Architectural Graphics, Inc. (AGI) has purchased 2820 Crusader Circle, comprising 156,450 square feet of industrial space in Virginia Beach, for $5.5 million. This strategic building acquisition, located in Oceana West Corporate Park, consolidates more than 100,000 square feet of space the company currently leases in multiple locations throughout the city. The additional space also allows the company to expand its manufacturing operations.
Architectural Graphics was founded in 1969. The headquarters, since 1987, is located at 2655 International Parkway in Virginia Beach. The company provides architectural interior and exterior sign systems, design, maintenance, imaging and installation. Other locations are in Atlanta and Knoxville.
The company plans to invest an additional $4.35 million in the Crusader Circle property in building improvements, new business property, and machinery and tools.
“This consolidation allows the company to create efficiencies in our operations, and the additional space will be used to expand and add new manufacturing capabilities,” said James Raynor, chief operating officer. “We opened our search for this new facility to other opportunities in Georgia, but we are very pleased to remain and grow in Virginia Beach.”
“Architectural Graphics is one of our longest corporate citizens in Oceana West Corporate Park,” said Warren Harris, director of Virginia Beach Economic Development. “We are pleased to see its national customer base expand from operations here in Virginia Beach. Advanced manufacturing is a major target industry sector for the city, and this expansion will bring 125 new jobs to Virginia Beach.”
The Virginia Beach Development Authority has awarded the company an Economic Development Investment Program grant of $500,000 based on the company’s capital investment. The new location is within the Accident Potential Zone-1 (APZ-1) of Naval Air Station Oceana and qualifies for economic development incentives through the YesOceana program. The innovative program moves non-conforming businesses out of APZ-1 and recruits businesses that meet zoning and conformity specifications into the area.
The YesOceana program was established in response to the Base Realignment and Closure Commission’s recommendation to close NAS Oceana in 2005. 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 program recently received its second national award in three years, as Mayor William D. Sessoms, Jr. was named the 2012 Elected Official of the Year by the Association of Defense Communities. Virginia Beach was previously named Active Base Community of the Year by the association in 2010.
The mission of the Virginia Beach Department of Economic Development is to attract and retain national and international business and industry that results in the creation of new capital investment and jobs that increase the per capita income in the community. The City of Virginia Beach is the most populous city in the Commonwealth of Virginia with a population of 434,000 and is the 39th largest city in the United States. The City of Virginia Beach is recognized as the best run cities in America, by 24/7 Wall Street in 2012, and in 2011, Virginia Beach ranked number one for economic growth potential by Business Facilities. In 2012, the Department of Economic Development received re-accreditation through the International Economic Development Council, one of only 29 economic development organizations in the world to have this recognition. In 2011, the Department won an Award of Excellence for its marketing efforts from the International Economic Development Council. For more information, visit www.yesvirginiabeach.com.