Virtus Buys Washington, DC-Area Medical Campus
- Apr 16, 2020
Virtus Real Estate Capital has purchased Colesville Medical Campus, a three-building, 212,153-square-foot medical office property in Silver Spring, Md. The joint venture of Beckham Gumbin Ventures and Farallon Capital Management sold the Class B asset acquired in 2017, according to CBRE.
Located at 10720, 10750 and 10770 Columbia Pike, the campus consists of four-, five- and seven-story buildings developed in phases between 1971 and 1986. Amenities include a fitness center, conference center and more than 800 parking spaces.
In 2014, Colesville Medical Campus underwent a $14 million renovation program targeting the lobbies, elevators and common areas. Holy Cross Health, a member of Trinity Health, anchors the property that was 82 percent leased at the time of sale, according to JLL.
Situated some 10 miles northeast of downtown Washington, D.C., the medical office asset occupies almost 8 acres north of Interstate 495. The property is part of a dense medical corridor that includes 12 hospitals with more than 3,000 beds within a 10-mile radius.
JLL Managing Director Ben Appel, Director Dave Baker, Senior Managing Directors Jim Meisel and Andrew Weir and Managing Director Matt Nicholson led the Capital Markets team assisting the seller in the disposition. Appel was also instrumental in the sale of a 10-building MOB portfolio in North Carolina.
Senior Director Robert Carey, Senior Managing Director Daniel Turley and Director Evan Parker led the team representing the borrower.