Avison Young Brokers Virginia MOB Deal
- Jun 03, 2020
Avison Young has arranged the sale of a 53,430-square-foot medical office building in Fairfax, Va. The team led by Principal Jim Kornick represented the seller, Harrison Street Real Estate. According to Yardi Matrix data, Harrison Street purchased the asset in 2013 from Washington REIT for $7.1 million. The sale was part of a $303.4 million portfolio transaction encompassing 877,000 square feet of office space across 14 properties.
Located on a 2.2-acre site at 8301 Arlington Blvd. in the Merrifield submarket, the five-story building came online in 1966 and underwent cosmetic renovation in 2016. The property was 37 percent leased at the time of sale, according to Avison Young data. Tenants include medical practices such as Fairfax Convenient Care.
The facility is some 5 miles northeast of downtown Fairfax, near U.S. Route 50. The immediate area holds several hospitals and medical centers such as Inova Fairfax Hospital, Inova Center for Personalized Health and Prosperity Medical Center. The property is 2 miles south of Dunn Loring-Merrifield Metro station.
Last April, an Avison Young team including Kornick facilitated the disposition of two medical office buildings. Situated within the Inova Fair Oaks Hospital campus in Fairfax, the assets traded for $46 million.