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Business shorts

Date published: 1/3/2013

By Bill Freehling

New board members at the local chamber

Four members of the local business community have joined the Fredericksburg Regional Chamber of Commerce's board of directors:

Nick Cadwallender, publisher of The Free Lance-Star Publishing Co.

Adam Fried, CEO of Atlantic Builders Ltd.

Margaret Hardy, attorney with Sands Anderson PC.

Andrew Kerr, Fredericksburg market president at SunTrust Bank.

Mike Jones, Woody Van Valkenburgh and Charlie Payne left the board at the end of this past year.

Local bank purchases half stake in HQ site

Virginia Partners Bank now owns a 50 percent stake in the downtown Fredericksburg property that houses its headquarters branch.

An affiliate of Virginia Partners last month bought an undivided one-half interest in the 9,000-square-foot building at 410 William St.

The sales price for the 50 percent stake in the property was about $1.3 million, according to city records. For taxes, the building is assessed at about $2.3 million.

An LLC composed of siblings Fitz Johnson, Bill Johnson and Ginnie Branscome will continue to own the other 50 percent of the property, and Virginia Partners will lease that part.

William St. buildings sold to local investor

A local real estate investor last month purchased two adjacent properties in downtown Fredericksburg that house a restaurant and 23 apartments. Mike Adams bought the buildings in the 800 block of William Street that house the Jake & Mike's restaurant and the William Street Apartments.

Adams bought the properties through Perchwood LLC from Malcolm W. Snellings for $2.675 million.

The deal did not include Jake & Mike's but rather the building in which it operates. Jake & Mike's is separately owned and operated. Both the restaurant and apartment operation will remain.

Union First Market sells N. Stafford land

Union First Market Bank recently sold 2.45 acres on Garrisonville Road in North Stafford that it once considered for a branch location.

The Richmond-based bank sold the land at 616 Garrisonville Road to an LLC called Kingsland Square that is registered out of the Washington area. A retail and office development is envisioned, but no further details were available. The sales price was $700,000.

Union spokesman Bill Cimino said the bank originally acquired the land from a foreclosure in the 1990s. The bank considered building a branch there but ultimately decided to sell it as excess property.

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