Healthcare Realty Trust Buys Two Medical Buildings in Northern Va. for $46M
Nashville, TN-based Healthcare Realty Trust purchased two medical office buildings in Fairfax, Va., from White Plains, NY-based Seavest Healthcare Properties for $46 million, according to a press release from Avison Young, which negotiated the deal for the seller.
The four-story properties, which total 158,338 square feet, are located at 3650 and 3700 Joseph Seiwick Drive, flanking the 182-bed Inova Fair Oaks Hospital. The buildings recently received major renovations to the lobbies, restrooms, common areas, roofs and mechanical systems. The deal closed on March 28, according to an Avison Young spokesman.
The properties are currently 73 percent leased to 32 tenants, including Inova Fair Oaks Hospital and Fairfax Family Practice Centers, along with other tenants specializing in pulmonology and critical care, clinical skin care and primary care, vascular surgery and urology, according to the release.
Avison Young brokers Jim Kornick, Chip Ryan, Michael Yavinsky and Georgiana Condoiu, who work out of the firm’s D.C. office, represented Seavest Healthcare Properties, along with brokers from the firm’s Chicago’s office including Mike Wilson, Erik Foster and Mark Johnson. “This was an exceptional opportunity—a large value-add investment next to a top-ranked hospital in a highly desirable submarket,” Kornick said in a prepared statement.
“The durability of healthcare real estate is attracting more capital than ever as investors anticipate a slowdown in worldwide economic growth,” Kornick told CO, noting trends among medical office buildings. He added that falling interest rates have made REIT’s like Healthcare Realty Trust “more competitive after a period where private equity had been dominating medical office acquisitions.”
This article has been updated to reflect that Seavest Healthcare Properties was the seller and Healthcare Realty Trust was the buyer in this transcaction.