Business Journal

A Byrd Newspapers Publication

Volume 19, No. 3, January 30, 2018

Keeping Seniors Healthy And Happy

Spotligh

t on:

Retirem ent Living Page 8

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

Harrisonburg, Va.

Inside This Issue Focus Section: Retirement Communities The Shenandoah Valley Business Journal is a monthly publication of Rockingham Publishing Company, Inc., 231 S. Liberty St., Harrisonburg, VA 22801.

■ Holistic Approach To Senior Wellness .................Page 8

Other Business News ■ Farmers & Merchants Hits Milestone.............Page 7

Editorial Staff

■ Commercial Real Estate Up......................... Page 12

Editor and General Manager: Peter S. Yates

■ Local Ledger................................................Page 14

Managing Editor: Jerry Blair

Columns

Staff / Contributing Writers: Vic Bradshaw, Ryan Cornell

■ Financial Focus with Kathy Armentrout..........Page 3 ■ Market Prep with Stephan Hess.....................Page 5

HARRISONBURG — Bridgewater College’s Emily Goodwin has received the 2017 H. Hiter Harris II Excellence in Instructional Technology award from the Virginia Foundation for Independent Colleges for her efforts to help professors incorporate technology into their classes.

An instructionGoodwin al designer in BC’s C.E. Shull Informational Technology Center at Bridgewater College, Goodwin’s duties include training new faculty, administering the

course management system, creating and implementing training sessions, and assisting professional development opportunities for faculty.

She’s the co-creator and co-facilitator of the Digital Scholarship Working Group, a faculty-centered group that focuses on designing, implementing and evaluating digital course project.

Last spring, Goodwin began Digital Scholarship Gurus as a pilot program.

It trains students to support their peers with digital project, including infographics, websites, videos and podcasts.

The VFIC is a nonprofit fundraising partnership that supports 15 private colleges and universities in Virginia.

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803 By email: svbjnews@dnronline.com By fax: 433-9112 By phone: 574-6267 (news) 574-6229 (ads)

Contributing Photographers: Nikki Fox, Daniel Lin, Stephen Swofford

Bridgewater College’s Goodwin Claims Private College IT Award

Contact us

On The Cover: Nikki Fox / DN-R Llyod Bishop, 84, and George Gibbs, 76, follow Shelby Showalter, the wellness coordinator at Sunnyside Retirement Community, as she leads a class.

Harrisoburg- Rockingham Chamber Directory Available

Wool-Handling School Set For April At BRCC Workforce Center HARRISONBURG — The Virginia Cooperative Extension, in conjunction with the American Sheep Industry Association, has scheduled a wool-handling school for April 7-8 at Blue Ridge Community College’s Robert E. Plecker Workforce Center.

Among the topics to be covered are wool fiber characteristics, responsibility in wool production, wool packaging and labeling, and commercial wool processing.

The fee for the school is $75. For more information or to register, contact extension agent John Benner at benner89@ vt.edu or 540-245-5750.

— Vic Bradshaw

HARRISONBURG — The Harrisonburg-Rockingham Chamber of Commerce has copies of its 2017-18 community profile and membership directory available.

The directory is one of the nonprofit business organization’s primary informational publications and can be used as a resource by those seeking goods and services locally. It’s also included in responses to information requests about the area and relocation packages.

Free copies of the publication are available at the chamber office, 800 Country Club Road, from 8:30 a.m. to 5 p.m.

Monday through Friday. An online version also is available at hrchamber.org.

See MOVERS, Page 3

— Vic Bradshaw

See SCENE, Page 4

— Vic Bradshaw

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

3

What’s The Investment Outlook For 2018?

B

y most measures, 2017 was a pretty good year for investors.

But what can you expect in 2018?

It’s difficult to precisely predict the immediate future of the financial markets. However, many signs point to improved global economic growth and rising corporate earnings — both of which are important drivers of stock prices.

In the United States, economic growth may be more modest than in other regions, which could result in international stocks outperforming domestic ones.

Here’s another consideration: Low interest rates typically benefit the financial markets — and unless inflation jumps sharply, the Federal Reserve will probably remain patient, only raising shortterm rates slowly throughout 2018.

Despite these positive signs, there’s also reason for caution.

Political uncertainty and changes in economic policies may lead to increased market volatility. Another factor is the long-term history of the stock market, which includes a drop of 10 percent or more — technically called a “correction” — about once a year.

We’ve gone two years since the last correction, so it would not be surprising if we saw one in 2018.

Given this outlook — which could be

classified as “moderately optimistic” — what investment moves should you consider this year? Here are a few suggestions: ■ Rebalance your portfolio: The market’s gains may have increased the value of your stocks so much that they now represent a greater percentage of your portfolio than you had intended — and you may not be comfortable with this increased presence.

So, you may want to rebalance your portfolio to achieve a suitable mix of stocks and bonds, based on your goals, risk tolerance and time horizon. As part of this rebalancing, and in an effort to help reduce the impact of market volatility, you may need to add investment-grade bonds and cash investments.

(Of course, bonds carry some risks, too, including interest rate risk and credit risk.)

The availability of cash will also make it easier for you to purchase stocks during a market downturn, when prices may be lower.

■ Look beyond U.S. borders: You may want to consider adding some international equity investments to your portfolio, if appropriate. As mentioned above, these stocks may do better than U.S. stocks in 2018, but regardless of performance, the presence of global stocks can

Law Firm To Work Remotely From City Movers

FROM PAGE 2

Burden Joins Richmond-Based Law Firm GreeneHurlocker HARRISONBURG — Jared Burden, who’s been in private practice in Harrisonburg since 2015, will become a partner in the Richmond-based law firm GreeneHurlocker and operate locally as the firm’s Shenandoah Valley office from space at The Hub Coworking, 128 W. Bruce St. The local office will be the first outside Richmond for GreeneHurlocker, which is a business and regulatory firm that’s developed expertise in renewable energy businesses, according to Burden.

The firm will retain OPENgc, the legal services format Burden launched in 2016 that provides business clients

access to legal advice for a flat monthly fee, and expand the offering across Virginia.

— Vic Bradshaw

Lohr Named To Farm Service Agency Virginia Committee HARRISONBURG — Broadway’s Matt Lohr is one of five men appointed by U.S. Secretary of Agriculture Sonny Perdue to the Farm Service Agency State Committee, the department recently announced.

FSA state committees are charged with implementing the agency’s farm programs. They also hear appeals and complaints related to FSA decisions.

Lois Alt of Hardy County was appointed to West Virginia’s five-

Financial Focus Kathy Armentrout

help diversify your portfolio — and diversification can help decrease your overall risk level. (However, diversification can’t guarantee profits or protect against all losses.)

Keep in mind that international investing carries some inherent risks, such as those related to currency fluctuations and foreign political and economic events.

■ Be aware of “big” versus “little:” If you don’t own many stocks of smaller companies, you might consider adding them to your portfolio. Smaller U.S. stocks have traditionally outperformed larger ones and may benefit from stronger economic growth and lower corporate tax rates.

Be aware, though that small compa-

ny stocks tend to be more volatile than those of larger companies. And, as with all stock investments, you may risk losing some or all of your principal.

You may want to consult with a financial professional to determine which of these moves, or any others, are right for you.

You can’t control the external factors affecting the financial markets, but you can take total charge of your own investment decisions — and in the long run, these decisions can help determine your success as an investor.

person committee.

School of Law, he started as an artillery officer with the Marine Corps Security Forces before becoming a Marine lawyer.

Brostek spent 13 years as a Marine judge advocate with a focus on criminal law. He served in Afghanistan, working in the areas of operational law and detention operations.

WAW, a full-service law firm, has offices in Harrisonburg and Staunton.

— Vic Bradshaw

Brostek Named Partner At Wharton Aldhizer & Weaver HARRISONBURG — Derek J. Brostek has been elected as a partner at Wharton Aldhizer & Weaver.

Brostek, who joined the law firm after retiring as a lieutenant colonel in the U.S. Marine Corps, became a partner as of Jan. 1, according to a news release. He’ll focus on civil, business Brostek and insurance issues for clients.

A graduate of the William & Mary

This article was written by Edward Jones for use

by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff. Ave., Suite 100, Harrisonburg; 540-574-1013.

— Vic Bradshaw

Trissel Elected As Representative On FSA County Committee HARRISONBURG — Dennis Trissel of Rockingham County has been elected to represent Local Administrative Area 2 in voting for representation on the Rockingham-Page County U.S. See MOVERS, Page 14

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

Rosetta Stone Founded In Harrisonburg Scene

FROM PAGE 2

Rosetta Stone Claims Two Tabby Awards For Applications HARRISONBURG — Language learning company Rosetta Stone Inc. (NYSE: RST) recently received two awards for its mobile applications.

The Tabby Awards, a global competition for tablet-optimized apps and games, recently presented 2017 honors in the education category to the Arlington-based company for best iOS phone app and best Android phone app.

Rosetta Stone was founded in Harrisonburg and maintains a significant workforce here.

— Vic Bradshaw

Professional Development Conference Set For BRCC HARRISONBURG — The Greater Augusta Regional Chamber of Commerce

is hosting the UP Conference from 8 a.m. to 2:30 p.m. Feb. 15 at Blue Ridge Community College.

The conference is designed as a professional development opportunity for those interested in expanding their skills.

Justin Patton, a Fortune 500 executive leadership coach and international speaker, will challenge professional leaders to think about how they lead and communicate. Allen Smith, president and CEO of the Spartanburg, S.C., Area Chamber of Commerce, will discuss regional collaboration during a lunch address.

John Downey, president of Blue Ridge Community College, and Carrie Chenery, executive director of the Shenandoah Valley Partnership, will discuss talent recruitment and retention during a breakout session. Other breakout topics are business growth strategies and effective messaging.

Registration for the conference is $85 for GARCC members and $150 for nonmembers. The registration fee in-

Harrisonburg, Va.

cludes breakfast and lunch.

Visit augustava.com to register.

— Vic Bradshaw

Union Bankshares Profits Dip Under Merger Costs For 4Q

HARRISONBURG — Scott Rogers, a commercial real estate agent with Funkhouser Real Estate Group, has launched a new website to provide homebuyers and sellers information about the real estate market down to the neighborhood level.

At HarrisonburgNeighborhoods.com, Rogers provides data on the housing market in 34 neighborhoods in or just outside Harrisonburg. Annual home sales, home price and size trends, current listings, and sales completed in the last year (with an option for three years of sales data) are provided for each neighborhood.

The website includes aerial views of each neighborhood, a map showing where they are, and photos of homes for sale and recently sold. Those interested also can sign up to receive notifications about new listings and home sales.

HARRISONBURG — Union Bankshares Corp. (NASDAQ: UBSH), the parent company of Union Bank & Trust, reported lower earnings for the fourth quarter and fiscal year 2017 on Jan. 18 as merger-related costs weighed on its overall financial performance.

The company, headquartered in Richmond, reported earnings of $15.2 million, or 35 cents per share, for the quarter that ended Dec. 31. Those profits were down from the $20.8 million, or 48 cents per share, Union earned over the final three months of 2016.

However, net operating earnings for the quarter, which exclude merger-related costs and a nonrecurring tax expenses, were $22.8 million, or 52 cents per share.

That was up from $20.8 million, or 48 cents a share, during the final quarter last year.

In 2017, Union netted $72.9 million, or $1.67 per share. Those metrics were below the $77.5 million, or $1.77 per share, the company posted in 2016.

— Vic Bradshaw

See SCENE, Page 5

New Website Provides Home Sales Data To Buyers, Sellers

Get on the right financial path in 2018 When it comes to your financial future, it’s important to plan for the journey. Everence® can help you create a financial plan that matches your faith and values.

Visit everence.com/financial-planning or call (540) 437-7468.

841 Mount Clinton Pike, Ste. A Harrisonburg, VA 22802 Banking | Investing | Retirement | Financial Planning | Insurance | Charitable Giving Securities offered through ProEquities Inc., a registered broker-dealer, member FINRA and SIPC. Advisory Services offered through Everence Trust Company, a Registered Investment Advisor. Investments are not NCUA or otherwise federally insured, may involve loss of principal and have no credit union guarantee. Everence entities are independent from ProEquities Inc. Everence offers credit union services that are federally insured by NCUA. All products are not available in all states.

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

5

Life Happens: Prepare For Market Changes

W

e’ve been on an amazing ride since the markets bottomed out from the Great Recession that ended in 2009. Globally, the economy has been improving and in the U.S., it has been doing very well, which is clearly being reflected in general market valuations.

In addition, inflation has remained modest with consumer confidence and spending being very strong. So why is everyone asking when the next crash is going to happen?

First, it’s great to see a healthy level of skepticism and fear. Whether it’s gold, oil, dot com stocks, real estate, or Beanie Babies, any asset can easily become overvalued to way overvalued.

As humans, we often put greater value on recent events. If the market stinks or is great, we are likely think that it will stay that way. This is why you need to be extremely wary, especially at the extremes.

Warren Buffet says, “Be fearful when people are greedy and greedy when people are fearful.”

My advice? First, don’t get sucked in.

With the Dow up 25 percent this past year, many people are going to catch the

easy money fever. Some will start to move their designated “Safe Money” into the market. Some people will even leverage themselves to chase returns.

As long as the market is going up what’s the harm, right?

I’m hearing a lot of chatter right now about the wild speculation taking place in Bitcoin and other cryptocurrencies. Understand the difference between investing and gambling.

So, what does this mean we should do?

First, you don’t have to do anything! For long-term money that is well balanced and age appropriate, you might just want to leave it alone like, hopefully, you did during the Great Recession. Studies show that this is often the best strategy.

For those of you who may need access to a portion of your funds within the next few years, or you might be retiring soon, there may be some benefit in “de-risking” certain accounts or even building up additional safe money. You might even decide to take advantage of the gains and pay off debt or make a special charitable gift.

This is a wonderful time to take a 30,000-foot view of your current planning.

Look hard look at your tax exposure in

Market Prep Stephan Hess

light of the new tax laws.

With the markets being up, do you want to make any adjustments to your estate planning or insurance coverage? Should you consider alternative Social Security or pension strategies? Is now the time to do something different with your debt or emergency accounts?

By being proactive there may be some opportunities worth considering. When the market eventually corrects or the economy moves into a recession it will be too

late to do this.

Market corrections and recessions are normal events just like big winter snowstorms. They’re inconvenient for sure, but if you prepare properly ahead of time and don’t make any rash or emotional decisions, eventually everything clears up.

Life happens, be ready!

Stephan Hess is a certified financial planner at Hess Financial, 380 E. Market St., Harrisonburg; 540-246-0122; www.Hess-Financial.com.

Union: Quarterly Dividend 21 Cents Scene

FROM PAGE 4

On Jan. 1, Union acquired Richmond-based Xenith Bankshares Inc. Union also announced that it has declared a quarterly dividend of 21 cents per share. The dividend is payable on Feb. 20 to shareholders of record as of

Feb. 6.

The company operates 150 Union Bank & Trust or Xenith branches in Virginia, Maryland and North Carolina, including two Union locations in Harrisonburg and one in Grottoes.

— Vic Bradshaw

Is Pleased to Announce the Addition of Three New Shareholders

Brian A. Craddock Brian concentrates his practice on business transactions, advising business clients at all stages and specifically focusing on entity formation; mergers, acquisitions and divestitures; regulatory compliance; and drafting and negotiating commercial contracts. He has significant experience advising clients in heavily-regulated industries, including beverage, clinical trials, healthcare and government subcontracting.

Seth J. Ragosta for Small Business Owners Na onally renowned marke ng expert, Jon Schallert, will help you reinvent your business to become a consumer des na on, both on-line and in-store.

Feb. 27, 2018 ❘ 8:00 am - 3:30 pm Register Now at www.downtownharrisonburg.org/bricks-clicks

Seth focuses his practice on family law and commercial litigation, including litigating general business disputes, employment claims, real property issues and criminal concerns. His work in family law includes all issues related to separation or divorce matters, in particular those dealing with the division of assets and spousal support.

Andrew B. Stockment Andrew focuses his practice on intellectual property and technology, cybersecurity and data privacy, and corporate and business law. He guides clients through the formation, operation, purchase, finance, and sale of businesses and the development, protection, and licensing of their IP and technology assets.

Lenhart Pettit is proud of these attorneys who have demonstrated excellence in serving our clients and our community. &KDUORWWHVYLOOH 2ႈFH 530 East Main Street Charlottesville, VA 22902 434.979.1400

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+DUULVRQEXUJ 2ႈFH 90 North Main Street, Suite 201 Harrisonburg, VA 22802 540.437.3100

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Tuesday, January 30, 2018

ner W in

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Relax. Enjoy. Live.

VOTED #1 - Best Retirement Community in the Shenandoah Valley

10 GREAT REASONS TO CHOOSE SUNNYSIDE – A Life Plan Community!

• Dynamic and active senior living lifestyle • Thoughtfully designed homes and floor plans with breathtaking views • Innovative and award-winning wellness programs • A “Best of Virginia” winner the last six years • Life-long learning with surrounding universities • More than 2,000 activities planned each year, including international travel

• Unique dining experiences through Executive Chef creations • Highly trained and tenured staff • Newly constructed Bistro opening in the Spring with indoor/outdoor dining looking over the mountains • Maintenance-free living

3935 Sunnyside Drive ~ Harrisonburg, VA 22801

540.568.8411 ~ 800.237.2257 www.sunnysidecommunities.com

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

7

Farmers & Merchants Bank Tops Deposits

By VIC BRADSHAW Daily News-Record

HARRISONBURG — After nipping at their heels for six years, a small local bank has unseated large regional and national financial institutions to claim the top spot in deposit share in the Harrisonburg-Rockingham County market.

The Federal Deposit Insurance Corp.’s most recent data show that Farmers & Merchants Bank topped all banks in the metropolitan statistical area for deposits held for the first time. Farmers & Merchants is a subsidiary of Timberville-based F&M Corp., the only publicly traded company headquartered in the city or county.

As of June 30, Farmers & Merchants held $416.5 million in deposits for customers in its seven Rockingham branches, or 18.78 percent of the total market. That represented an $18.67 million increase over the previous year.

Farmers & Merchants has been within 1 percentage point of the top spot every year since 2011. It trailed Wells Fargo Bank, then the market leader, by only 0.02 percent in 2014 and 0.01 percent in 2015.

Dean Withers, F&M’s CEO, said that he wasn’t aware that the bank had reached the top spot in the market, but he considers it an important achievement.

“It’s something we’ve always tried to strive for if for no other reason than we’re competitive, and we’re a smaller community bank taking over from the large regionals,” he said.

“We’ve been the market leader in Rockingham County forever,” added Neil Hayslett, F&M’s executive vice president and chief administrative officer.

“Actually overtaking [the large banks] in the entire MSA is important for some of our publicity, especially as we talk to shareholders and investors.”

ABOVE: Tracey Runion (right) of Mathias works with Farmers & Merchants Bank teller Mary Turney at the Legacy Lane branch south of the city. The Federal Deposit Insurance Corp.’s most recent data show F&M topped all banks in the metropolitan area for deposits.

LEFT: Farmers & Merchants Bank teller Betty Bryant works the drive-thru.

Big Gainers BB&T, which jumped to No. 1 in 2016 from No. 3 the previous year, dropped to second last year with $407.4 million held for local customers. The Charlotte, N.C., bank’s total deposits were down $4 million year-over-year, and its market share dipped slightly to 18.37 percent.

Wells Fargo stayed very close to the top, adding $367,000 in deposits in a year to claim the No. 3 position with 17.82 percent of the market.

United Bank remained in the fourth position in the rankings, with Union Bank & Trust rising a spot to make the top five.

The year was a good one locally, with total deposits rising by $64.5 million, or 3 percent, to more than $2.2 billion.

First Bank & Trust posted the greatest increase, with its deposits growing $19 million, or 39.6 percent, to $66.9 million.

The rise helped the bank leap two spots to No. 8 in the market rankings.

Photos by Stephen Swofford / DN-R

Other big gainers were Union Bank & Trust — which recorded a $9 million, or 7 percent, rise in deposits held to $137.2 million — and Pendleton Community Bank, which saw its deposits jump by $7.4 million, or 22.6 percent, to $40 million in part because it opened a branch in downtown Harrisonburg.

Climbing To The Top As for how Farmers & Merchants managed to overtake a major regional bank in BB&T, which has $163 billion in total deposits in all of its branches, See DEPOSITS, Page 11

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Tuesday, January 30, 2018

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

A Holistic Approach To Wellness Retirement Communities Strive To Keep Residents Healthy

By RYAN CORNELL

mensions developed by the International Council on Active Aging: social, spiritual, environmental, vocational, emotional and MASSANETTA SPRINGS — It’s 11:30 intellectual. a.m. on a Thursday and the fitness center Shaffer said Sunnyside strives to fulat Sunnyside Retirement Community is fill at least two of the seven dimensions bustling with activity. whenever they develop any new wellness A group of four residents, as part of the programs. morning’s strength, stretch and balance “They set the gold standard for the inclass, lifts weights at their sides and fol- dustry,” she said, referring to the council’s lows the movements of an instructor at model. the front of the studio. Outside the room, Other area retirement communities another set of residents man the workout also are taking a more holistic approach to machines, contributing a steady whirring wellness. that can be heard from the hallway.

At Bridgewater Retirement CommuThe only thing that seems to not be in nity, Sarah Hagan, vice president of indemotion is the surface of the pool, which pendent living, describes the shift as one closed just a half-hour ago. toward “whole person wellness.”

Were it not for the average age of the “We really look at the whole person, not retirees using the exercise equipment, one just the physical aspect of wellness or the might mistake the space for a typical gym eating healthy piece of wellness,” she said, caught up in the New Year’s resolution “but spiritual, emotional, financial, intelrush. lectual, psychological.”

The reason for the rush: about 70 Or more simply put, residents are percent of the residents at Sun“doing more than the three Bs,” nyside use the wellness censhe said. ter regularly, according to In addition to those We really look at Wellness Director Annie things — that is, bingo, Shaffer. That figure, birthday parties and the whole person, she said, is about 50 Bible study — Hagan not just the physical aspect of percent higher than said residents are takwellness. for the average popuing trips to the beach lation. and the nation’s capShaffer pauses her Sarah Hagan, ital, they’re setting tour of the facility to and achieving wellness Bridgewater Retirement point out the spots on goals and they’re makCommunity the walls where new paint ing connections with other has been laid down. residents and members in “This wellness center is gothe community. ing to have a complete face-lift soon,” “We have so much more that we said Shaffer, who joked that she treats the can offer and our residents have so much facility more like her own home. more they can offer,” she said. “They are As part of the remodel, she said, every- truly living life.” thing from the flooring, locker rooms, showHagan said the retirement communiers and sinks will be “completely redone.” ty partnered with a technology platform, The renovation is a much-needed one Wellzesta, near the end of last year and for the facility, which opened in 1998, back is beginning to roll it out to residents. when “people did not have designated fit- The platform allows residents to connect ness centers within retirement communi- with each other and with the community ties,” Shaffer said. through an iPad app.

Since then, she said, retirement comShe compared it to a social network like munities have evolved to become less like Facebook. medical centers and more like resorts. And “It allows them to check in daily and along with that change, the meaning of rate how they’re feeling for the day, and wellness has grown to encompass not only physical health, but also the six other diSee WELLNESS, Page 9 Daily News-Record

Nikki Fox / DN-R

Bridgewater Retirement Community resident Vera Kuhn, 82, takes a Tai Chi class offered at the community’s wellness center.

“

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Harrisonburg, Va.

Tuesday, January 30, 2018

9

Sunnyside Retirement Community Prides Itself In Sprawling Walking Trails deeply in developing its outdoor trail system, Executive Director Josh Lyons said.

“We want to create a whole campus of then that is their communication tool, activity calendar and wellness calendar,” Hagan outdoor walking opportunities that are unique and different,” he said. said. “There are menus for our cafe and Those trails will eventually conmain dining room, capability to order nect to the community’s next big their food and they can FaceTime.” project: a proposed roughly The other day, she said, a 14,000-square-foot wellnursing home resident used ness clubhouse posithe FaceTime program to That’s wellness to tioned near the center video chat with two indeus. It’s about people of campus. pendent living residents The clubhouse, still while they enjoyed a cup and relationships. early in its planning of coffee. stages, would include “That’s wellness to Sarah Hagan, an indoor pool, fitness us,” she said. “It’s about Bridgewater Retirement studio, cyber cafe, inpeople and relationships.”

Community door track, arts and craft Sunnyside also is doing space and strength and its part to foster connections cardio equipment. Lyons said between residents and the comgroundbreaking on the building munity — by building literal concould occur as soon as late 2019. nections across its 150-acre campus.

“We don’t want it to be just a fitness cenThe community already prides itself on the miles of sprawling trails that extend ter where people come and work out and Nikki Fox / DN-R over hills, weave through woods and connect leave,” Shaffer said. “We want it to be really with the paved paths acquired from Lakev- more of a clubhouse where they come and do Charles Scott, 74, works out on a treadmill at Sunnyside Retirement Community. About 70 percent of the residents at Sunnyside use the wellness center regularly, according to Wellness Director iew Golf Course southeast of Harrisonburg.

See WELLNESS, Page 10 Annie Shaffer. That figure, she said, is about 50 percent higher than for the average population.

Sunnyside is looking to invest even more

Wellness

FROM PAGE 8

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

Harrisonburg, Va.

Community Building Wellness Center With Fitness Classroom, Beauty Salon come tobacco-free on March 1. “[It’s] to promote healthy lifestyles among a variety of things that nurture their well- staff and residents and we feel the time has come to make changes similar to what’s been ness.� done in the health care industry and society,�

Bridgewater Retirement Communihe said. ty is in the midst of its own massive Starting Oct. 1, residents, project. staff and visitors to BRC Hagan said a $34 million will no longer be allowed project, now under construc[W]e feel the time has to smoke or use tobacco tion, will not only add products on the camnew apartments and a come to make changes pus, Hagan said. community center for similar to what’s been Although “less independent living resdone in the health care than a handful� of idents, but also a wellresidents would be ness center with a fitindustry and society. affected by the camness classroom, beauty „ Josh Lyons, executive puswide ban, she said, salon, expanded living director, Sunnyside the change is part of room community space the community’s mission Retirement Community and library and bistro. to help them live the best She said the facility, lives they can. which would spring up along “Wellness is no longer a center Virginia Avenue and beside Maple Terrace, is expected to be completed in the or a building or a program,� she said. “Wellness is a way of life. It is a culture, it’s relafall of 2019.

Another change coming to both campus- tionships, it’s connection.� es: starting this year, tobacco use will become Contact Ryan Cornell at 574-6283 a thing of the past. or rcornell@dnronline.com Lyons said Sunnyside will officially be-

Wellness

FROM PAGE 9

“

GET FIT! STAY FIT at the VMRC Wellness Center

Nikki Fox / DN-R

Nancy Mandeville, wellness center coordinator at Bridgewater Retirement Community, teaches a Tai Chi class for residents. “Wellness is no longer a center or a building or a program,� said Sarah Hagan, vice president of independent living at Bridgewater Retirement Community. “Wellness is a way of life. It is a culture, it’s relationships, it’s connection.�

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

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‘Word-Of-Mouth And Friends And Family Referrals Is Where You Gain Customers’ Deposits

FROM PAGE 7

and Wells Fargo, which holds more than $1.2 trillion for customers across America, Hayslett said the local bank has been asking customers for referrals for the last three years.

Its growth in the Staunton-Augusta County market and construction of a highly visible branch on Stone Spring Road in Rockingham County also are increasing the bank’s regional profile, he said.

“We like to think that once we have customers that they’re well taken care of,” Withers said. “It’s about customer service.

“You can advertise all over the place, but word-of-mouth and friends and family referrals is where you gain customers.”

Hayslett noted that each of the bank’s Harrisonburg-Rockingham branches posted deposit growth from 2016 to 2017.

Since the ranking date, F&M has closed its only branch in the city, which was on Port Republic Road in front of the Port Crossing Shopping Center, following

the opening of the Stone Spring location.

But that branch and the one at Spotswood Trail (U.S. 33) and Cross Keys Road (Va. 276) are just outside the city, and Withers said they’re drawing money from Harrisonburg residents and businesses.

Farmers & Merchants operates its own secure courier service to pick up deposits from business clients within its footprint, he noted, and it also has automated teller machines in some city Food Lion and Rite-Aid locations and in the East Market Street Target store.

While the Staunton-Augusta market, which F&M entered in recent years, likely will be its main growth area for the near future, Withers said the bank will continue seeking opportunities in Harrisonburg and Rockingham.

“We haven’t really backed off that,” he said.

“Obviously, that’s a more mature Daniel Lin / DN-R market for us. We’re going to do all we Chris Russell of Harrisonburg talks with Farmers & Merchants Bank teller Mary Turner at the Legacy Lane can to grow in both markets.” branch. Farmers & Merchants has claimed the top spot in deposit share in the Harrisonburg-Rockingham County market. First Bank & Trust posted the greatest increase among area banks in deposits, growing Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com $19 million, or 39.6 percent, to $66.9 million, according to the FDIC’s most recent data.

12

Tuesday, January 30, 2018

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

2018 Roll of Honor

The Daily News-Record wishes to recognize the many businesses, industries, churches and organizations that have played a vital part in the economic growth and prosperity of our beautiful Shenandoah Valley Area.

★ ★ Support Your Local Businesses ★ ★

138

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Charlottesville | Harrisonburg | Luray McGaheysville | Shenandoah

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Stephen Swofford / DN-R

Construction on an Aldi supermarket continues on Country Club Road in Harrisonburg.

828-2550

33

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32

YEARS

Commercial Real Estate Sees Good Year In 2017

By VIC BRADSHAW

ry for you,” he said. “What’s left in the marketplace might not be the optimum spaces.

HARRISONBURG — The splashes “The best stuff is pretty much gone. weren’t huge, for the most part, and the In 2018, it’s going to be hard to meet amount of ground broken was not un- the demand.” common.

Mike Hendricksen, chief operating Still, local commerofficer of Matchbox Recial real estate agents alty, agreed that a lot of say 2017 was a good space was taken off the The best stuff year for the industry. market. is pretty much “There was a lot “It was a pretty good gone. In 2018, more activity, a lot more year in terms of volmovement,” David Lee it’s going to be ume, filling up space,” of Lee & Associates said. he said. “We had activihard to meet “There was a much more ty in places where there the demand. positive outlook in the wasn’t activity before, economy.” especially in some shop David Lee, A considerable amount ping centers where there of inventory was abLee & Associates wasn’t activity before.” sorbed during the year, Tim Reamer, who he added, and he exworks with national repects rental rates and tailers for Cottonwood commercial property values to begin Commercial, said the year yielded a declimbing in 2018 as a result. velopment that could bode well for the If you didn’t get into the space you Harrisonburg market. Some big-box rewanted in 2017, Lee cautioned, it’s go- tailers, such as Target, began opening ing to be more difficult this year. in much smaller footprints, locations he “If you have specific space requireSee GOOD, Page 13 ments, there just might not be inventoDaily News-Record

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Tuesday, January 30, 2018

13

Area Saw Multiple Openings, Groundbreakings, Announcements In 2017 Good

FROM PAGE 12

economics work a little bit more.”

Considerable Activity termed “junior” stores.

The area did have multiple opening, The development means some retailers that haven’t viewed the region groundbreaking and announcement as capable of supporting a full-sized highlights in 2017.

The long-awaited store have an option Olive Garden opened that could make the Developments on on redeveloped land market feasible, while at East Market Street those with existing the east side of the and Burgess Road, and full stores could add a city, for example, Moe’s Southwest Grill smaller location to exmay be in a position started serving in the pand their presence. to capture retailers Stone Port Retail Park.

“That, for a marAldi broke ground ket like Harrisonburg, in the form of a for its grocery store presents some pretty second location or that will open this year significant opportunew location. at the corner of East nities,” Reamer said.

Market and Country “Certainty, there will Club Road, and it was be an opportunity to Tim Reamer, announced that the retrofit some existing Cottonwood Commercial Long John Silver’s and space.

Mattress Warehouse “Developments on will be demolished in the east side of the city, for example, may be in a position to the future so new shopping space can be Stephen Swofford / DN-R capture retailers in the form of a sec- built on East Market Street. The outCrews work on steel beams erected during construction of a future Aldi on Country Club Road in ond location or new location that has a smaller footprint and can make those See GOOD, Page 15 Harrisonburg. Aldi broke ground for its grocery store in 2017 and is expected to open this year.

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, January 30, 2018

Committee Members Help Shape FSA Policy, Procedure Movers

FROM PAGE 3

Department of Agriculture’s Farm Service Agency County Committee, according to a news release.

Allen Shank of Bridgewater will serve as first alternate for LAA 2.

The men serve in the roles for threeyear terms.

County committee members help shape FSA office policies and procedures to ensure that they meet the needs of local producers. Each member is elected by other farmers.

— Vic Bradshaw

Post Named BC’s VP Of Enrollment Management HARRISONBURG — Bridgewater College has selected Michael Post as its next vice president of enrollment management following a national search.

He’ll begin work in the position July 1.

Post, according to a news release, has almost 10 years of enrollment-management experience.

He’s the current vice president of enrollment management Post at Mount St. Mary’s University in Emmitsburg, Md., where he’s recruited the six-largest freshman classes in school history.

He previously worked in residence life at University of Maryland Baltimore County and at Shippensburg (Pa.) University.

Post earned a bachelor’s degree in psychology from Mount St. Mary’s and a master’s degree in counseling from Shippensburg.

— Vic Bradshaw

Classified Ads Get Results — Call 574-6210

Harrisonburg, Va.

Local Ledger Central Valley Area Home Sales Median Price Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec. 2017

Dec. 2016

Pct. Change

$177,000 $210,000 $184,900 $191,750 $205,000 $165,000 $154,900

$167,000 $202,500 $162,300 $190,000 $199,000 $142,500 $149,000

5.99% 3.70% 13.92% 0.92% 3.02% 15.79% 3.96%

Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec. 2017

Dec. 2016

Pct. Change

23 40 104 232 40 33 49

35 62 156 290 46 49 75

-34.29% -35.48% -33.33% -20.00% -13.04% -32.65% -34.67%

Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Dec. 2017

Dec. 2016

Pct. Change

419 835 53 12 70 31 22

441 872 45 16 63 34 24

-4.99% -4.24% 17.78% -25.00% 11.11% -8.82% -8.33%

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

Retail Sales (in millions) Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Nov. 2017

$113.5 $58.4 $40 $15.9 $47.7 $32.5 $46.5

Source: Weldon Cooper Center for Economic and Policy Studies

Unemployment Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Nov. 2017

Oct. 2017

Nov. 2016

4.3% 3.1% 3.5% 4.6% 3.2% 3.4% 3.9%

3.9% 3.0% 3.4% 4.2% 3.2% 3.4% 4.1%

4.0% 3.1% 3.4% 5.0% 3.5% 3.7% 3.9%

Source: Virginia Employment Commission

Labor Force Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

Nov. 2017

Oct. 2017

Nov. 2016

25,155 41,420 20,674 11,553 37,323 12,182 10,359

25,192 41,653 20,827 11,696 37,441 12,209 10,402

24,631 40,859 20,758 11,461 37,021 12,049 10,214

Source: Virginia Employment Commission

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Tuesday, January 30, 2018

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Lee: Online Shopping Could Reshape Look Of Retail Five Years From Now Good

FROM PAGE 13

parcel in the Gabe’s and Hobby Lobby parking lot on East Market will be the home of an AutoZone soon.

Convenience store titan Bill Holtzman bought land to build on at the intersection of Spotswood Trail and Stone Spring Road, becoming the first known user of the commercial land available at Preston Lake.

Multifamily rooftops continued to rise east of the city. Student-housing complex The Retreat opened on Reservoir Street, The Reserve at Stone Port continued to build out its 408 apartments at Stone Port, and a 144unit apartment complex was announced for Preston Lake to go with the single-family housing under construction there.

Hendricksen called the apartments coming to Preston Lake

Classifieds get results call

574-6210

“significant” when added to the other housing rising there.

“That’s going to keep pulling that retail a little farther out,” he said, “where right now everyone wants it between Interstate 81 and Evelyn Byrd Avenue.”

Downtown’s key project was Matchbox’s Keezell building, which opened for residential tenants in the late summer and later turned over space to three commercial tenants.

‘Hybrid’ Shopping While retailers scooped up space in 2017, Lee said online shopping could reshape what retail looks like five years from now.

For the big boxes, the “junior” store model Reamer referenced might be the answer. More and more stores allow customers to order items online that are not available locally and pick them

up at their area store, with no delivery charge, creating what he called an online and brick-andmortar shopping “hybrid.”

Online shopping, Lee said, presents new opportunities for entrepreneurs, who he expects to dominate the next decade.

From just about anywhere, he said, they can sell to customers around the world by building an effective online presence and cost-effectively shipping items that weigh less than 50 pounds.

That opens opportunities to launch money-making enterprises in small towns or from their homes, whether they be in the city or on a farm.

“What does that do for small retail and small entrepreneurs?” he asked. “That means if you have a great idea, you can be anywhere in the world and you can service your customer, to a point.”

East Market Street has ruled with major retailers for years, but Reamer said he’s seeing that start to change. Mixed-use development such as Stone Port and Preston Lake east of the city are creating options near where a growing number of people live that some companies are starting to embrace.

“We’re seeing the appeal of the market broaden a bit beyond East Market Street,” he said, “which is a really positive thing.

We saw that in 2017, and I expect we’ll continue to see it with more vigor in 2018.”

A commercial real estate agent since 2010, Reamer said he can’t recall a year that’s started with as much activity from national retailers in the first three weeks than 2018.

Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

“

We’re seeing the appeal of the market broaden a bit beyond East Market Street, which is a really positive thing.

We saw that in 2017, and I expect we’ll continue to see it with more vigor in 2018.

Time Reamer,

Cottonwood Commercial

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