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.