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Hampton Roads launches maritime workforce, economic initiatives
The Hampton Roads Maritime Collaborative for Growth and Innovation (HRMC) and Old Dominion University announced two maritime initiatives Thursday with the goal of strengthening economic development in the region. ODU President Brian Hemphill announced the establishment of the ODU Maritime Consortium, which will grow the universi[...]
Virginia Beach-based Groundworks acquires Philadelphia co.
Virginia Beach-based Groundworks, a foundation and water management solutions company, announced Wednesday its 21st acquisition since its founding five years ago. Financial terms were not disclosed. Groundworks has acquired Philadelphia-based BQ Basements and Concrete, which expands the company’s Northeast presence into greater Philadelphia, New Jersey and northern Delaware. It’s the third acquisition in Pennsylvania for [&h[...]
CMA CGM Group to acquire 90% stake in Los Angeles terminal
French shipping company CMA CGM Group, whose U.S. headquarters are in Norfolk, announced Wednesday that it has signed an agreement to acquire a 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles, based on an enterprise value of $2.3 billion. CMA CGM is funding the $1.8 billion acquisition from its own funds. [&[...]
Hampton nonprofit wins potential $126M Navy contract
Hampton-based nonprofit VersAbility Resources Inc. won a U.S. Navy contract potentially worth $126.14 million, the U.S. Department of Defense announced Friday. The $10.5 million indefinite delivery, indefinite quantity contract has a five-month base period with four one-year options and six-month extension option. VersAbility Resources will assist Naval Supply Systems Command with shipboard maintenance parts, providing […][...]
Recent real estate deals around Virginia
Cushman & Wakefield | Thalhimer represented the seller, LNR Property, in the $2 million sale of part of 260 Boush Street, a multiuse commercial and residential building in downtown Norfolk. Tidewater Community College is the purchaser of the 37,065-square-foot commercial space on the first floor, plus 99 parking spaces on the second floor of the […]
Breeze Airways takes off in Norfolk
Breeze Airways has been flying out of Norfolk International Airport less than six months, but the startup is steadily attracting passengers eager to satisfy their pent-up wanderlust. Founded by aviation entrepreneur David Neeleman, the Salt Lake City-based airline began offering nonstop, low-cost flights out of 16 cities last sp[...]
Siemens Gamesa to build first U.S. offshore wind blade factory in Portsmouth
Siemens Gamesa Renewable Energy S.A., a Spanish wind turbine company, will invest $200 million to build the first U.S. offshore wind turbine blade manufacturing facility in Portsmouth, creating 310 jobs, Virginia Gov. Ralph Northam announced Monday from the Port of Virginia’s Portsmouth Marine Terminal. Siemens Gamesa is a par[...]
‘Frenzied’ housing market is normalizing
The residential real estate market frenzy in Virginia may be slowing to more normal conditions, the chief economist with Virginia Realtors said in a new report out this week. For the first time in more than a year, sales activity slowed in September, compared with a year ago. Last month, there were 13,079 home sales […]
Norfolk cruise terminal begins work on $2.6M cruise ship gangway
Nauticus began construction on its $2.6 million cruise ship gangway in Norfolk this week, it announced Wednesday. The new boarding system will accommodate larger cruise ships, like the Carnival Magic, which is set to sail from Norfolk in 2022. Nauticus expects to have more than 180,000 cruise ship passengers in 2022. Swedish com[...]
Lumen apartments sell for $82M in Hampton
New York-based Kushner Cos. has purchased the 300-unit Lumen luxury apartment complex in Hampton for $82 million, Berkadia Institutional Solutions announced Thursday. Located at 2100 N. Campus Parkway near the Hampton Roads Center business park, the Lumen complex was sold by a partnership formed by Virginia Beach-based real esta[...]
Langley Federal Credit Union to merge with Va. Beach Schools Credit Union
Newport News-based Langley Federal Credit Union and the Virginia Beach Schools Federal Credit Union have received regulatory approval for a Nov. 1 merger that will create a $4.1 billion institution, the credit unions announced Thursday. Langley CEO Tom Ryan will serve as CEO of the combined entity, which is expected to be fully [...]
Va. hotel revenues remain below 2019 levels
Virginia hotel revenues for September decreased by 21% compared with pre-pandemic levels in September 2019, according to newly released data from STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, hotel rooms sold decreased by 6%. The average daily rate (ADR) paid for hotel rooms […]
