THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, June 24, 1995 TAG: 9506240460
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 32 lines
The Peebles department store chain has been sold to its top managers and a New York investment firm in a deal valued at $30 million dollars. Kelso and Co. and Peebles management paid $60 million in equity and $70 million in debt for the South Hill-based company. This is the third sale of the department store chain since 1986. The new owners plan to continue an aggressive growth strategy. The chain plans to open seven new stores this year and eleven next year. The chain owns 26 stores in Virginia and 33 in nine other states. (Associated Press) Work on industrial park in Suffolk is under way
Dominion Lands Inc. recently began construction on Bridgeway Commerce Park, the 400-acre industrial and business park in Suffolk. Most of the park will be divided into five- to 10-acre parcels for a variety of businesses. Dominion Lands hopes to attract light manufacturers and distributors, among others, said project manager Stephen Plescow. The park is located at the southern end of the Interstate 664 Monitor-Merrimac Bridge Tunnel. Dominion Lands, the real estate development arm of Dominion Capital, hopes to complete a four-lane parkway connecting Town Point Road and U.S. 17 - as well as water, sewer and utility lines - by the year's end. (Staff) by CNB