]
Patrick County flooring company announces $9.3M expansion
Ten Oaks LLC, a manufacturer of residential hardwood floors, will invest $9.3 million in a sorting and stacking facility in Patrick County, creating 11 jobs, Gov. Ralph Northam announced Wednesday. The company was established in 2004 in the town of Stuart and was acquired in 2019 by Canadian company Boa-Franc. The new facility is located […]
ODU names ED of new bioelectronics center
Old Dominion University has named Gymama Slaughter the founding executive director of its Research Center for Bioelectronics, the university announced Monday. The new center, which opened July 1, allows ODU to increase its total sponsored research funding, advancing work on new cancer combinational therapy and non-invasive cance[...]
11-building office portfolio in Henrico sells for $87M
An 11-building office portfolio in Henrico County sold for $87 million, according to Henrico County property records. A partnership between New York-based Jack Sitt Real Estate LLC and Dubai, United Arab Emirates-based Gulf Islamic Investments LLC bought the portfolio on Dec. 1. Thalhimer did not disclose the seller. The propert[...]
What will Amazon HQ2 look like? Arlington planners weigh in.
Arlington County Planning Division’s Site Plan Review Committee will review the layout and architectural design for PenPlace, the proposed second phase of Amazon.com Inc.’s East Coast headquarters, as well as the proposed public space, in its Monday night meeting. Meeting documents show the proposed layout of the Pen[...]
Mich. company acquires Roanoke steel distributor
Jackson, Michigan-based Alro Steel Corp. announced Monday it had acquired Roanoke-based Ace Steel Inc. Financial terms of the transaction were not disclosed. Founded in 1992, Ace Steel is a steel distributor serving the Roanoke Valley. The transaction will help Alro provide improved service for cut-to-size metals and plastics, w[...]
Diversity Leadership Series: Dr. Xiong Chang and Joseph Toe
Brought to you by Virginia Business and Bank of America, join us every other month for the Diversity Leadership Series — virtual fireside chats with a diverse group of Virginia business leaders sharing their insights and thoughts on leadership, their career paths, and diversity and equity. Our December 2021 discussion features Dr. Xiong Chang, […]
For 2nd year in row, Martin Agency is Adweek U.S. agency of the year
Richmond advertising firm The Martin Agency has been named Adweek’s U.S. agency of the year for the second time in a row, the publication announced Sunday night. It is only the third agency to achieve consecutive wins, according to Adweek. Among the reasons for Martin’s 2021 win are its work for new accounts Terminix[...]
Youngkin promises biz-friendly climate for Va.
Talent, taxes and regulations, broadband access and energy are the top concerns for Virginia businesses, according to survey results gathered for the Virginia Chamber of Commerce’s Blueprint Virginia 2030, an action plan for strengthening Virginia’s economy. And those are also priorities for Gov.-elect Glenn Youngkin[...]
VCU pays $7.25M for industrial site for planned athletics village
Virginia Commonwealth University has made another buy as it plans out its future athletics village. VCU bought the 5.83-acre industrial site at 1609 Sherwood Ave. in Richmond from Bourne Enterprises LC for $7.25 million, Porter Realty announced Friday. The site contains a 173,580-square-foot existing industrial facility, partial[...]
Divaris hires RVA industrial CRE division head
Virginia Beach-based Divaris Real Estate Inc. has hired Dawn Calabrese as the senior vice president to spearhead its Richmond office’s industrial commercial real estate division, the real estate firm announced Thursday. “We are very fortunate and excited to have this opportunity to welcome Dawn Calabrese as senior vice p[...]
