Page 2301 – Virginia Business

PCS Laburnum LLC has sold 0.898 acres (39,117 square feet) at Laburnum Park (4300 South Laburnum Ave.) in Henrico County for $1.05 million.

The buyer was Jeremy A. Reeves doing business as Cookout.

Ellen Long of Taylor Long Properties represented the seller in the transaction.

Lockwood Brothers renews lease

Lockwood Brothers Inc. has renewed its lease in Hampton.

The lease involves 37,500 square feet at 814 Childs Ave.

Bobby Phillips of Cushman & Wakefield | Thalhimer handled the lease negotiations.

Cavalier Hotel plan to be revealed Tuesday

Plans for the future of The Cavalier Hotel in Virginia Beach are set to be presented Tuesday during a city council workshop, according to the Virginian-Pilot.

Bruce L. Thompson, is listed as a presenter, along with Bart Frye, chairman of the board of Frye Properties Inc., the developer of East Beach in Norfolk.

According to the Pilot, a judge in Buckingham County is scheduled to rule on a motion to sell The Cavalier and its properties for $35.1 million to Cavalier Associates LLC, of which Thompson is general manager.

National Science Foundation to move to Alexandria

The National Science Foundation will move its headquarters from Arlington to Alexandria, the General Services Administration (GSA) announced Friday.

The NSF will occupy 660,848 square feet of space at the Hoffman Town Center complex in 2017 at a rental rate more than 30 percent below the market rate. The deal also provides the government with $35 million, which can be used to further reduce rent, relocation and overhead costs.

The 15-year lease was awarded after a competitive bid process.

The deal is the largest transfer of federal workers in Northern Virginia since the Patent and Trademark Office left Crystal City for Alexandria in 2005, according to The Washington Post.

The deal was competitive because the NSF employs more than 2,100 workers and the agency attracts more than 60,000 visitors each year.

The new headquarters will be built on parking lots next to the AMC Hoffman Center, the Post reported, which is short walk from the Eisenhower Avenue. Metro station. The developer eventually plans 7 million square feet of offices, apartments, hotel rooms and retail.

Union First Market to acquire StellarOne

Richmond-based Union First Market Bankshares plans to acquire Charlottesville-based StellarOne in a $445.1 million stock deal, the companies announced Monday.

The move will create the largest community bank Virginia. Union will keep its name, and its corporate headquarters will remain in Richmond.

Union will operate in all major Virginia markets and will have the fifth-largest branch network in the commonwealth.

Under the terms of the agreement, common shareholders of StellarOne will receive 0.9739 shares of Union common stock for each share of StellarOne. This translates into $19.50 per share or approximately $445.1 million in the aggregate based on Union’s closing stock price of $20.02 on June 7.

Based on financials reported on March 31, 2013, the combined companies would have total assets of $7.1 billion, deposits of $5.8 billion and loans of $5.2 billion.

Union’s current executive management, led by chief executive officer G. William Beale, will form the core of the company’s leadership team. The Union board of directors will expand to 19 members, including 11 members from the current Union board and eight from the StellarOne board.

Current StellarOne Chairman Raymond D. Smoot, Jr. will serve as chairman of the combined company, and current Union Chairman Ronald L. Hicks will become vice chairman. O. R. Barham, Jr., president and CEO of StellarOne, will retire as previously announced, with his retirement effective upon closing of the merger.

The merger agreement has been unanimously approved by the board of directors of each company.

The companies expect to close the deal on or around Jan. 1, subject to normal closing conditions, including regulatory and shareholder approvals.

Cushman & Wakefield | Thalhimer to handle leasing at shopping centers

Cushman & Wakefield | Thalhimer has been chosen by Regency Centers for the leasing assignment of Gayton Crossing shopping center and Hanover Village.

Gayton Crossing has 156,900 square feet of space in Henrico County at the intersection of Gaskins and Gayton Roads.

Hanover Village is a 88,000-square-foot retail center on Mechanicsville Turnpike in Hanover County.

Jim Ashby of Cushman & Wakefield | Thalhimer is the exclusive leasing representative for both centers.

Vacant Suffolk block to be restored

Sensei Development and The Monument Cos. are partnering to turn a vacant block in Suffolk into 68 loft apartments and 5,600 square feet of commercial space.

The project, according to Inside Business, will restore and renovate eight buildings in the 100 block of W. Washington St. The project is expected to cost $8.8 million. http://insidebiz.com/news/88m-redevelopment-remake-suffolk-block

The properties were previously owned by George Hranowskyj and Eric Menden, who were sent to prison for fraud that helped cause the fall of the Bank of the Commonwealth.

The project has received a $6.7 million loan from First Citizens Bank but needs a conditional use permit from Suffolk and approval from the National Park Service and the Virginia Department of Historic Resources, according to Inside Business.