Henrico County VA
Business in Brief

Business in brief

Commonwealth Commercial, a commercial real estate firm headquartered in Glen Allen, recently earned the Accredited Management Organization designation from the Institute of Real Estate Management, an affiliate of the National Association of Realtors. Currently there are only 535 management companies in the United States and Canada that have achieved the AMO designation. Firms that earn it must demonstrate the highest standards in professional service, financial stability and accountability, and have a certified property manager directing and supervising the real estate management team. In addition, AMO firms also must abide by the rigorous AMO Code of Professional Ethics that is strictly enforced by the institute. Commonwealth Commercial oversees management of 163 properties, totaling 13 million square feet across the Southeast.

Business in brief

Gumenick Properties moved its headquarters this month to Libbie Mill-Midtown, a new 80-acre, mixed-use community being developed by the company. Libbie Mill-Midtown is under construction between West Broad Street and Staples Mill Road near Libbie Avenue. The community is the largest revitalization project in the history of Henrico County. Gumenick Properties will become the second organization operating from office spaces at Libbie Mill-Midtown. The first group to open an office there was the Richmond Memorial Health Foundation, a regional, private health legacy foundation. The foundation moved in during autumn 2014. When complete, the community is projected to have 994 homes for sale and 1,096 apartments. Libbie Mill-Midtown also will have a total of approximately 160,000 square feet of retail space. The neighborhood is estimated to take approximately 10 years to complete.

Business in brief

University of Richmond and Secure Futures, a solar energy developer based in Staunton, Va., have reached an agreement to install solar panels on the roof of UR’s Weinstein Center for Recreation and Wellness. Once complete, the 204-kilowatt solar photovoltaic array will allow the university to have the capacity to generate more than 226,000 kilowatt-hours of electricity per year, potentially offsetting the emission of more than 344,000 pounds of carbon dioxide. That is equivalent to the average annual electricity use of 21.5 American homes, or the annual electricity needs for one campus residence hall. Installation is expected to begin in July 2015, and the panels will begin generating electricity for the university before students arrive back to campus for the 2015 school year. A PPA, or Power Purchase Agreement, is a critical financial instrument for solar energy development. Under the arrangement, Secure Futures will install, maintain and own the solar array – and its associated tax benefits – and will sell the electricity generated by the array to the University of Richmond at a set rate over a 20-year period.

Business in brief

Henricus Historical Park has announced that it has been awarded a $5,000 grant from The CarMax Foundation to assist in the execution of SOL- and STEM-aligned, multi-curricular programming for students enrolled in the After School Program for Richmond City Public Schools for grades K-5. Social studies, history and science programs provided by educators at Henricus will focus on Colonial and Virginia Indian life in 17th-century Virginia. Education programs offered by Henricus Historical Park include: History Kids (English and Virginia Indian); Mapping the James River; Math and Mapping the James River; and 17th-Century Sciences. One-hour programs designed for 35 students will feature hands-on learning techniques, individual engagement and team work. Each program offers a fun and interactive way to learn about Colonial and Virginia Indian history. Outreach education programs at Henricus are designed to bring the museum experience to a school setting. For more information, call 748-1611.

Business in brief

Cushman & Wakefield | Thalhimer announces the sale of 4915 Norman Road in Henrico County. 4915 Norman Road, LLC purchased the 128,877 square foot manufacturing/distribution property from Reynolds Group Holdings, Inc. for $2,900,000 as an investment. The property is currently vacant and the new owners are seeking tenants for the building. Evan M. Magrill, SIOR and Matt Braun of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

Business in brief

Cushman & Wakefield | Thalhimer recently announced that Rebecca Steel has joined the Residential Property Services Group as portfolio manager in its Richmond office. Steel is a native of Roanoke and has lived in the Richmond area for 12 years. Her portfolio will consist of multi-family properties in Richmond and Norfolk. She has more than 20 years of property management experience. Before joining Thalhimer, Steel was with Plus Management, overseeing a portfolio of commercial buildings as well as art studios and workspaces along with conventional and tax credit communities. Prior to that, she worked in managerial roles with United Dominion Realty Trust, Landmark Property Services and served as vice president of operations for Summit Realty Group. Her experience encompasses HUD based, LIHTC as well as conventional communities to include new construction, historical rehab projects along with the re-positioning of distressed communities to compete within the current market. Steel has a bachelor’s degree in business management and marketing from UC Irvine as well as a degree in early childhood development.

Business in brief

Agents with Cushman & Wakefield | Thalhimer recently completed the following lease transactions: Phoenix Fitness and Martial Arts – leased 7,595 square feet in Deep Run Centre II at 3955-3979 Deep Rock Rd.; Acision, LLC – leased 3,248 square feet in Waterfront Plaza at 4401 Waterfront Dr.; The Weigh Station – leased 3,129 square feet in the Colonnade Building at 4050 Innslake Dr.; ALPS Insurance Agency, Inc. – leased 2,947 square feet in Interstate Center-Building B at 2112 W. Laburnum Ave.; Firehouse Subs – leased 2,440 square feet in 5215 Shoppes at 5215 W. Broad St.; and W. Moore – renewed its lease of 1,763 in Westerre III at 3900 Westerre Pkwy.

Business in brief

Cohen Equities, a New York City-based commercial real estate firm, recently acquired six retail properties in the United States, including The Shoppes at Twin Oaks in Henrico County. The Shoppes at Twin Oaks is a 39,117-square-foot shopping center at Westerre Parkway and Cox Road. Currently, 12,264 square feet of space in the center is available for rent. Cohen Equities has purchased 26 properties in 13 U.S. states since its founding in 2012.

Business in brief

Gov. Terry McAuliffe has announced that McKesson Medical-Surgical, Inc., an affiliate of McKesson Corporation, a leading healthcare services and information technology company, will invest more than $10 million in capital expense to expand its divisional headquarters operation in Henrico County, creating 225 new jobs. The company will relocate its headquarters facility to 168,500 square feet of the Deep Run III building, which was recently purchased and renovated by Markel|Eagle Partners. The Virginia Economic Development Partnership worked with the Henrico County Economic Development Authority and the Greater Richmond Partnership to secure the project for Virginia. Gov. McAuliffe approved a $500,000 grant from the Governor’s Opportunity Fund to assist Henrico County with the project. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.

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