Avison Young Arranges Premium MOB Sale in Fairfax
- Jan 04, 2018
Harrison Street Real Estate has purchased the Merrifield-Fairfax Medical Campus, a 119,788-square-foot trophy-class medical office building in Fairfax, Va.
Principals Jim Kornick and Chip Ryan, both in the firm’s Washington, D.C., office, along with Principals Mike Wilson and Erik Foster and Executive Vice President Mark Johnson, from the Chicago office, arranged the transaction. All are members of an Avison Young capital markets group that specializes in healthcare investments.
According to Avison Young, the campus is 84.5 percent leased. The largest tenants—leasing two-thirds of the building’s space—are Children’s National Health System and Pediatric Specialists of Virginia, a joint venture of Children’s and Inova. The offering also included an adjacent site, where a twin 120,000-square-foot second phase has been designed and approved. In 2015, Inova acquired the adjacent 117-acre, 1.3-million-square-foot former Fairfax campus of ExxonMobil. Construction on the new Inova Center for Personalized Health began in 2016. Together, Inova Fairfax Hospital and the Inova Center for Personalized Health are expected to generate increased demand for medical offices in the area.
Located at 3023 Hamaker Court, the Merrifield-Fairfax Medical Campus is an 876-bed facility built in 2009 which features a surgery center, women’s hospital, children’s hospital and heart and vascular institute.
Approximately 1 million people—with an average household income of $105,753—live within a 20-minute drive of the property. Arlington Boulevard and Capital Beltway are both close to the property. The site is also within walking distance of the new mixed-use, upscale Mosaic District and 1.7 miles from the Dunn Loring Metro station.
“The Merrifield-Fairfax Medical Campus is in a class by itself and we were honored to be selected to market this premier property,” Kornick said in a prepared statment.
In July 2017, Avison Young brokered the sale of Forest Glen, a 62,379-square-foot medical office building in Silver Spring, Md., on behalf of the buyer, Healthcare Realty.
Photo courtesy of Avison Young