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Tag: Avison Young

Fredericksburg medical building sells for $6.85M

A medical office building in Fredericksburg sold for $6.85 million, Charlotte, North Carolina-based outpatient health care real estate firm Flagship Healthcare Properties LLC announced Wednesday.

Built in 2007, the 16,483-square-foot medical office building is located at 1071 Care Way, adjacent to the 450-bed Mary Washington Hospital. The building is 100% leased to the Rappahannock Women’s Health Center and the Laboratory Corporation of America (Labcorp).

“Market-leading tenants, quality of the real estate and location adjacent to the campus of Mary Washington Hospital just checked all the boxes,” Gerald Quattlebaum, Flagship’s executive vice president of acquisitions, said in a statement.

Flagship Healthcare Properties bought the property through its real estate investment trust, Flagship Healthcare Trust Inc. Jim Kornick and Joe French from Avison Young represented the seller, which Flagship declined to disclose. PA & Associates LLC owned the property, according to Fredericksburg property records.

Flagship Healthcare Properties manages more than 5.3 million square feet of health care real estate in more than 240 properties with over 580 tenants. The portfolio of Flagship Healthcare Trust Inc., or Flagship REIT, includes 2.48 million square feet of medical office space and 300 tenants.

Alexandria bank buys building, brings employees together

Burke & Herbert Bank & Trust Co. has acquired a $22 million office building in Alexandria to bring many of its employees together under one roof.

The Alexandria-based bank announced July 11 that it had bought the 110,047-square-foot office building at 5680 King Centre Drive. The seller was not disclosed.

The bank will bring together its workforce, which is currently dispersed across various locations, to work in the newly-acquired building. It will keep its main headquarters at 100 South Fairfax St. in Old Town Alexandria.

“Consolidating our team under one roof allows us to improve collaboration, work much more efficiently, and continue to strengthen and build the bank’s signature culture of community as we embrace future expansion,” Burke & Herbert Bank President and CEO David P. Boyle said in a statement. “The acquisition of this building is consistent with our plans for growth as we continue to execute our strategic priorities.”

The building on King Centre Drive will have employees from several departments, including commercial, treasury management, retail banking, human resources, operations, finance and accounting, credit risk management, marketing, digital strategy and information technology.

Jim Kornick and Bill Evans, of Avison Young, led a team to represent the buyer.

Fairfax County retail portfolio sells for $200M

A portfolio of retail buildings in Fairfax County’s Kingstowne community has sold for $200 million, Avison Young’s Capital Markets Group announced Thursday.

The portfolio has 410,398 combined square feet of retail space anchored by Safeway and Giant supermarkets and includes part of Kingstowne Towne Center and of Kingstowne Shopping Center. It has 61 tenants, and the buildings are 97% leased.

Federal Realty Investment Trust purchased the portfolio from The Halle Cos., which in the mid-1980s developed 1,200 acres into a master planned community to create Kingstowne. The deal will close in two parts, with the first half closing this week. The second half is expected to close in July. An Avison Young Capital Markets team led by Dean Sands and Chip Ryan, both principals in the firm’s U.S. Capital Markets Group, represented the seller.

Southern Fairfax retail property sells for $14.2M

A private buyer has purchased a 7.1-acre retail property in southern Fairfax County for $14.2 million, Avison Young Capital Markets Group announced last week.

The property at 6001 Kingstowne Village Parkway in the Alexandria area, off Telegraph Road, was sold by The Halle Cos. and is fully leased to an Aldi supermarket, a La-Z-Boy store and an Ashley Furniture HomeStore.

An Avison Young Capital Markets team including Jonathan Hipp, principal and head of the U.S. net lease group; Richard Murphy, senior vice president; Chip Ryan, principal, and Matt Weber, senior vice president, represented the seller. Michael Patz of KLNB represented the buyer.

The Halle Cos. is planning a redevelopment nearby, with more than 600 new apartments set to be completed in Kingstowne Towne Center, according to Avison Young.