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byline: Paula C. Squires

MicroStrategy renews headquarters lease in Fairfax County

Editor's note:  This story has been updated.

MicroStrategy Inc., one of the most prominent headquarters operations at Tysons, has renewed its lease and plans to invest $6 million in capital improvements, adding 300 jobs.


Fairfax County successfully competed against Washington, D.C., to retain the headquarters, which provides 800 jobs.


In announcing the news Monday, Gov. Ralph Northam said, “Virginia is home to the strongest IT workforce in the nation, and the company will continue to benefit from our exceptional talent pool and technology infrastructure that continues to attract major corporate headquarters to Northern Virginia. We are proud of the Commonwealth's continued partnership with MicroStrategy, and thank the company for choosing Fairfax County and Virginia for this important expansion.”


MicroStrategy, a worldwide provider of enterprise analytics and mobility software, occupies more than 200,000 square feet at 1850 Towers Crescent Plaza where it has been located since 2010. The company has operated in the county since 1994. Under the new lease, the company plans to use its existing space to accommodate an increased headcount with new jobs expected in research and development, sales, marketing and services. With more than 4,000 customers across major industries, the company provides enterprises with software and services so they can deploy intelligence applications.


“For more than two decades, MicroStrategy has been one of Fairfax County’s most dynamic technology-based employers as a pioneer in the BI and analytics space, so I am delighted to thank the company for choosing to stay and grow here,” Gerald L. Gordon, president and CEO of the Fairfax County Economic Development Authority (FCEDA) said in a statement.  “MicroStrategy is a prime example of the kind of company that can take advantage of the diversified technology ecosystem we have developed in Fairfax County and the tech-savvy workforce here.”


In his remarks, MicroStrategy CEO Michael J. Saylor said, “We have chosen Fairfax County, considered the East Coast center of technology innovation, for its proximity to the nation’s capital, a vibrant business community, access to several international airports and Metro’s Silver Line, and an incredibly diverse and highly educated workforce … We are delighted to be part of this dynamic and growing local community.”Newmark Knight Frank represented MicroStrategy in the lease transaction.


In addition to being a major employer in the county, the firm reported 2,216 employees worldwide at the end of 2017.
It has been an active corporate citizen in the community. MicroStrategy supports STEM for Her, a non-profit organization that empowers women and girls by providing scholarships and financial support to programs that foster interest in science, technology, engineering and math (STEM) related careers.


The FCEDA worked with the Virginia Economic Development Partnership to secure the project for Virginia. Northam approved a $1million grant from the Commonwealth’s Opportunity Fund to assist the county with the project. Funding and services to support the company’s employee training activities also will be provided through the Virginia Jobs Investment Program.

 

 

Better Med Urgent Care property in Ashland sells for $2.1 million


A building fully leased by Better Med Urgent Care in Ashland has sold for $2.1 million.

According to Commonwealth Commercial Partners in Henrico County, which announced the sale, the investment property is located at 300 N. Washington Highway. The one-story, 5,200-square-foot building was built a year ago.


Craige Pelouze of Commonwealth Commercial represented Capital Square Acquisitions, a Henrico-based real estate and investment management firm. The seller was BSA Land LLC, represented by Ed Brown of Bank Street Advisors.

Harvey Lindsay to study feasibility of a new office tower in Norfolk

The city of Norfolk has granted Harvey Lindsay Commercial Real Estate an option to conduct a feasibility study on the construction of a new Class A office tower in downtown Norfolk that would be located at the corner of St. Paul’s Boulevard and Waterside Drive.

Mayor Kenny Alexander announced the possible project, along with several others, during an annual state of the city address on Friday.

 

In a statement about the project, Harvey L. Lindsay, Jr., chairman of Norfolk-based Harvey Lindsay Commercial Real Estate, noted, “a lot of exciting developments are happening in downtown Norfolk. And I thought the timing was right and the market is ready for a new office tower in Norfolk.”

 

Lindsay, who has been in the real estate field more than 60 years, developed Dominion Tower where his office is currently located. It’s directly across Waterside Drive from the proposed site.

 

HL Development, a division of Harvey Lindsay Commercial Real Estate, is spearheading the project. Dennis Richardson, the division’s president, says the goal is to develop an architecturally striking building that will crown the eastern gateway to downtown.

 

“The building will meet the objectives of providing a healthy building embracing sustainable principles and will complement other resiliency initiatives underway in downtown. It is our further hope that the development at this location will be a catalyst to invigorate other new development in the St. Paul’s Boulevard Corridor,” Richardson said in a statement. 

 

The architectural firm Hanbury is providing design services for the proposed project. Over the next few months, the Harvey Lindsay said it would conduct studies, planning initiatives and leasing efforts to make the tower a reality.

 

If the project moves forward, Harvey Lindsay Commercial Real Estate intends to move its offices to the new building.

 

Other projects announced by the mayor include a proposed development near MacArthur Center and a ferris wheel adjacent to Waterside District. 

 

The 12-story SkyStar Wheel is expected to open in May. The 137-foot-high wheel will have 36 climate-controlled gondolas that will lift passengers above the Elizabeth River on a ride that provides views of downtown Norfolk and the surrounding area.

 

“This attraction is the perfect compliment to Harbor Park, Town Point Park, Nauticus, and the Battleship Wisconsin.  The excitement is building for what will be a memorable summer experience, “Alexander said in a statement announcing the new attraction.


Waterside District, a dining and entertainment district on the city’s waterfront, opened last May following a $40 million overhaul of Norfolk’s Waterside Festival Marketplace.

 

 



 

 

 

 

Northern Virginia firm buys Byrd Corporate Park for $31.2 million


 

An affiliate of WestDulles Station LLC has purchased Byrd Corporate Park in Richmond for $31.2 million in an all-cash transaction.

The acquisition of the ten-building, 475,738-square-foot light industrial portfolio near Richmond’s airport represents the Northern Virginia firm’s first purchase in the Richmond market.

CBRE|Richmond, which announced the sale, said the seller was AF Byrd Center VA LLC,  a joint venture between Adler Real Estate Partners and Trigate Capital.

Will Bradley and Matt Anderson of CBRE|Richmond and Scott Adams of CBRE|Hampton Roads, in conjunction with Frank Fallon of the CBRE Inc. office in Atlanta, represented the seller.

WestDulles Station and its subsidiary, Byrd LLC, is a joint venture between Dreyfuss Investments and Wells Holding Group.  The new ownership has retained Dreyfuss Management of Bethesda, Md., for property management services.

Byrd Corporate Park, located at the intersection of South Laburnum Avenue and Charles City Road near Richmond International Airport, sits on 31 acres. The buildings were constructed between 1978 and 2003.

At the time of sale, the park was about 80% leased by more than 80 tenants representing a wide range of industries including corporate offices, distribution, and retail. Current tenants include McKesson, Fastenal, Wawa, CarMax, and DPR.

The Breeden Co. begins $7 million renovation on apartment community in Virginia Beach


The Breeden Co. has started $7 million in renovations on a recently acquired apartment community, Reflections at Virginia Beach.

Breeden, a Virginia Beach-based firm, acquired the 480-unit unit community in December for $61 million. The community was built in 1987.

The renovations will include changes to the interior and exterior of the building.

Breeden Construction LLC, the general contracting division of The Breeden Co., has started the interior restorations with granite countertops, energy-efficient appliances, flooring and the installation of crown molding.

Exterior renovations include an updated fitness facility, business center, media room and swimming pool with outdoor grills and fire pit

The renovations are expected to be completed by winter 2020.

Nursing facility in Alexandria sells for $13 million


The Mt. Vernon Nursing and Rehabilitation Center in Alexandria has sold to a publicly traded REIT for $13 million.

Avison Young, which announced the sale, represented the seller, a local family owner/operator who is leaving the industry. Avison’s Jim Kornick, principal; and Dan Baker, vice president, handled the transaction.

According to Avison, the 45,654-square-foot skilled nursing facility at 8111 Tis Well Drive generated 12 offers and secured a price $1 million higher than the original list price.

Avison Young said in a news release that the new owner plans to lease the facility, which has 69 rooms and 130 licensed beds, to a large regional operator with which the REIT has an existing relationship. 

The center offers a range of rehabilitative, skilled nursing and therapy services. It is located within walking distance of the Inova Mount Vernon Hospital and is close to five medical office buildings with 47 physicians.

According to Avison Young, which did not disclose the name of the REIT, the new owner plans to invest millions of dollars in capital improvements.

Sentara Healthcare to build a $93 million cancer center in Norfolk

 


Sentara Healthcare said Thursday that it will build a $93.5 million cancer center on the campus of Sentara Leigh Hospital in Norfolk. Construction on the multi-year project is scheduled to begin with a groundbreaking ceremony this month, with the center expected to be complete by mid-2020.


The new Sentara Cancer Center will bring together cancer care teams from Sentara Medical Group, Eastern Virginia Medical School (EVMS), Virginia Oncology Associates, and other community physicians to provide cancer care. According to Sentara, outpatient oncology services centralized in one cancer center would give patients and their families access to a single location for multiple appointments and treatments. Plus, it would offer improved efficiencies in facilitating care coordination and collaboration among providers.


“Developing this center is the culmination of years of work to deliver a truly integrated cancer program that will engage clinicians, researchers, support staff, community leaders, patients, and families in a collaborative way,” Howard P. Kern, Sentara’s president and CEO said in a statement.


“We are excited to see Sentara Healthcare and their medical partners leading the charge to bring a pioneering cancer care center to the Hampton Roads community,” Kenny Alexander, Mayor, city of Norfolk, said in the  statement. “The development of this center is a direct reflection of efforts to bolster the region's growth and economic prosperity.”


Sentara said it will continue to provide multidisciplinary cancer care at existing Hampton Roads locations. However, with cancer rates expected to grow 36% by 2030, the Sentara Cancer Center will allow Sentara and other medical partners to engage in and accelerate research, improve customer experience, develop new care models, and provide coordinated survivorship programs to help patients with the transition to life after active treatment.

Margo Steahly joins Capital Square 1031 in Richmond as national sales director


Margo Steahly has joined Capital Square 1030 in Richmond as national sales director.  The real estate investment and management firm said that Steahly will be responsible for national accounts and East Coast sales of 1031 DST (Delaware statutory trust) programs sponsored by Capital Square.


According to the company, Steahly has 20 years of experience ranging from wealth management to sales of DSTs and other private placement products.
Before joining Capital Square, Steahly was director of internal sales for Sandlapper Capital Investments LLC.  Prior to  that, she served as director of tenant-in-common sales at Dallas-based ORIX USA, where she assisted in the development of the company’s business platform.


Capital Square sponsors real estate exchange programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code. It uses the Delaware Statutory Trust structure to make real estate available to a larger number of investors.


As of January, the firm said it had a growing national portfolio of 58 real estate assets valued at nearly $650 million (based on investment cost).

Apex Clean Energy will build a new headquarters in downtown Charlottesville


Apex Clean Energy will build a new 130,000-square-foot headquarters in downtown Charlottesville and will occupy nearly half the space in the building.


According to Cushman & Wakefield | Thalhimer, which assisted the company with the lease, Apex will lease 60,000 square feet in the seven-story headquarters that will be built on Garrett Street.  The developer will be Riverbend Development with design handled by William McDonough + Partners out of Charlottesville.


The remaining space will be leased to other tenants, including 10,000 square feet of street-level retail space.

Steve Bowers, vice president of marketing and communications for Apex, said the company expects to break ground on the project by mid-year, and the buildout is expected to take 18 to 24 months.


Apex Clean Energy builds, owns and operates utility-scale wind and solar power facilities. In Virginia, it’s the company behind wind farm projects in Botetourt and Pulaski counties.
John Pritzlaff of Thalhimer’s Charlottesville office assisted Apex with the lease.

Aria Legacy Group acquires Roanoke apartments for $5.9 million


Aria Legacy Group (ALG) has acquired West Creek Manor Apartments in Roanoke from the Virginia Housing Development Authority for $5.9 million. The purchase is the Lakewood, N.J.-based firm’s second multifamily investment in the state and its first in the Roanoke Valley region.

“We are particularly excited about Roanoke,” Joe Novoseller, managing principal of ALG, said in a statement.  “It is positioned among the nation’s leading mid-sized communities for economic growth and offers exceptional quality of life in terms of its location, outdoor and cultural activities, burgeoning food and music scene, and more.”

Located on Westside Boulevard, the 25-building, 197-unit, garden-style community offers one-, two- and three-bedroom apartments. Built in 1974 and renovated in 2010, West Creek Manor has a multi-purpose community room, playground, 24-hour laundry facility and on-site management. It is located on the city bus line, minutes from the VA Hospital and major area employers.

ALG acquired the 152-unit Maple Ridge Apartments in the historic district of Lynchburg in December for $8.5 million.

A privately held real estate company, ALG acquires, owns and manages multifamily properties on the East Coast.