Mobile Home Sales in Bethesda, SC

Six tenants secured 180,291 square feet of industrial space within the Hillsboro Technology Center. The 75-acre business park in Deerfield Beach includes about 1 million square feet of industrial and office space, and two hotels.

They are:

Fuse Specialty Appliances, a North Palm Beach-based residential appliance dealer that added 25,000 square feet of distribution space. The new lease deal gives Fuse a total of 76,374 square feet within Building H.

Commercial Relation Group, a Tampa-based company that specializes in helping companies move and furnish offices. It added 36,721 square feet of space within Building G and now occupies 62,079 square feet within the business park. Sal Bonsignore and Rod Loschiavo of Colliers represented the tenant.

Game Tables 4 Less, a Boca Raton-based distributor of game tables for foosball, table tennis and pool. It secured 18,650 square feet in Building F.

Stone Mall, a wholesaler and distributor of stone, marble and granite slabs. It added 15,122 square feet in Building C and now occupies 30,737 square feet within the business park.

Empire Today, a national carpet and hardwood floor supplier and installer. It moved to a 17,809-square-foot space in Building G when Stone Mall expanded into its previous space. The tenant was represented by Evan Christiansen of JLL.

Planestocks, a supplier of aerospace components and hardware for the aviation and defense industries. For the past 18 months, Planestocks subleased 15,615 square feet in Building C from a slot machine distributor that had vacated the space. The new lease is directly with the office park’s operators and developers.

Thomas J. Holtz and Brian Ahearn of Butters Realty & Management represented the industrial park’s operators, Coconut Creek-based Butters Construction & Development and San Francisco-based Bristol Group. Butters and Bristol built the park, on the north side of West Hillsboro Boulevard just east of Interstate 95, in phases between 2018 and 2022.

Finished in 2022, Building H is 50% leased, Holtz said, while the other five buildings are fully leased. Available industrial space is advertised on LoopNet.com for $13.95 a square foot.

Fairstead opens Delray Beach office

A New York-based real estate company that mainly renovates and manages affordable housing has established its first office in South Florida.

Fairstead recently opened a 2,150-square-foot office at 11 S. Swinton Ave., just a block away from Atlantic Avenue and Old School Square. Six people involved in development and asset management are now working from that office, said Noah Hale, Fairstead’s director of development. Three more staffers involved with development will be hired there, he added.

“While we own and operate housing up and down the Florida coast, our largest presence is in South Florida, from Boca Raton to Miami,” Hale said.

Founded in 2014, Fairstead owns and manages 24,000 apartment units in 28 states and owns about $7.8 billion in assets, according to the company. Aside from its headquarters, Fairstead’s other corporate offices are in Denver; Bethesda, Maryland; and Fort Mill, South Carolina. Though it primarily builds and manages affordable housing, the company also owns market-rate apartment buildings, a spokeswoman said.

Fairstead expanded into Florida in 2019 and now owns and manages 11 properties statewide. In South Florida, it runs five affordable housing apartments for seniors: Gould House and Weinberg House in Boca Raton; Federation Sunrise in Sunrise; Federation Gardens in Miami; and Federation Towers in Miami Beach. Last year, Fairstead completed renovations at Federation Towers and Federation Gardens, Hale said.

Fairstead’s new office is in a 3,120-square-foot commercial building constructed in 1998. The building was among a cluster of properties recently acquired by Stefan Soloviev’s Soloviev Group for $32 million.

THE BIG NUMBER

368%

Increase in wealthy renter households – those earning more than $150,000 a year – in the city of Hialeah between 2015 and 2020, according to apartment search website RentCafe

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Hotel News Now

RLJ Lodging Trust executives said a strong balance sheet gives the company multiple investment levers to potentially pull this year.

On the Bethesda, Maryland-based real estate investment trust's fourth-quarter and full-year 2022 earnings call, President and CEO Leslie Hale said both RLJ’s internal and external growth in the past year has positioned it among the top REITs.

“Looking forward, we have tremendous optionality with one of the strongest balance sheets among publicly traded peers, which is allowing us to pursue multiple channels of growth, such as brand repositioning,” she said.

RLJ ended 2022 with $1.1 billion of liquidity, including $481.3 million in unrestricted cash and undrawn revolver, according to the company's earnings release.

Hale said RLJ will continue to build its pipeline with off-market acquisitions, in which RLJ is well-positioned due to the lending market preferring all-cash buyers.

“What’s happening is that assets are not being taken out to the market on a broad basis. What’s happening is that sellers and brokers are calling buyers who they believe can actually execute on a transaction. And we’re receiving some of those inbound calls because of our balance-sheet strength and capability of actually closing,” she said.

Just because RLJ is well-positioned to make moves doesn’t mean it will, Hale said. Although the company’s liquidity mitigates some risks in the face of a potential recession, RLJ will be patient until the right opportunity presents itself.

“Our strong balance sheet is a significant advantage,” she said. “That said, we remain highly disciplined given the current uncertain environment.”

A familiar lever RLJ could pull comes in the form of stock buybacks. In 2022, RLJ repurchased 4.9 million common shares for $57.6 million. The company has already repurchased $500,000 in stock for an average price of $10.49 per share in 2023.

Sean Mahoney, executive vice president and chief financial officer for RLJ, said the company could continue this trend in 2023.

“Share repurchases are attractive today. And you would expect us to follow a similar tactic that we did in the last year or so [in] that we will be opportunistic on deploying proceeds into shares,” he said.

Conversions and Acquisitions

In the fourth quarter of 2022, RLJ opened three converted properties: The Mills House Hotel, a Curio Collection Hotel by Hilton in Charleston, South Carolina; Zachari Dunes on Mandalay Beach, a Curio Collection Hotel by Hilton in Oxnard, California; and The Pierside Hotel in Santa Monica, California.

Hale said all three properties are projected to “significantly exceed” 2019 earnings before interest, taxes, depreciation and amortization levels in 2023.

“The relaunch of these three conversions not only validates our ability to unlock the significant value embedded in our portfolio, but also enhances the overall quality of our platform,” she said.

The REIT announced two additional conversions during the earnings call that will also be rebranded in the Wyndham Houston Medical Center, which will be converted into a DoubleTree by Hilton brand, and the Hilton Indigo New Orleans Garden District, which will be converted into a Marriott Tribute Portfolio brand.

In August 2022, RLJ acquired the 21c Hotel Nashville for $59 million. The company also officially acquired the Moxy Denver Cherry Creek for $51.3 million and sold the DoubleTree Hotel Metropolitan New York City for $169 million in January 2022.

Mahoney said the flexibility of RLJ’s balance sheet allows executives to consider all options, whether on the acquisition market or internal conversion projects.

“We have the liquidity to do all of them. We don’t specifically take that cash and allocate it between the two; we look at it more on a long-term basis, because our portfolio is generating free cash-flows and liquidity is increasing over time. You would expect us to pull the right lever at the right time as opposed to [being] more regimented about specific dollars,” he said.

Fourth-Quarter and Full-Year Performance

RLJ reported net income of $6.8 million in the fourth quarter of 2022, according to the company’s earnings release. Comparable hotel revenue was $302.2 million, an increase from $240.2 million in the fourth quarter of 2021.

RLJ's comparable hotel adjusted earnings before interest, taxes, depreciation and amortization was $87.6 million, up from $64.8 million during the same period in 2021. In the fourth quarter, comparable RevPAR was $127.25, comparable average daily rate was $190.24 and comparable occupancy was 66.9%, all increases compared to fourth quarter 2021 levels.

For the full year, RLJ’s net income was $42.2 million, up from a loss of $311.1 million in 2021. Comparable hotel revenue was $1.2 billion, also an increase compared to 2021 levels.

Comparable hotel adjusted EBITDA was $370 million in 2022. Comparable RevPAR was $129.61, comparable ADR was $188.22 and comparable occupancy was 68.9%, all increases from 2021 levels.

As of press time, RLJ’s stock was trading at $11.35, up 7.1% year to date. The New York Stock Exchange Composite was up 1.8% over the same period.

(WSAV) – High school athletes for across the national made their commitments official today by signing their letter intent. Look below for a breakdown of each school.

SAVANNAH CHRISTIAN

Maggie Byrd – Volleyball – Kennesaw State University: Byrd finished her high school career with 432 kills and 993 assists.

Paulus Zittrauer – Football – Franklin & Marshall College: Zittrauer played quarterback for the Raiders and finished his career with 25 touchdowns and 2774 passing yards.

Akeem Lane – Football – Franklin & Marshall College

CALVARY DAY

Terry Simmons Jr. – Football – Duke University: Simmons finished his high school career with 185 total tackles and 42.5 of those tackles were for a loss of yardage.

Jalin Scott – Football – Savannah State: Scott is one of the 11 linemen to sign with the Tigers, and they try to get tougher in the trenches.

Caleb Sineath – Baseball – Erskine College: Sineath played in-field for Calvary Day and will play for Erskine College at the next level.

RICHMOND HILL

Zion Gillard – Football – Peru State College

Dontae Goodner – Football – Ripon College

APPLING COUNTY

Kaylee Yeomans – Softball – Lander University

Trinity Johnson – Softball – South Georgia College

Madelyn Taylor – College of Coastal Georgia

Jaylen Johnson – Football – University of South Florida

Dawson Griffis – Football – Wingate University

Jacob Gardner – Football – Presbyterian College

Will Solomon – Football – Berry College

Chayce Smith – Football – Middle Tennessee State University

Marcus Nesmith – Football – Independence Community

BEAUFORT

Kacy Fields – Football – South Carolina State University

Michael Dennison – Football – Massachusetts Institute of Technology

MAY RIVER

Jacob Bollinger – Lacrosse – Emory-Riddle Aeronautical University

Brooks Van Esselstyn – Lacrosse – Florida Tech

Anya Arroyo – Cross Country/Track – South Carolina

Chris Feuers – Swim – Converse University

Tereseva Rieck – Cheerleading – Newberry College

Darrion Perry – Football – Anderson University

BETHESDA

Jalil Calhoun – Football – Savannah State

STATESBORO

Tyrell Hughes – Football – Anderson University

SOUTHEAST BULLOCH

Collin Jackson – Football – Shorter University

BENEDICTINE

Lamont Mitchell – Football – Georgia Military College

Zaquan Bryan – Football – Minnesota

BLUFFTON

Max Vonhohenstraeten – Football – Erskine College

EFFINGHAM COUNTY

Timmy Brown – Football – Army West Point

Keion Wallace – Football – Georgia Southern University

H3X Technologies today announced the completion of an investment by Lockheed Martin Ventures (LMV), the venture arm of Lockheed Martin Corporation (NYSE: LMT ), a global security and aerospace company. H3X designs and manufactures advanced electric motors to enable sustainable aviation and other high-performance applications. This latest funding brings the total raised by H3X to $9M.

The investment will be used to accelerate technology development and commercialization of H3X’s HPDM family of integrated motor drives and the scale-up of their new headquarters facility in Louisville, Colorado for production.

“At H3X, we are building integrated motor drives from 30kW to 3MW that are unparalleled in performance in terms of specific power (kW/kg) and efficiency,” according to Jason Sylvestre, Co-Founder and CEO of H3X. “We are thrilled to have support from Lockheed Martin and are excited for the opportunity to work together and collaborate on next-generation defense technology using our motors.”

“H3X is working on scaling transformative technologies that we believe have the potential to provide our customer with viable options for electrifying legacy, all-domain systems and components,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Our investment in H3X reinforces Lockheed Martin’s commitment to developing predictive capabilities and scaling solutions that allow the U.S. and its allies to stay ahead of threats.”

H3X has made advancements in several different areas that enable them to reach continuous specific powers of >10kW/kg and best-in-class efficiency. These areas include electromagnetics, material science, power electronics, additive manufacturing, motor control, and thermals. H3X has invested heavily in vertical integration and does design, manufacturing, and testing in-house at their headquarters in Louisville, Colorado.

H3X originally developed this technology to enable compelling fully-electric and hybrid-electric aircraft with excellent range and payload capacity while also significantly reducing noise and operational costs. “When you look at the power density and efficiency requirements that are needed for electrifying narrow-body jets, there really isn’t anything out there that is sufficient,” said Jason Sylvestre. “The Megawatt-class systems that you can buy today still use technology from the last century and are far too large, heavy, and inefficient to meet the demanding requirements of electric aviation.” Additionally, H3X has found that there are a number of other markets that can also benefit from their technology including defense, marine, specialized ground vehicles, and power generation.

H3X currently has three base products, the HPDM-30, the HPDM-250, and the HPDM-3000. These three units all utilize the same core technology and range in power from 30kW to 3MW. Additionally, the core technology they’ve developed is scalable and modular and can be used to build highly integrated, aerospace-grade solutions that are tailored to match specific customer requirements.

About H3X

Founded in 2020 by a team of multidisciplinary engineers, H3X is an advanced technology and electric motor manufacturing company based in Denver, Colorado. Their team brings together driven minds from automotive, aerospace, and motorsports with deep knowledge in electric machines and power electronics. The mission of the company is to become the world’s leading supplier of aviation-grade electric propulsion systems by 2030 to enable a large-scale revolution aircraft electrification and regional air mobility. For more information, visit www.h3x.tech/

About Lockheed Martin Ventures

Lockheed Martin Ventures makes strategic investments in companies that are developing cutting-edge technologies in core businesses and new markets important to Lockheed Martin. More than a source of capital, Lockheed Martin Ventures provides portfolio companies with access to our world-class engineering talent, state-of-the-art technologies, and research and access to the company's international business relationships and supply chain. For more information visit: www.lockheedmartinventures.com

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 116,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Follow @LMNews on Twitter for the latest announcements and news across the corporation.

View source version on businesswire.com:https://www.businesswire.com/news/home/20230228005731/en/

CONTACT: Jason Sylvestre

CEO of H3X Technologies

952-913-7232

jason@h3x.tech

KEYWORD: UNITED STATES NORTH AMERICA COLORADO

INDUSTRY KEYWORD: TECHNOLOGY ENGINEERING AUTOMOTIVE MANUFACTURING EV/ELECTRIC VEHICLES MANUFACTURING ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE VEHICLE TECHNOLOGY AIR DEFENSE TRANSPORT CONTRACTS HARDWARE GOVERNMENT TECHNOLOGY

SOURCE: H3X Technologies

Copyright Business Wire 2023.

PUB: 02/28/2023 12:11 PM/DISC: 02/28/2023 12:10 PM

NAVY

Kiewit-Alberici SIOP MACC JV, Vancouver, Washington, was awarded a $76,350,000 not-to-exceed, firm-fixed price modification to a previously awarded task order (N6274223F4006) for the rapid implementation of recommended courses of action based on concurrent existing conditions assessments at three dry docks in Puget Sound Naval Shipyard and Intermediate Maintenance Facility, and Naval Submarine Base Bangor. This award brings the total maximum value of the task order to $80,000,000. Work will be performed in Bremerton, Washington, and is expected to be completed by May 2023. Fiscal 2023 operation and maintenance (Navy) funds in the amount of $40,000,000 are obligated on this modification and will expire at the end of the current fiscal year. Remaining funds will be obligated upon task order definitization of the modification. The Naval Facilities Engineering Systems Command, Pacific, Joint Base Pearl Harbor-Hickam, Hawaii, is the contracting activity (N62742-22-D-1313). (Awarded Feb. 10, 2023)

Gibbs & Cox Inc., Arlington, Virginia, is awarded a $39,659,692 cost-plus-award-fee and cost-plus-fixed-fee modification to previously awarded contract N00024-22-C-2313 to exercise options for supporting surface combatant ship design and engineering efforts for the Navy’s Future Surface Combatant Force, primarily in support of the DDG(X) program, as well as other emerging ship concepts, and to conduct feasibility studies as part of supporting the broader Navy fleet. Work will be performed in Washington, D.C. (60%); Arlington, Virginia (35%); and Philadelphia, Pennsylvania (5%), and is expected to be completed by February 2024. Fiscal 2023 research, development, test and evaluation (Navy) funds in the amount of $2,646,941 will be obligated at time of award, and will not expire at the end of the current fiscal year. The Naval Sea Systems Command, Washington, D.C., is the contracting activity (N00024-22-C-2313).

Raytheon Missiles and Defense System, Tucson, Arizona, is awarded a $34,126,317 cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract to provide engineering, training, analysis/studies, integration, test event, and program management review support, in support of the Joint Standoff Weapon Program for the Navy and Foreign Military Sales (FMS) customers. Work will be performed in Tucson, Arizona (65%); Sydney, Australia (8%); Poznan, Poland (6%); Tampere, Finland (5%); Khamis, Saudi Arabia (5%); Doha, Qatar (5%); Hualien City, Taiwan (4%); Souda Bay, Greece (1%); and Eskisehir, Turkey (1%), and is expected to be completed in February 2028. No funds will be obligated at the time of award; funds will be obligated on individual orders as they are issued. This contract was not competitively procured pursuant to Defense Federal Acquisition Regulation 6.302-1. The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity (N0001923D0002).

General Dynamics Information Technology Inc., Falls Church, Virginia, is awarded a $16,003,611 indefinite-delivery/indefinite-quantity contract (N6523623D1004) with provisions for firm-fixed-price and cost orders. The contract will provide Electromagnetic Environmental Effects, test, evaluation, and range services in support of command, control, communications, computers, intelligence, surveillance, and reconnaissance systems. The contract includes a five-year ordering period. Fiscal 2023 operation and maintenance (Navy) funds and working capital (Navy) funds in the amount of $2,023,869 will be obligated at time of award. Operation and maintenance funds will expire at the end of the current fiscal year and working capital funds will not expire at the end of the current fiscal year. Work will be performed in Charleston, South Carolina (70%); Norfolk, Virginia (25%); and Bedford, New Hampshire (5%), and is expected to be completed by February 2028. This requirement was not competitively procured because it is a sole source acquisition negotiated under 10 U.S. Code 3201(a)(1) — only one responsible source and no other services will satisfy agency requirements (Defense Federal Acquisition Regulation 6.302-1). Naval Information Warfare Center Atlantic, Charleston, South Carolina, is the contracting activity.

Invicta Global LLC, Fort Worth, Texas, was awarded a $13,188,331 option year modification to previously awarded, indefinite-delivery/indefinite-quantity, firm-fixed price contract N400800-19-D-0311 for facilities maintenance. The total cumulative face value of the contract is $66,446,193. The contract modification is for preventive maintenance, inspections and testing for facilities, ground structures, and installed equipment and systems. Work will be performed at Naval Support Activity (NSA) Bethesda, NSA Dahlgren, NSA Indian Head, and various other locations in Maryland (64%); Virginia (19%); and Washington, D.C. (17%). Work is expected to be completed in January 2024. Fiscal 2023 funds in the amount of $13,188,331 will be incrementally obligated from time of award and will not expire at the end of the current fiscal year. Naval Facilities Engineering Systems Command, Washington, D.C., is the contracting activity.

ARMY

Parsons Government Services, Centreville, Virginia (W912DY-23-D-0002); HDR Engineering Inc., Colorado Springs, Colorado (W912DY-23-D-0003); Michael Baker International Inc., Moon Township, Pennsylvania (W912DY-23-D-0004); WSP - MOCA JV, Washington, D.C. (W912DY-23-D-0005); Jacobs Government Services Co., Arlington, Virginia (W912DY-23-D-0006); Pond-Woolpert LLC JV, Dayton, Ohio (W912DY-23-D-0007); Urban Collaborative LLC,* Eugene, Oregon (W912DY-23-D-0008); Alliance Consulting Group Inc.,* Alexandria, Virginia (W912DY-23-D-0009); and John Gallup & Associates - The Schreifer Group JV,* Marietta, Georgia (W912DY-23-D-0010), will compete for each order of the $59,000,000 firm-fixed-price contract for architectural and engineering services. Bids were solicited via the internet with 20 received. Work locations and funding will be determined with each order, with an estimated completion date of Feb. 21, 2028. U.S. Army Corps of Engineers' Engineering and Support Center, Huntsville, Alabama, is the contracting activity.

General Dynamics Land Systems Inc., Sterling Heights, Michigan, was awarded a $27,069,515 modification (PZ0003) to contract W56HZV-23-C-0003 for M1A1 Abrams turret armor swaps. Work will be performed in Lima, Ohio, with an estimated completion date of Nov. 30, 2023. Fiscal 2022 Special Defense Acquisition funds and 2023 Foreign Military Sales (Poland) funds in the amount of $27,069,516 were obligated at the time of the award. U.S. Army Contracting Command, Detroit Arsenal, Michigan, is the contracting activity.

Hydrogeologic Inc., Reston, Virginia, was awarded a $15,577,663 modification (P00002) to contract W912QR-21-F-0356 for optimized environmental remediation services. Work will be performed in Cape Canaveral, Florida, with an estimated completion date of Feb. 15, 2024. Fiscal 2010 operation and maintenance, Army funds in the amount of $15,577,663 were obligated at the time of the award. U.S. Army Corps of Engineers, Louisville, Kentucky, is the contracting activity.

*Small business