Medical Office Building Near Inova Fairfax Hospital Trades for $21M
Global Medical REIT has acquired Prosperity Plaza, a 96,070-square-foot medical office building in Fairfax, Va., for $21 million.
Avison Young represented the seller, The Tomares Companies, in the deal.
“This sale reflects the continuing medical office investor demand,” Jim Kornick, principal of Avison Young’s capital markets group for health care, told Commercial Observer. “The competition was intense, with a wide variety of investor types seeking stable cash flow with substantial upside in a primary market.”
The seven-story property is located at 3020 Hamaker Court, less than a mile from the Inova Fairfax Hospital, Northern Virginia’s largest health care facility.
The Tomares Companies originally developed the property in 1986 on a three-acre site that includes a two-level parking garage as well as surface parking. With the sale, Tomares’ plan is to focus on its multifamily portfolio going forward, according to Kornick.
The building is currently 84 percent leased to medical and traditional office tenants including Medstar, Inova, the Neurology Center of Fairfax, and the real estate services company Gates, Hudson and Associates.
Joining Kornick in representing the seller were Mike Wilson, Jon Goldstein and Joe French. The buyer was represented in-house.
Requests for comment from the buyer and seller were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.