Tidewater Valve and Fitting, Inc. to Purchase a Facility in Virginia Beach
January 20, 2015
Tidewater Valve and Fitting, Inc., a wholesale plumbing supplier primarily serving industrial, government and commercial business segments, is under contract to purchase a 2.94-acre site at 2825 Crusader Circle in Virginia Beach. Gresh Wall, CB Richard Ellis, is representing the company in this transaction. Tidewater Value and Fitting Inc. will relocate operations to the new facility with a project move-in date of 2016.The company, a certified small, woman-owned business, has been leasing property at 1373 London Bridge Road in Virginia Beach since 2011. This new location signifies its success and growth in Virginia Beach.“Tidewater Valve and Fitting has participated in the YesOceana program with their previous expansion,” said Warren D. Harris, director of Virginia Beach Economic Development. “This facility purchase reaffirms their commitment to remain in Virginia Beach and allows them to take advantage of the incentives associated with this corridor.”The company was established in 2003 by Mike and Diane Bernier. The facility on Crusader Circle will comprise 9,797 square feet when complete. The industrial distribution facility remains in the YesOceana corridor of Virginia Beach, and the Virginia Beach Economic Development Authority has awarded a second APZ-1 EDIP grant in the amount of $40,000 based on the company’s capital investment of $1,124,371.The YesOceana program was established in response to the Base Realignment and Closure Commission’s recommendation to close NAS Oceana in 2005. The innovative program moves nonconforming businesses out of APZ-1 and recruits businesses that meet zoning and conformity specifications into the area. It is the only program of its kind in the country, and YesOceana now serves as a model for other localities facing problems with encroachment around air installations.The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international businesses to stimulate capital investment and create jobs. Virginia Beach is the most populous city in Virginia with a population of 440,000, and it is the 37th largest in the United States. It is recognized as one of the Best Run Cities in America by 24/7 Wall St. The Department of Economic Development received re-accreditation through the International Economic Development Council in 2012 and is one of only 29 economic development organizations in the world to have this recognition. It is listed among the Top Five Overall Mid-sized American Cities of the Future, Top 10 for Economic Potential and Top Five for Infrastructure by fDi Magazine. CNNMoney.com ranked Virginia Beach as the Easiest Place to Start a Business and the 2nd Most Business-Friendly City in the country. For more information, visit www.yesvirginiabeach.com.
