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Hampton apartments purchased for $2.89M
A 42-unit residential property in Hampton was sold for $2,890,000, Cushman & Wakefield | Thalhimer announced last week. Pembroke Pines, at 1625 W. Pembroke Ave., was sold to Pembroke HR 757 LLC from 1625 Pembroke Property LLC as an investment. Clark Simpson of Cushman & Wakefield | Thalhimer’s Capital Markets Group[...]
Va. Beach retail building sold for $2.2M
A Virginia Beach retail building has been sold for $2.2 million, and the buyer plans to develop a Freddy’s Frozen Custard & Steakburgers restaurant in the 6,000-square-foot building, Cushman & Wakefield | Thalhimer announced last week. Mosley Real Estate Advisors Inc. purchased the 796 Lynnhaven Parkway building from United Restaurant Group LP and also plans […]
F-22 fighter jet training unit will relocate to Joint Base Langley-Eustis
The U.S. Air Force is relocating the branch’s only advanced training unit for F-22 Raptor fighter jets from Florida to Joint Base Langley-Eustis in Hampton, bringing some 2,300 people to the region, the Air Force confirmed to the Air Force Times newspaper on Wednesday, June 23. “We are thrilled to welcome the F-22 Raptor[...]
Va. hotel revenues increased by 178% in May
Virginia hotel revenues for May 2021 increased by 178% compared with May 2020, according to data released Tuesday by STR Inc., a CoStar Group division that provides market data on the U.S. hospitality industry. During the same period, rooms sold went up by 96%. The average daily rate (ADR) paid for hotel rooms rose 42% […]
HII names new CIO for Newport News Shipbuilding
Jason K. Sutton has been promoted to chief information officer for Newport News Shipbuilding, parent company Huntington Ingalls Industries announced last week. Sutton, who joined the company in 2018 as director of operations integration and is currently program director for steel fabrication and assembly, will be responsible for[...]
Va. Beach industrial property sells for $3M
A 38,600-square-foot industrial building on 4.34 acres in Virginia Beach has been sold for $3,015,000, Cushman & Wakefield | Thalhimer announced last week. The property at 1424 Baker Road was sold by Baker & Associates LLC to B&D Acquisitions as an investment. Geoffrey W. Poston of Cushman & Wakefield | Thalhimer[...]
East Coast Appliance acquires Norfolk building for $1.4M
East Coast Appliance has purchased a 40,000-square-foot building in Norfolk for $1.4 million, which it plans to use as a warehouse, Cushman & Wakefield | Thalhimer announced last week. The property, at 1164 Azalea Garden Road, is on 2.9 acres and was purchased from Richard and Cheryl Hart. Geoffrey W. Poston of Thalhimer han[...]
Williamsburg apartment complex sold for $46M
New York-based Kushner Cos. has purchased a 212-unit apartment complex in Williamsburg for $46 million, commercial real estate sales corporation Berkadia announced Thursday. Spotswood Commons, located at 100 Glenburnie Road, was sold by Massachusetts-based The Dolben Company Inc. Drew White, senior managing director of Berkadia&[...]
Willcox Savage names new managing partner
Thomas C. Inglima, a longtime attorney at Willcox Savage PC in Norfolk, has been named managing partner effective July 1, the law firm announced Thursday. Inglima, who joined Willcox Savage more than 25 years ago and has been a partner since 1999, succeeds Robert L. Dewey, the firm’s managing partner for more than 20 years[...]
Phase one of Portsmouth affordable housing project completed
Breeden Construction announced last week that it has completed the $12.5 million phase one of an affordable housing project in Portsmouth ahead of schedule. Work began on Lexington Place in January 2020. Located off Frederick Boulevard, Lexington Place now has 72 residences, a new clubhouse and 1.4 acres of green space. Breeden [...]
Hampton Roads sees small increase in active home listings
The Hampton Roads area saw growth in new home listings, pending sales and settled sales in May 2021 compared to May 2020, the Real Estate Information Network Inc. reported in its monthly update on the region. All new listings (listed three days or less) were up 24.74% year-over-year in May, and settled sales saw a […]
Lyon Shipyard plans $24.4M expansion, adding 119 jobs
Norfolk’s Lyon Shipyard plans to expand its operation, investing $24.4 million and creating 119 jobs, Gov. Ralph Northam announced Wednesday. The 93-year-old ship repair and industrial service provider plans to build a new marine travel lift and a larger waterfront dry dock on the Elizabeth River. Virginia competed for the project with North Carolina, according […]
