Shenandoah Valley Business Journal by Daily News-Record

Volume 19, No. 7, MAY 30, 2018

WHATâ&#x20AC;&#x2122;S TRENDING IN REAL ESTATE? REALTORS TALK POPULAR STYLES PAGE 8

BUSINESS JOURNAL

Wednesday, May 30, 2018

Harrisonburg, Va.

Inside This Issue Focus Section: Real Estate Trends The Shenandoah Valley Business Journal is a monthly publication of the Daily News-Record, 231 S. Liberty St., Harrisonburg, VA 22801.

■ Local Realtors Discuss Market Trends....................Page 8

Other Business News

Editorial Staff

■ Immigrants Add To Area GDP.............................Page 4 ■ ‘Food Dollar’ Keeps Falling..................................Page 7

Editor and General Manager: Craig A. Bartoldson

■ Local Ledger................................................... Page14 ■ Packing Plant On North Main Sells.................... Page15

Managing Editor: Jerry Blair

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803 By email: svbjnews@dnronline.com By fax: 433-9112

Columns

Staff / Contributing Writers: Vic Bradshaw, Ryan Cornell

■ Financial Focus with Kathy Armentrout..........Page 3

By phone: 574-6281 (news) 574-6229 (ads)

Contributing Photographers: Daniel Lin

Drueen To Lead BRC HR

BRB Boost Mortgage Segment

Bank Of The James Ups Earnings

HARRISONBURG — Michael Drueen joined Bridgewater Retirement Community as its vice president of human resources, according to a news release. Drueen most recently worked for the American Enterprise Institute in Washington, D.C., Drueen where he was the organization’s executive director of human resources and administration. Bridgewater Retirement Community provides all levels of care for seniors.

HARRISONBURG — Jeff Smith has joined Blue Ridge Bank as executive vice president of its mortgage division. A Harrisonburg resident, Smith has more than 30 years of commercial and mortgage lending experience, according to a news release. He most recently was senior vice president and market executive with First Bank and previously was a vice Smith president at United Bank in Harrisonburg. He earned a bachelor’s degree in

— Vic Bradshaw

See MOVERS, Page 5

HARRISONBURG — Bank of the James Financial Group (NASDAQ: BOTJ), the parent company of Bank of the James, announced solid first-quarter earnings April 20. The Lynchburg-based company recorded net income of $1.12 million, or 26 cents per diluted share, in the first three months of the year. That was up 48 percent over the $760,000, or 17 cents a share, it netted in the first quarter of 2017. Its net interest income before allowances for loan losses grew 10 percent year-overyear to $5.33 million. Increases in commercial and industrial loans and commercial real estate lending helped boost interest income from earning assets by 12 percent in the quarter. The company’s board of directors approved a dividend of 6 cents a share pay-

able on June 22 to shareholders of record on June 8. Bank of the James has 13 branches in central and western Virginia, including one in Harrisonburg. It also provides mortgage, investment and insurance services through subsidiaries. — Vic Bradshaw

First National Earnings Leap HARRISONBURG — First National Corp. (OTC: FXNC) posted a strong first quarter, according to financial results reported April 18, boosting its net income 74 percent when compared to the same period last year. The Strasburg-based parent company of First Bank netted $2.7 million, or 54 cents per share, in the first three months of 2017. That easily topped the $1.5 million, or 31 See SCENE, Page 3

Harrisonburg, Va.

BUSINESS JOURNAL

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What Should You Look For In An Annual Financial Review? G

iven the complexities of the investment world, you might consider working with a financial professional to help you move toward your goals, such as a comfortable retirement. You’ll want to establish good communication with whomever you choose, and you should meet in person at least once a year to discuss your situation. At these annual reviews, you’ll want to cover a variety of topics, including these:

■ YOUR PORTFOLIO’S PROGRESS Obviously, you will want to discuss how well your investments are doing. Of course, you can follow their performance from month to month, or even day to day, by reviewing your investment statements and online information, but at your annual meeting, your financial professional can sum up the past year’s results, highlight areas that have done well or lagged, and show you how closely your portfolio is tracking the results you need to achieve your long-term goals.

■ YOUR INVESTMENT MIX Your mix of investments — stocks, bonds, government securities and so on — helps determine your success as an investor. But in looking at the vari-

ous investments in your portfolio, you’ll want to go beyond individual gains and losses to see if your overall mix is still appropriate for your needs. For example, is the ratio of stocks to bonds still suitable for your risk tolerance? Over time, and sometimes without you taking any action, this ratio can shift, as often happens when stocks appreciate so much that they now take up a larger percentage of your portfolio than you intended — with a correspondingly higher risk level. If these unexpected movements occur, your financial professional may recommend you rebalance your portfolio to align it more closely with your goals and risk tolerance.

■ CHANGES IN FAMILY SITUATION A lot can happen in a single year. You could have gotten married, divorced or remarried, added a child to your family or moved to a new, more expensive house — the list can go on and on. And some, if not all, of these moves could certainly involve your financial and investment pictures, so it’s important to discuss them with your financial professional.

■ CHANGES IN YOUR GOALS Since your last annual review, you

Financial Focus Kathy Armentrout

may have decided to change some of your long-term goals. Perhaps you no longer want to retire early, or you’ve ruled out that vacation home. In any case, these choices may well affect your investment strategies, so it’s wise to discuss them.

■ INVESTMENT ENVIRONMENT CHANGES Generally speaking, it’s a good idea to establish a long-term investment strategy based on your individual goals, risk tolerance and time horizon, and stick with this basic strategy regardless of the movements of the financial markets or changes in the economy. Still, this doesn’t mean you should never adjust your portfolio in response

to external forces. For instance, if interest rates were to rise steadily over a year’s time, you might want to consider some changes to your fixed-income investments, such as bonds, whose value will be affected by rising rates. In any case, it’s another thing to talk about during your annual review. These aren’t the only elements you may want to bring up in your yearly review with your financial professional — but they can prove to be quite helpful as you chart your course toward the future. 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.

Small Business Administration Offering Loans To Those Affected By Drought Scene

FROM PAGE 2

cents a share, profit it realized a year earlier. The increase was attributed mainly to large jumps in net interest income and noninterest income. Net interest income rose $555,000, or 9 percent, to $6.5 million. FNC’s loan portfolio grew by $23.3 million, or 5 percent, to $515.7 million. A $466,000 hike revenue from bankowned life insurance helped boost noninterest income to $2.6 million in the quarter from $1.9 million the prior year. First National operates 15 First Bank branches in the Shenandoah Valley and Central Virginia, including Elkton, Mount

Jackson, Woodstock and Strasburg, as well as a loan production office in Harrisonburg. It also owns and operates First Bank Wealth Management and First Bank Financial Services, which invests in entities that provide title insurance and investment services. — Vic Bradshaw

SBA Drought Loans Available HARRISONBURG — The U.S. Small Business Administration has federal economic injury disaster loans available to provide working capital to small busi-

nesses, small agricultural cooperatives, small aquaculture businesses and private nonprofits in the region of Virginia affected by drought conditions. Rockingham, Page and Shenandoah are among the counties where entities are eligible for the loans. Farm-related and nonfarm-related entities that experienced financial losses directly resulting from the drought can apply, but agricultural producers except aquaculture businesses and nurseries are excluded from the program. The SBA must receive loan applications by Nov. 29. Loans are available in amounts of up to $2 million with terms up to 30 years.

Private nonprofit organizations pay 2.5 percent interest, while small businesses pay 3.215 percent interest. The SBA determines eligibility and provides loans under its guidelines. Loan funds can be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the drought not occurred but are not meant to replace lost sales or profits. Visit disasterloan.sba.gov/ela to apply electronically. For more information or to be sent application forms, call the SBA’s customer service center at 800-659-2955 See SCENE, Page 5

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Harrisonburg, Va.

Report: Immigrants Add $780M To Area GDP By VIC BRADSHAW Daily News-Record

HARRISONBURG — Local immigrants earned $257.2 million and contributed $780.5 million, or 10 percent, of the region’s gross domestic product in 2016, according to a report on the economic impact of foreign-born workers released May 17. And after they’ve paid their state, local and federal taxes, they had $199.4 million left that was spent mostly in Harrisonburg and Rockingham County. Rich Andre, associate director of state and local initiatives for New American Economy, said local immigrants sent some of that money to family members or others outside the United States. Most of the money, though, was spent locally, paying for housing, food, transportation and other expenses. “When you look at that spending-power number,” he said via weblink, “you can assume that the majority of it is staying in the Harrisonburg MSA and fueling the local economy.” The findings were rolled out before a group of business, government and nonprofit officials at the James Madison University Festival Conference and Student Center. New American Economy is a bipartisan coalition of more than 500 business owners and U.S. mayors from all 50 states organized in 2010 to quantify the economic contributions immigrants make in America so the data could be used in discussing comprehensive immigration reform. Its co-founders are former New York Mayor Michael Bloomberg and News Corp. Chairman and CEO Rupert Murdoch.

Entrepreneurship Abounds The U.S. Census Bureau’s American Community Survey was a primary data source for the study. Though only accounting for 9.7 percent of the local population, foreign-born workers account for 12.1 percent of the working-age population and 12.5 percent of the employed labor force. In the science, technology, engineering and math fields, immigrants fill 9.9 percent of the jobs. Immigrants make up 22.1 percent of the manufacturing labor force, which includes food production; fill 17.6 percent of hospital-

Daniel Lin / DN-R

Osman Ahmed, owner of Roz Hi-Tech, works on a customer’s computer. Local immigrants earned $257.2 million and contributed $780.5 million, or 10 percent, of the region’s gross domestic product in 2016, according to a report on the economic impact of foreign-born workers released May 17. ity and recreation jobs; provide 17.5 percent of transportation labor; hold down 17.1 percent of professional services jobs; and compose 15.4 percent of the agricultural workforce. Maids and housekeepers (5.7 percent), packaging machine operators (4.6 percent), grounds maintenance workers (4.2 percent), cooks (3.8 percent) and truck drivers (3.6 percent) are the occupations that employ the most foreign-born workers. Though immigrants fill many lower-wage jobs, 1 in 10 is an entrepreneur. That’s higher than the 8.9 percent of self-employed U.S.born residents. That, Andre said, aligns with statewide data that shows that 40 percent of Virginia’s Fortune 500 companies were founded by immigrants or their children. “Part of the immigrant experience is inherently risk-taking,” he said. “These folks are moving from their home country and relocating to the United States, oftentimes with not a whole lot coming with them. “There’s a great narrative here that we’re

seeing backed up in the numbers here for Harrisonburg, of immigrants taking that risk again once they make it here and starting a new business.” Frank Tamberrino, president and CEO of the Harrisonburg-Rockingham Chamber of Commerce, a study partner, highlighted the level of entrepreneurship among immigrants. “That’s a fairly significant percentage of the population,” he said. “We could play off that. That may give us some ammunition to look at some other programs or see what they need from us to help out to make that number higher.”

Companies Want Diversity Between 2011 and 2016, the study found, the immigrant population grew from 7,274 to 12,599, according ACS data. If not for that influx of immigrants, the region’s total population would have shrunk by 0.9 percent instead of increasing by 3.3 percent. Andre said population growth is important to “economic development, job creation

and having a vibrant tax base.” Community diversity is something many employers seek. Peirce Macgill, Harrisonburg’s assistant director of economic development, said he’d spent the previous three days meeting with officials at New York and New Jersey companies. “Immigration and diversity was a big part of that conversation,” he said. “All of them were pleasantly surprised at the fact that we’re attracting an immigrant population.” The report found that more than 1 in 3 immigrants and refugees were naturalized U.S. citizens and about 1 in 6 potentially were eligible for citizenship. An estimated 43.3 percent had Temporary Protected Status, were Deferred Action for Childhood Arrivals recipients or were undocumented; different statuses such as those in the U.S. on student or work visas accounted for the remainder. Immigrants accounted for 5.8 percent of Harrisonburg and Rockingham County public school students in 2016, according to the study. That figure does not include children born in the U.S. whose parents are immigrants. Foreign-born residents were less likely to have a bachelor’s degree or higher (17 percent versus 29.4 percent of the U.S.-born population) or advanced degree (6.8 percent versus 12.3 percent). Data showed that immigrants paid $37.9 million in federal taxes and $19.8 million in state and local taxes, and they contributed $27.5 million to Social Security and $6.9 million to Medicare. Only 13.1 percent of local immigrants received Medicare or Medicaid, well below the 25.4 percent rate for those born in the U.S. Tamberrino said the study didn’t capture any data about foreign-born residents that earned degrees or credentials in their native countries that aren’t recognized here, and he said many of those people represent an underused asset in the local economy. “How can we help those people work at their full potential?” he asked. “They don’t show up in the numbers, but we know they’re there.” Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

Harrisonburg, Va.

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Union Bank In Process Of Integrating Operations Of Xenith Bankshares Inc. Scene

FROM PAGE 3

(800-877-8339 for the deaf and hard-ofhearing) or email disastercustomerservice@sba.gov. — Vic Bradshaw

Union Earnings Sag Under Merge HARRISONBURG — Union Bankshares Corp. (NASDAQ: UBSH) saw its earnings shrink in the first quarter due to merger-related expenses. The Richmond-based parent company of Union Bank & Trust reported April 24 that its net income was $16.6 million, or 25 cents a share, for the quarter that ended March 31. That compares to the $19.1 million, or 44 cents a share, it earned in the first quarter a year ago. Union is in the process of integrating the operations of Xenith Bankshares Inc. with its own and reported $22.2 million in after-tax costs related to the merger. Union acquired Xenith on Jan. 1. The company’s net operating earnings

were $38.9 million, or 59 cents a share. Union’s net interest income jumped to $103.7 million for the quarter, up from $66.6 million a year earlier. The company operates 150 Union or Xenith branches in Virginia, Maryland and North Carolina, including two Union offices in Harrisonburg and one in Grottoes. — Vic Bradshaw

Bricks & Clicks Grants Awarded HARRISONBURG — Ten Harrisonburg and Rockingham County small businesses or nonprofits have been awarded $36,700 in grant funding based on their participation in the Bricks & Clicks program. Explore More Discovery Museum, Food.Bar.Food, Hugo Kohl, Lineage, New Creation, The Isle Co., Walkabout Outfitter and withSimplicity are the city businesses selected to receive grants. Dayton Tavern in Dayton and Solace Studios in Elkton rounded out those awarded funds. Grant amounts ranged from $1,200 to $4,900. Twenty-one applications for

grants were received. The Bricks & Clicks program is an effort to help local businesses become better bricks-and-mortar destinations and improve their e-commerce efforts. It was funded by a $40,000 Building Entrepreneurial Economies grant received from the Virginia Department of Housing and Community Development. The city of Harrisonburg, Rockingham County, Harrisonburg Downtown Renaissance, James Madison University, and the Shenandoah Valley Small Business Development Center partnered in the program. — Vic Bradshaw

F&M Bank Income Softens HARRISONBURG — Net income narrowed in the first quarter for F&M Bank Corp. (OTCQX: FMBM) when compared to the previous year but its core earnings increased, according to the Timberville company’s financial results released May 2. F&M, the parent company of Farmers

& Merchants Bank, netted $1.97 million, or 57 cents a share, in the quarter that ended March 31. That was down from the $2.35 million, or 68 cents a share, profit it turned in the first three months of 2017. President Mark Hanna attributed the decrease to $462,000 in nonrecurring net gains booked a year earlier and $680,000 added to the ledger as provisions for loan losses. The company’s core operating earnings increased $287,000 to $3.02 million year-over-year. F&M’s net interest income grew 9 percent to $7.76 million as its net interest margin increased to 4.78 percent from 4.39 percent. The community banking company operates 13 branches in Rockingham, Shenandoah, Page and Augusta counties, a loan production office in Penn Laird, and provides mortgage and title-insurance services through subsidiaries VBS Mortgage and VS Title, respectively. — Vic Bradshaw See SCENE, Page 14

A’Naturale Two Regional Tourism Programs Honored Furniture Tree Stump Table $1,587.00 Movers

FROM PAGE 2

business administration from Bridgewater College. Smith was hired to help Luray-based Blue Ridge Bankshares (OTC Pink: BRBS), the bank’s parent company, expand its mortgage presence in Virginia. Blue Ridge Bank has eight retail offices in Virginia, including Luray, Harrisonburg, McGaheysville and Shenandoah. It also has mortgage operations in Virginia and North Carolina. — Vic Bradshaw

Localities Share Tourism Honors HARRISONBURG — Two regional tourism marketing programs recently were recognized with awards by the Virginia Association of Destination Marketing Organizations. The Shenandoah Valley Tourism Partnership was chosen as “Best in Show” by its tourism-industry peers for its efforts to market the region as a whole. Rockingham, Page, Augusta, Page and Shenando-

ah counties and the city of Harrisonburg are among the localities involved in that program. The Shenandoah Spirits Trail, which counted Rockingham, Page and Shenandoah counties, the city of Harrisonburg and the town of Luray among its members, was recognized as “Best Regional Marketing Initiative.” The VADMO supports destination marketing groups in Virginia and the development of their professionals. The awards were presented at the association’s 2018 Tourism Symposium, held April 22-24 in Charlottesville. Tourism professionals from Pennsylvania and North Carolina judged the entries. — Vic Bradshaw

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Area Students Win Scholarships HARRISONBURG — Two local students were among 12 statewide to earn scholarships from the Virginia Bankers Association Education Foundation. See MOVERS, Page 6

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Wednesday, May 30, 2018

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Scholarship Winners Attended Bank Day Movers

FROM PAGE 5

Ivy Warnell of Strasburg High School was selected as the Valley region winner in the 2018 VBA Bank Day Scholarship Program. She received $2,500 and is in the running for an additional $5,000 if sheâ&#x20AC;&#x2122;s selected as the state winner from the six finalists. Regional honorable mention recognition went to Ryan Weaver of Broadway High School. He received a $1,000 scholarship. Scholarship recipients attended a VBA Bank Day program at one of 35 participating banks and wrote an essay about their experience. Winners and honorable mention selections were made from six regions. Warnell attended a program offered by First Bank. Weaver participated at Farmers & Merchants Bank. â&#x20AC;&#x201D; Vic Bradshaw

Branner New Addition To Beahm

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HARRISONBURG â&#x20AC;&#x201D; Brad Branner has been added to the roster of agents at Nancy Beahm Real Estate. A lifelong Broadway resident, Branner is an experienced agent who will assist buyers and sellers with house purchases in Rockingham and Augusta counties. Branner Nancy Beahm Real Estate is affiliated with Weichert, Realtors. Its office is at 1750 S. Main St. â&#x20AC;&#x201D; Vic Bradshaw

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the U.S. Department of Housing and Urban Development, according to the release. As a selected Habitat for Humanity affiliate, Central Valley can use the funding during the next three years for the outreach coordinatorâ&#x20AC;&#x2122;s position. Lambert will work with churches, civic groups and volunteers, as well as marketing and social media to increase the organizationâ&#x20AC;&#x2122;s interactions with the community and raise money to further help build homes for low-income families in the Harrisonburg-Rockingham area, the release states. â&#x20AC;&#x201D; Staff Reports

DCCU Welcomes New CFO WAYNESBORO â&#x20AC;&#x201D; DuPont Community Credit Union announced the addition of Ron Buchanan as senior vice president/ chief financial officer. In an April 23 press release, the credit union said that Buchanan will lead DCCUâ&#x20AC;&#x2122;s accounting, finance, risk management/compliance Buchanan and facilities departments. Before joining DCCU, Buchanan served as CFO for a holding company that has ownership in construction, real estate and financing entities. DuPont Community Credit Union, headquartered in Waynesboro, has 13 locations throughout the central Shenandoah Valley, serving more than 90,000 members with $1.1 billion in assets, according to the company. â&#x20AC;&#x201D; Staff Reports

Habitat For Humanity Gets Grant BRIDGEWATER â&#x20AC;&#x201D; Central Valley Habitat for Humanity, the Bridgewater-based charitable nonprofit, hired recent Bridgewater College graduate Kirsten Lambert to fill its new community outreach coordinator position. Central Valley Habitat for Humanity will fund the position through a $100,000 grant the nonprofit received through the Capacity Building for Affordable Housing and Community Development Program, funded through

Huggins Tapped For Hall Of Fame HARRISONBURG â&#x20AC;&#x201D; Andrew Huggins, a private wealth adviser with The Myrias Groupâ&#x20AC;&#x2122;s office in Harrisonburg, has been earned recognition in the Ameriprise Financial Hall of Fame, according to a news release. Hall of Fame honors are reserved for professionals that perform at a high level for years. Created in 1986, fewer than 2 See MOVERS, Page 14

Harrisonburg, Va.

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Farmers’ ‘Food Dollar’ At Record Low By VIC BRADSHAW Daily News-Record

HARRISONBURG — The cost of food, in general, continues to rise. The portion of each dollar spent on food that goes to the farmers who produce it, though, has fallen to a record low. That’s among the findings from the U.S. Department of Agriculture Economic Research Service’s analysis of the American food dollar. Called the food dollar application, the analysis is updated biennially and dates to 1993. Analysts determined that farmers received only 14.8 cents out of every dollar spent on food in 2016, the latest year for which data are available. That was well below the all-time high of 18.1 cents set in 1997 and the recent high of 17.6 in 2011. The portion of the dollar farmers receive has fallen annually since 2011, according to the data, with a marked drop from 17.2 cents in 2014 to 15.5 cents in 2015 to the 2016 historic low point. “Farm income is at a 12-year low,” John Newton, the American Farm Bureau Federation’s market intelligence director, said in a phone interview. “This is just more piling on of how bad it is in the farm economy. “Bankruptcy rates among farmers are on the increase. This amounts to an agricultural recession that’s in its fourth year now. Something’s got to give.” The food dollar is derived from the annual market value of domestically produced food by U.S. residents. The saving grace for some farmers is that production costs dropped to 7.8 cents in 2016, their lowest level in 14 years. The farmer is losing out, Newton said, because commodity prices in aggregate are at multiple-year lows.

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“It’s fresh. You’re not going to find this in a grocery store fresh. And I’d rather support local people than [Food Lion] or some chain.” Charlotte Hoyle,

area resident

DN-R FIle

Sharon Kline of Bridgewater pays Judith Yankey of North Mountain Produce in Timberville for assorted greens at the Harrisonburg Farmers Market. Findings from the U.S. Department of Agriculture Economic Research Service’s analysis of the American food dollar said the portion of each dollar spent on food that goes to the farmers who produce it has fallen to a record low. Americans’ propensity to dine out also hurts farmers. They receive 23.6 cents out of every dollar spent on food consumed at home but just 4.4 cents from food eaten at restaurants.

Ways To Make More While farmers as a whole are losing their share of the food dollar, some are defying that trend. Woods Edge Farm in Singers Glen eliminates multiple middlemen with many of its sales. Whether selling direct to consumers at their farm stand off Va. 42 or the Harrisonburg Farmers Market, or supplying products to local restaurants, Elaine and Calvin Nolt have found ways to hold on to more of

the dollars people spend on the vegetables, fruits, eggs and tilapia they raise. Elaine Nolt said they don’t sell to wholesalers because such deals would reduce profitability. “We deliberately chose not to go the wholesale route,” she said Tuesday morning between sales at the Harrisonburg Farmers Market, “because of that and because we’re people people.” Woods Edge has gotten into value-added production, too, turning fruits into jellies and jams and baking goods to sell at its farm stand. Charlotte Hoyle and other consumers prefer to buy directly from farmers. The Harrisonburg resident shopped the farm-

ers market on a recent Tuesday, picking up rhubarb grown by Timberville’s North Mountain Produce. “It’s fresh. You’re not going to find this in a grocery store fresh,” she said. “And I’d rather support local people than [Food Lion] or some chain.”

Adding Value It’s not just those growing and selling crops at markets and farm stands who are capturing more of the food dollar. Some offer farm experiences with pick-your-own fruit and vegetable opportunities, while others transform their homegrown food items into other products. Most vineyards in the region and Old Hill Hard Cider turn

their farm-grown fruit into libations sold directly to consumers and wholesaled. Mt. Crawford Creamery makes its own dairy products. Elaine Lidholm, spokeswoman for the Virginia Department of Agriculture and Consumer Services, said many Virginia farmers have diversified to provide extra revenue streams for their operations. Many process raw foods into other products. “These ventures,” she said, “not only give farmers an added income stream but one of higher value.” VDACS allows farmers and others with ideas of how they can turn Virginia-grown foods into other products to apply for Agriculture and Forestry Industries Development grants. The funds can help an agribusiness get started or grow. The department also runs the Virginia Grown program for direct-to-consumer sales and the Virginia’s Finest program, which deals with processed foods. Both involve a publicly recognized and trusted branding campaign, can help cut the middle man out of the distribution chain, and allow many farmers to charge more for their product. Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

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Harrisonburg, Va.

So You Wanna Buy A House? Move-In Ready, Open Floor Plans Draw In Homebuyers By RYAN CORNELL Daily News-Record

HARRISONBURG — Give it enough time and a conversation with a real estate agent will inevitably make its way to Chip and Joanna Gaines and their HGTV show, “Fixer Upper.” The show, which ended its run last month after five seasons, is popular for its dramatic transformations, and has seemingly attracted more homebuyers to the glamor of flipping houses. But watching it happen is a whole lot easier than actually putting it into practice. “I tend to see that a lot,” said Chad Hanger, real estate agent with Hanger & Associates Real Estate. “People think, ‘Oh, I’ll go do that,’ but when they go look at properties, they want something in a

little better shape. Renee Good Whitmore, real estate “Everyone says they want a fixer-up- agent at Old Dominion Realty, said she’s per, but once they see it, they want the also noticed increased popularity in these property that’s a little more move-in types of houses. ready,” he added. Although each buyer’s preferencOne trend Hanger said he’s es will determine what features noticed among homebuyers is they look for, she said there’s that more of them are looka demand for homes with ing for “green features,” open concept spaces that I think people want which might include are in good condition. greater energy efficienGood Whitmore said to be in a space cy, higher quality winhomebuyers are drawn that’s functional. dows and insulation, toward contemporary and the potential for farmhouse-style de Chad Hanger, solar energy. sign features. Hanger & Associates He’s also seen more “That’s the trendy Real Estate buyers searching for thing — it’s that HGTV, houses with open-floor Joanna Gaines type of plans. thing,” she said. “I think people want to be in But perhaps the most ima space that’s functional and where portant feature of all, Good Whitmore they’re close to everyone,” Hanger said. said, is a strong community feel. That “Some of the older homes are cutoff, and feel, she said, might include walkability, something they often say is, ‘If I remove community events and good school disthis wall or opened this up.’” tricts.

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“I think wherever anyone lives, they want to feel like they’re a part of the community,” she said. “I think folks just want to feel like they’re a part of something bigger than themselves.” Bridgewater has done a great job of this by building its ice skating rink and mini golf course and by hosting movie nights, she said, while downtown Harrisonburg and Broadway also have put on family-friendly events and festivals to help residents feel at home.

Honey, I Shrunk The Retail Space When it comes to commercial real estate for retail businesses, smaller seems to be better. In an ever-evolving sector, Tim Reamer said, retailers continue to value parking, accessibility, signage, traffic counts, visibility and area activity. “Those are the six things that every retailer, that’s their basis,” said Reamer,

S S

See HOUSE, Page 9

Harrisonburg, Va.

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Wednesday, May 30, 2018

Homeowners Want ‘Smaller’ Footprint House

smaller, or even “micro” houses, she said they aren’t for everyone. an agent with Cottonwood Commercial. “There’s this trend of folks that, are “Now, the interesting trend in retail is in their minds, want to live in something that it continues to shrink. smaller,” she said. “But once they get in, “There aren’t too many concepts right they feel cramped and feel like they need now that are getting larger in terms of some more space. When they’re actually their leasable area,” he added. “They want confronted with it, they might change the their footprint to grow smaller.” way they feel about it.” For example, Reamer said, the stanAs with buying vehicles, Hanger said, dard office has shrunk from about 160 “once people have a little bit more monsquare feet to 120 square feet, “and now ey in their pocket and are more confident, the goal is to get down to 80 square feet they’ll start buying bigger.” per office.” He said “very neutral” color choices in Some cellphone stores have downsized homes, such as whites and grays, have befrom 3,500 square feet to 1,600 square come in vogue. feet, while certain doughnut franchise lo“In fact, if you want to go back to Chip cations are contracting from about 2,300 and Joanna [Gaines], pretty much every square feet and now want to fit into a house they flip is white,” he said. “It never 1,600-square-foot footprint, he said. goes out of style.” Barbershops that were once 1,500 But buyers may not have much room square feet are now perfectly content with to be picky. Daniel Lin / DN-R a 1,000-square-foot space and are looking Agents say a housing inventory shortto get smaller. age, driven by pent-up buyer Funkhouser Realtor Chris Monahan (left) and Alex Lovo of Harrisonburg walk through a home in Even shopping centers demand, improving economy McGaheysville. Move-in ready homes and open floor plans are drawing in more homebuyers, according used to be much deeper, he and increased consumer con- to local real estate agents. said. fidence has resulted in a comSimilar to Walmart’s rollpetitive market. out of neighborhood markets Hanger described the marIt’s a great time in areas such as Stone Port on ket as “very hot” for houses Port Republic Road, Target is priced below $300,000. to be a seller, reviewing and implementing “It’s a great time to be a because we small-concept stores. seller, because we really need really need the “I don’t know if anyone the inventory,” he said. sees this trend reversing in According to Bob Hill, CEO inventory. the near future,” Reamer of the Harrisonburg-Rockingwww.yourbank.com said. ham Association of Realtors, Chad Hanger, Harrisonburg West, VA 540.434.4722 Along with smaller footsome sellers could list their Harrisonburg Downtown, VA 540.214.2070 Hanger & Associates houses for sale and probably prints, he said, come lower Franklin, WV 304.358.2311 Real Estate occupancy costs, which allow command a good price. But, Mooreﬁeld, WV 304.538.7900 for more locations, more dishe said, they’re afraid to do Petersburg, WV 304.257.4000 tributed customer bases and that in fear of not being able Marlinton, WV 304.799.6700 more opportunities to enter to find a house to buy in time. NMLS #403498 other markets. In a healthy market, he said, there’s In addition to the trend of shrinking typically around six months of inventory. LOAN PRODUCTION OFFICE: Wardensville, WV 304.897.2265 storefronts, Reamer foresees more re“Whereas we have maybe a couple tailers demanding better internet infra- months of inventory,” Hill said. facebook.com/yourbank structure to support new technologies and And, he said, the days on market is ways to draw customers in. very short. MEMBER FDIC “Last month, in April, the median days A Competitive Market on market was 14 days,” he said. “That’s The trend of smaller properties may two weeks. That tells me people are grabWe love helping make dreams of home not have caught on as much with home- bing [homes] as soon as they can. Normalownership a reality. We offer a VARIETY buyers, real estate agents said. ly, that would be more like 45 days.” The ideal size for a homebuyer depends And this isn’t just true in the Valley; OF FINANCING to ﬁt anyone’s needs! “Powered by Pendleton Community Bank” on several factors, Good Whitmore said, it’s happening nationwide. PLUS, we take time to simplify the process from whether they have families and how “We hear that from our colleagues to make it easy for you! large their families are to the community across the country as well,” Hill said. Cindy Rader, VP (540) 746.8819 that surrounds the home and the way it’s Hanger said he wasn’t able to confirm NMLS #1163890 Call our team today! priced. Despite an apparent trend toward See HOUSE, Page 11 FROM PAGE 8

“

Picturing yourself in a New Home?

BUSINESS JOURNAL

Wednesday, May 30, 2018

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.

YEARS

2455 E. Market St. Harrisonburg VA (540) 434-6731 www.joebowmanautoplaza.com

YEARS

"Buyers of Standing Timber and Logs"

540-249-3726 YEARS

VALLEY STRUCTURES 5792 W. Dry River Rd. Dayton 540-879-9454 or 1-800-296-9454

ValleyStructuresHarrisonburg.com

YEARS

540-564-1111 www. HARRISONBURGNISSAN.COM www.HARRISONBURGNISSAN.COM 2275 E. MARKET ST., HARRISONBURG, VA

YEARS

540-896-8911 • LantzCC.com • 539 S. Main St. • Broadway, VA

YEARS

Auto Paint and Supply

Products LLC P

YEARS

T. 19 4

RANDALL FOREST

4959 Spotswood Trail Penn Laird 540-433-3886

72 70

YEARS YEARS

Sheetmetal • Plumbers/ Pipeﬁtters • Mechanical

YEARS

BRAT E

710 4th Street, Shenandoah, VA 22849 Phone: 540 652-8188 • www.SullivanMechanical.com

MECHANICAL CONTRACTORS, INC.

YEARS

G IN

CE L

(540)- 433-2471

www.emautosupply.com 2860 South Main St., Harrisonburg, VA 22801

YEARS

PO Box 344 • Harrisonburg, VA 22803 (540) 434-5268 Where Care & Learning Go Hand In Hand

YEARS

951 Acorn Drive, Harrisonburg, VA 22802 540.434.9448 • www.rodamerslandscaping.com

YEARS

Medical Removal Services

313-A Neff Ave., Harrisonburg, VA

Virginia’s oldest handler of Medical Waste. Handling the waste of Doctors, Dentists, Funeral Homes, Nursing Homes, Veterinarians and others in the Shenandoah Valley since 1990.

540-434-5457

540-896-4554

Shenandoah Paint & Benjamin Moore

YEARS

400 S. High St., Harrisonburg, VA 540-434-0111 http.//greenberrys.com

Don’t miss out on our other Special Sections supporting local businesses.

540-574-6220

BUSINESS JOURNAL

Harrisonburg, Va.

Wednesday, May 30, 2018

Buyers Must Be Educated In Market House

FROM PAGE 9

the median days on market figure, but that it didn’t surprise him. “I would put it this way,” he said. “I went to show a house that was priced under $300,000 outside Bridgewater, and scheduled my showing two days after it was listed and it was under contract in a day.” In such a competitive market for buyers, Hanger said, buyers must be educated and know the market and know what’s available. “Just knowing what you can afford, having a preapproval, having financing in order, knowing what you’re looking for,” he said. “[Those houses] are not going to be on the market for very long.” Good Whitmore, who serves as president-elect of the local Association of Realtors, said anything in the first-time homebuyer price range of $200,000 to $250,000 is moving quickly. “For the most part, all the markets are moving a lot faster than they were like three or four years ago,” she said. “It seems like if you have a home in the

“

For the most part, all the markets are moving a lot faster than they were like three or four years ago. It seems like if you have a home in the Harrisonburg-Rockingham area ... it’s selling really quickly. Renee Good Whitmore,

Harrisonburg-Rockingham area, if it is ... priced what it needs to be priced and in really good condition, it’s selling really quickly.” She said she’s seen homes enter the Daniel Lin / DN-R market and come under contract within Funkhouser Realtor Chris Monahan leads Alex and Bethany Lovo of Harrisonburg and their daughter, the same day. “That’s crazy to think about,” she said. Natalia, 11, through a home in McGaheysville. Renee Good Whitmore, president-elect of the local Association of Realtors, said anything in the first-time homebuyer price range of $200,000 to $250,000 is moving quickly.“For the most part, all the markets are moving a lot faster than they were like Contact Ryan Cornell at 574-6283 or rcornell@dnronline.com three or four years ago,” she said.

BUSINESS JOURNAL

Wednesday, May 30, 2018

HARRISONBURG – ROCKINGHAM

Chamber of Commerce Letter From The President CONNECTIONS ARE STILL IMPORTANT

y all accounts, the economy is moving forward and people and companies are busy. As a microcosm of the economy, the Chamber is reflective of that trend. In fact, the Chamber is more on the leading edge of that trend as there is very little, if any, free time.

While this is a generalization, many companies and small business owners have shifted their concerns from the economic downturn (streamlining, downsizing, and putting projects on hold) to strategically growing and trying to finding good help. Note that I did not include making as much money as possible and getting as much work or as many sales as possible. The keys now are growing strategically and finding good help. Companies are growing and taking on projects or contracts when it make sense, but not expanding and adding employees for the sake of shortterm benefits. And while this is somewhat intentional, the second factor, finding good help, is also holding some companies back. Skilled employees with a good work ethic are in demand and have a good future ahead of them. As I have said for years, the communities that figure the workforce component out better than others have a distinct, competitive advantage in economic development.

About the Chamber

he Harrisonburg-Rockingham Chamber of Commerce is a not-for-profit community organization. The Chamber exists to connect area businesses into a powerful network through leadership and advocacy. Since 1916 we have been influencing public policy on behalf of the business community and helping the Harrisonburg-Rockingham area become a thriving and dynamic marketplace of opportunities. The Chamber offers a variety of programs designed to meet the needs of our member businesses. Through networking events, educational programs and committees, we build community relations and offer our members a variety of ways to make new customer contacts and network with fellow Chamber members.

How does the Chamber enter into this equation? The Harrisonburg-Rockingham Chamber has historically been and continues to be all about connections. Sharing information, establishing strategic partnerships, finding freelance workers, and identifying common needs are all common strategies these days. Yes, technology is or may be a component of your business strategy, but we still live in a world where relationship matter. And, the communities where people connect, communicate and collaborate are better suited to address the needs of the community, such as workforce. The Lead-Advocate-Network-Promote benefits of the Chamber can also be expanded to include “connect”, but connect or connections are really inherent in community leadership and our leadership programs, successful advocacy, as an outgrowth of networking, and the end result of promotion. I know that the value proposition of the Chamber to some people is still getting a lead and making a sale, but the real value should be seen as the ability to make connections that you otherwise might not have made and to use those connections to make a difference in your work or in the community. To take advantage of the Chamber connections, if you are not already a member, give us a call or find information on www.hrchamber.org Frank M. Tamberrino, President Harrisonburg-Rockingham Chamber of Commerce

Harrisonburg, Va.

STAFF Frank Tamberrino President & CEO frank@hrchamber.org (540) 434-3862 x 102 Sheena Armentrout Director of Membership Development & Investment sheena@hrchamber.org (540) 434-3862 x 106 Sara Wittig Director of Marketing & Communications sara@hrchamber.org (540) 434-3862 x 108

CONTACT US Harrisonburg-Rockingham Chamber of Commerce 800 Country Club Road Harrisonburg, VA 22802 (540) 434-3862 information@hrchamber.org

VISIT OUR WEBSITE TODAY TO: BECOME A MEMBER

http://chamber.hrchamber.org/ member/newmemberapp VIEW AREA JOB POSTINGS

http://chamber.hrchamber.org/ jobs Our programs range from monthly business networking events, to an annual awards banquet honoring business leaders. Periodic training programs and issues-based forums all develop leadership and communicate information that influences decisions for the benefit of businesses within our community. We look forward to beginning our second century of building our community together.

JOIN THE CONVERSATION + KEEP UP WITH YOUR CHAMBER NEWS & EVENTS www.facebook.com/hrchamber www.twitter.com/HR_Chamber www.youtube.com/hrchamber www.linkedin.com/company/ harrisonburg-rockinghamchamber-of-commerce

BUSINESS JOURNAL

Harrisonburg, Va.

Wednesday, May 30, 2018

CHAMBER COMMITTEES If you’re interested in building relationships with local businesses and community leaders who share similar interests and passions, join a Chamber Committee. Visit the Chamber’s Online Events Calendar or call the Chamber Ofﬁces for more information on upcoming committee meetings.

Aging in Place Roundtable educates the community about local services supporting vitality and choice in the second half of life and provides a forum for discussion and collaboration about the issues surrounding aging in place. Shenandoah Women’s Alliance is a network of dynamic, diverse women empowering one another through inspiration, education and service. Hope Distributed, in partnership with the Church of the Nazarene, held their ribbon cutting on April 19th. Pastor Sam Montanez is next to Frank & Pastor Kerry Willis is on the other end. The other three are family members of an individual who volunteered there for a long time, donated money and eventually passed away. So, the facility was dedicated to his memory.

“Hope Distributed is located in Harrisonburg, VA and is a nonproﬁt corporation who serves more than 24,636 individuals and provides over 519,125 pounds of food. With three distinct branches of operation, good pantry, clothes closet and home to home.”

2018 Calendar of Events August 20

Presidential Address

October 5

Valley Vines Twilight 5K

October 18

Connections 2018

Hospitality Committee exists to improve the economic competitiveness of the hospitality industry through dialogue and relationship building. Public Policy identifies, evaluates and monitors social, political and environmental trends, issues and concerns affecting the business community.

CHAMBER MEMBER2MEMBER DISCOUNT PROGRAM Save money and help support the local economy by choosing HarrisonburgRockingham Chamber of Commerce members for your business and personal needs. If you’re a member and haven’t taken advantage of this member beneﬁt, contact Sara Wittig at 540-434-3862 x 108 or sara@hrchamber.org to sign up today!

Spotlight On New Members

Winter

Pre-Session Legislative Breakfast

Winter

Shop Local Holiday Campaign

September 14 Golf Tournament

Business Councils - including Broadway-Timberville, East Rockingham, Greater Ashby, Diversity and Military Affairs provide businesses opportunities to connect through informational and educational meetings in order to promote the economic vitality and quality of life throughout the community.

Business Stafﬁng, Inc. CUED-In Inc. Smiley’s Ice Cream, LLC Transition Success Consulting Harrisonburg Community Health Center Ruth’s and Hattie’s Granddaughter, LLC DBA Comfort Keepers #1027 Whit’s Market PHI Air Medical – AirCare 5 Anne B Grossman Health & Wellness AXA Advisors Chiropractic Solutions

To view and register for events, please visit the Chamber’s Events Calendar at www.chamber.hrchamber.org/events/calendar

Vacation Services International

Visit our website for an easy-to-use, online database of all Chamber Members or pick up your free copy of our Membership Directory at the Chamber Ofﬁces.

BUSINESS JOURNAL

Wednesday, May 30, 2018

Nod To Leadership Scene

Local Ledger

FROM PAGE 5

Cadence Wins Leadership Award STAUNTON — Cadence Inc. has been named by readers of Medical Design & Outsourcing magazine as the winner of the 2017 Leadership in MedTech Award for Contract Manufacturing for the second year in a row, according to a May 3 press release from the company. The annual award celebrates medtech leadership in multiple disciplines. Cadence, based in Staunton, supplies advanced products, technologies and services to medical device and specialty industrial companies and employs more than 475 people worldwide. — Staff Reports

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

April 2018

April 2017

Pct. Change

$168,000 $201,000 $178,000 $135,000 N/A N/A N/A

$161,425 $175,500 $169,000 $148,500 N/A N/A N/A

4.07% 14.53% 5.33% -9.09% N/A N/A N/A

Unemployment Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

March 2018

Feb. 2018

March 2017

4.0% 3.2% 3.6% 6.9% 3.5% 3.7% 4.3%

3.5% 2.8% 3.1% 6.3% 3.0% 3.2% 3.7%

4.5% 3.5% 3.8% 8.4% 3.7% 4.0% 4.2%

Source: Virginia Employment Commission

One Of 22 Inducted Movers

Harrisonburg, Va.

FROM PAGE 6

percent of the company’s advisers have been selected for the honor. With Ameriprise, the Hall of Fame is considered a lifetime achievement award. Huggins is one of 22 advisers who will be inducted into the Hall of Fame at the company’s Huggins 2018 National Conference in San Francisco. The Myrias Group is a private wealth advisory practice for Ameriprise with offices in Harrisonburg, Strasburg and Winchester.

Labor Force Days On Market Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

April 2018

April 2017

Pct. Change

6 42 105 154 N/A N/A N/A

8 37 121 166 N/A N/A N/A

-25.00% 13.51% -13.22% -7.23% N/A N/A -N/A

Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

March 2018

Feb. 2018

March 2017

24,573 40,631 20,966 11,413 36,457 11,804 10,267

24,938 41,572 20,714 11,612 37,325 12,122 10,307

24,530 40,337 20,800 11,415 36,840 12,067 10,248

Source: Virginia Employment Commission

— Vic Bradshaw

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540-574-6220

Units Sold Harrisonburg Rockingham Shenandoah Page Augusta Staunton Waynesboro

April 2018

April 2017

41 62 52 15 N/A N/A N/A

36 64 48 14 N/A N/A N/A

Pct. Change

13.89% -3.13% 8.33% 7.14% N/A N/A N/A

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

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

March 2018

$112.6 $52.0 $38.2 $16.3 $49.8 $35.8 $52.0

Source: Weldon Cooper Center for Economic and Policy Studies

Harrisonburg, Va.

BUSINESS JOURNAL

Wednesday, May 30, 2018

Real Estate Company Buys North Main Street Plant

Classifieds get results call

574-6210

By VIC BRADSHAW Daily News-Record

HARRISONBURG — A St. Louis real estate company has purchased a partially leased manufacturing plant in the city’s north end that has a hazardous waste cleanup effort underway. Harmain LLC, a subsidiary of Commercial Development Co., bought the plant at 810 N. Main St. from CCL Harrisonburg Inc. for $2.5 million, according to a deed recorded at the Rockingham County Courthouse. The 10.6-acre property’s assessed value for tax purposes is nearly $5.2 million. The deal closed on April 25, but the deed wasn’t recorded until May 2. Montebello Packaging leases the section of the building that fronts North Main Street. IntraPac also operated out of the building at one time but moved its local operations to 4850 Crowe Drive in Mount Crawford. The plant is just north of Brothers Craft Brewing’s location. John Kowalik, CDC’s marketing and public relations director, did not return messages seeking comment about the company’s plans for the plant Friday or Monday. IntraPac and its predecessor, CCL, made aluminum and tin tubes and inhaler cans beginning in 1959, according to a U.S. Environmental Protection Agency webpage about the ongoing cleanup effort. The cans were for pharmaceutical, health care, personal care, household and industrial clients. A trichloroethylene groundwater plume has been identified under the plant, and CCL promised to work to resolve the problem when it signed a consent order with the EPA in February 2014. In 2005, the EPA declared trichloroethylene, a commonly used industrial solvent, to be a human carcinogen. The initial cleanup effort — a groundwater pump-and-treat system — was found to have little effect on the plume, according to the webpage, and other measures were being explored. CDC, according to its website, specializes in properties deemed “brownfields”

DN-R File

Harmain LLC, purchased the Montebello Packaging plant for $2.5 million according to a deed recorded at the Rockingham County Courthouse. due to the presence of environmental contaminants. Its website states that it is a “real estate acquisition and development firm whose principal competency lies within the repositioning and redevelopment of underutilized, distressed or environmentally challenged properties.” A private company, it has holdings in the United States and Canada.

Among its success stories is the former Bethlehem Steel site at Sparrows Point in Baltimore, a 3,100-acre brownfield site it bought out of bankruptcy in 2013. It’s since sold the land but retained the environmental liabilities, and the new owners have begun redeveloping it. Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

We Love Small Business! Upcoming Events Business Smarts June 8: Health Insurance for Small Business & Self-Employed July 13: Retirement Plans Made Easy 8:00-9:30am, Harrisonburg

Start Smart Workshops June 11, 1:00-3:00pm Harrisonburg June 26, 2:00-4:00pm Verona July 11, 1:00-3:00pm Harrisonburg July 31, 9:00-11:00am, Verona

Explore eVA & SWAM tools 1-on-1 appointments June 21: Augusta County July 19: Rockbridge County

See details of these & more at ValleySBDC.org

PORCHES, ARBORS & PERGOLAS, HANDICAP RAMPS

Small Business Development Center

Wednesday, May 30, 2018

BUSINESS JOURNAL

Harrisonburg, Va.