Rolls-Royce Plans $136M Plant on Prince George Campus

By Adrian Maties, Associate Editor

Rolls-Royce, the global power systems company, has revealed plans to build a $136 million advanced manufacturing facility at Rolls-Royce Crosspointe in Prince George County.

Dubbed the Advanced Airfoil Machining Facility, the 90,000-square-foot plant will produce turbine blades and nozzle guide vanes for engines like the Trent 900, Trent 1000 and Trent XWB. Those components are used on commercial aircraft, including the Boeing 787 Dreamliner, Airbus 380 and Airbus 350. Rolls-Royce expects to complete the new facility by the end of next year and start production in late 2014.

 Crosspointe, Rolls-Royce’s 1,000-acre manufacturing and research campus located just south of Richmond, is also the home of the firm’s Rotatives manufacturing facility, which opened in May 2011, and the recently opened Commonwealth Center for Advanced Manufacturing. A joint effort of government, university and business dedicated to advanced manufacturing research and technology, the Commonwealth Center is regarded by its sponsors as the only institution of its kind in North America.

 “Rolls-Royce is making significant investments in the United States and around the world to ensure we have the capacity to deliver on our promises to customers.” said James M. Guyette, chairman, president & CEO of Rolls-Royce North America. “With a mixture of manufacturing and research facilities, Crosspointe is a center of excellence for precision engineered, high tech components. The expansion will help attract suppliers to Crosspointe, creating an advanced manufacturing hub in Prince George County and driving job creation.”

Photo credit: Rolls-Royce

Furniture Mart Leaves Lynnhaven, Takes 40 KSF at Regency Hilltop

By Adrian Maties, Associate Editor

Furniture Mart has leased 40,000 square feet of retail space at the Regency Hilltop Shopping Center in Virginia Beach. The discount retailer was previously located at a 57,000-square-foot space at Lynnhaven Mall in Virginia Beach.

Located at 1932 Laskin Rd., the 236,549-square-foot center (pictured) is home to such tenants as Food Lion, Kelly’s Tavern, Dollar Tree, Navy Federal Credit Union and Ollie’s Bargain Outlet. Rents range from $10 to $15 per square foot. Michael Gurley, senior vice president at S.L. Nusbaum Realty Co., represented the landlord.

In other retail news, Phoenix-based Cole Real Estate Investments has named The Shopping Center Group the exclusive leasing advisor for The Shops at White Oak Village. Cole acquired four-year-old property for $68 million from Forest City Enterprises Inc., in October.

Located at Interstate 64 and South Laburnum Avenue in eastern Henrico County, the Shops at White Oak Village is 96 percent leased and is anchored by JCPenney, Martin’s grocery, PetSmart, Michael’s and OfficeMax.

Photo: http://www.slnusbaum.com/

Excel Trust Pays $161M for Retail and M-F space at West Broad Village

By Adrian Maties, Associate Editor

In a $161 million deal, San Diego-based Excel Trust Inc. has acquired West Broad Village in Richmond. Excel also acquired five retail centers in Orlando from Unicorp National Development for a total investment of $263 million, Virginia Business reports

Excel bought approximately 386,000 square feet of retail and commercial space at the  mixed-use development on West Broad St., which Unicorp developed in 2008.

In addition, Excel purchased the Flats at West Broad Village, a 339-unit apartment complex.  Not included in the sale were several other assets , including town houses, an Aloft hotel or the ACAC Fitness & Wellness Center that is now under construction.

According to Excel, the retail portion of the property is approximately 80% leased. Major tenants include Whole Foods, HomeGoods, REI, Wells Fargo, First Market Bank, Dave & Busters, Mimi’s Cafe, Kona Grill and Bonefish Grill. Excel also said the apartments are 98% leased.

The five retail centers in central Florida are all approximately 96% leased and comprise about 319,264 square feet. They include such major tenants as Walgreen’s, CVS, Fifth Third, Regions Bank, Fleming’s, Cantina Laredo, Big Fin Seafood Restaurant, Jos. A Bank, and Ruth’s Chris Steakhouse.

Since its initial public offering two years ago, Excel has acquired assets valued at about $1.1 billion, reported Gary Sabin, the company’s chairman and  CEO.

It’s been a busy week for the Richmond retail market. In a $68 million deal, The Shops at White Oak Village has been acquired by Phoenix-based Cole Real Estate Investments.

Photo credits: www.westbroadvillage.com.

New Kroger Store Launches $250M Hampton Roads Push

By Adrian Maties, Associate Editor

Kroger Co. broke ground Oct. 4 on a $25 million project in Virginia Beach that will be the grocery chain’s first Marketplace-brand store in the Hampton Roads region and the second in the state.

Scheduled for completion next summer, the property will be the first of 10 Marketplace stores that Kroger plans to open in the Hampton Roads area over the next five years at an estimated total cost of $250 million, the the Daily Press reported.

 Located on the former Holland Rd. site of a Super Kmart, the 124,000-square-foot store will include traditional grocery offerings as well as 30,000 square feet of space for non-grocery items. It will also be Kroger’s largest Hampton Roads store.

The Virginia Beach store will follow a Marketplace scheduled to open this December in Richmond. Also in the works is a $20 million, 120,000-square-foot Marketplace on the former site of the I.C. Norcom High School property in Portsmouth. If the developers complete land acquisition and the entitlement process on schedule, the Portsmouth store could be finished by the first quarter of 2014.

Photo: www.krogerrealestate.com/

Portsmouth Judicial Center Opens Under Budget, Ahead of Schedule

By Adrian Maties, Associate Editor

Portsmouth Judicial Center officially opened for business  Monday after two years of construction. Completed on time and under budget, the $78 million complex brings together three major courts—Circuit, General District and Juvenile and Domestic Relations—under one roof.

Located at 415 Port Centre Parkway in Portsmouth, the 207,000-square-foot, three-story-tall facility was built to replace a 42-year-old courthouse and civic center complex on Crawford Street. That facility was plagued by leaks and asbestos. The new complex provides 12 courtrooms and jury rooms that are larger than those at its predecessor. Also on the premises are offices for the sheriff and Commonwealth Attorney.

Improved security elements include separate hallways for transporting inmates and dedicated entrances for judges. Other features include Terrazzo tile floors, glass walls and a lobby with a 30-foot-tall ceiling. The new complex also houses a century’s worth of public records.

Virginia Beach-based HBA, the facility’s architect, has previously designed high-profile projects like the new Churchland public library and the expansion of the Children’s Museum of Virginia. Officials are eyeing redevelopment options for the site of the old courthouse and civic center complex, which is slated for demolition.

Image courtesy of Google.

VCU Breaks Ground on $168M Children’s Medical Pavilion

By Adrian Maties, Associate Editor

Virginia Commonwealth University Health System broke ground Sept. 10 on a $168 million children’s medical center in Downtown Richmond that officials say will be the largest, most advanced facility of its kind in the region. Completion is scheduled for 2015.

 Located on East Broad St. between 10^th and 11^th Streets, the 640,000-square-foot facility will house 72 exam rooms; a surgical area with two operating rooms and two procedure rooms, space for diagnostics, imaging and lab services; and ground-level retail space. A 600-space attached parking garage will also be constructed.

 VCU Health System will finance the project through reserve funds and bond sales. Of the $168 million budget, $105.8 million will be used for the pavilion, $23 million for the parking garage and $39 million for shell space for future growth. HKS Inc. is the project’s architect, while Skanska USA Building Inc. is in charge of construction.

“The new pavilion reinforces VCU’s significant commitment as a research university to human health, especially in advancing children’s health care,” said Michael Rao, president of the university. “The pavilion provides opportunities for VCU to have an even stronger impact in the community and to make a difference in the lives of so many children and families who need our help. Children’s health care significantly improves regionally and across the country when a research university invests in a comprehensive children’s hospital.”

Image courtesy of http://www.news.vcu.edu

Comcast-Spectacor Unveils Proposal for $350M Arena

By Adrian Maties, Associate Editor

A group led by Comcast-Spectacor L.P. wants to bring a $350 million oceanfront arena to Virgina Beach. The 18,500-seat venue would rise along the I-264 corridor on 19th St. near the Virginia Beach Convention Center.and could be ready to host its first events by 2015.

Warren D. Harris, the city’s economic development director, and Peter Luukko, president and CEO of Comcast-Spectacor, presented the proposal to the Virginia Beach City Council on Aug. 28. Harris called it “a once-in-a-lifetime opportunity for the city to bring in new businesses, create new jobs and serve as a long-term driver of economic growth.”

According to the developers, the 800,000-square-foot arena would draw 1.4 million people a year to 200-plus events. It also be the linchpin of a bid to attract a major-league basketball or hockey team to the city.

Project backers point out that Southeastern Virginia is the largest metropolitan area without an major-league sports franchise and that its population of 3 million is larger than 22 other metro areas that have teams. Southeastern Virginia includes Virginia Beach, Norfolk, Hampton Roads, Williamsburg and Richmond. Developers estimate that the arena would create about 1,230 jobs in Hampton Roads and generate $98 million in revenue in its first year.

Philadelphia-based Comcast-Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center, would lease and manage the arena for 25 years. The development group also includes Live Nation, an entertainment company.

Rumors have swirled that the NBA’s Sacramento Kings might move to Virginia Beach, but no team names were mentioned during Tuesday’s meeting. And the project’s financing structure is still unclear.

For more information on the project, visit www.bringitva.com.

Image courtesy of www.bringitva.com.

DRA Buys Richmond Assets as Part of $298M M-F Deal

By Adrian Maties, Associate Editor

Two West End apartment complexes have changed hands as part of the largest multi-family portfolio sale so far this year. Dominion Creekwood and Dominion West End accounted for about $80 million of a deal that closed on June 28.

The two properties are part of a nine-asset portfolio acquired for $297.8 million by New York City-based DRA Advisors from UDR Inc. In addition to the Richmond properties, DRA also acquired apartment communities in Jacksonville, Fla., and Dallas. UDR, the Denver-based REIT, was represented in the sale by Apartment Realty Advisors.

The 500-unit Dominion Creekwood–now known as the Villages at West Laurel–was  built in the late 1970s and early 1980s and has 500 units. It is located in western Henrico, close to I-64, I-295 and I-95. The community offers one-, two-, and three-bedroom apartments in both town home and garden-style homes. Amenities include large closets, a private patio or balcony, washer and dryer, two swimming pools, 24-hour fitness center, multiple playgrounds, tennis courts and a car wash station.

Completed in 1989, the 350-unit Dominion West has been re-branded the Trails at Short Pump and is located near I-295, I-64, and Rt. 288, in Richmond. The community is near  Short Pump Towne Center, West Broad Village, Henrico County Schools, West Creek, and Short Pump Park. Residents can choose from one-, two-, and three-bedroom apartments with large closets, washer and dryer, microwave ovens, private patios or balconies. Other amenities include a fitness center, game room, a business center, swimming pool, pet park, and outdoor kitchen with pavilion.

Image courtesy of http://www.bellapartmentliving.com.

Norfolk’s Wainwright Building to Get $40 Million Makeover

By Adrian Maties, Associate Editor

For 83 years, the Wainwright Building has been a fixture in Downtown Norfolk. After recent run of legal problems and a change of ownership, the nine-story medical office building at 229 West Bute Street is poised for a new lease on life. As recently reported by the Virginian-Pilot, a development team plans to give the historic property a $40 million makeover.

John Biagas and Jeff Wassmer of Newport News and Buddy Gadams of Norfolk are proposing a two-phase apartment project. In the $20 million first phase, the Wainwright would be converted into 119 residential units. In the second phase, the developers would build an additional 80 units on an adjacent parking lot. The project, which would require no city subsidy, has won the support of influential backers like Mayor Paul Fraim, Councilman Barclay C. Winn and the Freemason Street Area Association Civic League. Proposed alternations to the building’s exterior are under review by city officials, and the city council must sign off as well.

Tenant amenities would include a rooftop with a dog-walking area, putting green and pool. It will also have a club room, cyber cafe, fitness center and an area for tenants to entertain guests. Rents will range between $1,000 and $2,000, and most units will be priced at about $1,200.

A federal judge stripped the previous ownership of the building in April after they were charged with tax fraud. An investment group led by the developers foreclosed on the property and has asked tenants to relocate. The developers hope to start work by the end of the year and have the first units ready for move-in by the summer of 2013.

Image courtesy of Google Maps.