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Va. housing market broke records in 2021
Last year Virginia’s housing market was one for the record books, according to a new report released Jan. 21 by Virginia Realtors. In 2021, there were 154,340 home sales statewide, a 10.2% increase over 2020, according to the industry association. The median sales price was $350,000, a $30,000 jump, or 9.4% increase, from the previous […]
Elizabeth River Crossings CEO announces retirement
Elizabeth River Crossings OpCo LLC (ERC) CEO David Sullivan announced his retirement, effective Jan. 21. ERC finances, operates and maintains the Elizabeth River Tunnels. A new CEO will be named next week. ERC owners Abertis Infraestructuras S.A. and Manulife Investment Management named Sullivan CEO in January 2021. He had previ[...]
Hampton Roads home sales steady at end of 2021
The number of listings in the Hampton Roads real estate market dropped significantly, sales increased, and inventory dropped to a new low in December 2021, Real Estate Information Network Inc. reported. Last month, there were 2,821 active listings, down 26% year-over-year when compared to active listings in December 2020. But the number of properties that […]
Recycling joint venture to create 210 jobs in Chesapeake
Two sustainable development companies — New Jersey-based Kamine Development Corp. and Minnesota-based Nicollet Industries LLC — will invest $267 million to establish a joint venture paperboard recycling and production facility in Chesapeake, a project expected to create 210 jobs, Gov. Ralph Northam announced Tuesday. The 335,000-square-foot Celadon Development Corp. facility will be at the Chesapeake […][...]
Ore. vacation rental company buys two Va. Beach businesses
Portland, Oregon-based vacation rental management company Vacasa announced Monday it had acquired two Virginia Beach companies: Sandbridge Realty and Beach Pros Realty. Vacasa did not disclose financial details of the transactions. The acquisitions mark Vacasa’s entry into Virginia. “Virginia Beach is a highly sought-after East Coast vacation spot. …The homes managed by Sandbridge Realty and […][...]
Calif. aerospace company proposes Accomack County facility
Accomack County is a finalist for a proposed Rocket Lab USA Inc. facility, Gov. Ralph Northam announced Tuesday. If the county is selected, Long Beach, California-based aerospace company Rocket Lab would develop a facility to support part production, assembly, integration and test operations to support the launch of its Neutron launch vehicle from the NASA […]
Breeden Co. names new president and CEO
More than 60 years after Ramon W. Breeden Jr. founded his Virginia Beach-based real estate development company, The Breeden Co. has new leadership. Chief Operating Officer Timothy Faulkner has been promoted as the company’s next president and CEO, after more than 20 years with the Virginia Beach-based company, and Breeden,[...]
Recent commercial real estate sales in Virginia
Central Virginia An 8,540-square-foot mixed-use building in Lynchburg sold for $1.3 million. Built in 2018, the property, located at 1285 Enterprise Drive, includes three two-bedroom, two-bathroom apartments and two first-floor commercial suites, both under long-term leases. It was 100% occupied at the time of sale. Virginia Beach-based Anjuna LLC bought the property from FOF LLC. […]
White Marsh Shopping Center sells for $4.1M
White Marsh Shopping Center in Gloucester County has sold for $4.1 million to Nexus Capital LLC. The seller of the property was White Marsh Properties LLC, which was the owner for more than 40 years. The shopping center, first developed in 1961, has 110,029 square feet, which includes 15,046 square feet of mini storage units [&h[...]
Commercial real estate leases across Va.
The following leases were completed between Dec. 14, 2021, and Jan. 10: Central Virginia Matt Gentry Agency renewed 1,151 square feet at 8401 Patterson Ave. in Richmond. Catherine Walker of Colliers Virginia handled the transaction on behalf of the landlord. American Pest Management leased 5,007 square feet at 1750 E Parham Road in Richmond. Joe […]
Va. Beach vacation company acquired by Calif. company
Mill Valley, California-based Vacatia Inc. has acquired Virginia Beach-based hospitality and vacation ownership company VSA Resorts, the timeshare owner and property management services provider announced Jan. 3. Financial details of the transaction were not disclosed. VSA owns three Virginia Beach properties: Ocean Key Resort, [...]
Chesapeake-based Yupo names new CEO
Chesapeake-based synthetic paper manufacturer Yupo Corp. America has named Byron E. Bassett as its new president and CEO. Bassett joins Yupo from North Carolina-based Precision Fabrics Group Inc., where he served as corporate vice president. Bassett replaces Andre Fischbach, who had been in the top spot since 2016. “Byron is a[...]
