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Falls Church Business News & Notes

The Compleat Strategist Has Closed

The Compleat Strategist opened the Strategy and Fantasy World location in Falls Church in 1982, making it the oldest gaming stores in Northern Virginia. The decision to close was made upon the news that the building on East Broad would be repurposed to make way for a mixed-use development. The store carried a wide selection of board and card games, role-playing games and ran events for Magic: The Gathering, quests in Dungeons and Dragons and many obscure tabletop games. Manager Adam Fukumitsu reported that business had not waned and referred customers to the locations in New York City and King of Prussia.

Solace Spreads to Navy Yard

Solace Outpost brewery of Sterling announced the plans for a large taproom in DCs’ Navy Yard. The brewery opened in 2017 and brothers Ian and Eric Hilton expanded to the former Mad Fox site in Falls Church in 2020. The DC site won’t be brewing but they will be making one-off beers exclusive to the Navy Yard location.

Seven Corners Gym Property Sold for $21.5M

Daytona Beach, Florida’s CTO Realty Growth Inc. sold the building at 1000 E Broad Street that houses 24 Hour Fitness in Seven Corners for $21.5 million, originally purchased in 2019 for $21.25 million. The sale is part of a 1031 exchange deal with a Northern Virginia-based family which wasn’t immediately disclosed. The 1031 exchange provides real estate investors a tax deferral on the financial gain of a sale if they roll the proceeds directly in to a similar investment property in short order. The 3-acre site sits at the Seven Corners intersection.

Lockheed Martin Invests in Electra.aero

Electra.aero Inc., a Falls Church-based hybrid-electric aircraft designer and builder, has received funding from Lockheed Martin Ventures. Electra specializes in the air taxi market and the investment will supports its plan to begin flight testing a hybrid-electric, ultra-short takeoff and landing aircraft (eSTOL) this year. The low-emission aircraft can take off within 100 feet using electricity transporting up to 1,800 pounds of cargo or seven to nine passengers up to 500 miles. The planes are designed to be flown through commercial airlines with on-demand customer booking as well as for cargo and medical transportation.

CBP’s Small Business Resiliency Program

Community Business Partnership (CBP) will expand its target market into greater Northern Virginia and diversify its financial products and offerings through a revolving loan fund. CBP will increase its capacity to support its target markets, including small, women-, immigrant- and minority-owned businesses, specifically at-home business operators, through business counseling and curriculum in various languages spoken in the Northern Virginia service area. Funding of $350,000 will be deployed to increase CBP’s lending capacity and a loan loss reserve to support the lending. CBP will leverage grant dollars to secure future lending capital and technical financial assistance to help more than 150 borrowers. This includes the counties of Arlington, Fairfax, Frederick, Loudoun, Montgomery, Prince George, Prince William, Stafford, and Washington, cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park, towns of Clifton, Dumfries, Haymarket, Herndon, Leesburg, Occoquan, Quantico, Shenandoah, Vienna, and Warrenton. .

 Business News & Notes is compiled by Elise Neil Bengtson, Executive Director of the Greater Falls Church Chamber of Commerce. She may be emailed at elise@fallschcurchchamber.org.

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Accepting Applications Through March 25, 2022

The Brown v. Board of Education Scholarship Program was established by the Virginia General Assembly in 2004 to provide educational opportunities for persons who were denied an education in Virginia between 1954 and 1964 due to the closing of the public schools during Massive Resistance. The program is now open to eligible applicants for the 2022–2023 school year. For applications and information on eligibility, visit: BROWNSCHOLARSHIP.VIRGINIA.GOV or contact Lily Jones, Division of Legislative Services, at (804) 698-1888.