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Chesapeake office building sells for $1.25M
PNSC LLC purchased a 7,500-square-foot office building at 501 Baylor Court in Chesapeake for $1.25 million, Cushman & Wakefield | Thalhimer announce on March 22. PNSC purchased the building from BCGMR LLC as an investment. The purchaser plans to renovate a portion of the building and locate Progressive Neurology and Sleep Ce[...]
Capital Square buys Chesapeake apartment complex for $67.25M
Henrico County-based real estate investment company Capital Square has acquired Streets of Greenbrier apartments in Chesapeake for $67.25 million. Located at 929 Wintercress Way, the 280-unit multifamily community sits on 13.78 acres. Constructed in 2013, the community consists of nine residential buildings and includes studio, [...]
Norfolk apartments sell for $1.96M
A Northern Virginia-based investment group has purchased the 30-unit Princess Court Apartments in Norfolk for $1.96 million, Cushman & Wakefield | Thalhimer announced on March 23. Located at 3724, 3800 and 3814 E. Princess Anne Road, the complex was purchased from Princess Court Apartments LLC. The name of the purchaser was [...]
Newport News, Hampton launch Peninsula Cares Act Fund
The cities of Hampton and Newport News opened a new low-interest loan program for COVID-affected businesses on Thursday. Known as the Peninsula Cares Act Fund, it will lend a total of $1.5 million in amounts ranging from $7,500 to $375,000. Eligible businesses can use the funds for purchase and installation of machinery and equipment, building […]
Hampton Roads community colleges form workforce cooperative
Three Hampton Roads community colleges are forming the new Community College Workforce Cooperative to create a one-stop shop for industries seeking large-scale job training in the region. Tidewater, Thomas Nelson and Paul D. Camp community colleges, which have 10 locations across Eastern Virginia, announced the collaboration Tuesday. The CCWC, led by Executive Director Todd Estes, […]
Va. Beach-based ADS wins $91.6M DOD contract
Virginia Beach-based Atlantic Diving Supply won a $91.6 million contract to support weapons system programs for the U.S. Air Force, Army, Marine Corps and Navy, the U.S. Department of Defense announced Friday. The equipment vendor won the contract from the DOD’s Defense Logistics Agency, which awarded ADS a $100 million, five-year contract earlier this month. […]
General Dynamics books $2.4B Navy contract to build 10th submarine
General Dynamics has been awarded a potential $2.4 billion contract option from the Navy to build a 10th Virginia-class submarine, the U.S. Department of Defense announced last week. The Fairfax-based company’s Electric Boat subsidiary in Connecticut will work with Huntington Ingalls Industries’ Newport News Shipbuilding on the project, which was added on to a December […]
Blackfin and GMF buy three apartment complexes for $48M
On Monday, Arlington-based Blackfin Real Estate Investors LLC and New York-based GMF Capital LLC announced they had purchased three Low Income Housing Tax Credit (LIHTC) communities from Virginia Beach’s The Franklin Johnson Group for $48 million. The apartment complexes include: Oaks at Dunlop Farms, 101 Old Oak Lane, Colonial Heights, 23834; Crescent Place, 2804 Turnpike […]
Hotel revenues down 39% in February
Virginia hotel revenues for February 2021 declined by 39% compared to February 2020, according to data released Thursday by STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, rooms sold declined by 23%. The average daily rate (ADR) paid for hotel rooms dropped 21% to […]
Pamunkey tribe hires EVP of gaming, resort operations
The Pamunkey Indian Tribal Gaming Authority, a non-corporate entity owned by the Pamunkey Indian Tribe, announced Thursday that Rodney Ferguson has been hired as executive vice president of gaming and resort operations, effective April 12. He also will serve in a senior leadership role at the tribe’s forthcoming Norfolk ca[...]
Va. allocates $20M for broadband infrastructure projects
Seventeen localities statewide are receiving $20.1 million in grants to improve broadband internet infrastructure, Gov. Ralph Northam announced Thursday. The funding will support 11 projects that will connect 13,400 customers, the governor’s office said in a news release. The localities — primarily in rural areas — are receiving funding through the Virginia Telecommunication Initiative (VATI), […][...]
Dewberry selected to develop Va. coastal resilience plan
Updated March 19 Fairfax-based engineering and planning firm Dewberry has been awarded a $2.6 million contract by the state to develop Virginia’s first Coastal Resilience Master Plan, Gov. Ralph Northam announced Thursday. Dewberry, joined by Louisiana-based The Water Institute of the Gulf and Virginia subcontractors GKY &[...]
